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Document info
OrganizationAXA
Year2026
Period1Q
Period label1Q26
Document typePress release
Publication date2026-05-05
Market timingPre-market
LanguageEnglish
Pages16
SourceOriginal URL
Archive.md file

This article summarizes AXA's 1Q 2026 activity indicators press release, published on 5 May 2026.

1Q26 highlights

  • Gross written premiums & other revenues (footnote: 1) were up +6% vs. 1Q25 to EUR 38.0bn p. 1.
    • Property & Casualty premiums were up +4% to EUR 21.5bn p. 1.
      • Retail premiums were up +7%, with +4% from price effect and +3% from volumes p. 1.
      • Commercial premiums were up +3%, with equal contributions from price effect and volumes p. 1.
    • Life & Health premiums were up +8% to EUR 16.5bn p. 1.
      • Life premiums were up +8% p. 1.
      • Health premiums were up +8% p. 1.
  • Life & Health NB CSM was up +4% p. 1.
  • Net flows were EUR +2.7bn p. 1.
  • Solvency II ratio (footnote: 2) was 211% as of March 31, 2026, down -4 points vs. January 1, 2026 (post-grandfathering period), reflecting resilience in a volatile environment p. 1.

Outlook 3

  • AXA is on track to achieve underlying earnings per share growth for 2026 at the upper end of the 6-8% plan target range (footnote: 4) p. 1.
  • AXA will present its new strategic plan for 2027-2029 on September 15, 2026 p. 1.
  • > "AXA delivered a strong start to the year, with topline growth across all business lines, fully aligned with our organic growth strategy. This performance underscores the continued robust expansion of our P&C businesses in both Retail and Commercial, with growth well balanced between pricing and volumes, while Life & Health revenues reflect the continuation of last year's strong momentum." — Alban de Mailly Nesle, Chief Financial Officer of AXA p. 1
  • > "In the context of a volatile macro environment, we operate from a position of strength, supported by a robust balance sheet, a Solvency II ratio of 211% and a high-quality investment portfolio. This gives us strong resilience and flexibility. We remain confident in our ability to deliver underlying earnings per share growth for 2026 at the top end of our target range and to sustain growth beyond the current plan." — Alban de Mailly Nesle, Chief Financial Officer of AXA p. 1
  • > "I would like to express my gratitude to our colleagues, agents, and partners for their dedication, as well as to our clients for their continued trust in AXA." — Alban de Mailly Nesle, Chief Financial Officer of AXA p. 1

Press release

  • The press release was issued in Paris on May 5, 2026, at 5:45 pm CET p. 1.
  • The document covers 1Q26 Activity indicators, showing sustained revenue momentum p. 1.
  • All footnotes for this press release are on page 7 p. 1.

1Q26 key highlights

Key financial figures for AXA in 1Q26, including premiums and revenues. p. 2
Key figures (EUR bn) 1Q25 1Q26 Change Change LFL
Gross written premiums and other revenues 37.0 38.0 +3% +6%
o/w Property & Casualty 21.0 21.5 +2% +4%
o/w Life & Health 15.5 16.5 +7% +8%
o/w Asset Management 0.4 n.m. n.m. n.m.
AXA's Solvency II ratio in FY25, January 2026, and 1Q26. p. 2
Key figures (EUR bn) FY25 January 1, 2026 1Q26 Change vs. January 1, 2026
Solvency II ratio (%) 224% 215% 211% -4pts

Activity indicators

  • Total gross written premiums & other revenues were up +6%, driven by: p. 2
    • Property & Casualty (+4%), with growth in: p. 2
      • Personal lines (+7%), driven by higher volumes and favorable price effect p. 2.
      • Commercial lines (footnote: 5) (+3%), from both higher volumes, notably at AXA XL Insurance, and favorable price effect (footnote: 6) mainly in the SME & Mid-market business in Europe and France p. 2.
      • Partly offset by AXA XL Reinsurance (-7%), reflecting discipline in softening market conditions p. 2.
    • Life & Health (+8%), with: p. 2
      • Life premiums up +8%, driven by strong sales in Unit-Linked (+16%) and G/A (footnote: 7) (+9%) across all geographies, and Protection (+4%), from strong sales in Protection with Savings in Hong Kong and Japan p. 2.
      • Health premiums up +8%, driven by favorable price effects across all geographies p. 2.
  • Solvency II ratio was 211% as of March 31, 2026 p. 2.
  • On January 1, 2026, the Solvency II ratio was 215% following the end of the grandfathering period (footnote: 8) (-10 points vs. December 31, 2025) p. 2.
  • The Solvency II ratio was down -4 points vs. January 1, 2026, reflecting: p. 2
    • A strong operating return (+7 points), less accrued dividend and annual share buyback for 1Q26 (-6 points) p. 2.
    • More than offset by unfavorable financial market movements (-4 points), notably from higher inflation expectations and elevated equity and interest rate volatility p. 2.

Property & Casualty

Property & Casualty gross written premiums and revenues in 1Q25 and 1Q26. p. 3
Key figures (EUR bn) 1Q25 1Q26 Change LFL 1Q26 Price effect 6 (in %)
Gross written premiums and other revenues 21.0 21.5 +4% +1.9%
o/w Commercial lines 13.2 13.2 +3% +1.5%
o/w Personal lines 6.4 7.0 +7% +4.0%
o/w AXA XL Reinsurance 1.4 1.2 -7% -3.9%
  • Gross written premiums & other revenues were up +4% to EUR 21.5bn p. 3.
  • Personal lines grew by 7% to EUR 7.0bn, driven by: p. 3
    • Europe (+7%), from favorable price effects across geographies (except UK & Ireland) and higher volumes p. 3.
    • France (+8%), with strong volume growth from both direct business and proprietary agent networks, combined with favorable price effect p. 3.
    • Asia, Africa & EME LATAM (+7%), mainly driven by higher average premiums in Türkiye and higher volumes in Mexico p. 3.
  • Commercial lines grew by 3% to EUR 13.2bn, mainly from: p. 3
    • AXA XL Insurance (+2%), from growth in Property and Specialty where margins remain attractive, partly offset by lower volumes in Casualty p. 3.
    • Pricing overall remains stable versus 1Q25 for AXA XL Insurance p. 3.
    • France (+6%), from both favorable price effect and higher volumes p. 3.
    • Asia, Africa & EME-LATAM (+10%), mainly driven by higher average premiums in Türkiye p. 3.
  • AXA XL Reinsurance decreased by 7% to EUR 1.2bn, reflecting lower volumes, consistent with a focus on maintaining profitability in a softer market environment, with pricing down -4% p. 3.
  • Group natural catastrophe experience in 1Q26 was slightly below the prorated annual budget p. 3.
  • The annual natural catastrophe (footnote: 9) budget of approximately 4.5 points of combined ratio (footnote: 10) is maintained p. 3.

Life & Health

Life & Health key figures, including premiums, PVEP, and net flows. p. 4
Key figures (EUR bn) 1Q25 1Q25 Updated* 1Q26 Change vs. 1Q25 updated LFL
Gross written premiums and other revenues 15.5 — 16.5 +8%
o/w Life 9.8 — 10.5 +8%
o/w Health 5.6 — 5.9 +8%
PVEP 13.7 13.0 13.8 +8%
NB CSM (pre-tax) 0.6 0.6 0.6 +4%
NBV (post-tax) 0.7 0.6 0.6 +1%
NBV margin 4.9% 4.8% 4.4% -0.3pt
Net flows +2.5 — +2.7 —
  • 1Q25 PVEP, NB CSM, NBV, and NBV margin have been updated based on FY25 financial and actuarial assumptions for comparability, reflecting their contribution to FY25 figures p. 4.
  • All year-on-year changes are on a comparable basis versus the updated 1Q25 figures (see Appendix 5) p. 4.
  • Gross written premiums & other revenues were up +8% to EUR 16.5bn p. 4.
  • Life premiums increased by 8% to EUR 10.5bn, driven by: p. 4
    • Unit-Linked (+16%), from continued positive sales momentum across geographies p. 4.
    • G/A Savings (+9%), mainly from successful commercial campaigns in Spain, strong single-premium sales in Japan, good performance of G/A capital-light products in Italy, and positive momentum in Individual Savings in Switzerland p. 4.
    • Protection (+4%), primarily from the continued success of Protection with G/A savings in Hong Kong and Protection with Unit-Linked in Japan, as well as Individual Protection with Savings in Switzerland p. 4.
  • Health premiums increased by 8% to EUR 5.9bn, driven by favorable price effects across all geographies p. 4.
  • PVEP (footnote: 1, 11) was up +8% to EUR 13.8bn, driven by: p. 4
    • Life (+10%), reflecting strong sales across geographies in both Savings (+14%) and Protection (+6%), partly offset by lower Group Life sales in Switzerland p. 4.
    • Health (+4%), mainly due to higher Group business volumes in France, partly offset by Japan p. 4.
  • NB CSM (pre-tax) increased by 4% to EUR 0.6bn, driven by strong Savings and Protection sales across most geographies, partly offset by unfavorable mix, including lower Group Life sales in Switzerland and Health sales in Japan p. 4.
  • NBV (post-tax) was up +1% to EUR 0.6bn, as NB CSM growth was partly offset by lower sales and a less favorable mix in Joint Ventures in Thailand and China p. 4.
  • NBV margin decreased by 0.3 points to 4.4% p. 4.
  • Net flows were EUR +2.7bn, compared to EUR +2.5bn in 1Q25, driven by: p. 4
    • Protection (EUR +1.8bn), mainly in Hong Kong and Switzerland in Individual Life, and in Japan in Protection with Unit-Linked product p. 4.
    • Unit-Linked (EUR +0.7bn), primarily in France p. 4.
    • G/A Savings (EUR -0.8bn), reflecting inflows in capital-light G/A savings (EUR +0.7bn), more than offset by outflows in traditional G/A Savings (EUR -1.5bn) p. 4.
    • Health (EUR +1.0bn), mostly from Germany, France and Japan p. 4.

Ratings

Insurer financial strength and credit ratings for AXA by various agencies. p. 5
Insurer financial strength ratings AXA's credit ratings
Agency Date of last review AXA SA AXA's principal insurance subsidiaries Outlook Senior debt of the Company Short-term debt of the Company
S&P Global Ratings March 11, 2026 AA- AA Stable AA- A-1+
Moody's Investor Service October 8, 2025 Aa2 Aa2 Stable Aa3 P-1
AM Best October 9, 2025 A+ Superior — Stable aa Superior —

Glossary

  • Capital-light G/A products encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0% p. 5.
  • Contractual service margin ('CSM') is a component of the carrying amount of the asset or liability for a group of insurance contracts, representing the unearned profit to be recognized as services are provided to policyholders p. 5.
  • Gross written premiums and other revenues include insurance premiums collected (risk premiums, pure investment contracts with no discretionary participating features, fees and revenues, net of commissions on assumed reinsurance) and premiums/fees on non-insurance activities (banking, services, asset management) p. 5.
  • New business contractual service margin ('NB CSM') is a component of the carrying amount of the asset or liability for newly issued insurance contracts, representing the unearned profit to be recognized as insurance contract services are provided p. 5.
  • New business value ('NBV') is the value of newly issued contracts during the current year, consisting of NB CSM, present value of future profits of Short-Term Business (Life entities, expected renewals), present value of future profits of pure investment contracts (IFRS 9), net of reinsurance cost, taxes, and minority interests p. 5.
  • New business value margin ('NBV Margin') is the ratio of NBV to PVEP p. 5.
  • Present value of expected premiums ('PVEP') is the new business volume, equal to the present value at issue of total premiums expected over the policy term, discounted at the reference interest rate, and is Group share p. 5.
  • AM: AM Best
  • AMF: Autorité des Marchés Financiers
  • APM: Alternative Performance Measure
  • CLP: Credit and Lifestyle Protection
  • CSM: Contractual Service Margin
  • DJSI: Dow Jones Sustainability Index
  • DPF: Discretionary Participation Features
  • EME: Emerging Markets Europe
  • ESMA: European Securities and Markets Authority
  • GWP: Gross Written Premiums
  • IFRS: International Financial Reporting Standards
  • LFL: Like-for-Like
  • NB CSM: New Business Contractual Service Margin
  • NBV: New Business Value
  • PVEP: Present Value of Expected Premiums
  • SFCR: Solvency and Financial Condition Report
  • SME: Small and Medium-sized Enterprises
  • SRI: Socially Responsible Investment
  • UEPS: Underlying Earnings Per Share
  • UN: United Nations
  • UNEP FI: United Nations Environment Programme's Finance Initiative

Scope

  • France includes insurance activities, banking activities, and holding p. 6.
  • Europe includes Switzerland (insurance), Germany (insurance and holding), Belgium and Luxemburg (insurance and holding), United Kingdom and Ireland (insurance and holding), Spain (insurance and holding), Italy (insurance), Prima (footnote: 13) (insurance), AXA Health International (insurance), and AXA Life Europe (insurance) p. 6.
  • AXA XL includes insurance and reinsurance activities and holding p. 6.
  • Asia, Africa & EME-LATAM includes: p. 6
    • Asia: Japan (insurance and holding), Hong Kong (insurance), Thailand P&C, Indonesia L&S (excluding bancassurance), China P&C, South Korea, and Asia Holdings (fully consolidated); China L&S, Thailand L&S, Philippines L&S and P&C, Indonesia L&S (bancassurance) (consolidated under equity method, contributing only to NBV, PVEP, underlying earnings, and net income) p. 6.
    • Africa: Egypt (insurance and holding), Morocco (insurance and holding), and Nigeria (insurance and holding) (fully consolidated) p. 6.
    • EME-LATAM: Mexico (insurance), Colombia (insurance), Brazil (insurance and holding), and Türkiye (insurance and holding) (fully consolidated); Russia (Reso) (insurance) (consolidated under equity method, contributing only to net income) p. 6.
    • AXA Mediterranean Holdings p. 6.
  • Transversal & Other includes AXA Assistance, Credit and Lifestyle Protection (CLP), AXA Liabilities Managers, AXA SA (including Group's internal reinsurance activity), and other Central Holdings p. 6.
  • AXA Investment Managers' disposal to BNP Paribas was completed on July 1, 2025 p. 6.

Exchange rates

End of period and average exchange rates for major currencies. p. 6
— End of Period Exchange rate Average Exchange rate
USD 1.17 1.15 1.05 1.17
CHF 0.93 0.93 0.95 0.92
GBP 0.87 0.87 0.84 0.87
JPY 184 183 160 184
HKD 9.14 9.03 8.19 9.14

Notes

  • Change in gross written premiums & other revenues, new business value ('NBV'), present value of expected premiums ('PVEP'), and new business value margin ('NBV Margin') is on a comparable basis (constant forex, scope, and methodology), unless otherwise indicated p. 7.
  • These and other terms are defined in the glossary section of this press release p. 7.
  • The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock p. 7.
  • It includes a theoretical amount for dividends and share buybacks accrued for the first three months of 2026, based on the full-year dividend of EUR 2.32 per share to be paid in 2026 for FY25 and an annual share buyback of EUR 1.25bn announced on February 26, 2026 p. 7.
  • Annual share buybacks exclude anti-dilutive share buybacks related to certain disposals and in-force management transactions, as well as share buybacks to offset dilutive effects relating to employee share offerings and stock-based compensation p. 7.
  • Dividends and share buybacks are proposed by the Board, at its discretion, and submitted to AXA's shareholders for approval p. 7.
  • This estimate should not be considered an indication of actual dividend and share buyback amounts for the 2026 financial year p. 7.
  • For information on AXA's internal model and Solvency II disclosures, refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, on axa.com p. 7.
  • Expected underlying earnings per share ('UEPS') growth for 2026 is a forward-looking statement providing one-off guidance for the last year of the current strategic plan, qualified by cautionary statements p. 7.
  • 'Commercial lines' refers to P&C Commercial lines excluding AXA XL Reinsurance p. 7.
  • Price effect is calculated as a percentage of total gross written premiums of the prior year p. 7.
  • G/A stands for General account p. 7.
  • Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, ceasing to qualify as capital under Solvency II p. 7.
  • This was disclosed in AXA's press releases on its 9M25 Activity Indicators and Full Year 2025 Earnings p. 7.
  • Natural catastrophe charges include natural catastrophe losses regardless of event size p. 7.
  • Combined ratio is a non-GAAP financial measure (Alternative Performance Measure or 'APM') p. 7.
  • Important information about APMs used by AXA is in the paragraph 'Important legal information and cautionary statements concerning forward-looking statements and the use of non-GAAP financial measures' p. 7.
  • Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin (footnote: 11) include Health business predominantly written in Life entities p. 7.
  • Restricted Tier 1 (footnote: 12) is rated 'A' by Standard & Poor's and 'A3 (hyb)' by Moody's p. 7.
  • Tier 2 is rated 'A' by Standard & Poor's and 'A (hyb)' by Moody's p. 7.
  • AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025 p. 7.
  • All comments and changes for activity indicators are on a comparable basis (constant forex, scope, and methodology) p. 7.
  • Actuarial and financial assumptions for NBV and PVEP calculation are updated semi-annually at half year and full year p. 7.
  • Financial figures and information in this press release have not been audited or subject to limited review by AXA's statutory auditors p. 7.

About the AXA Group

  • The AXA Group is a worldwide leader in insurance, with 156,000 employees serving over 92 million clients in 52 countries p. 8.
  • In 2025, revenues amounted to EUR 115.5bn and underlying earnings to EUR 8.4bn p. 8.
  • The AXA ordinary share is listed on compartment A of Euronext Paris under ticker symbol CS (ISN FR 0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA) p. 8.
  • AXA's American Depository Share is quoted on the OTC QX platform under ticker symbol AXAHY p. 8.
  • The AXA Group is included in main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD p. 8.
  • It is a founding member of the UN Environment Programme's Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment p. 8.
  • This press release and regulated information are available on the AXA Group website (axa.com) p. 8.
  • Certain statements in the press release are forward-looking, identified by words like 'expects', 'anticipates', 'may', 'plan', or conditional verbs p. 8.
  • Statements regarding expected underlying earnings per share ('UEPS') growth for 2026 are forward-looking, providing one-off guidance for the last year of the current strategic plan p. 8.
  • These statements are based on Management's current views and intentions and are subject to change p. 8.
  • Forward-looking statements are subject to known and unknown risks and uncertainties, many outside AXA's control, which could cause actual results to differ materially p. 8.
  • Each forward-looking statement speaks only at the date of the press release p. 8.
  • Refer to Part 5 'Risk Factors and Risk Management' of AXA's 2025 Universal Registration Document for a description of factors, risks, and uncertainties that may affect AXA's business/results p. 8.
  • AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations p. 8.
  • The press release refers to non-GAAP financial measures (Alternative Performance Measures or 'APMs') used by Management for analyzing operating trends, financial performance, and position p. 8.
  • These non-GAAP financial measures generally have no standardized meaning and may not be comparable to similarly labeled measures used by other companies p. 8.
  • None of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group's consolidated financial statements and related notes prepared in accordance with IFRS p. 8.
  • 'Underlying earnings', UEPS ('underlying earnings per share'), 'underlying return on equity', 'combined ratio', and 'debt gearing' are APMs as defined in ESMA's guidelines and the AMF's related position statement p. 8.
  • AXA provides a reconciliation of such APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology) in the 2025 Universal Registration Document, Section 2.3.3 'Alternative Performance Measures' p. 8.
  • For further information on non-GAAP financial measures, see the Glossary in the 2025 Universal Registration Document p. 8.
  • Investor Relations contact: +33.1.40.75.48.42, investor.relations@axa.com p. 8.
  • Individual Shareholder Relations contact: +33.1.40.75.48.43 p. 8.
  • Media Relations contacts: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com p. 8.
  • Corporate Responsibility strategy information: axa.com/en/about-us/strategy-commitments p. 8.
  • SRI ratings information: axa.com/en/investor/sri-ratings-ethical-indexes p. 8.

Appendix 1: Earnings

  • APPENDIX 1: GROSS WRITTEN PREMIUMS & OTHER REVENUES BY GEOGRAPHY AND BUSINESS LINE p. 9
Gross written premiums by region and business line for 1Q25 and 1Q26. p. 9
in Euro million GWP 1Q25 Published GWP 1Q25 Adjusted ii,iii GWP 1Q26 GWP Change reported vs. 1Q25 Adjusted GWP Change LFL o/w P&C 1Q26 o/w P&C Change LFL o/w Life & Health 1Q26 o/w Life & Health Change LFL
France i,ii,iii 8,440 7,923 8,393 +6% +5% 3,355 +6% 5,012 +4%
Europe iii 15,289 15,608 16,905 +8% +6% 9,328 +4% 7,577 +9%
AXA XL 6,984 6,984 6,488 -7% 0% 6,459 0% 29 -1%
Asia, Africa & EME-LATAM 5,286 5,286 5,403 +2% +11% 1,719 +8% 3,684 +13%
Transversal ii 525 723 764 +6% +6% 601 +8% 163 -2%
AXA Investment Managers 443 443 — n.m. n.m. — — — —
Total i 36,967 36,967 37,953 +3% +6% 21,462 +4% 16,464 +8%
  • Banking revenues were EUR 26m in 1Q26 and EUR 25m in 1Q25. p. 9
  • Portfolio of lifestyle and income protection (CLP) premiums reallocated from France to Transversal: EUR 201m in 1Q26 (EUR 68m P&C, EUR 132m Life & Health) and EUR 198m in 1Q25 (EUR 68m P&C, EUR 130m Life & Health). p. 9
  • International protection and health premiums previously reported under AXA France are now reported under AXA Health International, which is part of Europe. p. 9
    • These premiums were EUR 336m in 1Q26 (EUR 103m Life, EUR 233m Health). p. 9
    • These premiums were EUR 319m in 1Q25 (EUR 104m Life, EUR 215m Health). p. 9
P&C gross written premiums by commercial, personal, and reinsurance lines. p. 10
Commercial lines Personal lines AXA XL Reinsurance Total P&C
in Euro million Total Commercial Change i Personal Motor Change i Personal Non-Motor Change i Total Personal Change Total Reinsurance Change i 1Q26 Change
France 2,061 +6% 766 +10% 528 +4% 1,294 +8% — — 3,355 +6%
Europe 4,388 +1% 3,370 +10% 1,570 +2% 4,940 +7% — — 9,328 +4%
AXA XL 5,215 +2% — — — — — — 1,244 -7% 6,459 0%
Asia, Africa & EME-LATAM 952 +10% 577 +8% 190 +2% 767 +7% — — 1,719 +8%
Transversal 601 +8% — — — — — — — — 601 +8%
Total 13,217 +3% 4,712 +9% 2,288 +2% 7,001 +7% 1,244 -7% 21,462 +4%
  • Changes are calculated on a comparable basis (constant forex, scope, and methodology). p. 10
  • Interest Rates (5Y) For the Discounting of P&C Claims Reserves p. 10
Exchange rates for major currencies in FY25 and 1Q26. p. 10
— FY25 i 1Q26 ii
EUR 2.6% 2.7%
USD 4.2% 4.0%
JPY 1.0% 1.6%
GBP 4.3% 4.2%
CHF 0.2% 0.2%
HKD 3.2% 2.8%
P&C price effect by country and business line. p. 11
P&C: Price effect i by country and business line
France +3.5% +2.6% —
Europe +3.0% +4.2% —
Switzerland +4.0% +5.1% —
Germany +2.5% +4.2% —
Belgium & Luxembourg +2.2% +2.4% —
UK & Ireland +0.5% -0.9% —
Spain +5.7% +6.0% —
Italy +2.7% +3.8% —
AXA XL ii -0.2% — -3.9%
Asia, Africa & EME-LATAM +0.4% +5.6% —
Total +1.5% +4.0% -3.9%
  • APPENDIX 4: PROPERTY & CASUALTY -REVENUE CONTRIBUTION & GROWTH BY BUSINESS LINE APPENDIX 4: LIFE & HEALTH -GROSS WRITTEN PREMIUMS & OTHER REVENUES AND GROWTH BY BUSINESS LINE p. 12
Life & Health gross written premiums by product type and region. p. 12
GWP Total i o/w Protection o/w G/A Savings o/w Unit-Linked o/w Health
France 5,012 +4% 996 +3% 1,325 +1% 1,437 +7% 1,253 +4%
Europe 7,577 +9% 1,986 0% 1,263 +16% 1,044 +24% 3,283 +8%
AXA XL 29 -1% 15 +1% 14 -2% — — — —
Asia, Africa & EME-LATAM 3,684 +13% 1,764 +10% 319 +27% 224 +35% 1,377 +10%
Transversal 163 -2% 132 -1% — — — — 31 -5%
Total 16,464 +8% 4,893 +4% 2,922 +9% 2,705 +16% 5,944 +8%
o/w short-term iii 5,436 +6% 1,183 +1% — — — — 4,253 +7%
  • PVEP, NB CSM, NBV, and NBV margin for 1Q25, 1H25, and 9M25 have been updated based on FY25 actuarial and financial assumptions. p. 13
1Q25 updated figures for Life & Health by region. p. 13
1Q25 Updated figures Total i
France ii,iii 3,026 94 103 3.4% 1,565 — 44 2.8% 4,591 94 147 3.2%
Europe iii 2,982 183 161 5.4% 1,627 74 66 4.0% 4,609 257 227 4.9%
Asia, Africa & EME-LATAM 3,128 178 185 5.9% 612 67 61 9.9% 3,740 245 246 6.6%
Transversal ii 63 5 3 5.2% — — — — 63 5 3 5.2%
Total 9,199 460 452 4.9% 3,805 141 170 4.5% 13,003 601 623 4.8%
1H25 updated figures for Life & Health by region. p. 13
1H25 Updated figures Total i
France ii,iii 6,969 204 245 3.5% 3,261 — 82 2.5% 10,229 204 327 3.2%
Europe iii 5,585 328 271 4.8% 2,109 83 76 3.6% 7,694 410 347 4.5%
Asia, Africa & EME-LATAM 6,228 389 380 6.1% 1,120 140 120 10.7% 7,347 529 500 6.8%
Transversal ii 153 12 8 5.2% — — — — 153 12 8 5.2%
Total 18,934 934 904 4.8% 6,490 223 278 4.3% 25,424 1,156 1,182 4.6%
9M25 updated figures for Life & Health by region. p. 13
9M25 Updated figures Total i
France ii,iii 9,911 277 344 3.5% 4,788 — 116 2.4% 14,698 277 459 3.1%
Europe iii 7,900 450 365 4.6% 3,215 114 104 3.2% 11,115 564 469 4.2%
Asia, Africa & EME-LATAM 9,408 600 592 6.3% 1,502 199 167 11.1% 10,910 799 759 7.0%
Transversal ii 230 18 12 5.2% — — — — 230 18 12 5.2%
Total 27,448 1,345 1,312 4.8% 9,505 313 387 4.1% 36,953 1,659 1,698 4.6%
NB CSM to NBV breakdown for 1Q25 updated figures. p. 13
NB CSM to NBV 1Q25 Updated figures
NB CSM (pre-tax) 460 141 601
Other NBV (pre-tax) 133 82 215
Tax -141 -53 -194
Total NBV 452 170 623
NB CSM to NBV breakdown for 1H25 updated figures. p. 13
1H25 Updated figures NB CSM to NBV
NB CSM (pre-tax) 934 223 1,156
Other NBV (pre-tax) 258 144 402
Tax -288 -89 -377
Total NBV 904 278 1,182
NB CSM to NBV breakdown for 9M25 updated figures. p. 13
NB CSM to NBV 9M25 Updated figures
NB CSM (pre-tax) 1,345 313 1,659
Other NBV(pre-tax) 384 198 583
Tax -418 -125 -543
Total NBV 1,312 387 1,698
  • Change vs. 1Q25 updated figures are based on FY25 financial and actuarial assumptions. p. 14
Life and Health new business metrics by region for 1Q26. p. 14
— Life New Business Metrics 1Q26 Health i New Business Metrics 1Q26 Total i New Business Metrics 1Q26
France iii,iv 3,348 +11% 96 +2% 112 +8% 3.3% -0.1 pt 1,815 +16% — — 46 +5% 2.5% -0.3 pt 5,162 +12% 96 +2% 158 +7% 3.1% -0.1 pt
Europe iv 3,287 +8% 187 -1% 156 -5% 4.8% -0.7 pt — 1,707 +4% 89 +17% 77 +15% 4.5% +0.4 pt 4,994 +7% 275 +4% 233 0% 4.7% -0.3 pt
Asia, Africa & EME-LATAM 3,129 +11% 178 +13% 178 +7% 5.7% -0.2 pt — 407 -26% 46 -22% 37 -32% 9.1% -0.8 pt 3,536 +5% 224 +4% 215 -2% 6.1% -0.5 pt
Transversal iii 67 +7% 5 +7% 3 +7% 5.2% 0.0 pt — — — — — — — 67 +7% 5 +7% 3 — +7% 5.2% 0.0 pt
Total 9,831 +10% 466 +5% 450 +3% 4.6% -0.3 pt 3,929 +4% 135 -1% 160 -4% 4.1% -0.4 pt 13,760 +8% 601 +4% 609 +1% 4.4% -0.3 pt
NB CSM to NBV breakdown. p. 14
NB CSM to NBV
NB CSM (pre-tax) 466 135 601
Other NBV(pre-tax) 125 73 198
Tax -142 -48 -190
NBV 450 160 609
  • Includes Health business predominantly written in Life entities. p. 14
  • Changes are on a comparable basis (constant forex, scope, and methodology). p. 14
  • APPENDIX 9: OTHER APPENDIX 7: LIFE & HEALTH -NET FLOWS p. 15

Net flows by business line

Net flows by business line for 1Q25 and 1Q26. p. 15
in Euro billion 1Q25 1Q26
Health i +0.8 +1.0
Protection +1.8 +1.8
G/A Savings -0.7 -0.8
o/w capital light ii +0.6 +0.7
o/w traditional G/A -1.3 -1.5
Unit-Linked iii +0.5 +0.7
Total Life & Health i net flows +2.5 +2.7
  • Health business written predominantly in Life entities is included. p. 15
  • Capital light G/A encompasses all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%. p. 15
  • Investment contracts with no discretionary participation features ('DPF') are included. p. 15
  • Main transactions in 2026: p. 16
    • A share repurchase agreement for AXA's share buyback program of up to EUR 1.25bn was announced on February 27, 2026. p. 16
  • Next main investor events: p. 16
    • HY26 Earnings Release on July 31, 2026. p. 16
    • AXA Investor Day on September 15, 2026. p. 16
    • AXA Investor roundtable on the strategy for AXA key markets on September 21, 2026. p. 16
    • 9M26 Activity Indicators on October 29, 2026. p. 16
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