Slide 1: Half Year 2026 Earnings Presentation
Half Year 2026 Earnings Presentation July 31, 2026
Slide 2: Important Legal Information and Cautionary Statements
IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, tr
Slide 3: Table of contents
Table of contents 1. 1H26 Highlights p.04 Thomas Buberl, Group CEO 2. 1H26 Financial Performance p.08 Alban de Mailly Nesle, Group CFO A3 Half Year 2026 Earnings GIE_AXA_Internal
Slide 4: 1H26 Highlights
1 1H26 Highlights Thomas Buberl, Group CEO
Slide 5: Half Year 2026: Solid growth in earnings while building resilience
Half Year 2026 | Solid growth in earnings while building resilience +5% +8% Revenues Underlying EPS Confident to deliver UEPS vs. HY25 vs. HY25 growth, at the upper end of “Unlock the Future” target 18% 218% range1 ROE Solvency II ratio HY26 HY26 5 1. Assuming no significant deterioration in current
Slide 6: An all-weather model: balanced engines of growth
An all-weather model: balanced engines of growth delivering consistent results through changing markets Underlying earnings In Euro billion +6% P&C Continued organic +5% top line growth +9% growth P&C: 3%, Life & Health: 8% +11% 4.5 4.5 L&H 4.3 Life & Health earnings +11%, now Sustained more closely
Slide 7: Strong delivery across all our businesses
Strong delivery across all our businesses In Euro billion Underlying earnings France +5% (24% of total GWP1) to €1.1bn Well-diversified & high-quality I franchise with consistent execution Europe +12% (41% of total GWP1) to €2.0bn Robust balance sheet supporting I performance and resilience AXA XL +
Slide 8: 1H26 Financial Performance
2 1H26 Financial Performance Alban de Mailly Nesle Group CFO
Slide 9: P&C: Volume growth in Personal lines, pricing discipline in Commercial
P&C | Volume growth in Personal lines in a conducive pricing environment, maintaining pricing discipline in Commercial lines In Euro billion GWP & Other Revenues +3% o/w o/w 35.1 Change 34.1 pricing1 volume2 ▶ Continued growth with positive pricing in Mid-market and Commercial 21.3 SME lines +1% +1%
Slide 10: P&C: Best-in-class margins with 90.1% combined ratio
P&C | Maintaining best-in class margins with 90.1% combined ratio Combined ratio ▶ Combined ratio increased by 10bps including Prima2 and 90.0% 90.1% 30bps excluding Prima Nat Cat 3.5% ▶ Excl. Prima, the current year attritional loss ratio 3.5% 67.3% increased by 40bps reflecting the impact of losse
Slide 11: P&C: Earnings growth from higher underwriting result
P&C | Earnings growth from higher underwriting result In Euro million Underlying Earnings1 +6% 3,067 102 -47 19 3,178 136 -98 ▶ Higher underwriting result reflecting strong volume growth including the contribution of Prima ▶ Higher financial results from higher volumes and better reinvestment yields
Slide 12: Life & Health: Sustained revenue growth and strong net flows
Life & Health | Sustained revenue growth and strong net flows In Euro billion Life GWP Health GWP Net flows: €+4.7bn & Other Revenues & Other Revenues vs. €+3.6bn in 1H25 +9% +6% 20.4 19.1 10.8 10.1 Protection +3.4 Protection 9.1 +6% 5.8 Individual +8% Health +1.7 Unit-Linked +0.9 Unit-linked +17% 5
Slide 13: Life & Health: Stable NBV with margins at attractive levels
Life & Health | Stable NBV with margins at attractive levels In Euro billion +0.5% PVEP 1.2 1.1 +3% excl. impact of +6% NB CSM interest rates 26.9 (pre-tax) 25.4 1H25 1H26 ▶ PVEP increased by 6%, driven by higher volumes in Savings across all geographies and short-term Health business, mainly in Fra
Slide 14: Life & Health: CSM growth driven by new business
Life & Health | CSM growth driven by new business and positive operating variance In Euro billion Contractual Service Margin roll-forward1 +0.7 -1.5 33.9 +0.1 +1.1 +0.7 33.0 -0.1 Normalized CSM growth +2%2 ▶ Economic variance reflecting widening of government spreads ▶ Operating variance driven by b
Slide 15: Life & Health: Earnings growth from technical result and CSM release
Life & Health | Earnings growth driven by higher technical result and CSM release growth In Euro million Underlying Earnings +11% +89 +21 1,955 +151 ▶ Strong short-term technical result, with 1,814 -53 -69 130bps improvement in the combined Technical & 942 781 financial results ratio, reflecting pri
Slide 16: Underlying earnings per share growth at 8%
Underlying earnings per share growth at 8% In Euro billion HY25 HY26 Change Underlying earnings per share Property & Casualty 3.1 3.2 +6% In Euro Life & Health 1.8 2.0 +11% +8% Asset Management 0.2 0.0 n.m. 2.19 2.03 +9% Holdings & other -0.6 -0.6 - excl. AXA IM1 Underlying earnings 4.5 4.5 +4% Non-
Slide 17: Shareholders' Equity
Shareholders’ Equity In Euro billion FY25 Shareholders' equity 47.2 Shareholders’ equity1 Change in Net OCI -0.3 47.2 44.7 Net income for the period 4.2 Dividend -4.7 SHE (excl. OCI) 54.0 51.8 Annual share buyback -1.3 Anti-dilutive share buyback following the sale of AXA IM -0.3 Net OCI -6.8 -7.1 U
Slide 18: Solvency II at 218%
Solvency II at 218% In Euro billion +4.8 0.0 Ratio as of June 30, 2026 218% -0.1 56.4 +0.4 56.4 Interest rate +50bps 0 pt 54.0 +0.4 -3.0 Eligible Own Interest rate -50bps -1 pt Funds (EOF) -2.4 Corporate spreads +50bps -1 pt FY25 Jan 1st, 1H26 2026 Euro Sovereign spreads +50bps 1 -7 pts Solvency II
Slide 19: Solid operational improvement across the businesses over the plan
Solid operational improvement across the businesses over the plan Topline growth P&C margins2 -1.6pts L&H margins -3.1pts +7% CAGR1 FY23 1H26 FY23 1H26 over 2023-1H26 98.0% 96.4% 98.9% 95.8% CSM release growth3 Non-commission expense 8% ratio 6% Strong track record 2% -40 bps of execution 1H26 vs 20
Slide 20: Conclusion
Conclusion Thomas Buberl, Group CEO
Slide 21: On track to deliver 'Unlock the Future' financial targets
On track to deliver “Unlock the Future” financial targets Unlock the Future 2024-HY26 2024-2026e targets achievements Underlying 6% to 8% At the top end of the earnings per share CAGR 2023-2026E target range Underlying return 14% to 16% At the top end of the on equity 2024E-2026E target range Cumula
Slide 22: Q&A
Q&A Half Year 2026 Earnings July 31, 2026
Slide 23: AXA Investor Relations: Keep in touch
AXA Investor Relations | Keep in touch Meet our management Contact us Investor Relations +33 1 40 75 48 42 investor.relations@axa.com September 15 AXA Investor Day Paris Follow us www.axa.com September 21 AXA Investor Roundtables London October 29 9M26 Activity Indicators Release Conference call 23
Slide 24: Appendices
Appendices GIE_AXA_Internal
Slide 25: Table of contents
Table of contents 1. Debt and Invested Assets p.26 2. Prima impact mechanism p.35 3. Additional IFRS17 Disclosures p.37 4. Sustainability p.41 Half Year 2026 Earnings GIE_AXA_Secret
Slide 26: Gross financial debt and maturity breakdown as of June 30, 2026
Gross financial debt and maturity breakdown as of June 30, 2026 In Euro billion Gross financial debt1 Contractual maturity breakdown 0.5 Senior debt Debt 22.3% 21.7% Tier 2 gearing Tier 1 20.3 20.3 11.4 19.4 0.7 0.6 4.6 3.2 3.2 1.5 3.2 0.5 0.9 2026 2027 2028 2029 2030 2031-2039 ≥2040 Undated 11.3 12
Slide 27: General Account Invested Assets
General Account Invested Assets General account invested assets as of HY26 Fair Value Asset allocation Participating (in Euro billion) Fixed income 346 76% 59% Government bonds 162 36% 66% Public Credit 136 30% 54% Private Credit 48 10% 51% o.w. investment grade 35 8% o.w. below investment grade & n
Slide 28: Fixed Income
1. Fixed Income 5% 1% 23% AAA 17% AA By rating Euro A 346 BBB 14% billion BIG 24% 30% NR By category Euro 47% 346 billion 10% 39% 5% 4% European Union By geography USA Euro 10% Switzerland 346 51% UK billion Japan 20% ROW Government Bonds Public Credit Private Credit 28 Half Year 2026 Earnings GIE_A
Slide 29: Government bonds
1.1. Government bonds 3% 13% 13% 11% 27% 9% 10% By geography Euro Euro By rating1 162 5% 162 9% 31% billion 3% billion 6% 7% 3% 27% 5% 11% 6% Supranational France Spain ROW AAA AA A BBB BIG NR USA Germany UK Switzerland Italy Belgium Japan Netherlands Other UE 29 1.in Government bonds rated BBB and
Slide 30: Public credit
1.2. Public credit Financials Corporate bonds by industry Consumer 2% 10% non-cyclical By geography EU Utilities Switzerland 3% Euro 3% 3% 2% Communications 42% UK 5% 1% 19% 136 Industrial 33% US 7% 39% Consumer billion Japan Euro cyclical 7% Euro ROW 10% 82 Basic materials 136 6% 7% billion Technol
Slide 31: Private Credit
1.3. Private Credit • €6bn Dutch mortgages with NHG guaranty Mortgage 1% • €11bn self originated mortgages: loans 19% • €7bn in Switzerland with 55% LTV By geography European Union • €4bn in Germany with 45% LTV Switzerland 2% Euro 7% UK 20% 48 53% USA 34% billion • Infra debt (€8bn): Japan • Resili
Slide 32: Fixed income reinvestment
1.4. Fixed income reinvestment HY26 Fixed Income Reinvestment HY26 Fixed income reinvestment Yield 6.5% 4.0% 4.2% 3.6% Euro 31 billion Government Public Private Total fixed Bonds credit credit income Government bonds (26%) - Average rating A+ Public Credit (62%)- Average rating A- ▶ Euro 31 billion
Slide 33: Total return assets: Real Estate and Private Equity
2. Total return assets – Focus on Real Estate1 and Private Equity Financial services Information Technology 3% 7% 4% Healthcare 26% By sector 8% Other 16% Euro Industrials 10% 18 32% By type Diversified Office billion 8% Euro 17% Consumer discretionary 12% Residential 12% 40 Consumer staples 14% 12%
Slide 34: Table of contents
Table of contents 1. Debt and Invested Assets p.26 2. Prima financials p.35 3. Additional IFRS17 Disclosures p.37 4. Sustainability p.41 Half Year 2026 Earnings GIE_AXA_Secret
Slide 35: P&C: Further details on Prima
P&C | Further details on Prima Contribution of Prima Estimated Prima P&L in HY26 as MGA Proforma 1H261 Premium recapture In Euro million, in % HY26 disclosures on an insurance look through basis Estimated recapture in 2026 Gross written premiums and (in % of total gross written premiums) 337 1,141 r
Slide 36: Table of contents
Table of contents 1. Debt and Invested Assets p.26 2. Prima impact mechanism p.35 3. Additional IFRS17 Disclosures p.37 4. Sustainability p.41 Half Year 2026 Earnings GIE_AXA_Secret
Slide 37: P&C: Focus on Reserves
P&C | Focus on Reserves 1H26 reserve ratios impacted by FX movements and strong growth in net earned premiums Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums) 179% 185% 193% 188% 189% 198% 195% 180% 175% 172% FY18 FY19 FY20 FY21 FY22 FY22 FY23 FY24 FY25 1H26 IFRS4 IFRS17
Slide 38: P&C: Margin Analysis
P&C | Margin Analysis Technical Result Financial Result In Euro million (pre-tax) In Euro million (pre-tax) 1H26 Change 1H26 Change Current Accident Year Undiscounted Technical Margin 1,451 +51 Investment Income 2,122 +102 Gross Earned Premiums 29,742 +6% 1H26 Average Assets €120bn Current Accident
Slide 39: L&H: Margin Analysis
L&H | Margin Analysis Technical Result Financial Result In Euro million, pre-tax In Euro million, pre-tax 1H26 Change Short-term Technical Margin 391 +146 1H26 Change Gross Earned Premiums 9,330 +10% + Investment Income (non-VFA only) 1,321 +26 All Year Combined Ratio 95.8% -1.3pts 1H26 Average Asse
Slide 40: Table of contents
Table of contents 1. Debt and Invested Assets p.26 2. Prima impact mechanism p.35 3. Additional IFRS17 Disclosures p.37 4. Sustainability p.41 Half Year 2026 Earnings GIE_AXA_Secret
Slide 41: Sustainability Performance & Ratings
Sustainability Performance & Ratings 2026 percentile: 97th 1 in Dow Jones Best-in-Class 2025 score: AAA 2025 score: B Europe & World indices 2026 ESG Risk Rating: 2026 score: 4.2/5 17.0– Low risk in FTSE4Good Index Series 1. The CSA ranking is a key performance indicator for AXA Group, used to calcu
Slide 42: Thank You
Thank You Half Year 2026 Earnings July 31, 2026
Slide 43: Scope
Scope ▪ France: includes insurance activities, banking activities and holding ▪ 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), Sp
Slide 44: Glossary
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% ▪ Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing