Axa Sa · EURONEXT:CS
Axa Sa — H1 2026 Earnings Presentation
31 slides from Axa Sa's earnings presentation, Jul 31, 2026
Slide 1: Half Year 2026 Earnings Press Conference
Half Year 2026 Earnings Press conference 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: Agenda
Agenda 1 Introduction Thomas BUBERL, Group CEO 2 Business Performance Guillaume BORIE, Global Head of Finance, Strategy, Underwriting, Risk and Technology 3 Financial Performance Alban DE MAILLY NESLE, Group CFO 4 Conclusion Thomas BUBERL, Group CEO 3 Half Year 2026 Earnings | July 31, 2026
Slide 4: Introduction
1 Introduction Thomas BUBERL Group CEO 4 Half Year 2026 Earnings | July 31, 2026
Slide 5: Outstanding Performance
Half Year 2026 Earnings | Outstanding Performance GWP & UNDERLYING UNDERLYING SOLVENCY II OTHER REVENUES EARNINGS EARNINGS PER SHARE RATIO €66.3bn €4.5bn €2.19 218% 5 + % +9% + 8% 3 + pts vs 1H25 vs 1H25 vs 1H25 vs Jan. 1st, 2026 Excl. AXA IM 5 Half Year 2026 Earnings | July 31, 2026 See glossary fo
Slide 6: Solid Performance Across All Our Business Lines
Solid Performance Across All Our Business Lines P&C LIFE HEALTH €35.1bn €20.4bn €10.8bn REVENUES +3% vs 1H25 +9% vs 1H25 +6% vs 1H25 UNDERLYING EARNINGS +6% vs 1H25 +4% vs 1H25 +34% vs 1H25 6 Half Year 2026 Earnings | July 31, 2026 See glossary for terminologies and footnotes on pages 28, 29, 30 & 3
Slide 7: Sustained Share Price Growth
Sustained Share Price Growth As of July 30th, 2026 50 Share price €45.22 45 40 35 30 €24.34 25 20 15 10 5 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 7 Half Year 2026 Earnings | July 31, 2026 See glossary for terminologies and footnotes on pages 28, 29, 30 & 31 of this document.
Slide 8: AXA, a Committed Player Facing Climate Risks
AXA, a Committed Player Facing Climate Risks d FIRES: AXA FRANCE’S INSURER INVESTOR COMMITMENTS § Systematic integration of climate § 1€ invested1 today by AXA emits half § Activation of its crisis unit and risks into underwriting the CO₂ it did in 2019 ClimAgir scheme § Development of prevention an
Slide 9: On Track to Deliver: Our Main Financial Targets
Half Year 2026 Earnings | On Track to Deliver Our Main Financial Targets MAIN FINANCIAL TARGETS TARGETS ACHIEVEMENTS 2024-2026E 2024-HY26 At the top end of UNDERLYING EARNINGS 6% to 8% the target range PER SHARE CAGR 2023-2026E At the top end of UNDERLYING RETURN ON EQUITY 14% to 16% the target rang
Slide 10: Business Performance
2 Business Performance Guillaume BORIE Global Head of Finance, Strategy, Underwriting, Risk and Technology 10 Half Year 2026 Earnings | July 31, 2026
Slide 11: Strong Delivery Across All Our Markets
Strong Delivery Across All Our Markets UNDERLYING EARNINGS FRANCE EUROPE 24% of total GWP1 41% of total GWP1 Well-diversified & high-quality franchise with +5% +12% consistent execution to € 1.1bn to € 2.0bn Robust balance sheet supporting our AXA XL ASIA, AFRICA & EME-LATAM performance 17% of total
Slide 12: Solid Operational Improvement Across the Businesses Over the Plan
Solid Operational Improvement Across the Businesses Over the Plan TOPLINE P&C COMBINED RATIO L&H COMBINED RATIO L&H MARGIN NON-COMMISSION GROWTH IMPROVEMENT2 IMPROVEMENT GROWTH3 EXPENSE RATIO 8% 6% +7% -1.6pts -3.1pts -1.6pts -40bps CAGR1 FY23-1H26 FY23-1H26 1H26 vs FY23 over FY23-1H26 2% FY24 FY25
Slide 13: Winning New Customers Over the Half Year
Winning New Customers Over the Half Year 2 MILLION NET NEW CONTRACTS A SIMPLER THE QUALITY OF OUR INCLUSIVE INSURANCE: EXPERIENCE THANKS TO DISTRIBUTION NETWORKS >20 MILLIONS OF ARTIFICIAL INTELLIGENCE (AGENTS, DIRECT INSURANCE…) CUSTOMERS 100% NPS OF OUR BUSINESS LINES AT/OR ABOVE MARKET 13 Half Ye
Slide 14: The Speed of AI to Serve our Expertise
The Speed of AI to Serve our Expertise ARTIFICIAL INTELLIGENCE DEPLOYMENT OF SOLUTIONS ACCELERATION OF AGENTIC AI SCALING UP CONVERSATIONAL ACROSS THE GROUP DEPLOYMENT AGENTS GROUP: The use of Microsoft 365 Copilot UK: Agentic AI for claims management SWITZERLAND: Launch of an AI chat for allows fas
Slide 15: Financial Performance
3 Financial Performance Alban DE MAILLY NESLE Group CFO 15 Half Year 2026 Earnings | July 31, 2026
Slide 16: P&C: Growth in Volumes in Personal Lines
P&C I Growth in Volumes in Personal Lines with Conducive Pricing While Maintaining Pricing Discipline in Commercial Lines GWP & OTHER REVENUES UNDERLYING EARNINGS 1 In Euro billion In Euro million +3% +6% 34.1 35.1 3,067 3,178 Commercial +1% 21.3 lines AXA XL -9% 1.8 Reinsurance Personal +8% 12.0 li
Slide 17: P&C: Maintaining Best-in-Class Margins
P&C I Maintaining Best-in Class Margins COMBINED RATIO Lower prior year reserve development 90.1% vs 90.0% 1H25 1 reflecting prudent reserving Stable Nat Cat load 17 Half Year 2026 Earnings | July 31, 2026 See glossary for terminologies and footnotes on page 28, 29, 30 & 31 of this document.
Slide 18: Life & Health: Sustained Revenue Growth and Strong Net Flows
Life & Health I Sustained Revenue Growth and Strong Net Flows In Euro billion LIFE GWP HEALTH GWP NET FLOWS & OTHER REVENUES & OTHER REVENUES +9% +6% €+4.7bn vs €+3.6bn in 1H25 20.4 10.8 19.1 10.1 Protection +3.4 9.1 Protection +6% Individual +8% 5.8 Health +1.7 5.2 Unit-Linked +0.9 Unit-Linked +17%
Slide 19: Life & Health: Earnings Growth
Life & Health I Earnings Growth UNDERLYING EARNINGS In Euro million +11% 1,955 1,814 Technical & 942 financial results 781 Strong technical result reflecting pricing, underwriting and claims initiatives in Protection and Health Higher CSM release reflecting growth in reserves and higher 1,463 margin
Slide 20: UEPS Growth at 8%
UEPS Growth at 8% In Euro billion In Euro HY25 HY26 Change +8% Property & Casualty 3.1 3.2 +6% 2.19 2.03 Life & Health 1.8 2.0 +11% Asset Management 0.2 0.0 n.m. Holdings & other -0.6 -0.6 — +9% excl. AXA IM1 Underlying earnings 4.5 4.5 +4% Non-financial flows -0.1 -0.2 Financial flows (incl. RCG) -
Slide 21: Solvency II Ratio at 218%
Solvency II Ratio at 218% In Euro billion ELIGIBLE OWN FUNDS (EOF) +4.8 0.0 -0.1 56.4 +0.4 56.4 54.0 +0.4 -3.0 -2.4 FY25 Jan. 1st, 2026 1H26 SOLVENCY II 224% -10pts 215% +2pts +17pts 0pt -4pts -12pts 0pt 218% RATIO FY25 Impact of the end of Jan 1st, Regulatory Normalized Operating Economic Dividend
Slide 22: Conclusion
4 Conclusion Thomas BUBERL Group CEO 22 Half Year 2026 Earnings | July 31, 2026
Slide 23: On Track to Deliver Our Plan
On Track to Deliver Our Plan Outstanding performance in the first half of 2026, aligned with our 2025 results Solid profitability, with underlying earnings up 9%1 This performance is visible across all our markets and all our business lines Confident in our ability to deliver in 2026 underlying earn
Slide 24: Q&A session
Q&A session 24 Half Year 2026 Earnings | July 31, 2026
Slide 25: Thank you
Thank you 25 Half Year 2026 Earnings | July 31, 2026
Slide 26: AXA is a recognized sustainability leader
AXA is a recognized sustainability leader 2026 percentile: 97th1 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 26 Half Year 2026 Earnings | July 31, 2026
Slide 27: 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), Spain
Slide 28: Glossary (1/2)
Glossary (1/2) 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 the asset or liability for a group of insurance contracts rep
Slide 29: Glossary (2/2)
Glossary (2/2) 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. Technical experience: co
Slide 30: Notes (1/2)
Notes (1/2) Changes at comparable basis are constant Forex, scope and methodology for activity indicators, and at constant Forex for earnings, unless otherwise specified. Page 8 1. Scope covering listed corporate debt and equity ; real estate equity ; infrastructure (representing €178 billion as of
Slide 31: Notes (2/2)
Notes (2/2) Changes at comparable basis are constant Forex, scope and methodology for activity indicators, and at constant Forex for earnings, unless otherwise specified. Page 26 1. For the ESG Risk Rating ranking of AXA Group, please refer to Sustainalytics’ website: https://www.sustainalytics.com/