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1Q26 Activity Indicators

May 5, 2026

published at 5:45 PM CEST

1Q26 highlights

Gross written premiums & other revenues1 up +6% vs. 1Q25 to Euro 38.0 billion

  • Property & Casualty premiums up +4% to Euro 21.5 billion
    - Retail premiums up +7% with +4% from price effect and +3% from volumes
    - Commercial premiums up +3% with equal contributions from price effect and volumes
  • Life & Health premiums up +8% to Euro 16.5 billion
    - Life premiums up +8%
    - Health premiums up +8%

Life & Health NB CSM up +4% and net flows of Euro +2.7 billion

Solvency II ratio2 at 211% as of March 31, 2026, down -4 points vs. January 1, 2026 (post-grandfathering period) reflecting resilience in a volatile environment

Outlook3

On track to achieve underlying earnings per share growth for 2026 at the upper end of the 6-8% plan target range4

AXA to present its new strategic plan for 2027-2029 on September 15, 2026

Alban de Mailly Nesle

Group Chief Financial Officer

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.

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.

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.

1.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. These and other terms are defined in the glossary section of this press release.
2.The Solvency II ratio is 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 stock-based compensation. 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. 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).
3.Assuming no significant deterioration in current operating, pricing and market conditions, and based on a Nat Cat load of ca. 4.5 points, defined as normalized natural catastrophe losses expected in a year expressed in percentage of gross earned premiums in the same year. Natural catastrophe charges include natural catastrophe losses regardless of event size.
4.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 and is qualified by the cautionary statements in this press release regarding forward-looking statements.

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