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AXA/2026/1Q activity indicators press release

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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 May 5, 2026.

1Q26 highlights

  • Gross written premiums & other revenues (footnote: insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities).) +6% vs. 1Q25 to EUR 38.0bn p. 1
    • Property & Casualty premiums +4% to EUR 21.5bn p. 1
      • Retail premiums +7% (+4% from price effect, +3% from volumes) p. 1
      • Commercial premiums +3% (equal contributions from price effect and volumes) p. 1
    • Life & Health premiums +8% to EUR 16.5bn p. 1
      • Life premiums +8% p. 1
      • Health premiums +8% p. 1
  • Life & Health NB CSM (footnote: a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided.) +4% p. 1
  • Net flows (footnote: Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities.) +EUR 2.7bn p. 1
  • Solvency II ratio (footnote: estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock. 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 Euro 2.32 per share to be paid in 2026 for FY25 and annual share buyback of Euro 1.25 billion announced on February 26, 2026. 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 stockbased compensation. Dividend s and share buybacks are proposed by the Board, at its discretion based on a variety of factors described in AXA's 202 5 Universal Registration Document and then submitted to AXA's shareholders for approval. This estimate should not be considered in any way to be an indication of the actual dividend and share buyback amounts, if any, for the 2026 financial year. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's Solvency and Financial Condition Report (SFCR) as of December 31, 2024, available on AXA's website (www.axa.com).) 211% as of March 31, 2026 p. 1
    • Down -4 points vs. January 1, 2026 (post-grandfathering period) 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 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 5:45pm CET p. 1
  • The document covers 1Q26 Activity indicators, highlighting sustained revenue momentum p. 1
  • All footnotes for this press release are on page 7 p. 1

1Q26 key highlights

1Q26 key highlights: gross written premiums and other revenues. p. 2
Key figures (EUR billion) 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.
1Q26 key highlights: Solvency II ratio. p. 2
Key figures (EUR billion) 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 +6% p. 2
    • Property & Casualty +4% p. 2
      • Personal lines +7% (driven by higher volumes and favorable price effect) p. 2
      • Commercial lines (footnote: P&C Commercial lines excluding AXA XL Reinsurance.) +3% (from higher volumes, notably at AXA XL Insurance, and favorable price effect mainly in SME & Mid-market business in Europe and France) p. 2
      • AXA XL Reinsurance -7% (reflecting discipline in softening market conditions) p. 2
    • Life & Health +8% p. 2
      • Life premiums +8% (driven by strong sales in Unit-Linked (+16%) and G/A (footnote: General account.) (+9%) across all geographies, and Protection (+4%) from strong sales in Protection with Savings in Hong Kong and Japan) p. 2
      • Health premiums +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: Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased to qualify as capital under Solvency II, as disclosed in AXA's respective press releases on its 9M25 Activity Indicators and Full Year 2025 Earnings, each published on www.axa.com.) (-10 points vs. December 31, 2025) p. 2
    • Solvency II ratio was down -4 points vs. January 1, 2026 p. 2
      • Reflecting 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 other revenues. p. 3
Key figures (EUR billion) 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 for P&C were +4% to EUR 21.5bn p. 3
  • Personal lines grew by 7% to EUR 7.0bn 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 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 p. 3
    • AXA XL Insurance +2% (from growth in Property and Specialty where margins remain attractive, partly offset by lower volumes in Casualty; pricing overall stable vs. 1Q25) 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 p. 3
    • Reflects lower volumes, consistent with focus on maintaining profitability in a softer market environment p. 3
    • 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: Natural catastrophe charges include natural catastrophe losses regardless of event size.) budget of ca. 4.5 points of combined ratio (footnote: a nonGAAP financial measure, or alternative performance measure ('APM'). Please see the paragraph 'Important legal information and cautionary statements concerning forward-looking statements and the use of nonGAAP financial measures' i n this press release for important information about APMs used by AXA.) is maintained p. 3

Life & Health

Life & Health: gross written premiums, PVEP, NB CSM, NBV, and net flows. p. 4
Key figures (EUR billion) 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 p. 4
  • All year-on-year changes are on a comparable basis versus the updated 1Q25 figures p. 4
  • Gross written premiums & other revenues for Life & Health were +8% to EUR 16.5bn p. 4
  • Life premiums increased by 8% to EUR 10.5bn p. 4
    • Unit-Linked +16% (from continuation of 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 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: the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term. PVEP is discounted at the reference interest rate and PVEP is Group share.) +8% to EUR 13.8bn 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) +4% to EUR 0.6bn p. 4
    • Driven by strong Savings and Protection sales across most geographies p. 4
    • Partly offset by unfavorable mix, including lower Group Life sales in Switzerland and Health sales in Japan p. 4
  • NBV (post-tax) (footnote: the value of newly issued contracts during the current year. It consists of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period, carried by Life entities, considering expected renewals, and (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests.) +1% to EUR 0.6bn p. 4
    • 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 (footnote: the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP.) decreased by 0.3 point to 4.4% p. 4
  • Net flows were EUR +2.7bn (prior: EUR +2.5bn in 1Q25) 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 AXA's credit ratings. p. 5
— — Insurer financial strength ratings AXA's credit ratings
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'): 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: insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities) p. 5
  • New business contractual service margin ('NB CSM'): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided p. 5
  • New business value ('NBV'): the value of newly issued contracts during the current year. It consists of the sum of (i) the NB CSM, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period, carried by Life entities, considering expected renewals, and (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests p. 5
  • New business value margin ('NBV Margin'): the ratio of (i) NBV representing the value of newly issued contracts during the current year to (ii) PVEP p. 5
  • Present value of expected premiums ('PVEP'): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term. PVEP is discounted at the reference interest rate and PVEP 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
  • GAAP: Generally Accepted Accounting Principles
  • GWP: Gross Written Premiums
  • IFRS: International Financial Reporting Standards
  • LFL: Like-for-Like
  • NB CSM: New Business Contractual Service Margin
  • NBV: New Business Value
  • OTC QX: Over The Counter QX
  • 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 activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (insurance activities), AXA Health International (insurance activities) and AXA Life Europe (insurance activities) p. 6
  • AXA XL: includes insurance and reinsurance activities and holding p. 6
  • Asia, Africa & EME-LATAM: p. 6
    • Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. the bancassurance entity), China P&C, South Korea, and Asia Holdings (fully consolidated) p. 6
    • Asia (equity method): China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesia L&S (the bancassurance entity) (contribute only to NBV, PVEP, underlying earnings and net income) p. 6
    • Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding) and Nigeria (insurance activities and holding) (fully consolidated) p. 6
    • EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) (fully consolidated) p. 6
    • EME-LATAM (equity method): Russia (Reso) (insurance activities) (contributes only to net income) p. 6
    • Other: AXA Mediterranean Holdings p. 6
  • Transversal & Other: includes AXA Assistance, Credit and Lifestyle Protection (CLP), AXA Liabilities Managers, AXA SA (incl. the Group's internal reinsurance activity) and other Central Holdings p. 6
  • AXA Investment Managers: disposal to BNP Paribas completed on July 1, 2025 p. 6

Exchange rates

End of period and average exchange rates. 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 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 based on a variety of factors described in AXA's 2025 Universal Registration Document and then submitted to AXA's shareholders for approval p. 7
  • This estimate should not be considered an indication of the actual dividend and share buyback amounts for the 2026 financial year p. 7
  • For further 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, available on www.axa.com p. 7
  • Expected underlying earnings per share ('UEPS') growth for 2026 is a forward-looking statement to provide one-off guidance in the context of the last year of the Group's current strategic plan p. 7
  • This statement is qualified by cautionary statements in this press release regarding forward-looking 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
  • General account (G/A) p. 7
  • Capital instruments and subordinated debt subject to Solvency II transitional measures were grandfathered until January 1, 2026, at which point they ceased 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, or alternative performance measure ('APM') p. 7
  • Life & Health net flows, PVEP, NB CSM, NBV, and NBV margin include Health business predominantly written in Life entities p. 7
  • Restricted Tier 1 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 are on a comparable basis for activity indicators (constant forex, scope and methodology) p. 7
  • Actuarial and financial assumptions used for the calculation of NBV and PVEP are updated semi-annually at half year and full year p. 7
  • Financial figures and information in this press release have not been audited and have not been subject to any limited review by AXA's statutory auditors p. 7

About the AXA Group

  • AXA Group is a worldwide leader in insurance with 156,000 employees serving over 92 million clients in 52 countries p. 8.
  • In 2025, AXA's revenues were EUR 115.5bn and underlying earnings were 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.
  • AXA Group is included in main international SRI indexes, including Dow Jones Sustainability Index (DJSI) and FTSE4GOOD p. 8.
  • AXA 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.
  • Press releases and regulated information are available on the AXA Group website (axa.com) p. 8.
  • Forward-looking statements in the press release, including those regarding expected underlying earnings per share (UEPS) growth for 2026, are based on Management's current views and intentions and are subject to change p. 8.
  • Undue reliance should not be placed on forward-looking statements due to known and unknown risks and uncertainties, many outside AXA's control, which could cause actual results to differ materially p. 8.
  • AXA disclaims any obligation to publicly update or revise forward-looking statements, except as required by applicable laws and regulations p. 8.
  • Non-GAAP financial measures (APMs) are used by Management for analyzing operating trends, financial performance, and position, and may not be comparable to similarly labeled measures from other companies p. 8.
  • Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Group's consolidated financial statements prepared in accordance with IFRS p. 8.
  • "Underlying earnings", UEPS, "underlying return on equity", "combined ratio", and "debt gearing" are APMs as defined by ESMA's guidelines and AMF's related position statement issued in 2015 p. 8.
  • Reconciliations of APMs to financial statements are provided in the 2025 Universal Registration Document, Section 2.3.3 'Alternative Performance Measures' 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 contact: +33.1.40.75.46.74, ziad.gebran@axa.com, ahlem.girard@axa.com, sylwia.tulak@axa.com p. 8.
  • Corporate Responsibility strategy information is available at axa.com/en/about-us/strategy-commitments p. 8.
  • SRI ratings information is available at axa.com/en/investor/sri-ratings-ethical-indexes p. 8.
GWP & other revenues by region and business line. p. 9
EUR million GWP & Other Revenues o/w Property & Casualty o/w Life & Health
— 1Q25 Published 1Q25 Adjusted ii,iii 1Q26 Change vs. 1Q25 Adjusted Change LFL 1Q26 Change LFL 1Q26 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:
      • 1Q25: EUR 198m (of which EUR 68m in P&C and EUR 130m in Life & Health) p. 9.
      • 1Q26: EUR 201m (of which EUR 68m in P&C and EUR 132m in Life & Health) p. 9.
  • International protection and health premiums previously recorded in AXA France are now reported under the new carrier AXA Health International, which is part of Europe p. 9.
      • 1Q25: EUR 319m (of which EUR 104m in Life and EUR 215m in Health) p. 9.
      • 1Q26: EUR 336m (of which EUR 103m in Life and EUR 233m in Health) p. 9.
Commercial and personal lines by region. p. 10
EUR million Commercial lines Personal lines AXA XL Reinsurance Total P&C
— Total Commercial Changeⁱ Personal Motor Changeⁱ Personal Non-Motor Changeⁱ Total Personal Changeⁱ Total Reinsurance Changeⁱ 1Q26 Changeⁱ
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 presented on a comparable basis (constant forex, scope, and methodology) p. 10.
Currency exchange rates for 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 for 1Q26. p. 11
1Q26 (in %) Commercial lines Personal lines AXA XL Reinsurance
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%
Life & Health business by region and product type. p. 12
EUR million Total i o/w Protection o/w G/A Savings o/w Unit-Linked o/w Health
— 1Q26 Change ii 1Q26 Change ii 1Q26 Change ii 1Q26 Change ii 1Q26 Change ii
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 and health business. p. 13
EUR million Life Healthⁱ Totalⁱ
— PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%) PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%) PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%)
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 and health business. p. 13
EUR million Life Healthᶦ Totalᶦ
— PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%) PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%) PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%)
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 PVEP, NB CSM, NBV, and NBV margin. p. 13
EUR million PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%) PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%) PVEP NB CSM (pre-tax) NBV (post-tax) NBV margin (%)
Franceᶦᶦ,ᶦᶦᶦ 9,911 277 344 3.5% 4,788 — 116 2.4% 14,698 277 459 3.1%
Europeᶦᶦᶦ 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%
Transversalᶦᶦ 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%
1Q25 updated figures for NB CSM to NBV. p. 13
EUR million Life Health i Total i
NB CSM (pre-tax) 460 141 601
Other NBV (pre-tax) 133 82 215
Tax -141 -53 -194
Total NBV 452 170 623
1H25 updated figures for NB CSM to NBV. p. 13
EUR million Life Health i Total i
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
9M25 updated figures for NB CSM to NBV. p. 13
EUR million Life Health i Total i
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
  • Changes are compared to 1Q25 updated figures, which are based on FY25 financial and actuarial assumptions p. 14.
1Q26 new business metrics for life and health by region. p. 14
EUR million Life New Business Metrics 1Q26 Healthⁱ New Business Metrics 1Q26 Totalⁱ New Business Metrics 1Q26
— PVEP Changeⁱⁱ NB CSM (pre-tax) Changeⁱⁱ NBV (post-tax) Changeⁱⁱ NBV margin (%) Changeⁱⁱ PVEP Changeⁱⁱ NB CSM (pre-tax) Changeⁱⁱ NBV (post-tax) Changeⁱⁱ NBV margin (%) Changeⁱⁱ PVEP Changeⁱⁱ NB CSM (pre-tax) Changeⁱⁱ NBV (post-tax) Changeⁱⁱ NBV margin (%) Changeⁱⁱ
Franceⁱⁱⁱ,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
Europeⁱᵛ 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
Transversalⁱⁱⁱ 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 for life and health. p. 14
EUR million Life Health i Total i
NB CSM (pre-tax) 466 135 601
Other NBV (pre-tax) 125 73 198
Tax -142 -48 -190
NBV 450 160 609
  • Health business written predominantly in Life entities is included p. 14.
  • Changes are presented on a comparable basis (constant forex, scope, and methodology) p. 14.

Net flows by business line

Net flows by business line for 1Q25 and 1Q26. p. 15
EUR 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.
  • A share repurchase agreement for up to EUR 1.25bn was announced on February 27, 2026 p. 16.
  • Next main investor events:
      • 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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