Slide 1: AXA 2027-2029 Strategic Plan
AXA 2027-2029 Strategic Plan September 15, 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, t
Slide 3: Strategic update
Strategic update Thomas Buberl Group CEO AXA Strategic Plan 2027-2029 September 15, 2026
Slide 4: Key messages
Key messages A transformed, scaled global multiline insurance leader with proven execution and 1 capital discipline 2 Taking the franchise to the next level: gaining market share across the business Technical excellence and efficiency, amplified by AI, to sustain strong margins and 3 sharpen competi
Slide 5: AXA today
The starting point AXA today: A global pure play insurer with a strong competitive position AXA today Global businesses, Well diversified1 Customer focused local scale Top 3 European multi-line insurer Long-term Retail P&C 92m L&H customers P&C SME A leading insurer of businesses 90% & Mid- in P&C a
Slide 6: A decade of reshaping AXA
The starting point A decade of reshaping AXA 2016 2020 2023 2026 What we delivered ✓ ✓ ✓ in the last plan Simplified the Improved Made the Group to focus customer ✓ Returned the franchise to growth business future on technical proposition ready insurance risks and service Delivered best in class mar
Slide 7: A track record of execution and continuous improvement
The starting point A track record of execution and continuous improvement Driving progress Unlock the Future 2021-2023 2024-2026e Target Achievement Target Status Gross Written Premiums - +2% - ca. +6% Underlying earnings per share 3-7% +9% 6-8% Top end Underlying Return on Equity 13-15% 15% 14-16%
Slide 8: Attractive returns for our shareholders
The starting point Attractive returns for our shareholders 76% of market cap1 returned Outperformed the sector over the last 2 plans vs. 51% on average at peers over more than 5 years (TSR4) in Euro billion 4.72 4.6 4.7 +161% 4.4 +215% 3.8 3.4 3.5 Dividend +163% 3.5 Annual SBB 2.3 1.8 Exceptional SB
Slide 9: Built to deliver predictable performance
The starting point Built to deliver predictable performance Predictable earnings Balance sheet resilience Diversified, cash generative, recurring Robust capital position, prudent reserves earnings Disciplined underwriting and pricing Strong liquidity and sound debt profile Controlled volatility with
Slide 10: Well-positioned with a strong right to win
The starting point Well-positioned with a strong right to win ✓ ✓ ✓ ✓ Diversified Scale to be Strong Insurer of distribution competitive underwriting choice capabilities Distribution mix P&Cexpense P&C expenseratio Operating margin1 2025 ratio 2025 2025 Proprietary Brokers FY25 24.8% 26.7% 7.2% 6.4%
Slide 11: Take market share – profitably
The plan Our 2027-2029 plan: “Growing Forward” Take market share – profitably Technical excellence and efficiency to maintain attractive margins and further improve competitiveness Technical Growth II I III Efficiency excellence Further strengthening Improve customer Operating leverage from pricing,
Slide 12: A structurally growing industry where AXA is uniquely positioned
The plan I Growth A structurally growing industry where AXA is uniquely positioned… What is driving industry growth? Widening protection Ageing populations, AXA is well-positioned & ready gaps, emergence pullback of to capitalize on industry growth of new risks welfare state Growing demand for Risin
Slide 13: A plan to outpace market growth
The plan I Growth … with a plan to outpace market growth Property & Casualty Life & Health Increasing customer value Accelerating Life & Savings Enhancing retention and cross-selling across both To capture the retirement opportunity Retail and Commercial lines Focused initiatives Continuing Health s
Slide 14: Driving growth at attractive margins by strengthening competitiveness
The plan II III Elevating technical excellence Accelerating efficiency Driving growth at attractive margins by strengthening competitiveness We are profitability leaders and New plan will further build on these strengths disciplined capital allocators Pricing & underwriting Improve pricing accuracy
Slide 15: AI is changing the industry operating model: we are ready
The destination ✦ ✦ ✦ Executing AI AI is changing the industry operating model: we are ready How AI changes the industry operating model We know how to leverage AI Acquire Right customer, right moment, right product Strong ▪ Simplified tech stack, large data sets, foundations 80% of employees using
Slide 16: What success looks like in 2029
The destination What success looks like in 2029 Our strategic ambition In numbers Build exceptional customer trust by delivering personalized ~100m1 services and offers customers Be a clear market share winner across the business >€10bn underlying earnings <10% AI embedded throughout the value chain
Slide 17: Taking the franchise to the next level for long term value creation
The destination Taking the franchise to the next level for long term value creation What we have What we are accelerating What investors get Amplified by AI Strong 1 distribution Growth EPS growth Underwriting 2 expertise + Technical excellence = Shareholder payout 3 Scale Book value growth Efficien
Slide 18: Financial targets | Accelerating on all fronts
The destination Financial targets | Accelerating on all fronts 2024-2026 targets 2027-2029 targets Underlying EPS CAGR 6-8% 7-9% Underlying Return on Equity 14-16% 15-17% Cumulative cash remittance >€21bn ca.€25bn Book value per share1 incl. DPS CAGR2 - Mid-teens Payout ratio 60% dividend maintained
Slide 19: Execution plan
Execution plan Guillaume Borie Global Head of Finance, Strategy, Underwriting, Risk & Technology AXA Strategic Plan 2027-2029 September 15, 2026
Slide 20: Key messages
Key messages 1 Starting from strong foundations: a resilient franchise, with all businesses delivering Our plan: taking market share profitably, with AI amplifying growth, technical excellence 2 and efficiency 3 Growing at attractive margins across our businesses 4 Accelerating efficiency 5 Our AI o
Slide 21: A resilient, diversified business mix
AXA today A resilient, diversified business mix By line of business Why diversification is one of our greatest assets 2025, % of GWP1 17% 17% 17% 34% 15% Not over-reliant on a single line of business 1 including within P&C B2B / B2C split = 50 / 50 Retail SME Large & Specialty Long-term Short-term c
Slide 22: With all businesses delivering
AXA today With all businesses delivering Retail Short-term ca. +7% I GWP CAGR1 Life & ca. -310bps 2023-25 Health I COR Property & Casualty improvement Life & Health since 20232 SME & ca.+6% €116bn Mid- market I GWP CAGR1 2023-25 GWP in 2025 Long-term Life & ca. +€5bn Large & Health I Cumulative ca.
Slide 23: Growing Forward | Ambition to drive profitable growth
2027-29 Plan “Growing Forward” | Ambition to drive profitable growth… Growth Technical Efficiency excellence II I III Improving pricing Increasing automation sophistication Improving customer retention and cross- Enhancing underwriting selling Reducing costs at the quality & efficiency Corporate cen
Slide 24: Measurable outcomes from our strategic initiatives
2027-29 Plan ...with measurable outcomes from our strategic initiatives Growth Technical Efficiency excellence II I III Stable1 ca. 91% Best-in-class all-year P&C combined ratio ca.-1pt1 >5% p.a. ca. -90bps1 ca. 95% term Improvement in short- L&H combined ratio In expense ratio excl. Topline CAGR co
Slide 25: Driving profitable growth
Driving profitable growth Retail and Long SME & Mid- Growing at market term attractive margins Property Life & across our & Casualty Health businesses Large Short Commercial term Accelerating Efficiency Amplified with AI 25 AXA Group Investor Day | September 15, 2026
Slide 26: Driving profitable growth
Driving profitable growth Retail and Long SME & Mid- Growing at market term attractive margins Property Life & across our & Casualty Health businesses Large Short Commercial term Accelerating Efficiency Amplified with AI 26 AXA Group Investor Day | September 15, 2026
Slide 27: P&C | Driving growth at best-in-class margins
I II III Property & Casualty P&C | Driving growth at best-in-class margins Property >5% p.a. ca. 91% Topline CAGR stable1 & Casualty 2026-29e best-in-class all-year P&C combined ratio over 2027-29e 27 1. vs. 2026e AXA Group Investor Day | September 15, 2026
Slide 28: P&C | Resilient business
I Growth Property & Casualty P&C | Resilient business Lines of business / segments Impact from P&C cycle Share of 2025 P&C GWP From the least to the most impacted Retail Lower / no impact ca. 2/3 >5% p.a. P&C gross written Topline CAGR over 2027-29e premiums 2026-29e Property SME & Mid-market & Casu
Slide 29: P&C | Multiple levers for growth
I Growth Property & Casualty P&C | Multiple levers for growth Targeted expansion in Direct > +4m Retail Increase customer value & Inclusive Insurance Net new retail customers1 over 2027-2029e +60bps Property SME & Drive higher retention through AI-enabled distribution support and scaling prevention
Slide 30: Driving profitable growth
Driving profitable growth Retail and Long SME & Mid- Growing at market term attractive margins Property Life & across our & Casualty Health businesses Large Short Commercial term Accelerating Efficiency Amplified with AI 30 AXA Group Investor Day | September 15, 2026
Slide 31: Retail P&C | Significant potential to improve retention & cross-selling
I Growth Property & Casualty Retail P&C | Significant potential to improve customer retention & cross-selling AXA local entity positioning vs. market on acquisition, retention / cross-selling Significant New customer acquisition Retention & cross-selling upside from 55% 30% 1 1 improvement of entiti
Slide 32: Retail P&C | Driving higher retention & cross-selling
I Growth Property & Casualty Retail P&C | Driving higher retention & cross-selling by enhancing customer engagement and salesforce productivity Higher retention Improving cross-selling +70bps +130bps In retention1 In cross-selling1,2 over 2027-29e over 2027-29e +2m Net new Pricing & Claims & Predict
Slide 33: Retail P&C | The virtuous loop of cross-sell and loyalty
I Growth Property & Casualty Retail P&C | The virtuous loop of cross-sell and loyalty AXA France retail customer churn rate versus number of contracts 2024, France, # of customers, churn rate in %, Retail only -6pts 12% -6pts in churn rate for customers with 2+ 5% contracts vs. single-contract 3% cu
Slide 34: P&C SME & Mid-market | Maintaining growth momentum
I Growth Property & Casualty P&C SME & Mid-market | Maintaining growth momentum by focusing on customer retention Strong organic … and a clear …to sustain growth by driving growth track record… right to win… higher retention P&C SME & Mid-market Through AI enabled distribution support… Long-standing
Slide 35: Retail P&C | Direct – Taking advantage of market momentum
I Growth Property & Casualty Retail P&C | Direct – Taking advantage of market momentum Right time to push… … reflecting evolving customer expectations Inflection in channel growth… Shifting customer I Growing price I New distribution I Est. direct P&C market size in GWP 1 expectations sensitivity en
Slide 36: Retail P&C | Direct – Building on leading positions
I Growth Property & Casualty Retail P&C | Direct – Building on leading positions to >10% growth A leading, high- … built on two …and replicating their Direct Retail performing Direct strongholds where playbook to unlock growth P&C in 2029 franchise… we scale success... in other markets €5.4bn Direct
Slide 37: Retail P&C | Deep-dive on Direct Assurance
I Growth Property & Casualty Retail P&C | Deep-dive on Direct Assurance Direct Assurance, a successful … poised for the next phase of Direct Assurance direct growth engine… growth in 2029… Superior organic Undisputed direct Expand direct P&C leadership growth P&C leadership Leveraging low-cost model
Slide 38: Retail P&C | Deep-dive on Prima
I Growth Property & Casualty Retail P&C | Deep-dive on Prima Prima, a leading tech-driven … ready to consolidate leadership Prima in 2029… insurance platform… position Strong organic Clear Motor Direct growth Consolidate leadership position in Italy leader in Italy 2023-2025, GWP, €m Further growing
Slide 39: Retail P&C | Inclusive insurance – Growing affordability pressures
I Growth Property & Casualty Retail P&C | Inclusive insurance – Growing affordability pressures driving demand for inclusive insurance solutions Growing economic vulnerability of …vs. an emerging middle-class middle-class households in entering the insurance market for Europe, increasing the risk of
Slide 40: Retail P&C | Inclusive insurance – Product modularity and expanded reach
I Growth Property & Casualty Retail P&C | Inclusive insurance – Addressing protection needs through product modularity and expanded customer reach ‘Inclusive by design’ insurance Adapting & extending customer reach products Building strategic partnerships Right-sizing Providing Enhancing With organi
Slide 41: Retail P&C | Inclusive insurance – Scaling to drive profitable growth
I Growth Property & Casualty Retail P&C | Inclusive insurance – Scaling inclusive insurance to drive profitable growth Strong track record of profitable … supported by dedicated Inclusive growth… partnerships insurance in 2029 Inclusive insurance Retail P&C GWP1,3 Correos, Spain 2024-2025, Global, €
Slide 42: P&C International Markets | Amplifying growth through market share expansion
I Growth Property & Casualty P&C International Markets | Amplifying growth through market share expansion A growth engine in P&C Two main levers to accelerate growth Increase penetration in core segments International Markets1 P&C GWP ‒ Customer-value-driven model for cross-sell and upsell 2023-2025
Slide 43: P&C International Markets | Two growth engines
I Growth Property & Casualty P&C International Markets | Two growth engines – delivering today, accelerating tomorrow Türkiye – leveraging data & AI to foster growth Colombia – differentiated prevention offer YaverGPT: AI ecosystem at scale Commercial property Local LLM-powered platform supporting:
Slide 44: Driving profitable growth
Driving profitable growth Retail and Long Growing at SME & Mid- term market attractive margins Property Life & across our & Casualty Health businesses Large Short Commercial term Accelerating Efficiency Amplified with AI 44 AXA Group Investor Day | September 15, 2026
Slide 45: AXA XL | Disciplined cycle management
I Growth Property & Casualty AXA XL | Disciplined cycle management Focusing on margins through Differentiated approach to retain disciplined cycle management most profitable clients As of 1H26 Profitability +4pts Casualty Specialty Property Strategic client retention vs. average portfolio at AXA XL
Slide 46: AXA XL | Building a more diversified franchise in the long term
I Growth Property & Casualty AXA XL | Building a more diversified franchise in the long term Disciplined expansion into US Excess & Following structural growth Surplus and Mid-market opportunities Large target markets… Strong right to win US Excess & Surplus market size1 Sovereignty & Energy Autonom
Slide 47: Driving profitable growth – attractive margins
Driving profitable growth Growing at Retail and Long SME & Mid- w attractive Property market Life & term w margins w & Casualty Health across our Large Short Commercial term businesses Accelerating Efficiency Amplified with AI 47 AXA Group Investor Day | September 15, 2026
Slide 48: P&C | Margin excellence
II III Elevating technical excellence Accelerating efficiency Property & Casualty P&C | Margin excellence – From best-in-class profitability to unlocking further potential Best-in-class P&C margins across markets The outcome P&C Combined Ratio vs. Top 3 peers by country 1 Building on existing streng
Slide 49: Improving pricing accuracy and time-to-market
II Elevating technical excellence Property & Casualty Improving pricing accuracy and time-to-market What we delivered at Direct Assurance Where we will deploy it Advanced rating engine & pricing 2 weeks platforms deployed within the Direct Simple products ÷7 business and on main AXA France P&C 25% P
Slide 50: Improving portfolio quality
II Elevating technical excellence Property & Casualty Improving portfolio quality What we delivered at AXA XL Where we will deploy it Underwriting x3 Underwriting process transformation leveraging AI-powered triage and /Portfolio underwriting support tools 40% management ✓ Increased underwriter prod
Slide 51: Redesigning the Motor claims management journey
II Elevating technical excellence Property & Casualty Redesigning the Motor claims management journey What we delivered at AXA Switzerland Where we will deploy it Claims AI-powered Motor Claims Automation management Visual assessment delivered program leveraging automated damage under 4 minutes asse
Slide 52: Driving profitable growth
Driving profitable growth Retail and Long Growing at SME & Mid- term market attractive margins Property Life & across our & Casualty Health businesses Large Short Commercial term Accelerating Efficiency Amplified with AI 52 AXA Group Investor Day | September 15, 2026
Slide 53: L&H | Capitalizing on structural growth opportunities
I II III Life & Health L&H | Capitalizing on structural growth opportunities Life & 6-7% p.a. ca.95% 4-5% p.a. Health Short-term L&H with ca.-1pt1 Long-term L&H CSM topline CAGR improvement in release CAGR 2026-29e Short-term L&H 2026-29e combined ratio over 2027-29e 53 1. vs. 2026e AXA Group Invest
Slide 54: L&H | Capitalizing on structural growth
I Growth Life & Health L&H | Capitalizing on structural growth Long-term Life & Health The outcome Accelerating L&S growth across our markets 4-5% p.a. Back to +€2.7bn >15% With a >75% Long-term L&H positive with New business de-risked 32.1 Share of Capital- CSM release CAGR Long-term L&H net flows
Slide 55: Driving profitable growth
Driving profitable growth Retail and Long Growing at SME & Mid- term market attractive margins Property Life & across our & Casualty Health businesses Large Short Commercial term Accelerating Efficiency Amplified with AI 55 AXA Group Investor Day | September 15, 2026
Slide 56: Long-term L&H | Accelerating growth
I Growth Life & Health Long-term L&H | Accelerating growth Unlocking protection & Why we can capture this retirement opportunity opportunity Rising demand for private solutions… Multiline model with strong Expanding Pension assets in Europe (€tn)1 proprietary distribution in our distribution +7% p.a
Slide 57: Long-term L&H | Expanding our distribution
I Growth Life & Health Long-term L&H | Accelerating growth – Expanding our distribution Replicating AXA France Diversifying distribution initiatives in other markets Strengthening Expanding in Pursuing France Individual savings GWP proprietary specialized greenfield 2023-2025 distribution distributi
Slide 58: Long-term L&H | Strengthening our competitiveness
I Growth Life & Health Long-term L&H | Accelerating growth – Strengthening our competitiveness What we did Improving our competitiveness Number of >1bn funds & ETFs (#) Access to a broader Reducing unit costs and providing top tier #Funds 20 universe of funds >€1bn 41 x2 funds through BNPP partnersh
Slide 59: Long-term L&H | Defining success in L&S
I Growth Life & Health Long-term L&H | Accelerating growth – Defining success in L&S Differentiated insurance offer Continuous product innovation ‘SmartFlex’ Switzerland Japan Switzerland Individual Life Savings New business market share (%)1 Enhanced Annual Premium customer value Leading Equivalent
Slide 60: Long-term L&H | Margin excellence – Sustained growth in CSM release
II III Elevating technical excellence Accelerating efficiency Life & Health Long-term L&H | Margin excellence – Sustained growth in CSM release Strengthening profitability in our long-term business The outcome Further building resilient net flows … Long-term L&H net flows 2022-1H26, €bn Through dist
Slide 61: Driving profitable growth
Driving profitable growth Retail and Long Growing at SME & Mid- term market attractive margins Property Life & across our & Casualty Health businesses Large Short Commercial term Accelerating Efficiency Amplified with AI 61 AXA Group Investor Day | September 15, 2026
Slide 62: Short-term L&H | Profitably outgrowing the market
I Growth Life & Health Short-term L&H | Profitably outgrowing the market Well positioned to capture growth Further strengthening The outcome competitiveness… Growing demand … with a clear right for Health … to win Strengthening EB workplace offer ca.€2tn Global scale Developing prevention offerings
Slide 63: Short-term L&H | Margin excellence
II III Elevating technical excellence Accelerating efficiency Life & Health Short-term L&H | Margin excellence – Further enhancing pricing and reinforcing technical capabilities & care delivery Driving attractive margins through monoliner-like specialization The outcome Building on strong … by furth
Slide 64: Redesigning the Health claims management journey
II Elevating technical excellence Life & Health Redesigning the Health claims management journey What we delivered Where we will deploy it Health claims straight-through Claims c.+7% processing program leveraging global management AI assets & data enablers 55% ✓ Increased claims handler 2025 of Heal
Slide 65: Driving profitable growth
Driving profitable growth Retail and Long Growing at SME & Mid- term market attractive margins Property Life & across our & Casualty Health businesses Large Short Commercial term Accelerating Efficiency Amplified with AI 65 AXA Group Investor Day | September 15, 2026
Slide 66: Driving efficiency to strengthen competitiveness
III Accelerating efficiency Driving efficiency to strengthen competitiveness The outcome Operating leverage from both traditional cost containment measures and AI A Increasing automation ca. +10% across the business in productivity gains1 over 2027-29e ca. -90bps B Reducing costs at the Corporate ce
Slide 67: Improving productivity across the whole organization
III Accelerating efficiency Improving productivity across the whole organization Evolving our workforce2 to our new Automation ca. +10pts operating model in productivity gains1 across functions over 2027-29e FTE evolution over 2026-29e Sales & distribution +2% Technology +6% Policy management & clai
Slide 68: Redefining contact centers operating model to drive efficiency
III Accelerating efficiency Redefining contact centers operating model to drive efficiency What we delivered at AXA Italy Where we will deploy it Contact center transformation Contact -10% leveraging AI-powered agents and centers intelligent voice automation 34% ✓ Increased agent productivity 2025 o
Slide 69: Driving profitable growth
Driving profitable growth Retail and Long Growing at SME & Mid- term market attractive margins Property Life & across our & Casualty Health businesses Large Short Commercial term Accelerating Efficiency Amplified with AI 69 AXA Group Investor Day | September 15, 2026
Slide 70: AI is already delivering tangible results
✦ ✦ Executing AI AI is already delivering tangible results, we will scale to deliver full value by 2029 More details in dedicated slide ✦ ✦ Business value from existing deployments Customer and Technical Efficiency distribution excellence Already achieved1 Already achieved1 Already achieved1 Predict
Slide 71: Our approach | Leveraging Group scale with local empowerment
✦ ✦ ✦ Executing AI Our approach | Leveraging Group scale and delivering speed and agility with local empowerment Global AI hub Local ownership Bringing scale to ensure robust cost discipline, compliance Bringing speed & relevance to local needs with Group security and safety standards + Leveraging G
Slide 72: Conclusion
Conclusion 72 AXA Group Investor Day | September 15, 2026
Slide 73: Growing Forward | Ambition to drive profitable growth
2027-29 Plan “Growing Forward” | Ambition to drive profitable growth Growth Technical Efficiency excellence II I III Stable1 ca. 91% Best-in-class all-year P&C combined ratio ca.-1pt1 >5% p.a. ca. -90bps1 ca. 95% term Improvement in short- L&H combined ratio In expense ratio excl. Topline CAGR commi
Slide 74: A Tuesday in 2029 at AXA
Shaping the future of customer journey, already live in AXA France A Tuesday in 2029 Click here to at AXA… see the video 74 AXA Group Investor Day | September 15, 2026
Slide 75: Finance
Finance Alban de Mailly Nesle Group CFO AXA Strategic Plan 2027-2029 September 15, 2026
Slide 76: Strong ambition over 2027-2029
2027-29 Plan Strong ambition over 2027-2029 Financial targets Consistent and sustainable earnings growth 7%-9% 1 supported by clear growth and margin drivers UEPS CAGR 2027-29e Payout ratio 15%-17% maintained Underlying ROE From earnings to cash to returns to book value 2 75% over 2027-29e growth: a
Slide 77: Strong ambition over 2027-2029
2027-29 Plan Strong ambition over 2027-2029 Financial targets Consistent and sustainable earnings growth 7%-9% 1 supported by clear growth and margin drivers UEPS CAGR 2027-29e Payout ratio 15%-17% maintained Underlying ROE From earnings to cash to returns to book value 2 75% over 2027-29e growth: a
Slide 78: Delivering at or above guidance on all key metrics
1 Consistent & sustainable earnings growth Delivering at or above guidance on all key metrics Premiums Underlying Return on Cash Dividend per in Euro billion EPS equity remittance share in Euro in % ratio in Euro in % +1% +6% +9% +8% +13% +8% +0.2pt +1.1pt +10pts +3pts CAGR CAGR CAGR CAGR CAGR CAGR
Slide 79: Accelerating growth | 7-9% UEPS CAGR
1 Consistent & sustainable earnings growth Accelerating growth | 7-9% UEPS CAGR Underlying earnings per share in Euro Holdings UE Annual share L&H UE buybacks Stable at €-1.2bn P&C UE 5-7% CAGR 5-7% CAGR ~4.18 3.86 3.31 6-8% ca.1% p.a. underlying earnings + share buyback 2026-2029e CAGR 2026-29e 202
Slide 80: Plausibility check | P&C
1 Consistent & sustainable earnings growth Plausibility check | P&C P&C underlying earnings Assumptions Illustrative walk versus 2026e CAGR ▪ Revenue growth of at least 5% p.a. +5-7% Revenues ‒ Retail and Commercial ex- XL growth >5% XX ‒ AXA XL growth muted ~6.1 All Year Combined ▪ Stable at ~91% d
Slide 81: Plausibility check | Life & Health
1 Consistent & sustainable earnings growth Plausibility check | Life & Health L&H underlying earnings Assumptions Illustrative walk versus 2026e CAGR Short term ▪ Revenue growth of 6-7% p.a. +5-7% Life & Health ▪ Combined ratio improvement of ~1pt to ~17% of L&H UE ~95% XX ~3.7 Long term ▪ CSM relea
Slide 82: Reasonability check | CSM release focus
1 Consistent & sustainable earnings growth Reasonability check | CSM release focus A diversified source of earnings Recurring CSM release growth target CSM stock as of Dec 31st, 2025 7% Other 84bps 88bps CSM release as a margin on 81bps 14% Hong Kong reserves1 expected to be broadly stable2 (mid-80b
Slide 83: Expenses | Accelerating efficiency gains
1 Consistent & sustainable earnings growth Expenses | Accelerating efficiency gains Cost base Revenues Delivering Non-commission expenses and claims handling costs, in Euro billion operating leverage >5% ca. +2% CAGR CAGR ~122 ~14 ~13 90 bps improvement in the expense ratio excl. commissions over 20
Slide 84: Expenses | Sharpening cost discipline
1 Consistent & sustainable earnings growth Expenses | Sharpening cost discipline across Corporate Center and non-staff costs Optimizing non-staff ca.–20bps Reducing costs at the ca. -15% of Corporate expenses improvement in expense Corporate Center center costs1 over through enhanced procurement rat
Slide 85: Strong ambition over 2027-2029
2027-29 Plan Strong ambition over 2027-2029 Financial targets Consistent and sustainable earnings growth 7%-9% 1 supported by clear growth and margin drivers UEPS CAGR 2027-29e Payout ratio 15%-17% maintained Underlying ROE From earnings to cash to returns to book value 2 75% over 2027-29e growth: a
Slide 86: Strong organic capital generation
2 From earnings to cash & returns Strong organic capital generation High Solvency capital generation, with limited capital consumption +25-30 pts +25-30 pts Strong capital engine +25 pts giving the flexibility +25-30pts to grow the business Normalized and sustain attractive capital generation p.a. 2
Slide 87: Efficient cash conversion and disciplined use of cash
2 From earnings to cash & returns Efficient cash conversion and disciplined use of cash Cash generation in 2025 Maintaining strong cash conversion Disciplined cash deployment in the next plan with clear priorities Other regions France 2027-29e Organic growth 1 at 15-17% ROE AXA XL €7.5bn ca.25bn cas
Slide 88: A simple, disciplined model for capital deployment
2 From earnings to cash & returns A simple, disciplined model for capital deployment… Attractive and predictable Reinvesting 25% of earnings at payout policy at 75% attractive return on equity ✓ 60% dividend + 15% annual share buy-backs ✓ 25% of earnings redeployed into core business ✓ Dividend grow
Slide 89: Compounded growth in book value per share
2 From earnings to cash & returns … with compounded growth in book value per share Value creation over 2021-2025 Value creation over 2025-2029e2 Cumulative value creation per share Accelerating value creation 2021-2025, €, Book value per share1 & cumulative dividend paid 2025, €, Book value per shar
Slide 90: Strong ambition over 2027-2029
2027-29 Plan Strong ambition over 2027-2029 Financial targets Consistent and sustainable earnings growth 7%-9% 1 supported by clear growth and margin drivers UEPS CAGR 2027-29e Payout ratio 15%-17% maintained Underlying ROE From earnings to cash to returns to book value 2 75% over 2027-29e growth: a
Slide 91: A resilient, diversified business mix
3 Predictable earnings, resilient balance sheet A resilient, diversified business mix By line of business Why diversification is one of our greatest assets 2025, % of GWP1 17% 17% 17% 34% 15% Not over-reliant on a single line of business 1 including within P&C B2B / B2C split = 50 / 50 Retail SME La
Slide 92: Earnings predictability | Consistent P&C results
3 Predictable earnings, resilient balance sheet Earnings predictability | Delivering consistent P&C results with lower volatility and superior margins, and visible levers for continued growth Through the cycle What makes us confident for the future outperformance vs. peers Standard deviation in CY u
Slide 93: Earnings predictability | De-risked long-term L&H earnings
3 Predictable earnings, resilient balance sheet Earnings predictability | De-risked, cash-generative long-term L&H earnings, diversified short-term earnings with dampened volatility From capital-heavy, rate-sensitive to capital-light, Significantly improved short-term L&H business with cash-generati
Slide 94: Resilient balance sheet (1/2) | High solvency ratio
3 Predictable earnings, resilient balance sheet Resilient balance sheet (1/2) | High solvency ratio with reduced sensitivities and financial flexibility Solvency II: strong position set for Healthy financial leverage and ample flexibility Gearing as of FY25 continued strength ~22% 1 Comfortable Hold
Slide 95: Resilient balance sheet (2/2) | High-quality investment portfolio
3 Predictable earnings, resilient balance sheet Resilient balance sheet (2/2) | High-quality investment portfolio 1H26 Total General Account invested assets Duration gap at -0.4 year Core investment principles High-quality investment-grade fixed income Euro portfolio supporting asset-liability match
Slide 96: Predictability in action - sensitivity to shocks
3 Predictable earnings, resilient balance sheet Predictability in action - sensitivity to shocks Earnings sensitivity to -100bps interest rates shock Solvency sensitivity to shock events Underlying earnings P&C and L&H pre-Holdings costs interest rate sensitivity in year 1, €bn, illustrative Ratio a
Slide 97: Conclusion
Conclusion 97 AXA Group Investor Day | September 15, 2026
Slide 98: Why we are confident in our plan
What we will deliver Why we are confident in our plan Prudent view on Measured view of The plan is P&C pricing benefits from AI in our hands We do not assume an upturn in large Targets reflects reasonable view of commercial pricing cycle what we can deliver Solid foundations to Balance sheet resilie
Slide 99: Taking the franchise to the next level for long term value creation
2027-29 Plan Taking the franchise to the next level for long term value creation What we have What we are accelerating What investors get Amplified by AI Strong 1 distribution Growth EPS growth Underwriting 2 expertise + Technical excellence = Shareholder payout 3 Scale Book value growth Efficiency
Slide 100: Financial targets | Accelerating on all fronts
The destination Financial targets | Accelerating on all fronts 2024-2026 targets 2027-2029 targets Underlying EPS CAGR 6-8% 7-9% Underlying Return on Equity 14-16% 15-17% Cumulative cash remittance >€21bn ca.€25bn Book value per share1 incl. DPS CAGR2 - Mid-teens Payout ratio 60% dividend maintained
Slide 101: Entities roundtable
Entities roundtable September 15, 2026
Slide 102: France
France AXA Strategic Plan 2027-2029 102 September 15, 2026
Slide 103: Largest multi-line insurer in the French market
France Largest multi-line insurer in the French market Business mix Our businesses1 GWP UE 2025 GWP P&C (33%) Savings (37%) P&C retail €4.6bn €0.5bn #2 with 12% market share, #1 in direct Health & Protection (30%) Euro 28.5 billion P&C commercial €4.8bn €0.7bn #1 with 15% market share Distribution m
Slide 104: Distinctive strengths underpinning our performance track record
France Distinctive strengths underpinning our performance track record Gross Written Premiums4, €bn Unique multi-specialist model Balanced mix across customer segments (1/2 retail, 1/2 commercial lines) and markets (1/3 P&C, 1/3 H&P, 1/3 Savings & Pensions) 25% 24.6 24.3 24.9 26.8 28.5 2025 Group co
Slide 105: Accelerate profitable organic growth over 2027-29e
France Accelerate profitable organic growth over 2027-29e Growth Technical Efficiency excellence II I III Pricing & underwriting Strengthen distribution Accelerate Automation sophistication Enhance claims Increase retention & Optimize IT delivery management cross-sell Accelerate in Life & Enhance co
Slide 106: Accelerate organic growth
I Growth France Accelerate organic growth Strong levers to accelerate… …with tangible initiatives Expand and modernize agent networks +600 distributors by 2029 Recruit and increase visibility on AI platforms Strengthen Expand and (20k across networks) distribution modernize networks Direct Assurance
Slide 107: Enhance technical excellence
II Elevating technical excellence France Enhance technical excellence Strong levers to accelerate… …with tangible initiatives Scale AI-powered pricing engine (Photon) Improve pricing time to market by 70% on 90% retail new -2pts Pricing & business in loss ratio where already deployed at Direct Assur
Slide 108: Improve efficiency
III Accelerating efficiency France Improve efficiency Strong levers to accelerate… …with tangible initiatives AI for claims management -20% Leverage AI to Automate simple claims and assist complex claims handlers in P&C claims handling time Accelerate increase in P&C with AI agents by 2029 automatio
Slide 109: Amplified with AI
✦ ✦ ✦ Executing AI France Amplified with AI Pre-requisites in place Impact-oriented scaling model No code/low code for all Modern tech with single cross- by 2029e network CRM and new Health & Focus on 16 highest-value AI Protection (H&P) core system solutions across the value chain Leveraging Group
Slide 110: What success looks like in 2029
France What success looks like in 2029 Market Net new Technical Efficiency position customers excellence #1 in P&C +1m1 Strengthened Best-in-class position -70 bps2 110 1. On the full scope (P&C, Life, Health), incl. direct businesses | 2. Non-commission expense ratio including claims handling costs
Slide 111: France Appendix
France Appendix Investor Relations September 2026 111
Slide 112: Delivering 2024-2026 plan | AI for distribution
France Appendix Delivering 2024-2026 plan | AI for distribution AI for salesforce effectiveness AI for administrative productivity ARiANE program SmartInAXA tool AI-powered commercial activation engine Gen-AI assistant Turning customer signals into “next-best offers” and Grounded in AXA’s internal p
Slide 113: European markets
European markets AXA Strategic Plan 2027-2029 113 September 15, 2026
Slide 114: Leading market position in Europe with strong local footholds
European markets Leading market position in Europe with strong local footholds Geography mix Our footprint in 20251 GWP UE 2025 GWP Germany €12.6bn €1.1bn Germany (29%) #4 in P&C and in Health, #7 in L&S Italy (17%) Switzerland €7.0bn €1.0bn Euro Switzerland (16%) #1 in P&C, #2 in L&S 43 UK (13%) bi
Slide 115: Distinctive strengths underpinning our performance track record
European markets Distinctive strengths underpinning our performance track record Gross Written Premiums3, €bn Insurer of choice for Retail and SME & mid-market Strong brand with 31m customers1 Top quartile customer satisfaction2 38% 33.1 34.1 36.6 39.3 43.0 2025 Group contribution 2021 2022 2023 202
Slide 116: 3 priorities to boost European markets performance
European markets 3 priorities to boost European markets performance, amplified with AI Growth Technical Efficiency excellence II I III Pricing & Underwriting Customer value sophistication management Automation Distribution footprint Claims excellence expansion Proprietary channel Leaner operations I
Slide 117: Accelerate organic growth
I Growth European markets Accelerate organic growth Consistent levers across Europe… …already in motion Customer AI-powered CVM1 for Predictive retention & engagement +3% value better retention and AI-driven predictive churn models supporting # of Retail customers in management cross-selling targete
Slide 118: Elevate technical excellence
II Elevating technical excellence European markets Elevate technical excellence Consistent levers across Europe… …already in motion Photon rating engine roll-out -2pts Pricing & Enhancing price Nextgen machine learning, faster model updates Loss Ratio1 accuracy, risk Underwriting assessment, market
Slide 119: Accelerate efficiency
III Accelerating efficiency European markets Accelerate efficiency Consistent levers across Europe… …already in motion Agentic AI for medical aids claims -30% In core processes Automatically analyze invoice and prescription, Handling time1 Internal (e.g., claims) and check coverage, define reimburse
Slide 120: Amplified with AI
✦ ✦ ✦ Executing AI European markets Amplified with AI Pre-requisites in place Impact-oriented scaling model Faster Focus on highest-value AI Deployment across Modern tech, cloud enabled markets solutions across the value chain Lead entity spearheading AI Strong data quality & usability solutions, be
Slide 121: What success looks like in 2029
European markets What success looks like in 2029 Additional Technical Expense customers 1 excellence ratio 2, excl. commissions +3m Strengthened Best-in-class position <10% 121 1. On the full European markets scope (P&C, Life, Health), incl. direct businesses and Prima | 2. including claims handling
Slide 122: European markets Appendix
European markets Appendix Investor Relations September 2026 122
Slide 123: Strong distribution footprint in all our entities
European markets Appendix Strong distribution footprint in all our entities Distinctive and scaled proprietary distribution ~9,500 3,300 2,200 2,200 Large agents network 1,800 Leader in Direct #1 #1 #2 #3 #8 + Complemented by strong relationship with brokers, IFAs and third-party partnerships 123 AX
Slide 124: Profitability leaders in P&C
European markets Appendix Profitability leaders in P&C Profitability analysis - P&C Europe Switzerland Germany Belgium & Luxembourg (in Euro million) FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 Gross Earned Premiums 18,988 20,400 21,305 3,882 4,145 4,348 4,813 5,128 5,438 2,343 2,602
Slide 125: AXA XL
AXA XL AXA Strategic Plan 2027-2029 125 September 15, 2026
Slide 126: AXA XL at a glance
AXA XL AXA XL at a glance Business mix Gross Written Premiums4, USD bn 2025 GWP Top 3 Specialty Re Intl Casualty in 22.2 20.3 19.9 21.0 22.0 17% Casualty Re Property Re Primary Casualty Global Clients1 US Professional2 2021 2022 2023 2024 2025 2025 Group NA Construction Other Property contribution €
Slide 127: Attractive business positioned to deliver through the cycle
AXA XL Attractive business positioned to deliver through the cycle 2021-2023 2024-2026 2027-2029 plan Portfolio overhaul Earnings quality and Cycle management in and de-risking stability a softening market -60%1 ADC cover2 AXA XL combined ratio3 Defending Capitalizing on on long-tail lines reserves,
Slide 128: Cycle management to defend excellent margins (1/2)
II III Elevating technical excellence Accelerating efficiency AXA XL Cycle management to defend excellent margins (1/2) Underwriting and portfolio management Ceded reinsurance strategy in Insurance First proof points at 1H26 ▪ Active capital allocation First proof points at 1H26 across a diversified
Slide 129: Cycle management to defend excellent margins (2/2)
II III Elevating technical excellence Accelerating efficiency AXA XL Cycle management to defend excellent margins (2/2) Expense and productivity Risk mitigation Why it helps manage the cycle ▪ Launch of an integrated Risk Improves risk quality and portfolio insight, ▪ Standardize and automate key Ad
Slide 130: New areas of focus
I Growth AXA XL Capitalizing on attractive growth opportunities Deep-dive in appendices Target 2027e-2029e Focus on retention Differentiated approach for strategic clients Client +4pts & product density New areas of focus ▪ Dedicated teams equipped with new CRM and advanced tech and data strategic c
Slide 131: Deploying AI to amplify both growth and margins
✦ ✦ ✦ Executing AI AXA XL Deploying AI to amplify both growth and margins Scaling AI Example: underwriting process transformation to foster growth Enhance core insurance Leveraging AI-powered triage and underwriting Where we will deploy it processes support tools Greater automation, simplification o
Slide 132: What success looks like in 2029
AXA XL What success looks like in 2029 Disciplined cycle Increased AI management market share Defend margins and capture In structural growth areas 80% of products with AI- most attractive opportunities and new priority segments powered underwriting through the cycle 132 AXA Group Investor Day | Sep
Slide 133: AXA XL Appendix
AXA XL Appendix Investor Relations September 2026 133
Slide 134: European Sovereignty | €500bn insurable premium opportunity
AXA XL Appendix European Sovereignty | €500bn insurable premium opportunity The opportunity Why is this attractive over the next 3-5 years Our right to win €1.5tn additional public spending expected over Strong underwriting Broad product scope Existing presence with next 5 years from: expertise with
Slide 135: Energy transition | High-growth, multi-line opportunity
AXA XL Appendix Energy transition | High-growth, multi-line opportunity The opportunity Why is this attractive over the next 3-5 years Our right to win Experienced in energy Deep expertise across Robust capabilities in risks, incl. renewable risks - production, risk consulting and ▪ ~$130 trillion o
Slide 136: Organic growth in US Mid-Market & E&S
AXA XL Appendix Organic growth in US Mid-Market & E&S The opportunity Why is this attractive over the next 3-5 years Our right to win Robust capabilities in ▪ Mid-Market and E&S remain large, attractive Proven momentum and Differentiated product risk consulting and segments and are strategically cri
Slide 137: Well positioned for the nascent Autonomous vehicle opportunity
AXA XL Appendix Well positioned for the nascent Autonomous vehicle opportunity The opportunity Why is this attractive Our right to win Partnerships with top Accumulation of AXA XL acting as the autonomous vehicle exposure and ▪ Long-term transition, not a 2–3 years theme, “landing zone” of the playe
Slide 138: AXA Japan
AXA Japan AXA Strategic Plan 2027-2029 138 September 15, 2026
Slide 139: Japan at a glance
Japan Japan at a glance Business mix Strong market positions3… Gross Written Premiums5, JPY bn 2025 GWP Unit- Health Direct P&C 736 752 806 955 958 5% Protection (57%) Linked Motor JPY 2021 2022 2023 2024 2025 958 Health (21%) #2 #9 #5 €5.7bn €5.5bn €5.3bn €5.8bn €5.7bn 2025 Group contribution Savin
Slide 140: Accelerate profitable organic growth over 2027-29
Japan Accelerate profitable organic growth over 2027-29 Strong levers to accelerate… …with tangible initiatives Accelerate product innovation I Accelerate product launches and strengthen broker support to sustain market leadership +5% p.a.2 GWP growth over 2026-29e Diversify & Reinforce salesforce p
Slide 141: AXA Hong Kong & Macau
AXA Hong Kong & Macau AXA Strategic Plan 2027-2029 141 September 15, 2026
Slide 142: AXA Hong Kong & Macau at a glance
Hong Kong & Macau AXA Hong Kong & Macau at a glance Business mix Strong market positions1… Gross Written Premiums1, HKD bn 2025 GWP Life Group P&C 48 36 37 38 39 Life (77%) Health 5% HKD 48 Health (16%) #8 #2 #1 2021 2022 2023 2024 2025 2025 Group P&C (7%) €4.1bn €4.4bn €4.5bn €4.6bn €5.5bn contribu
Slide 143: Accelerate profitable organic growth over 2027-29
Hong Kong & Macau Accelerate profitable organic growth over 2027-29 Strong levers to accelerate… …with tangible initiatives Expand in High-Net worth I Launch of High-Net-Worth business, leveraging Group ratings and capabilities +20bps Capturing in investments and AXA XL Specialty P&C (art, kidnap, r
Slide 144: International markets
International markets AXA Strategic Plan 2027-2029 144 September 15, 2026
Slide 145: International Markets at a glance
International Markets International Markets at a glance Geography mix Our footprint 2025 Managed premiums1 Latin America Our market in figures Mexico, Brazil, Colombia €4.4bn Top 3 international insurer in P&C/Health GWP Euro LATAM (43%) with proven integrated health/ prevention models 1.5bn 10.3 As
Slide 146: International Markets distinctive strengths
International Markets International Markets distinctive strengths Managed premiums2,3, €bn Scale and leadership in our markets1 Top 5 or better in 8 of 11 markets, ~25m customers, leader in Health (~12% average market share) with topline growth of 23% over 2021-25 9.0 10.2 10.3 7.6 8.2 Distinct dist
Slide 147: Accelerate profitable organic growth over 2027-29
International Markets Accelerate profitable organic growth over 2027-29 Strong levers to accelerate… …with tangible initiatives I Distribution expansion Ramping up proprietary networks and deepening penetration of 50m+ bank customers +12-15% p.a. GWP growth over 2026-29e Diversify & Health accelerat
Slide 148: Asia, Africa, EME-LATAM Appendix
Asia, Africa, EME-LATAM Appendix Investor Relations September 2026 148
Slide 149: Uniquely positioned in the second-largest insurance market
Greater China Uniquely positioned in the second-largest insurance market Business mix 2025 GWP1 AXA Tianping Going forward Accelerate customer-centric − #1 fully-foreign-owned insurer in China4 with digital & direct acquisition RMB c.3.9m customers P&C (84%) − Broad geographical footprint, 200 branc
Slide 150: Thank you
Thank you 150
Slide 151: 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 152: Glossary
Glossary ▪ Book value per share: a new APM for AXA. It represents shareholders’ equity excluding other comprehensive income as well as undated and deeply subordinated debt divided by the actual number of outstanding shares (excluding treasury shares) at that date, all as reported in the balance shee