AXA (CSP) investor relations material

Executive summary

• Total revenues and gross written premiums rose 6% year-over-year to €38.0 billion in 1Q26, with balanced growth across Property & Casualty (+4%) and Life & Health (+8%).

• Retail P&C premiums increased 7% (4% from price, 3% from volume), while commercial P&C premiums grew 3% equally from price and volume.

• Solvency II ratio stood at 211% at March-end, reflecting a robust balance sheet and resilience amid market volatility.

• S&P upgraded the group’s rating from AA- to AA, affirming financial strength.

• Life & Health net flows reached €2.7 billion, up from €2.5 billion in Q1 2025.

Financial highlights

• Property & Casualty gross written premiums reached €21.5 billion (+4% year-over-year), with personal lines up 7% and commercial lines up 3%.

• Life & Health gross written premiums totaled €16.5 billion (+8%), with Life and Health both up 8%.

• Life & Health NB CSM (pre-tax) increased 4% to €0.6 billion; NBV (post-tax) rose 1% to €0.6 billion.

• Net flows in Life & Health were €2.7 billion, driven by strong inflows in Protection and Unit-Linked products.

• New business CSM grew 4%, with life new business CSM up over 5%.

Outlook and guidance

• Confident in delivering 2026 UEPS growth at the top end of the 6%-8% target range.

• Expect continued top-line growth and margin improvement in P&C and Life & Health.

• Maintain annual Nat Cat budget of 4.5 points of combined ratio.

• Solvency II revision expected to add 17 points to the ratio in 2027.

• New strategic plan for 2027–2029 to be presented on September 15, 2026.