Slides
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AXA 2027-2029 Strategic Plan September 15, 2026
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2 AXA Group Investor Day | September 15, 2026 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, trends, plans, expectations or objectives. Forward-looking statements are generally identified by words and expressions such as “expects”, “anticipates”, “may”, “plan” or any variations or similar terminology of these words and expressions, or conditional verbs such as, without limitations, “would” and “could”. In particular, the statements in this presentation regarding expected underlying earnings per share (“UEPS”) growth, underlying earnings and underlying return on equity for 2026 are forward-looking statements to provide one-off guidance in the context of the last year of the Group’s current strategic plan. In addition, the Group’s Growing Forward strategic plan, including its financial targets and capital management policy, is based on the current views and intentions of the Board of Directors and is subject to change. Numerous factors may influence the actual dividend and share buy-back amounts in any given year, including AXA’s earnings, applicable capital and solvency requirements, prevailing operating and financial market conditions, as well as general economic conditions. In addition, the determination of such amounts is subject to proposal by the Board of Directors and approval of the shareholders of AXA. Undue reliance should not be placed on forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed or implied in such forward-looking statements. Please refer to Part 5- “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2025 for a description of certain important factors, risks and uncertainties that may affect AXA’s business and/or results of operations. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations. In addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures (“APMs”), used by Management in analyzing AXA’s operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA’s results. These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group’s consolidated financial statements and related notes prepared in accordance with IFRS. “Underlying earnings”, “underlying earnings per share”, “underlying return on equity”, “combined ratio”, “debt gearing” and “book value per share” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015. As “book value per share” is a new APM for AXA, the definition, calculation methodology and comparative information are provided in the Glossary on slide 152 of this presentation. AXA provides a reconciliation of the others APMs to the most closely related line item, subtotal, or total in the financial statements of the corresponding period (and/or their calculation methodology, as applicable) in its Financial Report as of June 30, 2026 (“AXA’s Half-year 2026 Financial Report”), on the pages indicated under the heading “Alternative Performance Measures”. For further information on the above-mentioned and other non-GAAP financial measures used in this presentation, see the Glossary in AXA’s Half-year 2026 Financial Report, available on AXA’s website www.axa.com Please see the Glossary for the definitions of terms used in this presentation and key qualifying information.
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Thomas Buberl Group CEO Strategic update AXA Strategic Plan 2027-2029 September 15, 2026
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4 AXA Group Investor Day | September 15, 2026 Key messages A transformed, scaled global multiline insurance leader with proven execution and capital discipline1 Taking the franchise to the next level: gaining market share across the business2 Technical excellence and efficiency, amplified by AI, to sustain strong margins and sharpen competitiveness3 Clear path to attractive returns, with more ambitious financial targets while keeping payout ratio stable at 75%4
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5 AXA Group Investor Day | September 15, 2026 AXA today: A global pure play insurer with a strong competitive position 1. Based on 2025 GWP | 2. Net Promoter score AXA today 92m customers ca. 90% of business units with Top 3 NPS ranking2 Customer focused Top 3 European multi-line insurer Global businesses, local scale Multi-channel distribution A leading insurer of businesses in P&C and L&H Well diversified1 Long-term L&H P&C SME & Mid- market Short-term L&H P&C Large & Specialty (AXA XL) Retail P&C The starting point
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6 AXA Group Investor Day | September 15, 2026 A decade of reshaping AXA 1. Net Promoter Score. | 2. Based on Architecture score measuring ( i) the proportion of systems ready for AI over (ii) the total number of systems that the Group identified as necessary to be ready to deploy AI across the value chain. | 3. On a constant scope and FX, estimated on an annualized basis for 2026 using 1H26 figures. | 4. 1H26 Current year undiscounted combined ratio with normalized Cat load at 4.5%, excl. Prima, vs. reported 2023 CY undiscounted combined ratio. | 5. Non -commission expense ratio. 2016 202620232020 Simplified the Group to focus on technical insurance risks Improved customer proposition and service Made the business future ready 2016 2025 Business mix P&C Life Health Other ~75% Share of capital-light products in total GWP in 2025 L&H derisking Customer NPS ~70% AI-ready core insurance systems2 AI readiness 2018 2025 54% 97% Share of business with NPS at/above market1 What we delivered in the last plan Returned the franchise to growth Started harvesting the benefits of AI Drove efficiency Delivered best in class margins ✓✓✓ ✓ ✓ ✓ ✓ +7% CAGR 3 over 2023-1H26 Topline Margin -40bps 1H26 vs 2023 NCE5 ratio -1.6pts P&C COR 4 -3.1pts L&H COR The starting point
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7 AXA Group Investor Day | September 15, 2026 A track record of execution and continuous improvement Underlying earnings per share Underlying Return on Equity Cumulative cash remittance Unlock the Future 2024-2026e +9% Driving progress 2021-2023 Target Achievement Payout ratio1 3-7% 15%13-15% €16.4bn€14bn 67%55-65% Top end Target Status 6-8% Top end14-16% On track>€21bn 75%75% Gross Written Premiums +2%- ca. +6%- The starting point 1. Payout includes dividends and annual share buybacks.
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8 AXA Group Investor Day | September 15, 2026 76% of market cap1 returned over the last 2 plans vs. 51% on average at peers Attractive returns for our shareholders 1. Market capitalization as of 31/12/2020. | 2. Exceptional share buybacks include €3.8bn related to the antidilutive share b uyback from AXA IM. | 3. Payout includes dividends and annual share buybacks. | 4. Total shareholder return calculated from Jan 1st, 2021 to September 10th, 2026. 56% 70% 75% 75% 75% New payout policy3 +161% Outperformed the sector over more than 5 years (TSR4) +215% +163% +110% 75% Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Eurostoxx 50 STOXX Insurance AXA 2021 2022 2023 2024 2025 2026 3.4 3.5 3.8 4.4 4.6 4.7 Dividend 0.9 1.1 1.8 4.72 1.62 2.3 0.6 1.2 3.5 1.2 0.3 1.2 Annual SBB Exceptional SBB The starting point in Euro billion
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9 AXA Group Investor Day | September 15, 2026 Balance sheet resilience Robust capital position, prudent reserves Strong liquidity and sound debt profile Well diversified, high-quality asset profile Predictable earnings Diversified, cash generative, recurring earnings Disciplined underwriting and pricing Controlled volatility with reinsurance and hedging Built to deliver predictable performance 1. 2021 and 2022 under IFRS4. | 2. Ratio as of January 1, 2026, following the end of the grandfathering period ( -10 points). Well positioned for consistent delivery across cycles 217 215 227 216 2021 2022 2023 2024 2025 2152 Solvency II (in %) 2021 2022 2023 2024 2025 6.8 7.3 7.6 8.1 8.4 Underlying earnings1 (in €bn) The starting point
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10 AXA Group Investor Day | September 15, 2026 Well-positioned with a strong right to win Diversified distribution Strong underwriting capabilities Scale to be competitive Insurer of choice ✓ ✓✓ ✓ P&C expense ratio FY25 Operating margin1 2025 Top 3 insurance brand3 AXA Peer2 average 7.2% 6.4% P&C expense ratio 2025 Distribution mix 2025 AXA Peer2 average 24.8% 26.7% Proprietary Brokers Direct Partnerships The starting point 1. Operating earnings after tax and interest expenses divided by GWP. | 2. Peer average refers to average ratio at three main multiline peers | 3. Ranking: Brand finance insurance 2025.
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11 AXA Group Investor Day | September 15, 2026 Our 2027-2029 plan: “Growing Forward” Take market share – profitably Technical excellence and efficiency to maintain attractive margins and further improve competitiveness The plan Amplified with AI GrowthTechnical excellence Efficiency III III Improve customer equipment and loyalty and expand reach to attract new customers Further strengthening pricing, underwriting and claims management to support growth Operating leverage from cost containment measures and automation to support competitiveness
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12 AXA Group Investor Day | September 15, 2026 Widening protection gaps, emergence of new risks Growing demand for broader, more innovative coverage Ageing populations, pullback of welfare state Rising demand for private health & retirement solutions Growth is broad-based across Retail and Commercial P&C, Life and Health World insurance premium pool A structurally growing industry where AXA is uniquely positioned… What is driving industry growth? 2025 2030 +5%1 AXA is well-positioned & ready to capitalize on industry growth Scaled, with strong distribution and technical expertise Margins at strong levels with no business to turnaround Ability to allocate capital across a multi-line franchise ✓ ✓ ✓ The plan GrowthI 1. CAGR. Source: Swiss Re Sigma.
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13 AXA Group Investor Day | September 15, 2026 … with a plan to outpace market growth Property & Casualty Increasing customer value Enhancing retention and cross-selling across both Retail and Commercial lines Focused initiatives In direct distribution and inclusive insurance Life & Health Accelerating Life & Savings To capture the retirement opportunity Continuing Health specialization strategy Reinforcing technical capabilities & care delivery III Elevating technical excellence GrowthIThe plan With AI enhancing customer proposition and experience
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14 AXA Group Investor Day | September 15, 2026 Driving growth at attractive margins by strengthening competitiveness We are profitability leaders and disciplined capital allocators New plan will further build on these strengths Return on equity evolution Pricing & underwriting Improve pricing accuracy and risk selection through high-quality data and advanced analytics Claims Enhance claims management and implement prevention solutions to improve claims outcomes Expenses Increase productivity and create capacity to reinvest in growth AI Amplify our levers, further enhancing competitiveness + 2016 2021 2025 12.5% 14.7% 16.0% The plan II III Accelerating efficiencyElevating technical excellence
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15 AXA Group Investor Day | September 15, 2026 AI is changing the industry operating model: we are ready 1. Achievement observed within the deployment scope in at least one entity where the deployment has been completed. | 2. Expe cted, pre-tax, allocated within the three pillars of the plan and net of investments. Scaling AI across the value chain, generating €500-700m2 recurring value by 2029 We know how to leverage AI Strong foundations Clear operating model Proven value creation ▪ Simplified tech stack, large data sets, 80% of employees using AI regularly ▪ Ownership and accountability at local level, with global AI hub to bring scale ▪ Deployment of AI sales coach ▪ Customer end-to-end call and email answers ▪ Adoption of advanced pricing models x1.51 conversion rate -20%1 handling time +2pts1 margin uplift The AI flywheel 1 2 34 5 Acquire Right customer, right moment, right product Underwrite Sharper risk selection & pricing Serve Fast, transparent policy issuance, claims management and service Retain Customer insight, personalization and superior service driving loyalty Scale Automation and agentic AI driving efficiency How AI changes the industry operating model The advantage compounds with data volume: a scale effect, not a technology purchase The destination Executing AI✦ ✦ ✦
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16 AXA Group Investor Day | September 15, 2026 What success looks like in 2029 In numbers ~100m1 customers >€10bn underlying earnings <10% expense ratio excl. commissions2 Our strategic ambition Build exceptional customer trust by delivering personalized services and offers Be a clear market share winner across the business AI embedded throughout the value chain The destination 1. vs. 92 million at FY25 | 2. Includes claims handling costs
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17 AXA Group Investor Day | September 15, 2026 Taking the franchise to the next level for long term value creation What we have What we are accelerating What investors get Strong distribution Underwriting expertise Scale 1 2 3 + Growth Technical excellence Efficiency Amplified by AI EPS growth Shareholder payout Book value growth = Diversification4 The destination
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18 AXA Group Investor Day | September 15, 2026 Underlying EPS CAGR Underlying Return on Equity Cumulative cash remittance Financial targets | Accelerating on all fronts 1. Excluding OCI and undated and deeply subordinated debt | 2. Book value per share CAGR includes cumulative dividends per sh are and excludes CTA (Currency Translation adjustment) movements from year end 2026 onward 7-9% 6-8% 14-16% >€21bn 15-17% ca.€25bn 2024-2026 targets 2027-2029 targets Book value per share 1 incl. DPS CAGR2 - Mid-teens The destination Payout ratio maintained 60% dividend 15% annual share buybacks75%
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AXA Strategic Plan 2027-2029 September 15, 2026 Guillaume Borie Global Head of Finance, Strategy, Underwriting, Risk & Technology Execution plan
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20 AXA Group Investor Day | September 15, 2026 Key messages Starting from strong foundations: a resilient franchise, with all businesses delivering1 Our plan: taking market share profitably, with AI amplifying growth, technical excellence and efficiency2 4 Accelerating efficiency 5 Our AI operating model 3 Growing at attractive margins across our businesses Published not presented
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21 AXA Group Investor Day | September 15, 2026 A resilient, diversified business mix 1. Excluding AXA IM, Holdings | 2. incl. AXA XL Reinsurance | 3. Including portfolios of Lifestyle and Income Protection (CLP) and International Protection and Health (ALHIS) reallocated respectively to Transversal and AXA Health International. Asia + IMa By line of business 2025, % of GWP1 By geography 2025, % of GWP1 17% 17%17% 34% 15% Retail P&C SME & MM Large & Specialty (AXA XL2) Long-term L&H Short-term L&H France Europe AXA XL2 38%25% 17%17% Diversification enables predictable earnings, robust solvency and consistent capital returns Not over-reliant on a single line of business including within P&C B2B / B2C split = 50 / 50 compounding growth driven by a balance between a long- term high-growth large corporate business and steady expansion across the rest of the franchise Diverse geographical footprint not overly exposed to any single macro, rate, cycle or regulator 1 2 3 Why diversification is one of our greatest assets AXA today Other3 3%
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22 AXA Group Investor Day | September 15, 2026 Property & Casualty With all businesses delivering 1. On a comparable basis, over the period 2023 -2025 | 2. All year combined ratio improvement from 2023 to 1H26 ca. +7% GWP CAGR1 2023-25 Retail €116bn GWP in 2025 Long-term Life & Health ca. +€5bn Cumulative net flows 2024 to 1H26 ca.+6% GWP CAGR1 2023-25 Short-term Life & Health ca. -310bps COR improvement since 20232 Large & Specialty (AXA XL) ca. -70bps COR improvement since 20232 SME & Mid- market Life & Health I I I I I AXA today
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23 AXA Group Investor Day | September 15, 2026 “Growing Forward” | Ambition to drive profitable growth… Amplified with AI Growth Improving customer retention and cross- selling Targeted growth initiatives I Technical excellence II Improving pricing sophistication Enhancing underwriting quality & efficiency Optimizing claims costs EfficiencyIII Increasing automation Reducing costs at the Corporate center Optimizing non-staff expenses 2027-29 Plan Published not presented
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24 AXA Group Investor Day | September 15, 2026 ...with measurable outcomes from our strategic initiatives 1. Versus 2026e | 2. Includes claims handling costs | 3. Expected, pre -tax, allocated within the three pillars of the plan and net of investments 2027-29 Plan €500 -700m recurring AI value from 2029 3 Growth >5% p.a. Topline CAGR 2026-29e I Technical excellence II EfficiencyIII ca.-90bps1 In expense ratio excl. commissions2 over 2027-29e ca. 91% Stable1 Best-in-class all-year P&C combined ratio ca. 95% ca.-1pt1 Improvement in short- term L&H combined ratio 4-5%1p.a. Growth in L&H CSM release p.a.
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25 AXA Group Investor Day | September 15, 2026 Growing at attractive margins across our businesses Driving profitable growth Amplified with AI Accelerating Efficiency Property & Casualty Life & Health Long term Short term Retail and SME & Mid- market Large Commercial
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26 AXA Group Investor Day | September 15, 2026 Growing at attractive margins across our businesses Driving profitable growth Amplified with AI Accelerating Efficiency Property & Casualty Life & Health Long term Short term Retail and SME & Mid- market Large Commercial
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27 AXA Group Investor Day | September 15, 2026 P&C | Driving growth at best-in-class margins 1. vs. 2026e Property & Casualty >5% p.a. Topline CAGR 2026-29e ca.91% stable1 best-in-class all-year P&C combined ratio over 2027-29e I II III Property & Casualty Published not presented
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28 AXA Group Investor Day | September 15, 2026 P&C | Resilient business >5% p.a. Topline CAGR 2026-29e Low single digit Topline CAGR 2026-29e Lines of business / segments From the least to the most impacted Impact from P&C cycle Share of 2025 P&C GWP >5% topline growth p.a. Property & Casualty Lower / no impact over 2027-29e Higher impact over 2027-29e ca. 1/3 P&C gross written premiums AXA XL Large commercial & specialty SME & Mid-market Retail ca. 2/3 P&C gross written premiums GrowthI Property & Casualty
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29 AXA Group Investor Day | September 15, 2026 Property & Casualty P&C | Multiple levers for growth 1. On the following scope – Retail P&C business across France, Europe, Direct Assurance and Prima, excluding the broker and part ner channel in the UK and Ireland and B2B2C in Germany | 2. At AXA XL Insurance >5% topline growth p.a. AXA XL Large commercial & specialty SME & Mid-market Retail Increase customer value Targeted expansion in Direct & Inclusive Insurance > +4m Net new retail customers1 over 2027-2029e +60bps In SME & Mid-market retention over 2027-29e +4pts Strategic client retention2 vs. average portfolio at AXA XL over 2027-29e GrowthI Property & Casualty Disciplined cycle management first and foremost Building a more diversified franchise in the long term Drive higher retention through AI-enabled distribution support and scaling prevention
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30 AXA Group Investor Day | September 15, 2026 Growing at attractive margins across our businesses Driving profitable growth Amplified with AI Accelerating Efficiency Property & Casualty Life & Health Long term Short term Retail and SME & Mid- market Large Commercial
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31 AXA Group Investor Day | September 15, 2026 AXA local entity positioning vs. market on acquisition, retention / cross-selling Retail P&C | Significant potential to improve customer retention & cross-selling Significant upside from improvement New customer acquisition 55% 1 of entities above market Retention & cross-selling 30% 1 of entities above market GrowthI Property & Casualty 1. Expressed in # of entities as a percentage of total # of entities on the following scope – Retail P&C business across France and Europe, excluding Direct Assurance, Prima, the broker and partner channel in the UK and Ireland and B2B2C in Germany
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32 AXA Group Investor Day | September 15, 2026 Retail P&C | Driving higher retention & cross-selling by enhancing customer engagement and salesforce productivity 1. On the following scope – Retail P&C business across France, Europe and Japan, excluding Direct Assurance, Prima, the broker a nd partner channel in the UK and Ireland and B2B2C in Germany. | 2. Share of customers with 2+ contracts Higher retention Improving cross-selling +2m Net new Retail customers1 over 2027-29e Pricing & offering AI-powered, value- based pricing model Claims & customer service Omnichannel customer service, better claims experience Predictive retention & engagement Proactive retention via predictive & targeted churn prevention 360° customer view Unified CRM & customer view for personalized engagement Life-event triggered engagement AI-powered & proactive cross-sell journeys / life event-trigger Attractive multi-contract bundles Personalized offers enabling targeted cross- selling & digital campaigns +70bps In retention1 over 2027-29e +130bps In cross-selling1,2 over 2027-29e GrowthI Property & Casualty
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33 AXA Group Investor Day | September 15, 2026 AXA France retail customer churn rate versus number of contracts 2024, France, # of customers, churn rate in %, Retail only Retail P&C | The virtuous loop of cross-sell and loyalty -6pts in churn rate for customers with 2+ contracts vs. single-contract customers 1 contract 2 contracts 3 contracts 4-10 contracts 10+ contracts 12% 5% 3% 1% -6pts Number of customers Churn rate Higher retention Improving cross- selling Building customer value GrowthI Property & Casualty Published not presented
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34 AXA Group Investor Day | September 15, 2026 P&C SME & Mid-market | Maintaining growth momentum by focusing on customer retention 1. AY CoR GrowthI Property & Casualty Strong organic growth track record… P&C SME & Mid-market GWP 2020-2025, Global, €bn 2020 SME €12.6bn Mid- market €6.6bn 2025 €13.4bn €19.2bn +7% p.a. …to sustain growth by driving higher retention +60 bps In SME & Mid- market retention over 2027-29e Through AI enabled distribution support… … and differentiated advisory & prevention services Scale prevention and risk advisory Strengthening agent capabilities to promote and deliver prevention solutions Deploying automated prevention diagnostics for SMEs and industrializing large risk inspections Equip agents with better tools To advise on best offer, tailored products and bundled offers SME Enhance Broker relationship Faster response through dedicated underwriting support, more automated processesMid-market … and a clear right to win… Long-standing presence across our markets through our agent networks Sustained investment in distribution capabilities Resilient and high-quality customer base in current economic conditions Preserving long-term client insurability with superior technical expertise with 90.6% CoR1 in 2025 Not checked by GPM
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35 AXA Group Investor Day | September 15, 2026 Getting ready for future distribution engines Expanding our product range through inclusive insurance Investing in marketing & customer services … reflecting evolving customer expectations Shifting customer expectations ✓ Faster ✓ More intuitive ✓ More personalized Growing price sensitivity New distribution engines Right time to push… Retail P&C | Direct – Taking advantage of market momentum 1. AXA Market intelligence, estimated Direct P&C market size in GWP (€bn) in: France, Belgium, Italy, Ireland, Spain; total P &C market growth based on Swiss Re Non-Life market data. | 2. GenAI Consumer survey, Sept 2025, Bain & Company, 2029 projection is illustrative only. | 3. Eurostat, ‘Persons at risk of poverty or social exclusion EU2030 target’, in % of each country population … driven by Growing share of price-sensitive & modest-income customers in an inflationary environment New distribution engines (SEO to GEO) Inflection in channel growth… 26% 23% 21% 21% 19% 18% Spain Italy Germany France Switzerland Belgium 10% 31% 45% 14% 2025 2029 GenAI shopping use in Europe Sept. 2025 survey, Financial services & insurance2 Rarely to never Sometimes Most of the time Every time Est. direct P&C market size in GWP1 2019-2024, France, Belgium, Italy, Ireland, Spain, €bn 2019 2024 ca. €8bn ca.€12bn +7% p.a. vs. +4% p.a. total P&C market I Population at risk of poverty 3 2024, Europe, % of population I I GrowthI Property & Casualty
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36 AXA Group Investor Day | September 15, 2026 Retail P&C | Direct – Building on leading positions to >10% growth 1. Pro-forma figures on the following scope – France (incl. Direct Assurance), Ireland, Spain, Belgium and Prima GrowthI Property & Casualty Direct Retail P&C in 2029 … built on two strongholds where we scale success... …and replicating their playbook to unlock growth in other markets Direct Assurance 2023-2025, GWP, €m Prima 2023-2025, GWP, €m #1 Retail P&C in France €703m 2023 €812m 2024 €937m 2025 +15% p.a. #1 Retail motor in Italy Tailored pricing & offer AI-powered pricing engines delivering customer-specific pricing Claims costs containment Synergies with AXA local entities to manage claims efficiently and protect margins Disciplined cost management Low-cost operating model enabling compelling value-for- money offers A leading, high- performing Direct franchise… €5.4bn Total direct P&C GWP (incl. Prima) in 2025 of which €3.5bn In the priority scope1 (incl. Prima) <94% Combined ratio in 20251 Not checked by GPM >10% p.a. Direct Retail P&C GWP1 CAGR 2026-29e +>2m Growth in Direct Retail P&C customers1 €882m 2023 €1,300m 2024 €1,813m 2025 +43% p.a.
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37 AXA Group Investor Day | September 15, 2026 Direct Assurance in 2029… 3-4m Contracts €1.6-2bn GWP <95% Combined ratio Direct Assurance, a successful direct growth engine… … poised for the next phase of growth Retail P&C | Deep-dive on Direct Assurance GrowthI Property & Casualty Published not presented Expand direct P&C leadership Leveraging low-cost model advantage in an inflationary context Driving volume growth through acquisition initiatives such as GEO and new customer referral program & cross-sell initiatives Become a retail universal insurer Scaling position in Health from successful market entry Expand current portfolio, including with inclusive offers and launching loan insurance in 2027 Elevate brand and customer experience Investing further in marketing and brand campaigns to continue to increase customer trust and satisfaction Increase scalability Improving customer satisfaction and efficiency through optimized request resolution hybrid model (digital/human) leveraging digital selfcare and AI mail and voice agents Superior organic growth 2023-2025, GWP, €m Undisputed direct P&C leadership Strong technical profitability Successful innovation track record ✓ Dynamic pricing with in- house pricing engine ✓ Pay-how-you-drive offer, ‘YouDrive’ (100k+ contracts) #1 Direct Retail P&C in France 90% Customer satisfaction <95% Average current year combined ratio over 2023-2025 €703m 2023 €812m 2024 €937m 2025 +15% p.a. 1.6m 1.8m 2.1m # contracts Not checked by GPM
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38 AXA Group Investor Day | September 15, 2026 Prima in 2029… €2.5-3bn GWP <90% Combined ratio Prima, a leading tech-driven insurance platform… … ready to consolidate leadership position Retail P&C | Deep-dive on Prima 1. Market shared expressed in GWP GrowthI Property & Casualty Published not presented Consolidate leadership position in Italy Further growing market share and strengthening pricing and operational leadership through AI-enabled core processes In-source margins ceded to external carriers Capturing the full earnings generated from the business Develop synergies with other AXA entities Notably leveraging AXA Italy and Prima combined scale and capabilities in distribution and motor claims management Strong organic growth 2023-2025, GWP, €m Clear Motor Direct leader in Italy Best-in-class technical margin Tech-driven operations excellence ✓ Best-in-class pricing capabilities with >100 data scientists ✓ Strong proprietary Tech platform with >300 developers <90% Combined ratio €882m 2023 €1,300m 2024 €1,813m 2025 +43% p.a. ca.15% Expense ratio 1/3 1/3 1/3Agents PCWs Direct to site Balanced Distribution In GWP in Italy ca.33% Motor Direct market share in Italy1 Not checked by GPM
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39 AXA Group Investor Day | September 15, 2026 …vs. an emerging middle-class entering the insurance market for the first time Growing economic vulnerability of middle-class households in Europe, increasing the risk of being uninsured… Growing demand for inclusive insurance across our markets Retail P&C | Inclusive insurance – Growing affordability pressures driving demand for inclusive insurance solutions 1. EIOPA, ‘Eurobarometer - Consumer trends insurance and pension services’ | 2. Oxford Economics, 2026, ‘The future of the middl e class in Emerging markets’ GrowthI Property & Casualty 62% 55% -7pts Consumers with Household insurance 1 2023-2025, %, Europe 69% 65% -4pts 48% 43% -5pts Self- employed Employee (white collar) Not working 2025 2023 Europe International markets ~25m ~23m ~16m ~5m ~5m ~34m ~26m ~17m ~10m ~6m Brazil Mexico Turkey Philippines Colombia +39% +11% +6% +88% +21% 2025 2030 Middle class forecast by country2 2025-2030, #m of households Format GCD: PCW?
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40 AXA Group Investor Day | September 15, 2026 Retail P&C | Inclusive insurance – Addressing protection needs through product modularity and expanded customer reach GrowthI Property & Casualty ‘Inclusive by design’ insurance products Adapting & extending customer reach Attractive offers, Affordable pricing, Accessible distribution Right-sizing coverage to different needs Developing fit-for- purpose coverage focused on essential protection needs of each customer segment: young adults, retirees, micro-entrepreneurs, & single-parents Providing flexible payment options Adapting payment to customer cash flows with flexible options: payment flexibility, instalments on deductibles, pay- how-you-drive models Enhancing competitiveness of our offers Leveraging low-cost operating model, such as Direct Assurance, to offer competitively priced products while securing margins comparable to standard offerings Accelerating on direct distribution Unlock insurance accessibility through simplified customer journeys, cost-efficient distribution and targeted campaigns capitalizing on brand awareness Leveraging our agent networks Incentivizing and training agent networks on inclusive insurance products Building strategic partnerships With organizations and companies addressing the needs of targeted populations (post offices, discount retailers, rural banks, social housing agencies) Published not presented
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41 AXA Group Investor Day | September 15, 2026 Retail P&C | Inclusive insurance – Scaling inclusive insurance to drive profitable growth 1. Total GWP with 2024 on a comparable basis | 2. Combined ratio current year, discounted | 3. Please note Inclusive Insuran ce is not reported as a standalone financial segment and is included within France, Europe and International Markets. Strong track record of profitable growth… … supported by dedicated partnerships Inclusive insurance in 2029 GrowthI Property & Casualty Inclusive insurance Retail P&C GWP1,3 2024-2025, Global, €bn €1.8bn 2024 €2.1bn 2025 +13% ca.8% p.a. Retail P&C Inclusive GWP3 CAGR 2026-29e Correos, Spain Postal offices 1,400 points of sale in underserved rural areas 1001 Vies Habitat, France Social housing agency Dedicated offer for social housing institutions & renters Uber, Mexico Leading mobility platform Dedicated offer for independent drivers using the platform 24m potential customers ca.100k potential customers >400k Potential customers with 94.3% CoR2 in 2025
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42 AXA Group Investor Day | September 15, 2026 P&C International Markets | Amplifying growth through market share expansion 1. International Markets refers to AXA’s emerging markets business. | 2. At constant FX and on a comparable basis. A growth engine in P&C International Markets1 P&C GWP 2023-2025, €bn SME €12.6bn +20%2 p.a. €2.4bn €2.8bn €1.7bn €2.1bn 2023 2025 €4.1bn €4.9bn Retail Commercial Two main levers to accelerate growth ca. +15%2 p.a. P&C GWP CAGR in International Markets 2026-29e Increase penetration in core segments ‒ Customer-value-driven model for cross-sell and upsell actions of priority products at moments of truth ‒ Stronger customer engagement, sophisticated churn models and swifter service to improve retention ‒ Modular, affordable offers for underinsured and informal segments; bundling prevention for proactive risk control ‒ Deepening collaboration with AXA XL in key markets GrowthI Property & Casualty Gain share via higher distribution productivity ‒ AI-driven lead scoring, lead management and propensity models driving better conversion ‒ Sharper data-driven sales prioritization enabled on distributor apps ‒ Better service and targeted campaigns enabled by digital touchpoints
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43 AXA Group Investor Day | September 15, 2026 P&C International Markets | Two growth engines – delivering today, accelerating tomorrow 1. Customer Value Management | 2. Optical character recognition GrowthI Property & Casualty Colombia YaverGPT: AI ecosystem at scale Local LLM-powered platform supporting: ▪ Data-driven insights and prioritized sales touchpoints for agents ▪ CVM1-powered renewal optimization and cross sell opportunities ▪ Claims savings through visual intelligence and OCR 2 ▪ New risk engineering module augmented by AI and geo -intelligence solutions; Motor fraud model with Social Network Analysis +10% Productivity gain Türkiye – leveraging data & AI to foster growth ca. +0.5m New customer acquisition Target over next plan Higher agent productivity Colombia Commercial property Comprehensive prevention programs improving our client risk profiles leading to tangible savings Colombia – differentiated prevention offer Outcomes Workers Compensation Offering companies and employees a healthier, safer workplace through proactive prevention 2.9pts loss ratio improvement over last 3 years Nationwide footprint in 47 municipalities Internal portfolio of services, delivering ~97K activities annually 4.4pts loss ratio improvement over last 3 years Increase in policy per customer and renewal ratios Fraud savings and cost avoidance 3.4k services delivered over the last 3 years 60% of property clients engaged in prevention programs Published not presented
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44 AXA Group Investor Day | September 15, 2026 Growing at attractive margins across our businesses Driving profitable growth Amplified with AI Accelerating Efficiency Property & Casualty Life & Health Long term Short term Retail and SME & Mid- market Large Commercial
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45 AXA Group Investor Day | September 15, 2026 AXA XL | Disciplined cycle management GrowthI Property & Casualty Differentiated approach to retain most profitable clients Focusing on margins through disciplined cycle management Disciplined & profitable growth PropertyCasualty Specialty Professional lines Ex-price growth (%) Profitability Active capital allocation across a diversified business With 400 products in over 26 countries Underwriters incentivized for profitability Ensuring disciplined & monitored expansion +4pts Strategic client retention vs. average portfolio at AXA XL Insurance over 2027-29e AXA Group strategic clients AXA XL strategic clients Other Key initiatives From reactive to proactive cross-selling Best-in-class client experience Bigger & better equipped CRM teams >500 clients ca.25% of total GWP 31pts NPS ca.5 policies per customer Not checked by GPM As of 1H26
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46 AXA Group Investor Day | September 15, 2026 Building a more diversified franchise in the long term AXA XL | Building a more diversified franchise in the long term 1. Source: NAIC. | 2. Source : AXA XL market intelligence GrowthI Property & Casualty Following structural growth opportunities Disciplined expansion into US Excess & Surplus and Mid-market US Excess & Surplus market size1 2019-2024, US, $bn, Direct Written Premiums 57 131 2019 2024 2029 +20% p.a. vs. 8% p.a. total P&C US mid-market market size2 2019-2024, US, $bn, Direct Written Premiums 112 168 2019 2024 2029 +9% p.a. vs. 8% p.a. total P&C Large target markets… Deep underwriting expertise to tailor solutions for these segments Strong broker relationships Demonstrated ability to serve the E&S market through Lloyd’s Proof of concept established through successful market entry Strong right to win Sovereignty & Infrastructure Multi-line opportunity from rising sovereign investments, in construction, engineering, marine, cyber, etc. Energy transition Shift to a low- carbon economy creating new investment- driven opportunities across LoBs. Autonomous Vehicles Technology advancement & growing adoption driving demand for new risks profiles & insurance solutions ca.€500bn Europe GWP market opportunity +32% CAGR Energy transition market GWP over 2026-29e >$1bn Autonomous vehicles market GWP in 2033 Format GCD: check ending points Check autonomous v. figures 1tn?
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47 AXA Group Investor Day | September 15, 2026 Growing at wattractive wmarginsw across our businesses Driving profitable growth Amplified with AI Accelerating Efficiency Property & Casualty Life & Health Long term Short term Retail and SME & Mid- market Large Commercial
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48 AXA Group Investor Day | September 15, 2026 Best-in-class P&C margins across markets P&C Combined Ratio vs. Top 3 peers by country1 2024, % P&C | Margin excellence – From best-in-class profitability to unlocking further potential 1. Group data under IFRS17, all local data under local GAAP, please note Peer 1 to Peer 3 differ from one market to the other . France, Germany, Spain – AY CoR undiscounted, Switzerland & Italy – CY undiscounted CoR. | 2. vs. 2026e The outcome France Switzerland Germany Spain Italy AXA Peer 1 Peer 2 Peer 3 ca. 91% stable2 best-in-class all-year P&C combined ratio, reinvesting benefits in growth over 2027-29e Building on existing strengths… … while accelerating efforts on Best-in-class practices In pricing, underwriting and claims Disciplined cycle management Embedding AI in our practices To further enhance core processes Driving efficiency Through automation & AI and non- staff expenses optimization Property & CasualtyII III Accelerating efficiencyElevating technical excellence Group1
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49 AXA Group Investor Day | September 15, 2026 Where we will deploy itWhat we delivered at Direct Assurance Improving pricing accuracy and time-to-market 1. Estimated based on 2025 GWP Pricing Deploying AXA’s advanced pricing platform, Photon, across all key markets to enhance accuracy 2 weeks Simple products 2-3 months 2 weeks Complex products ÷ 7 ÷ 5 Advanced rating engine & pricing platforms deployed within the Direct business and on main AXA France P&C retail lines of business ✓ Increased pricing accuracy by integrating machine learning enabled pricing models ✓ Accelerated time-to-market & improved reactivity from continuous and real-time pricing execution responsive to market signals ✓ Broadened range of internal and external data sources to support pricing complex and emerging risks with confidence 2029e 2025 25% of Retail P&C & Health GWP covered1 Time to market (in #days) ~-2pts CoR improvement within deployed scope vs. non-deployed scope 66% of Retail P&C & Health GWP covered1 All product lines Motor, Home Motor By 2029, Retail prices and renewals dynamically optimized in real time, turning pricing into a catalyst for profitable growth Published not presented II Elevating technical excellence Property & CasualtyNot checked by GPM 2 days
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50 AXA Group Investor Day | September 15, 2026 Where we will deploy it 2025 40% of Large Commercial & Specialty GWP2 2029e 80% of Large Commercial & Specialty GWP2 What we delivered at AXA XL Improving portfolio quality 1. Equivalent to the ‘Quote to bind’ ratio, comparing #policies sold to total number of quotes issued. | 2. Expressed in 2025 GWP Underwriting /Portfolio management Implementing augmented AI underwriting assistant in Commercial lines to improve portfolio quality & underwriter productivity x 3 Cyber, Property, London Wholesale, Marine Cargo, etc. Hit ratio1 (in %, in deployed scope vs. non-deployed scope) Underwriting process transformation leveraging AI-powered triage and underwriting support tools ✓ Increased underwriter productivity Through automated processing and triage of quote requests enriched with 3rd party data, to focus underwriter time on most relevant opportunities ✓ Improved broker engagement By deploying seamless digital engagement solutions with major brokers ✓ Increased portfolio development opportunities By enabling better identification & pipelining of cross-sell opportunities By 2029, AI-augmented submission triage, underwriting and risk scoring to drive focus on highest-value opportunities Published not presented II Elevating technical excellence Property & Casualty Cyber, Property, London Wholesale, Marine Cargo, US wholesale, Professional, etc. Not checked by GPM Format GCD: arrow is small
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51 AXA Group Investor Day | September 15, 2026 Where we will deploy itWhat we delivered at AXA Switzerland Redesigning the Motor claims management journey Claims management Redesigning the entire Motor claims journey, leveraging AI-powered assessment of vehicle and windshield damage to automate claims decisions, optimize repair estimates and enhance customer experience 2029e 2025 7% of Retail Motor GWP covered 28% of Retail Motor GWP covered AI-powered Motor Claims Automation program leveraging automated damage assessment and claim settlement ✓ Significant cost & fraud savings Through claims process automation, settlement optimization and enhanced fraud detection ✓ Increased claims handling productivity Through instant damage assessment from photos and videos, accelerating claims triage and repair cost estimation. ✓ Improved customer journey By providing faster claims decisions, seamless digital settlement experience throughout the claims process. 95% of car-body & non- steered auto-glass repair cases ~-1pt Loss ratio within deployed scope vs. non-deployed scope By 2029, largely AI-driven claims handling processes and paperwork, allowing claims handlers to focus on judgement calls Published not presented II Elevating technical excellence Property & Casualty Visual assessment delivered under 4 minutes Not checked by GPM
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52 AXA Group Investor Day | September 15, 2026 Growing at attractive margins across our businesses Driving profitable growth Amplified with AI Accelerating Efficiency Property & Casualty Life & Health Long term Short term Retail SME & Mid- market Large Commercial Retail and SME & Mid- market Large Commercial
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53 AXA Group Investor Day | September 15, 2026 L&H | Capitalizing on structural growth opportunities 53 1. vs. 2026e Life & Health 6-7% p.a. Short-term L&H topline CAGR 2026-29e ca.95% with ca.-1pt1 improvement in Short-term L&H combined ratio over 2027-29e 4-5% p.a. Long-term L&H CSM release CAGR 2026-29e I II III Life & Health Published not presented
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54 AXA Group Investor Day | September 15, 2026 Short-term Life & Health Continuing with our Health specialization strategy Long-term Life & Health Accelerating L&S growth across our markets L&H | Capitalizing on structural growth 1. Long-term Life & Health net flows Back to positive net flows Leading franchise €19bn GWP globally in 2025 with GrowthI Life & Health 32.1 +€2.7bn Long-term L&H net flows1 in 2025 with >75% Share of Capital- light reserves in 2025 >15% New business RoE in 2025 With a de-risked inforce at ca. 96% CoR in 1H26 The outcome The outcome 4-5% p.a. Long-term L&H CSM release CAGR 2026-29e +6-7% p.a. Short-term Life & Health GWP CAGR 2026-29e
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55 AXA Group Investor Day | September 15, 2026 Growing at attractive margins across our businesses Driving profitable growth Amplified with AI Accelerating Efficiency Property & Casualty Life & Health Long term Short term Retail and SME & Mid- market Large Commercial
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56 AXA Group Investor Day | September 15, 2026 Why we can capture this opportunity Long-term L&H | Accelerating growth 1. Estimated Market size in Europe, incl. public funded pension system only. Source: AXA internal market intelligence. Unlocking protection & retirement opportunity €8tn €12tn €13tn €18tn 2016 2024 2025e 2030e Rising demand for private solutions… +7% p.a. Partnership with a scaled asset manager while retaining access to best-in-class 3rd party products Attractive positions in Asia Japan #2 in UL & Hong Kong #4 in Agency Multiline model with strong proprietary distribution in Europe Pension assets in Europe (€tn)1 … underpinned by Retrenchment of public systems More conducive interest rate environment +5% p.a. Strengthening our competitiveness Expanding our distribution GrowthI Life & Health
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57 AXA Group Investor Day | September 15, 2026 Replicating AXA France initiatives in other markets France Individual savings GWP 2023-2025 2023 2025 +5% p.a. Long-term L&H | Accelerating growth – Expanding our distribution GrowthI Life & Health Diversifying distribution Strengthening proprietary distribution Reinforcing specialist expertise in existing distribution channels Enhancing agent effectiveness through AI-powered sales assistant leveraging a unified 360° customer view Expanding in specialized distribution Focus on high-value financial advice via IFAs and brokers ‒ Targeting & partnering with strategic IFAs ‒ Tailored products and value propositions ‒ Improving ease of doing business leveraging AI Pursuing greenfield opportunities Addressing savings & pension opportunity by entering direct distribution for Savings Launching partnerships with specialized platforms (e.g., assurance- vie.com in France)
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58 AXA Group Investor Day | September 15, 2026 What we did Long-term L&H | Accelerating growth – Strengthening our competitiveness Product simplification and loading reduction driving higher value for customers and lower capital intensity for shareholders Access to a broader universe of funds through BNPP partnership and 3rd party products Number of >1bn funds & ETFs (#) Reduction in yield Loadings on new products launched in 2025 & 2026 vs. average for 2023 flagships products in France & Europe 20 16 41 108 #Funds >€1bn # ETFs x2 c.x7 2025 2026 2023 2025-26 -35 bps Improving our competitiveness Reducing unit costs and providing top tier funds Differentiating further vs. Asset Managers through continued focus on quality of advice of our proprietary distribution Continue right-sizing guarantees and product simplification to reduce product loadings while also improving capital efficiency GrowthI Life & HealthNot checked by GPM
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59 AXA Group Investor Day | September 15, 2026 Continuous product innovation Japan Savings New business Annual Premium Equivalent (¥bn) Long-term L&H | Accelerating growth – Defining success in L&S 1. Source: SIA - Swiss Insurance Association GrowthI Life & Health Differentiated insurance offer ‘SmartFlex’ Switzerland ¥4.0bn 2023 ¥17.6bn 2025 +110% p.a. Sustained momentum through product innovation & distribution expansion Leading position in Unit- Linked (#2 in the market) Switzerland Individual Life market share (%)1 2023 1Q26 13% 19% +6pts Pension product with protection and decumulation, further differentiating vs. banks and asset managers Enhanced customer value with attractive low- fee, index-based product offering Published not presented Not checked by GPM
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60 AXA Group Investor Day | September 15, 2026 Strengthening profitability in our long -term business Through distribution diversification and better customer proposition Incl. high performing fund choices and reducing unit costs to improve competitiveness Long-term L&H | Margin excellence – Sustained growth in CSM release 1. vs. 2026e The outcome ca. +4-5% p.a. CSM release CAGR 2026-29e II III Life & HealthAccelerating efficiencyElevating technical excellence Further building resilient net flows … Long-term L&H net flows 2022-1H26, €bn …while securing overall margins on new inflows L&H NBV margin (%, pre-tax) 6.6% 5.9% 6.3% 2023 5.9% 5.7% 6.5% 5.4% 2024 6.0%5.7% 6.3% 5.7% 2025 AXA Peer 1 Peer 2 Peer 3 -2.3 2022 -5.0 2023 -0.4 2024 2.7 2025 3.0 1H26 Not checked by GPM Format GCD: check NBV margin legend
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61 AXA Group Investor Day | September 15, 2026 Growing at attractive margins across our businesses Driving profitable growth Amplified with AI Accelerating Efficiency Property & Casualty Life & Health Long term Short term Retail and SME & Mid- market Large Commercial
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62 AXA Group Investor Day | September 15, 2026 The outcomeFurther strengthening competitiveness… Well positioned to capture growth Short-term L&H | Profitably outgrowing the market 1. Estimated for 2025 based on AXA market intelligence ca.€2tn Global health insurance market size1 High single digit expected annual market growth Growing demand for Health … GrowthI Life & Health … with a clear right to win Global scale in Europe, Asia and International markets Integrated value proposition through broad services portfolio Proven technical capabilities Strengthening EB workplace offer Developing prevention offerings Expanding care delivery through partnerships and owned facilities in selected geographies Scaling care pathways & steering Improving patient experience +6-7% p.a. Short-term Life & Health GWP CAGR 2026-29e
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63 AXA Group Investor Day | September 15, 2026 Driving attractive margins through monoliner-like specialization Short-term L&H | Margin excellence – Further enhancing pricing and reinforcing technical capabilities & care delivery 1. vs. 2026e The outcome ca. 95% with ca.-1pt1 improvement in short- term L&H combined ratio over 2027-29e Building on strong achievements… … by further reinforcing technical capabilities & care delivery Further improve pricing sophistication & discipline Deploying advanced models (incl. Photon) leveraging external/non-claims data to better capture risk, medical inflation and customer price elasticity Strengthen underwriting discipline Improving risk selection and renewal steering by simplifying and digitizing processes Drive stringent claims management Implementing AI-driven monitoring and predictive analytics to detect and reduce fraud, waste & abuse and increase claims orientation L&H short-term Combined Ratio (%) 2023 2024 2025 1H26 -310 bps Reinforce medical network management Building an integrated healthcare ecosystem, leveraging analytics to improve patient journeys, monitor performance, medical outcomes & inflation + II III Life & HealthAccelerating efficiencyElevating technical excellence Reinvesting further in our competitiveness
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64 AXA Group Investor Day | September 15, 2026 Where we will deploy itWhat we delivered Redesigning the Health claims management journey 1. Estimated based on 2025 GWP | 2. FWA savings rate assessed as gross claims savings over total paid claims Claims management Redesigning the entire Health claims journey, embedding AI and automation across the highest- impact steps to drive efficiency, accuracy and customer experience 2029e 2025 55% of Health GWP covered1 94% of Health GWP covered1 Health claims straight-through processing program leveraging global AI assets & data enablers ✓ Increased claims handler productivity Through initial AI-powered claims triage and access to AI knowledge assistants ✓ Improved customer journey From streamlined processes, incl. automation & agentic claims handling ✓ Reduced claims leakage From integrating and scaling automated Fraud, Waste & Abuse detection solution c.+7% Average claims-per-FTE (in #, in deployed scope) ca.+50bps Fraud Waste & Abuse savings rate2 within deployed scope vs. non-deployed scope By 2029, largely AI-driven claims handling processes, allowing claims handlers to focus on judgement calls Published not presented II Elevating technical excellence Life & Health
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65 AXA Group Investor Day | September 15, 2026 Growing at attractive margins across our businesses Driving profitable growth Amplified with AI Accelerating Efficiency Property & Casualty Life & Health Long term Short term Retail and SME & Mid- market Large Commercial
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66 AXA Group Investor Day | September 15, 2026 The outcomeOperating leverage from both traditional cost containment measures and AI Driving efficiency to strengthen competitiveness 1.Total productivity gains including automation and other efficiency levers | 2. Based on corporate center costs in 2025 of c a.€0.7 billion | 3. Including claims handling costs ; vs. 2026e | 4. ca. -20 bps improvement out of the -90bps total expense ratio improvement Increasing automation across the business Reducing costs at the Corporate center Optimizing non-staff expenses through enhanced procurement and demand management ca. +10% in productivity gains1 over 2027-29e ca. -15% of Corporate center costs2 over 2027-29e ca.-20bps improvement in expense ratio4 over 2027-29e A B C III Accelerating efficiency ca. -90bps Improvement in expense ratio excl. commissions3 over 2027-29e
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67 AXA Group Investor Day | September 15, 2026 Evolving our workforce2 to our new operating model FTE evolution over 2026-29e Improving productivity across the whole organization 1. Total productivity gains including automation and other efficiency levers | 2. Percentage expressed in FTE reduction globa lly Sales & distribution +2% Technology +6% Policy management & claims -5% Underwriting & pricing -3% Operations -3% Support -5% Total -2% III Accelerating efficiency Automation across functions Driving the transformation of our operating model across all functions and businesses Redesigning all core processes and capabilities (salesforce, contact centers, policy & claims management, underwriting & pricing, IT & support) across the entire value chain ca. +10pts in productivity gains1 over 2027-29e
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68 AXA Group Investor Day | September 15, 2026 Where we will deploy it Redefining contact centers operating model to drive efficiency 1. Estimated based on 2025 GWP What we delivered at AXA Italy Contact centers Implementing an AI- augmented call assistant to automate call transcription, improve information capture & reduce administrative workload -10% 2029e 2025 Average handling time per contact (in %) Contact center transformation leveraging AI-powered agents and intelligent voice automation ✓ Increased agent productivity Through automated call transcription, real-time information capture and system data entry. ✓ Improved customer experience Through AI-powered assistants guiding conversations and information collection enabling faster case handling. ✓ Increased focus on customer engagement Through increased automation rates and by enabling agents to focus on higher- value customer interactions. By 2029, assisting every customer interaction with AI, automating routine contacts while enabling agents to focus on complex needs. Published not presented III Accelerating efficiency 34% of Retail GWP covered1 61% of Retail GWP covered1
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69 AXA Group Investor Day | September 15, 2026 Growing at attractive margins across our businesses Driving profitable growth 69 Amplified with AI Property & Casualty Life & Health Long term Short term Accelerating Efficiency Retail and SME & Mid- market Large Commercial
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70 AXA Group Investor Day | September 15, 2026 AI is already delivering tangible results, we will scale to deliver full value by 2029 1. Achievement observed within the deployment scope in at least one entity where the deployment has been completed | 2. Equiv alent to the ‘Quote to bind’ ratio, comparing #policies sold to total number of quotes issued. | 3. In Health Business value from existing deployments Customer and distribution Technical excellence Efficiency GenAI salesforce effectiveness support x1.5 in conversion rate AI-only end-to- end call and email answer I Agentic software development Automation in support function AI workplace Executing AI -20% handling time I Predictive AI pricing tool Underwriting submission triage ca.-2pts Improvement in margins I x3 Improvement in Hit ratio2 I +3-5% Productivity gain I +2-4% Productivity gain I +2-4% Productivity gain I Already achieved 1 Already achieved 1 Already achieved 1 ✦ ✦ More details in dedicated slide ✦ ✦ Predictive steering & fraud detection Agentic AI full claims automation ca.+50bps FWA savings ratio3 I ✦ ✦ See page 50 ✦ ✦ See page 52 & 65 ✦ ✦ See page 51 ✦ ✦ See page 69
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71 AXA Group Investor Day | September 15, 2026 Our approach | Leveraging Group scale and delivering speed and agility with local empowerment Executing AI✦ Global AI hub Bringing scale to ensure robust cost discipline, compliance with Group security and safety standards Preserving flexibility and adaptability by leveraging modular capabilities to adapt to further technology shifts Leveraging Group scale to buy and build LLM- agnostic tech capabilities, create an AI agentic hub, forge partnerships, and establish a central repository of reusable assets Local ownership Bringing speed & relevance to local needs Maximizing Tech & AI impact by empowering local business teams to adapt capabilities to local needs and priorities, and scale local implementation learnings across entities + ✦ ✦
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72 AXA Group Investor Day | September 15, 2026 Conclusion 72
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73 AXA Group Investor Day | September 15, 2026 “Growing Forward” | Ambition to drive profitable growth 2027-29 Plan 1. Versus 2026e | 2. Includes claims handling costs | 3. Expected, pre -tax, allocated within the three pillars of the plan and net of investments €500 -700m recurring AI value from 2029 3 Growth >5% p.a. Topline CAGR 2026-29e I Technical excellence II EfficiencyIII ca.-90bps1 In expense ratio excl. commissions2 over 2027-29e ca. 91% Stable1 Best-in-class all-year P&C combined ratio ca. 95% ca.-1pt1 Improvement in short- term L&H combined ratio 4-5%1p.a. Growth in L&H CSM release p.a.
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74 AXA Group Investor Day | September 15, 2026 A Tuesday in 2029 at AXA… Shaping the future of customer journey, already live in AXA France Click here to see the video
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AXA Strategic Plan 2027-2029 September 15, 2026 Alban de Mailly Nesle Group CFO Finance
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76 AXA Group Investor Day | September 15, 2026 Strong ambition over 2027-2029 1. Excluding OCI and undated and deeply subordinated debt. | 2. Book value per share CAGR includes cumulative dividends per s hare and excludes CTA (Currency Translation adjustment) movements from year end 2026 onward. 2027-29 Plan 1 Consistent and sustainable earnings growth supported by clear growth and margin drivers 2 3 Predictable earnings profile across different environments with a resilient balance sheet Financial targets 7%-9% UEPS CAGR 2027-29e 15%-17% Underlying ROE over 2027-29e Euro ca.25 billion Cumulative cash remittance over 2027-29e Mid-teens Book value per share1 incl. DPS CAGR2 2027-29e Payout ratio maintained 60% 75% annual share buybacks dividend 15% From earnings to cash to returns to book value growth: a disciplined value creation engine
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77 AXA Group Investor Day | September 15, 2026 Financial targets 7%-9% UEPS CAGR 2027-29e 15%-17% Underlying ROE over 2027-29e Euro ca.25 billion Cumulative cash remittance over 2027-29e Mid-teens Book value per share1 incl. DPS CAGR2 2027-29e Payout ratio maintained 60% 75% annual share buybacks dividend 15% Strong ambition over 2027-2029 1. Excluding OCI and undated and deeply subordinated debt. | 2. Book value per share CAGR includes cumulative dividends per s hare and excludes CTA (Currency Translation adjustment) movements from year end 2026 onward. 2027-29 Plan 1 Consistent and sustainable earnings growth supported by clear growth and margin drivers 2 3 Predictable earnings profile across different environments with a resilient balance sheet From earnings to cash to returns to book value growth: a disciplined value creation engine
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78 AXA Group Investor Day | September 15, 2026 In line with guidance Premiums in Euro billion +1% CAGR +6% CAGR Above or top-end of range Underlying EPS in Euro +9% CAGR +8% CAGR Top-end of range Return on equity in % +0.2pt +1.1pt In line with guidance Cash remittance ratio in % +10pts +3pts In line with guidance Dividend per share in Euro +13% CAGR +8% CAGR Delivering at or above guidance on all key metrics 100 103 116 2021 2023 2025 2.75 3.31 3.86 2021 2023 2025 2021 2023 2025 14.7% 14.9% 16.0% 2021 2023 2025 69% 79% 82% 1.54 1.98 2.32 2021 2023 2025 1 Consistent & sustainable earnings growth
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79 AXA Group Investor Day | September 15, 2026 3.31 3.86 2023 2025 2026e P&C L&H Holdings Capital management 2029e ~4.18 Accelerating growth | 7-9% UEPS CAGR Underlying earnings per share in Euro P&C UE 5-7% CAGR L&H UE 5-7% CAGR Annual share buybacks Holdings UE Stable at €-1.2bn 6-8% underlying earnings 2026-2029e CAGR ca.1% p.a. share buyback 2026-29e + 1 Consistent & sustainable earnings growth
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80 AXA Group Investor Day | September 15, 2026 Plausibility check | P&C 1. Assuming a normalized Cat load of 4.5% 2026e Volume growth Underwriting result Financial result Tax, FX and other 2029e ~6.1 XX Assumptions versus 2026e P&C underlying earnings Illustrative walk CAGR +5-7% 1 Consistent & sustainable earnings growth ▪ Revenue growth of at least 5% p.a. ‒ Retail and Commercial ex- XL growth >5% ‒ AXA XL growth muted Revenues ▪ Stable at ~91% discounted1 All Year Combined ratio ▪ Growth of 6-7% p.a. ‒ Investment income growth from higher asset base and reinvestment yields ‒ Unwind of discount to increase ca. €0.1bn p.a. Net financial results
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81 AXA Group Investor Day | September 15, 2026 Plausibility check | Life & Health L&H underlying earnings Illustrative walk 2026e Short-term business Long-term business Financial results Tax, FX and other 2029e ~3.7 XX CAGR +5-7% 1 Consistent & sustainable earnings growth ▪ Revenue growth of 6-7% p.a. ▪ Combined ratio improvement of ~1pt to ~95% Short term Life & Health ~17% of L&H UE ▪ CSM release growth at 4%-5% p.a. reflecting reserve growth Long term Life & Health ~60% of L&H UE ▪ Growth of 4%-5% p.a. Net financial results ~23% of L&H UE Assumptions versus 2026e
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AXA Group Investor Day | September 15, 2026 Reasonability check | CSM release focus 1. L&H best estimate liabilities + CSM stock | 2. Assuming no market shock82 A diversified source of earnings CSM stock as of Dec 31st, 2025 France Germany Switzerland Belgium Japan Hong Kong Other 25% 18% 12% 5% 20% 14% 7% Recurring CSM release growth target CSM release as a margin on reserves1 expected to be broadly stable2 (mid-80bps)… … with reserves expected to grow 4-5% p.a. reflecting positive net flows, interest credited and UL revaluation… 2023 2024 2025 84bps 81bps 88bps = … driving steady growth in CSM release Reserve evolution, illustrative (€bn) 4%-5% CSM release growth p.a. over the plan 2025 Net flows Interest accretion UL revaluation 2029e 1 Consistent & sustainable earnings growth
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83 AXA Group Investor Day | September 15, 2026 Delivering operating leverage Expenses | Accelerating efficiency gains Cost base Non-commission expenses and claims handling costs, in Euro billion Revenues 90 bps improvement in the expense ratio excl. commissions over 2027-29e 2026e 2029e ~122 >5% CAGR 1 Consistent & sustainable earnings growth 2026e Inflation Staff & non- staff costs Corporate center 2029e ~13 ~14 Accelerated investment Automation & AI ca. +2% CAGR
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84 AXA Group Investor Day | September 15, 2026 Expenses | Sharpening cost discipline across Corporate Center and non-staff costs 1. Based on corporate center costs in 2025 | 2. ca. -20 bps improvement out of the -90bps total expense ratio improvement Reducing costs at the Corporate Center ca. -15% of Corporate center costs1 over 2027-29e Optimizing non-staff expenses through enhanced procurement and demand management ca.–20bps improvement in expense ratio2 over 2027- 29e Enhanced procurement strategy at Group level Zero-Based Budgeting Leveraging Group scale to assess needs & ‘Make-or-Buy’ potential Disciplined demand management Better match technology to business needs Avoid lock-in, maintain flexibility Operating model simplification Streamlining mandates, removing duplication Savings reinvestment Creating capacity for additional Tech & AI investments fostering competitiveness 1 Consistent & sustainable earnings growth
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AXA Group Investor Day | September 15, 2026 Financial targets 7%-9% UEPS CAGR 2027-29e 15%-17% Underlying ROE over 2027-29e Euro ca.25 billion Cumulative cash remittance over 2027-29e Mid-teens Book value per share1 incl. DPS CAGR2 2027-29e Payout ratio maintained 60% 75% annual share buybacks dividend 15% Strong ambition over 2027-2029 1. Excluding OCI and undated and deeply subordinated debt. | 2. Book value per share CAGR includes cumulative dividends per s hare and excludes CTA (Currency Translation adjustment) movements from year end 2026 onward. 2027-29 Plan 1 Consistent and sustainable earnings growth supported by clear growth and margin drivers 2 3 Predictable earnings profile across different environments with a resilient balance sheet From earnings to cash to returns to book value growth: a disciplined value creation engine 85
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86 AXA Group Investor Day | September 15, 2026 High Solvency capital generation, with limited capital consumption Strong organic capital generation Normalized capital generation p.a. 2021-2023 2024-2026e 2027-2029e +25 pts +25-30 pts +25-30 pts including ca. -7pts from SCR reflecting limited capital requirement to fund growth +25-30pts Normalized capital generation p.a. 2027-2029e 2 From earnings to cash & returns Strong capital engine giving the flexibility to grow the business and sustain attractive shareholder returns , without compromising on capital strength +
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87 AXA Group Investor Day | September 15, 2026 Efficient cash conversion and disciplined use of cash 1. Before holdings costs & interest expense France European markets AXA XL Other regions €7.5bn cash remittance Cash generation in 2025 Maintaining strong cash conversion in the next plan Underlying earnings Retained locally for growth Cash remittance1 ca.25bn 2027-29e Disciplined cash deployment with clear priorities 1 Organic growth at 15-17% ROE Dividend and share buybacks2 M&A3Robust cash remittance with P&C and L&H at or above 80% cash conversion rate 82% remittance ratio 2 From earnings to cash & returns
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88 AXA Group Investor Day | September 15, 2026 A simple, disciplined model for capital deployment… Underlying earnings per share 1.54 2.32 2021 2022 2023 2024 2025 DPS trajectory in euro +11% CAGR Attractive and predictable payout policy at 75% 60% dividend + 15% annual share buy-backs Dividend growth in line with EPS Attractive recurring cash yield to shareholders ✓ ✓ ✓ Reinvesting 25% of earnings at attractive return on equity 25% of earnings redeployed into core business Mid-teens capital return hurdle Drives earnings growth and supports future dividends ✓ ✓ ✓ Return on equity 2021 2022 2023 2024 2025 14.7% 14.5% 14.9% 15.2% 16.0% 2 From earnings to cash & returns
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89 AXA Group Investor Day | September 15, 2026 Value creation over 2021-2025 … with compounded growth in book value per share 1. Excluding OCI and undated and deeply subordinated debt. | 2. Book value per share CAGR includes cumulative dividends per s hare and excludes CTA (Currency Translation adjustment) movements from year end 2026 onward. Cumulative value creation per share 2021-2025, €, Book value per share 1 & cumulative dividend paid 24.0 8.2 2021 2022 2023 2024 2025 32.2+12% p.a. Value creation over 2025-2029e2 24.0 2025 2029 Targeting mid-teens value creation over the plan Cumulative dividend paid Book value per share Accelerating value creation 2025, €, Book value per share1 Cumulative dividend paid Book value per share 2 From earnings to cash & returns
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90 AXA Group Investor Day | September 15, 2026 Financial targets 7%-9% UEPS CAGR 2027-29e 15%-17% Underlying ROE over 2027-29e Euro ca.25 billion Cumulative cash remittance over 2027-29e Mid-teens Book value per share1 incl. DPS CAGR2 2027-29e Payout ratio maintained 60% 75% annual share buybacks dividend 15% Strong ambition over 2027-2029 1. Excluding OCI and undated and deeply subordinated debt. | 2. Book value per share CAGR includes cumulative dividends per s hare and excludes CTA (Currency Translation adjustment) movements from year end 2026 onward. 2027-29 Plan 1 Consistent and sustainable earnings growth supported by clear growth and margin drivers 2 3 Predictable earnings profile across different environments with a resilient balance sheet From earnings to cash to returns to book value growth: a disciplined value creation engine
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91 AXA Group Investor Day | September 15, 2026 A resilient, diversified business mix 1. Excluding AXA IM, Holdings | 2. incl. AXA XL Reinsurance | 3. Including portfolios of Lifestyle and Income Protection (CLP) and International Protection and Health (ALHIS) reallocated respectively to Transversal and AXA Health International. Asia + IMa By line of business 2025, % of GWP1 By geography 2025, % of GWP1 17% 17%17% 34% 15% Retail P&C SME & MM Large & Specialty (AXA XL2) Long-term L&H Short-term L&H France Europe AXA XL2 38%25% 17%17% Diversification enables predictable earnings, robust solvency and consistent capital returns Not over-reliant on a single line of business including within P&C B2B / B2C split = 50 / 50 compounding growth driven by a balance between a long- term high-growth large corporate business and steady expansion across the rest of the franchise Diverse geographical footprint not overly exposed to any single macro, rate, cycle or regulator 1 2 3 Why diversification is one of our greatest assets Other3 3% 3 Predictable earnings, resilient balance sheet
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92 AXA Group Investor Day | September 15, 2026 Through the cycle outperformance vs. peers 95.0 95.5 96.0 96.5 97.0 97.5 98.0 98.5 99.0 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 2.0 2.1 2.2 AXA Peer 1 Peer 2 Peer 3 Peer 4 Earnings predictability | Delivering consistent P&C results with lower volatility and superior margins, and visible levers for continued growth 1. ECB HCPI index, Eurozone. | 2. 2017 to 2022 under IFRS 4. What makes us confident for the future 5-year average CY undiscounted COR Lower volatility / higher CoRLower volatility / lower CoR Standard deviation in CY undiscounted COR Diversification Balanced portfolio limits cycle risk Reserves Increased reserve prudence in recent years Exposure management Nat Cat exposure actively managed Inflation management Proven inflation response, enhanced by AI €58bn GWP Retail SME/MM XL PYD track record 2 (% of GEP) 1.2 2.2 2.2 2.1 3.1 2.9 1.1 1.6 1.1 2017 2020 2025 Impact of 1-in-20y Nat Cat scenario on annual P&C earnings ~15% 94.6 94.6 93.2 91.0 90.6 2021 2022 2023 2024 2025 P&C COR2 (%) Inflation1 9% 3% 2% 2%5% Higher volatility / higher CoRHigher volatility / lower CoR 3 Predictable earnings, resilient balance sheet
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93 AXA Group Investor Day | September 15, 2026 Proven track record1 ✓ Shifted mix from capital-heavy guarantees to capital-light through product revamp, reinsurance and targeted portfolio disposals / run-off ✓ Closed duration gap Earnings predictability | De-risked, cash-generative long-term L&H earnings, diversified short-term earnings with dampened volatility 1. Short-term L&H technical margin, in Euro million, pre-tax From capital-heavy, rate-sensitive to capital-light, cash-generative & predictable long-term L&H business Significantly improved short-term L&H business with reduced volatility CSM release sensitivity – 2025 ✓ Annually re-priceable portfolio ✓ Care pathways lowering claim severity via better care coordination ✓ AXA-owned facilities and partner networks containing medical inflation ✓ Scaled solutions to detect fraud, waste and abuse ✓ Early detection and remediation of claims deviations Significant work done to reduce volatility to be continued in the next phase CSM release FY25 IR -50 bps IR +50 bps Corporate spread -50bps Corporate spread +50bps Equity markets -25% Equity markets +25% €2,954m 0% 0% +1% -1% +1% -1% Earnings driven by CSM release, a steady growth engine with limited sensitivity to market 168 415 479 2023 2024 2025 3.1pts margin improvement over 2023-1H26 3 Predictable earnings, resilient balance sheet Format GCD: check title of track record
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94 AXA Group Investor Day | September 15, 2026 Resilient balance sheet (1/2) | High solvency ratio with reduced sensitivities and financial flexibility 1. Before the expected +17pts uplift from the Solvency II revision, effective in Q1 2027, estimated based on operating and ma rket conditions as of January 1, 2026. | 2. Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (applied on sovereign a nd quasi-sovereign exposures). | 3. Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one full letter (3 notches). Solvency II: strong position set for continued strength 218%1 as of 1H26 … with resilience evident in low solvency sensitivities Ratio as of December 31, 2025 Interest rate -50bps Corporate spreads +50bps Euro Sovereign spreads +50bps2 Credit migration3 Listed Equity -25% 224% -1 pt -1 pt -7 pts -4 pts +2 pts Healthy financial leverage and ample flexibility Gearing as of FY25 5.8 45.0 14.5 25.9 20.3 -78% Senior debt Sub. debt SHE ex- TSS/TSDI Net CSM Total debt Comfortable Holdco cash1 2 Strong ratings3 AA S&P Aa2 Moody’s A+ AM Best Debt issuance capacity Euro >3 bn over 2027-2029 ca. Euro 2-3 bn annual issuance capacity Sensitivity in 2021 -14 pts -1 pt -11 pts -7 pts -4 pts ~22% gearing ratio Tempalte + footnote=+ 1H 3 Predictable earnings, resilient balance sheet
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95 AXA Group Investor Day | September 15, 2026 Resilient balance sheet (2/2) | High-quality investment portfolio 1. Includes listed, private and infrastructure equities | 2. 1H26 Euro 454 billion Government bonds Public credit Private credit Real estate Equities1 and hedge funds Cash & others 1H26 Total General Account invested assets Duration gap at -0.4 year Core investment principles High-quality investment-grade fixed income portfolio supporting asset-liability matching and providing stable investment income Reduction in Private equity and Real Estate, redeployed into Private debt to benefit from higher interest rates Private Credit ~75% investment grade2 ~80% non-US2 3 Predictable earnings, resilient balance sheet
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96 AXA Group Investor Day | September 15, 2026 Predictability in action - sensitivity to shocks 1. Before the expected +17pts uplift from the Solvency II revision (effective in Q1 2027), estimated based on operating and m arket conditions as of January 1, 2026. Earnings sensitivity to -100bps interest rates shock Underlying earnings P&C and L&H pre-Holdings costs interest rate sensitivity in year 1, €bn, illustrative Solvency sensitivity to shock events Limited sensitivity, with ability to absorb shocks through management actions Ratio as of 1H26 1y/20 market & credit shock 2008/2009 financial crisis 1y/20 Nat Cat shock 218%1 -30 pts -26 pts -4 pts Before shock P&C L&H After shock 9.4 -4% Before management actions 3 Predictable earnings, resilient balance sheet
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97 AXA Group Investor Day | September 15, 2026 Conclusion
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98 AXA Group Investor Day | September 15, 2026 Why we are confident in our plan The plan is in our hands Solid foundations to deliver attractive, predictable performance Prudent view on P&C pricing We do not assume an upturn in large commercial pricing cycle Measured view of benefits from AI Targets reflects reasonable view of what we can deliver Balance sheet resilience built through prior actions Flexibility from low levels of reserve release in recent years Proven ability to adjust costs Ability to manage costs in response to changing market and macro conditions What we will deliver
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99 AXA Group Investor Day | September 15, 2026 Taking the franchise to the next level for long term value creation What we have What we are accelerating What investors get Strong distribution Underwriting expertise Scale 1 2 3 + Growth Technical excellence Efficiency Amplified by AI EPS growth Shareholder payout Book value growth = Diversification4 2027-29 Plan
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100 AXA Group Investor Day | September 15, 2026 Underlying EPS CAGR Underlying Return on Equity Cumulative cash remittance Financial targets | Accelerating on all fronts 1. Excluding OCI and undated and deeply subordinated debt | 2. Book value per share CAGR includes cumulative dividends per sh are and excludes CTA (Currency Translation adjustment) movements from year end 2026 onward 7-9% 6-8% 14-16% >€21bn 15-17% ca.€25bn 2024-2026 targets 2027-2029 targets Book value per share 1 incl. DPS CAGR2 - Mid-teens The destination Payout ratio maintained 60% dividend 15% annual share buybacks75%
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Entities roundtable September 15, 2026
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102 AXA Strategic Plan 2027-2029 September 15, 2026 France
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103 AXA Group Investor Day | September 15, 2026 Largest multi-line insurer in the French market 1. Source for ranking and Market share: France Assureurs Euro 28.5 billion Euro 28.5 billion Business mix 2025 GWP Distribution mix 2025 GWP Tied agents (39%) Brokers (37%) Salaried network (14%) Direct (3%) Other (7%) P&C (33%) Savings (37%) Health & Protection (30%) Our businesses1 UEGWP P&C retail #2 with 12% market share, #1 in direct €4.6bn €0.5bn P&C commercial #1 with 15% market share €4.8bn €0.7bn Savings #7 with 6% market share €10.6bn €0.7bn Health & Protection #1 with 11% market share €8.5bn €0.3bn France
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104 AXA Group Investor Day | September 15, 2026 Distinctive strengths underpinning our performance track record 1. Source: Argus de l’Assurance | 2. Source: survey institute internal barometer | 3. Source: France Assureurs | 4. AXA France as per new reporting scope from Q1 2026, i.e., excluding portfolios of Lifestyle and Income Protection (CLP) and International Protection and Health (ALHIS) reallocated respectively to Transversal and AXA Health International. 2021 and 2022 as per IFRS 4 and 2023 onwards as per IFRS 17 France 24.6 24.3 24.9 26.8 28.5 2021 2022 2023 2024 2025 1.6 1.9 2.0 2.0 2.1 2021 2022 2023 2024 2025 81% 76% 91% 84% 90% 2021 2022 2023 2024 2025 Leader in technical profitability P&C CoR -7pts vs. market average3 Largest distribution network Largest distribution networks1 (ca.20k distributors, 2.5x larger than #2) Leading direct P&C player1 Best known brand Best-known insurance brand2 (#1 in awareness, #3 in purchase consideration) Top-tier customer satisfaction levels (top 3 NPS across most markets) Gross Written Premiums4, €bn Underlying earnings4, €bn Cash remittance/ratio, % 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% 2025 Group contribution 23% 2025 Group contribution
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105 AXA Group Investor Day | September 15, 2026 Accelerate profitable organic growth over 2027-29e Amplified with AI Growth I Technical excellence II Enhance claims management Scale prevention EfficiencyIII Accelerate Automation Optimize IT delivery Strengthen distribution Increase retention & cross-sell Accelerate in Life & Savings France Enhance cost competitiveness Pricing & underwriting sophistication
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106 AXA Group Investor Day | September 15, 2026 Accelerate organic growth …with tangible initiativesStrong levers to accelerate… Strengthen distribution Expand and modernize networks Increase retention & cross-sell Leverage AI & customer insight to enhance personalization Accelerate in Life & Savings Strengthen offers and diversify distribution GrowthI France Expand and modernize agent networks Recruit and increase visibility on AI platforms Direct Assurance acceleration & diversification Boost P&C and expand into health & credit insurance AI-powered offers and sales pitch Extend AI-generated personalized offers & advice to all retail & professional lines Customer value management Enrich 360o customer value scoring to further personalize pricing and renewal & cross-sell campaigns x1.5 sales conversion rate achieved where deployed +3 pts in % of customers with 2+ products by 2029 Enhance product proposition Lower entry fees & enhance UL product range, leveraging BNPP AM partnership Diversify distribution to third party Tailor offers for select IFAs and digital platforms x3 net inflows by 2029 +14% p.a. GWP growth over 2027-29e +600 distributors by 2029 (20k across networks)
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107 AXA Group Investor Day | September 15, 2026 Enhance technical excellence …with tangible initiativesStrong levers to accelerate… Pricing & underwriting sophistication Enhance pricing speed & accuracy Enhance claims management Reduce leakage, FWA & claims costs while improving customer experience Scale prevention Reduce claims costs through dedicated prevention actions Scale AI-powered pricing engine (Photon) Improve pricing time to market by 70% on 90% retail new business Cockpit for commercial underwriters Switch from 10+ tools to 1 single AI-powered cockpit for faster and more accurate pricing Automation of claims recovery handling Leverage AI to better detect and process claims recovery AI-powered fraud detection Enable real-time fraud alerts and containment Share fraud patterns across LoBs -40bps In loss ratio from claims costs savings in P&C and H&P by 2029 Leverage new digital solutions in retail Extend pay-how-you-drive offer and in-app prevention coach starting with home and health Foster adoption in commercial lines Expand automatic prevention diagnostics to professionals -20% in claim frequency with pay- how-you-drive achieved at Direct Assurance 80% agents trained on prevention advisory by 2029 -2pts in loss ratio where already deployed at Direct Assurance -20% on admin. time per file by 2029 II Elevating technical excellence France
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108 AXA Group Investor Day | September 15, 2026 Improve efficiency …with tangible initiativesStrong levers to accelerate… Accelerate automation Leverage AI to increase competitiveness in claims & operations Optimize IT delivery Faster development and better fit to business needs Enhance cost competitiveness Stringent cost management through simplification & optimization AI for claims management Automate simple claims and assist complex claims handlers in P&C with AI agents AI to enhance operations efficiency Automate customer contact with AI (e.g., chatbot, voicebot) Software development lifecycle automation Integrate AI agents in coding & testing teams Extend agile IT-business operating model +20% productivity across software lifecycle by 2029 Operating model simplification Insource and offshore tech center: data, AI and testing experts Procurement optimization Rationalize software licenses Streamline technical support providers -20bps in expense ratio from procurement initiatives by 2029 -20% in P&C claims handling time by 2029 -10% of inbound customer calls by 2029 III Accelerating efficiency France
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109 AXA Group Investor Day | September 15, 2026 Amplified with AI No code/low code for all by 2029e 100% of P&C and H&P claims journeys integrating AI by 2029e >90% Employees using AI by 2029e Impact-oriented scaling model Pre-requisites in place Modern tech with single cross- network CRM and new Health & Protection (H&P) core system Strong data quality & usability First AI use cases deployed at scale, incl. pricing engine and product knowledge assistant for distributors People onboarding with all employees equipped with Copilot Focus on 16 highest-value AI solutions across the value chain Leveraging Group scale for reusable assets (e.g., Agentic Hub) AI specialists integrated into all business and operations teams to speed up deployment Strategic workforce planning to match resources, skills and business needs Executing AI France ✦ ✦ ✦
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110 AXA Group Investor Day | September 15, 2026 What success looks like in 2029 1. On the full scope (P&C, Life, Health), incl. direct businesses | 2. Non -commission expense ratio including claims handling costs France Market position #1 in P&C Net new customers +1m1 Technical excellence Strengthened Best-in-class position Efficiency -70 bps2
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111 France Appendix Investor Relations September 2026
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112 AXA Group Investor Day | September 15, 2026 Delivering 2024-2026 plan | AI for distribution AI for salesforce effectiveness AI for administrative productivity France ARiANE program AI-powered commercial activation engine Turning customer signals into “next-best offers” and prioritized sales actions 22 Target use cases activated in motor & home +50% Digital leads conversion rate +500k New contracts More relevant client outreach and stronger cross-sell conversion SmartInAXA tool Gen-AI assistant Grounded in AXA’s internal product documentation 3k Agencies deployed 2k Queries per day 93% Answer relevance, measured by users Faster access to product knowledge, more selling time and more consistent advice Appendix
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113 AXA Strategic Plan 2027-2029 September 15, 2026 European markets
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114 AXA Group Investor Day | September 15, 2026 Leading market position in Europe with strong local footholds Euro 43 billion Euro 43 billion Geography mix 2025 GWP Business mix 2025 GWP Germany (29%) Italy (17%) Switzerland (16%) UK (13%) Belgium & Luxembourg (11%) Spain (8%) Ireland (5%) P&C (50%) Life (30%) Health (20%) Our footprint in 20251 UEGWP European markets Switzerland #1 in P&C, #2 in L&S €1.0bn€7.0bn Germany #4 in P&C and in Health, #7 in L&S €1.1bn€12.6bn UK #2 in Health, #6 in P&C €0.4bn€5.4bn Spain #6 in P&C €0.3bn€3.6bn Italy #4 in P&C, #10 in L&S €0.2bn€7.5bn Ireland #2 in P&C and Health €0.1bn€2.2bn Belgium & Luxembourg #2 in P&C and Health €0.5bn€4.5bn Prima2 #1 in Direct Retail motor in Italy €0.1bn€1.8bn 1. Source for ranking: local market associations, except in the UK (AXA market intelligence) | 2. Prima fully consolidated s ince November 28th, 2025. Proforma 2025 GWP and MGA underlying earnings Group share.
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115 AXA Group Investor Day | September 15, 2026 Distinctive strengths underpinning our performance track record 1. Excl. Prima | 2. Based on Net Promotor score | 3. 2021 and 2022 as per IFRS 4 and 2023 onwards as per IFRS 17, excl. Health portfolio (ALHIS) reallocated respectively to Transversal and AXA Health International. 36.6 39.3 43.033.1 2021 34.1 2022 2023 2024 2025 2.6 3.0 2.7 3.2 3.5 2021 2022 2023 2024 2025 Gross Written Premiums3, €bn Underlying earnings3, €bn Cash remittance/ratio (%) 91% 94% 86% 103% 2021 2022 101% 2023 2024 2025 Insurer of choice for Retail and SME & mid-market Strong brand with 31m customers1 Top quartile customer satisfaction2 Leading profitability P&C: 90.0% AY COR Health: 96.0% AY COR Distinctive distribution Large proprietary network (9.5k agents) Key partner for brokers Leader in Direct Well diversified business Operating at scale Diversified across lines (P&C ca. 50%, L&H ca. 50%) European markets 37% 38% 2025 Group contribution 2025 Group contribution
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116 AXA Group Investor Day | September 15, 2026 3 priorities to boost European markets performance, amplified with AI Amplified with AI Growth I Technical excellence II Pricing & Underwriting sophistication Claims excellence Integrated Healthcare EfficiencyIII Automation Leaner operations Customer value management Distribution footprint expansion Proprietary channel effectiveness European markets
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117 AXA Group Investor Day | September 15, 2026 Accelerate organic growth 1. Customer Value Management | 2. Market share as per Swiss Insurance Association (SIA) | 3. Impact measured on portfolios where the solution has been deployed Predictive retention & engagement AI-driven predictive churn models supporting targeted actions to retain most valuable customers Direct as a growth accelerator Building on Prima’s positioning and distinctive capabilities (33% direct market share in Italy) Sizeable new distribution partnerships Lloyds Bank in UK, Correos in Spain, proprietary embedded insurance platform in Germany Consistent levers across Europe… Customer value management AI-powered CVM1 for better retention and cross-selling Distribution footprint expansion In Direct and third- party channels Salesforce effectiveness Agent specialization, sales activation & enablement with AI +38% Prima GWP CAGR 21-25 50m Potential customers access +3% # of Retail customers in 1H26 Individual Life growth champion Enabled by specialized L&S agents, equipped with AI advisory tools and best-in-class product offering AI-powered underwriting platform Significantly reducing time-to-quote on SME &Mid- Market +6 pts in m.s.2 to 19%, ‘23-1Q26 30% Faster time-to-quote3 GrowthI European markets …already in motion
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118 AXA Group Investor Day | September 15, 2026 Elevate technical excellence …already in motionConsistent levers across Europe… AXA medical centers Enable faster access, deliver better customer experience and reduce medical waste Integrated Healthcare Medical facilities expansion and medical pathways management -1pt Loss ratio1 Noimos AI AI-powered solution for instant motor damage assessment based on pictures and videos Claims excellence Leveraging AI to better detect fraud & leakage, optimize claims decisions -1pt Loss Ratio1 Photon rating engine roll-out Nextgen machine learning, faster model updates Pricing & Underwriting sophistication Enhancing price accuracy, risk assessment, market responsiveness -2pts Loss Ratio1 AI prevention app for SME and Mid-Market Guide agents during on-site inspections, assess risks from videos, generate recommendations x10 Properties visited1 II Elevating technical excellence European markets 1. Impact measured on portfolios where the solution has been deployed
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119 AXA Group Investor Day | September 15, 2026 Automation Accelerate efficiency …already in motionConsistent levers across Europe… In core processes (e.g., claims) and support functions (e.g., IT) Significantly reducing response time & personalizing customer interactions Leaner operations Leveraging process & organizational redesign and shoring Operating model simplification Streamlining spans and layers, consolidating insurance business operations, leveraging best-in- class captive offshoring capabilities Agentic AI for medical aids claims Automatically analyze invoice and prescription, check coverage, define reimbursement AI Software engineering AI-powered code generation, optimization, testing AI-powered contact center Transcribe calls, dynamically suggest questions to collect information, automatically input data -30% Handling time1 +10% Productivity1 -25% Call handling time1 -1pt Expense Ratio excl. commissions2 over 2027-29e Internal operations Customer service European marketsIII Accelerating efficiency 1. Impact measured where the solution has been deployed | 2. including claims handling cost, ambition over 2027-2029e
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120 AXA Group Investor Day | September 15, 2026 Amplified with AI Faster Deployment across markets Faster Local scale-up Faster Payback period Impact-oriented scaling model Pre-requisites in place Modern tech, cloud enabled Strong data quality & usability AI factories in every entity combining business and AI experts People onboarding with 94% employees already using AI regularly Focus on highest-value AI solutions across the value chain Lead entity spearheading AI solutions, before roll-out across entities Leveraging Group scale for reusable assets (Agentic Hub) Local business responsible for adapting solutions to local needs Executing AI European markets ✦ ✦ ✦
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121 AXA Group Investor Day | September 15, 2026 What success looks like in 2029 Additional customers 1 +3m Technical excellence Expense ratio 2, excl. commissions <10% European markets Strengthened Best-in-class position 1. On the full European markets scope (P&C, Life, Health), incl. direct businesses and Prima | 2. including claims handling c osts
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122 European markets Appendix Investor Relations September 2026
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123 AXA Group Investor Day | September 15, 2026 Strong distribution footprint in all our entities Distinctive and scaled proprietary distribution Large agents network Leader in Direct #1 #1 #2 #8 Complemented by strong relationship with brokers, IFAs and third -party partnerships + 3,300 2,200 2,200 1,800 ~9,500 #3 European markets Appendix
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124 AXA Group Investor Day | September 15, 2026 Profitability leaders in P&C European markets Profitability analysis - P&C (in Euro million) Europe Switzerland Germany Belgium & Luxembourg 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 2,656 Current Year Loss Ratio (%) 70.2% 66.9% 65.1% 70.8% 71.5% 70.5% 70.4% 66.4% 61.6% 61.1% 60.3% 60.1% Expense ratio (%) 26.1% 26.2% 26.1% 22.4% 21.8% 21.5% 25.8% 25.6% 25.6% 31.5% 31.5% 31.6% Current Year Combined Ratio (%) 96.3% 93.1% 91.3% 93.2% 93.3% 92.0% 96.2% 92.0% 87.2% 92.5% 91.8% 91.8% Profitability analysis - P&C (in Euro million) United Kingdom Ireland Spain Italy FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 Gross Earned Premiums 3,014 3,221 3,170 1,031 1,118 1,101 1,821 1,954 1,992 1,994 2,232 2,600 Current Year Loss Ratio (%) 73.5% 62.7% 62.5% 75.1% 72.4% 71.5% 70.1% 68.4% 67.1% 72.5% 68.9% 67.7% Expense ratio (%) 28.3% 29.2% 28.9% 22.6% 22.1% 21.9% 26.0% 26.6% 26.9% 26.0% 26.8% 27.5% Current Year Combined Ratio (%) 101.8% 91.9% 91.4% 97.7% 94.4% 93.4% 96.1% 95.0% 94.0% 98.6% 95.7% 95.2% Appendix
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125 AXA Strategic Plan 2027-2029 September 15, 2026 AXA XL
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126 AXA Group Investor Day | September 15, 2026 AXA XL at a glance USD 22 billion Business mix 2025 GWP Geography mix 2025 insurance GWP Top 3 Strong local presence Offices in 26 countries serving customers in over 200 countries and a strong presence at Lloyd’s Diversified platform More than 400 products, including in new and emerging risks Risk advisory and prevention expertise Newly created prevention unit, strengthened with the acquisition of S-RM Distribution Strong relationship with tier 1 and tier 2 brokers, AI-enabled underwriting, digital broker distribution 22.2 2021 20.3 2022 19.9 2023 21.0 2024 22.0 2025 1.4 1.3 2.0 2.0 2.1 2021 2022 2023 2024 2025 20% in Intl Casualty Primary Casualty NA Construction Other Casualty Professional US Cyber Other financial lines MarineAerospace Other Specialty Intl Property NA Property Other Property Property Re Casualty Re Specialty Re Casualty (30%) Financial lines (15%) Specialty (16%) Property (25%) Reinsurance (13%) AXA XL Americas 46% APAC Europe 35% UK & Lloyd’s 19% Global Clients1 US Professional2 Marine3 0% 2021 60% 2022 78% 2023 77% 2024 85% 2025 Gross Written Premiums4, USD bn Underlying earnings4, USD bn Cash remittance/ratio (%) €1.2bn €1.9bn €1.8bn €1.9bn€1.2bn €19.2bn €18.4bn €19.4bn €19.3bn€18.8bn 1. Internal estimate, based on GWP. | 2. Source: AM Best, covering D&O (2024 ranking) and Other liabilities (2025 ranking) li nes of business. | 3. Lloyd’s marine market | 4. 2021 and 2022 as per IFRS 4 and 2023 onwards as per IFRS 17 17% 2025 Group contribution 2025 Group contribution
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127 AXA Group Investor Day | September 15, 2026 Attractive business positioned to deliver through the cycle 1. On a gross basis. | 2. Adverse Development Cover for accident years 2019 and prior. | 3.All year 2021-2023 2024-2026 Portfolio overhaul and de-risking Earnings quality and stability -60%1 total Nat Cat exposure reduction at AXA XL Re ADC cover2 on long-tail lines reserves, not triggered -30% NA Excess Casualty avg net limit reduction1 +48% cumulative pricing change between 2020-23 2022 2023 2024 2025 94.0% 90.4% 90.2% 89.7% AXA XL combined ratio3 -1.2% -0.1% 0.0%-0.1% PYD AXA XL 2027-2029 plan Cycle management in a softening market Defending excellent margins Capitalizing on attractive growth opportunities Amplified by AI II III I
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128 AXA Group Investor Day | September 15, 2026 ▪ Active capital allocation across a diversified business with 400 products in over 26 countries, with agility to grow or reduce exposure depending on profitability hurdles ▪ Underwriters incentivized for profitability ensuring disciplined & monitored expansion ▪ Maintain robust reinsurance protections to manage volatility, using the softening market to enhance capital efficiency through lower-cost ceded covers ▪ Actively rebalance risk retention, selectively holding more risk where margins are attractive and strengthening reinsurance where our risk appetite is evolving Underwriting and portfolio management First proof points at 1H26 PropertyCasualty Specialty Professional lines Profitability Ex-price growth +4% underlying earnings growth Stable combined ratio ex-Middle East loss Example of active portfolio management: US D&O 1.0 1.7 1.1 2018 2022 2025 GWP ($bn) Share of portfolio1 6% 11% 6% Cumulative rate change2 100 162 115 Ceded reinsurance strategy in Insurance First proof points at 1H26 1.Percentage of AXA XL Insurance GWP, excluding reinsurance | 2. Indexed to 2018 Cycle management to defend excellent margins (1/2) II III AXA XLAccelerating efficiencyElevating technical excellence ca. -20% on Cat covers at 1H26 with equivalent T&Cs ~30bps better margin at 1H26 from lower reinsurance pricing ~30% cession ratio historically
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129 AXA Group Investor Day | September 15, 2026 ▪ Standardize and automate key processes to structurally reduce costs and improve scalability ▪ Simplify the organization (spans and layers) and leverage AI, automation, and shoring to deliver cost savings ▪ Launch of an integrated Risk Advisory unit alongside our Large Commercial insurance business ▪ Connect risk engineering, digital analytics and specialist intelligence (including cyber, geopolitical and climate) into one system that turns risk data into decisions -150bps non-commission expense ratio between 2019-2025 Track record of delivery Risk mitigation Why it helps manage the cycle 1. Excluding S-RM Cycle management to defend excellent margins (2/2) II III AXA XLAccelerating efficiencyElevating technical excellence Improves risk quality and portfolio insight, supporting underwriting discipline and loss-ratio performance Differentiates us beyond price through prevention, resilience and decision support, deepening relationships and retention Adds fee-based advisory revenue and broader access to client leadership, creating less cyclical income and cross-sell Our risk consulting unit1 400+ risk consultants $50m advisory fees Substantial internal value through risk reduction + Expense and productivity
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130 AXA Group Investor Day | September 15, 2026 New areas of focus Capitalizing on attractive growth opportunities 1. As of 2024. Source: AXA XL market intelligence | 2. As of 2024. Source: NAIC Focus on retention & product density for strategic clients From a low base, gain market share in fast-growing segments through disciplined, consistent execution Structural growth areas in our book Structural investments unlock a major insurance opportunity; AXA XL to leverage its assets to capture a profitable share Differentiated approach for strategic clients ▪ Dedicated teams equipped with new CRM and advanced tech and data ▪ Priority access to services enhancing customer experience Client strategy Expansion into US E&S and Mid- market Talent Leverage top talent / specialized teams to access higher barrier segments and accelerate growth Underwriting Invest in advanced tools / streamlined processes to enhance efficiency and scalability Products Develop and expand tailored, high-value products to differentiate and meet market needs ~$170bn1 market +9% p.a. 2019-24 ~$130bn2 market +18% p.a. 2019-24 Mid-market E&S +4pts strategic client retention vs. average portfolio Target 2027e-2029e Deep-dive in appendices Defense, infrastructure and data centers Public and private capital deployment supporting multi-year pipeline of insurable assets across Construction, Property, Casualty, Aerospace, Financial Lines, Political Risk, Marine ~€500bn insurable premium opportunity Energy transition ~$130 trillion to be invested globally to support the transition by 2050, with AXA XL an established player with key capabilities ~30% market growth over 2026-2029 GrowthI AXA XL
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131 AXA Group Investor Day | September 15, 2026 Deploying AI to amplify both growth and margins 1. Equivalent to the ‘Quote to bind’ ratio, comparing #policies sold to total number of quotes issued. | 2. Expressed in 202 5 GWP Leveraging AI-powered triage and underwriting support tools x 3 ~40% of Large Commercial and Specialty GWP Hit ratio1 (in %, in deployed scope vs. non-deployed scope) ✓ Increased underwriter productivity By automating processing and triage of quotes requests enriched with 3rd party data, to focus underwriter time on most relevant opportunities ✓ Improved broker engagement By deploying seamless digital engagement solutions with major brokers ✓ Increased portfolio development opportunities By enabling better identification & pipelining of cross-sell opportunities Scaling AI Example: underwriting process transformation to foster growth Enhance core insurance processes Greater automation, simplification of workflows, faster time to market and improved productivity Deploy scalable AI capabilities More precise risk selection & pricing, faster decisions for clients, more efficient claims handling Empower our workforce with AI AI to support and amplify the work of specialists rather than replace them 2025 2029e ~80% of Large Commercial and Specialty GWP Where we will deploy it Executing AI AXA XL✦ ✦ ✦
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132 AXA Group Investor Day | September 15, 2026 What success looks like in 2029 AXA XL Disciplined cycle management Defend margins and capture most attractive opportunities through the cycle AI 80% of products with AI- powered underwriting Increased market share In structural growth areas and new priority segments
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133 AXA XL Appendix Investor Relations September 2026
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134 AXA Group Investor Day | September 15, 2026 European Sovereignty | €500bn insurable premium opportunity 1. Source: AXA XL market intelligence for market data The opportunity Why is this attractive over the next 3-5 years Market size €1.5tn additional public spending expected over next 5 years from: ▪ Rising geopolitical tensions accelerating defense & security investments ▪ Infrastructure modernization and digital initiatives creating long-term demand ▪ Public and private capital deployment supporting a multi-year pipeline of insurable assets €500bn1 insurable premium opportunity across key lines of business Our right to win Broad product scope (construction, casualty, financial lines) Strong underwriting expertise with sought- after risk consulting capabilities Existing presence with leading players in this space Strategy and action plan Ambition A roadmap to establish AXA XL as preferred sovereign partner in successive steps ▪ Set up sovereign business model with data/analytics foundation ▪ Standardized playbook and scale successful approaches across markets Build a scaled and profitable sustainable franchise AXA XL Appendix
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135 AXA Group Investor Day | September 15, 2026 Energy transition | High-growth, multi-line opportunity 1. Source: AXA XL market intelligence for market data The opportunity Why is this attractive over the next 3-5 years Market size ▪ ~$130 trillion of global investment required to support the energy transition by 2050 ▪ A vital role for insurance as an enabler of project financing, construction, and operations ~$200bn1 Energy transition GWP in 2025 Our right to win Strategy and action plan Ambition Experienced in energy risks, incl. renewable projects and strong ties to key brokers and global sponsors Robust capabilities in risk consulting and portfolio analytics and exposure management Deep expertise across risks - production, distribution, transmission and end-users ▪ Portfolio diversification into new technologies and assets (floating solar, interconnectors, artificial energy islands) ▪ Invest in the business to strengthen technical capabilities, risk consulting and the brand Maintain market share in a fast- growing market, building a scalable, multi-line Energy franchise ~30%1 projected CAGR market growth over plan period AXA XL Appendix
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136 AXA Group Investor Day | September 15, 2026 Organic growth in US Mid-Market & E&S 1. As of 2024. Source: NAIC and AXA XL market intelligence The opportunity Why is this attractive over the next 3-5 years Market size ▪ Mid-Market and E&S remain large, attractive segments and are strategically critical to balance AXA XL’s large-account portfolio ▪ Despite a more uncertain market backdrop, these segments still offer above-trend rate levels and room for profitable growth $300bn1 combined market size and growing Our right to win Strategy and action plan Ambition Proven momentum and performance discipline Robust capabilities in risk consulting and portfolio analytics and exposure management Differentiated product breadth & capabilities ▪ Build high-caliber underwriting teams and targeted, specialized product sets to win in defined niches ▪ Scale with platforms and tools that let underwriters write more efficiently ▪ Deepen broker relationships and clarify AXA XL’s positioning in each segment to drive submissions and win rates Take market share at attractive margins AXA XL Appendix
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137 AXA Group Investor Day | September 15, 2026 Well positioned for the nascent Autonomous vehicle opportunity 1. Source: AXA XL market intelligence for market data The opportunity Why is this attractive Market size ▪ Long-term transition, not a 2–3 years theme, with deployment expected in sequence: US -> UK -> Continental Europe ▪ Transfer of risk expected from individual retail Motor policies to large commercial programs with OEMs, fleets and platforms Our right to win Strategy and action plan Building our expertise through our partnership Partnerships with top autonomous vehicle players, providing hands- on underwriting and claims experience AXA XL acting as the “landing zone” of the Group for a smooth transition Accumulation of exposure and performance data and specialized claims experience ▪ Closely monitoring the market, opportunities, legislative changes and technology developments ▪ Exploring broader applications in the autonomous ecosystem (drones, industrial machines, software and hardware suppliers) 20 cities covered >80% reduction of crashes 230m+ miles driven autonomously 450k riders a week ~30%1 autonomous vehicle market CAGR 2025-2030 >$1bn1 projected autonomous vehicle insurance market by 2033 AXA XL Appendix
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138 AXA Strategic Plan 2027-2029 September 15, 2026 AXA Japan
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139 AXA Group Investor Day | September 15, 2026 Japan at a glance Business mix 2025 GWP L&H Distribution mix1 2025 NB APE 1. Based on Life APE, i.e. Excluding P&C. P&C is distributed mostly through Direct (c. 86% of GWP) | 2. I ncludes partnerships (e.g., Nissay, bancassurance, etc.) | 3. S ource: Health and Direct P&C are based on JGAAP figures of Jan. -Dec. 2025. Market share of Unit-Linked is based on 2025 figures of internal research | 4. CCI = Chamber of Commerce and Industry, FA = Financial Advisor, HPM = Health & Productivity Management, LMC = Life Management Consultations | 5. Group share, 2021 and 2022 as per IFRS 4 and 2023 onwards as per IFRS 17 Japan 736 752 806 955 958 2021 2022 2023 2024 2025 76 76 75 82 88 2021 2022 2023 2024 2025 Gross Written Premiums5, JPY bn Underlying earnings5, JPY bn Cash remittance/ratio (%) 60% 2021 70% 2022 72% 2023 77% 2024 80% 2025 Strong market positions3… …with a clear right to win JPY 958 billion* *Euro 5.7 billion Protection (57%) Health (21%) Savings (16%) P&C (6%) JPY 108 billion* *Euro 640 million CCI (27%) FA (14%) Brokers (56%) Other2 (3%) Unit- Linked #2 21% market share Health #9 6% market share Direct P&C Motor #5 11% market share Strong local presence Since 1934, with 4.2mn retail customers, 8.9k employees & 326 sales offices Distinctive & diversified distribution channels Well-balanced between proprietary (CCI4, FA4) and non-proprietary channels, serving both individuals & SMEs Differentiated services Services and lead generation models driving new business growth, such as HPM4 and LMC4 Innovative product offerings Focused on regular premium unit-linked with Protection & Health, as well as Direct Motor €0.55bn €0.49bn €0.50bn €0.52bn€0.59bn €5.5bn €5.3bn €5.8bn €5.7bn€5.7bn 5% 2025 Group contribution 6% 2025 Group contribution
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140 AXA Group Investor Day | September 15, 2026 Accelerate profitable organic growth over 2027-29 …with tangible initiativesStrong levers to accelerate… Diversify & accelerate growth Maintain strong technical excellence Improve efficiency Accelerate product innovation Accelerate product launches and strengthen broker support to sustain market leadership Reinforce salesforce productivity Boost proprietary channel productivity through enhanced lead management and AI Strengthen position in SME Strengthen SME position with improved offers, tools and services (HPM¹) Expand product features, optimize business mix to drive best-in-class technical profitability and maintain a short payback Enhance Unit-Linked fund set-up Simplified fund offerings towards high performing strategies while reducing asset management fees ca. 12% NB CSM margin over 2027-29e <3 years payback period over 2027-29e Accelerate digitization and automation Leveraging AI with focus on operations/claims, IT and distribution Drive efficiency Proactive workforce planning and targeted savings in procurement, leveraging Group scale Accelerate time-to-market and agility Through improved processes by leveraging GenAI +15pts In automation ratio over 2026-29e -1pt Expense ratio ex. com3 over 2026-29e +5% p.a.2 GWP growth over 2026-29e +5% # of customers over 2026-29e 1. Health & Productivity Management | 2. Excluding Savings single premium | 3. Including claims handling costs, and excluding GWP from Savings single premium I II III Japan
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141 AXA Strategic Plan 2027-2029 September 15, 2026 AXA Hong Kong & Macau
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142 AXA Group Investor Day | September 15, 2026 AXA Hong Kong & Macau at a glance 1. Source: Hong Kong Insurance Authority, 2025 provisional market statistics, Life based on direct individual long term new b usiness annual premium equivalent (APE); P&C and Group Health based on General business direct gross premium written | 2. 2021 and 2022 as per IFRS 4 and 2023 onwards as per IFRS 1 7 Business mix 2025 GWP Distribution mix 2025 GWP Hong Kong & Macau 3.8 4.0 4.1 4.2 Gross Written Premiums1, HKD bn Underlying earnings1, HKD bn Cash remittance/ratio (%) Strong market positions1… …with a clear right to win HKD 48 billion* *Euro 5.5 billion Life (77%) Health (16%) P&C (7%) HKD 48 billion* *Euro 5.5 billion Proprietary (54%) Brokers (37%) Others (9%) Life #8 #4 agency channel Group Health #2 P&C #1 Well-positioned composite business Capturing cross-border flows from Mainland China and growing demand for Health insurance Strong proprietary distribution Amongst the most productive agency forces in the market (30% higher than market average) Scaled business with market leading expense ratio Top quartile for cost efficiency €4.4bn €4.5bn €4.6bn €5.5bn €0.51bn €0.47bn €0.48bn €0.48bn #1 NPS 36 37 38 39 48 2021 2022 2023 2024 2025 4.0 4.2 4.0 4.1 4.2 2021 2022 2023 2024 2025 €4.1bn €0.43bn 2021 2022 2023 171% 2024 100% 2025 11% 24% 39% 5% 2025 Group contribution 5% 2025 Group contribution
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143 AXA Group Investor Day | September 15, 2026 Diversify & accelerate growth Accelerate profitable organic growth over 2027-29 1. Including claims handling costs …with tangible initiativesStrong levers to accelerate… Strengthening margin excellence Expand in High-Net worth Launch of High-Net-Worth business, leveraging Group ratings and capabilities in investments and AXA XL Specialty P&C (art, kidnap, ransom) Improve customer value through a systematic and enterprise scale cross-sell, up-sell and retention program Capture share in Health through end-to-end coverage of the healthcare journey and differentiated disease-specific healthcare proposition Agency growth Accelerate agency recruitments by empowering agents with an AI-enabled platform designed for personalized prospecting and sales support Deepen in the bank broker channel Increase penetration through further integration ca. +900 number of agents by 2029 Strengthen Health claims management Scaling pre-approval, care navigation and fraud, waste and abuse detection Deploy AI across core processes Create an AI-enabled straight-through process across underwriting, claims and policy administration / servicing Enhance IT & operations productivity Building enterprise-level knowledge management, redesigning processes and data products for AI-enabled automation -50bps expense ratio excl. commissions1 over 2026-29e +20bps Customer retention over 2026-29e +1pt Of customers with 2+ products over 2026-29e I IIIII Hong Kong & Macau Capturing growth opportunities Expanding distribution
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144 AXA Strategic Plan 2027-2029 September 15, 2026 International markets
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145 AXA Group Investor Day | September 15, 2026 International Markets at a glance 1. Includes the contribution of entities consolidated under equity method, mostly SEA entities Our market in figures 1.5bn population €250bn insurance market size 2.5% average penetration rate Positioned in markets with accelerating GDP and rising insurance penetration Latin America Mexico, Brazil, Colombia Top 3 international insurer in P&C/Health with proven integrated health/ prevention models South-East Asia & Korea Indonesia, Philippines, Thailand, Korea JVs with leading local banks in L&S Türkiye #1 P&C foreign insurer Innovative business model fueling growth Africa Morocco, Egypt, Nigeria Disruptive business models and inclusive insurance partnerships €4.4bn GWP €3.2bn GWP €1.7bn GWP €1.0bn GWP Our footprint Euro 10.3 billion Euro 10.3 billion Business mix 2025 Managed premiums1 LATAM (43%) Asia (31%) Africa & Türkiye (26%) P&C (48%) Life (27%) Health (25%) International Markets Geography mix 2025 Managed premiums1
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146 AXA Group Investor Day | September 15, 2026 International Markets distinctive strengths 7.6 8.2 9.0 10.2 10.3 2021 2022 2023 2024 2025 300 392 344 478 468 2021 2022 2023 2024 2025 51% 2021 53% 2022 44% 2023 53% 2024 61% 2025 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 Distinct distribution advantage and disruptive models JVs with leading banks in SEA (50m+ customer base), innovative business models delivering meaningful impact (integrated Health, prevention) Leveraging Group assets Strong brand (within top 2 in 8 markets); leveraging AXA Group expertise and talent Simple and streamlined operating model Unified platform in Madrid supporting growth, with strong governance (reinsurance, risk and compliance) Diversified portfolio enabling earnings resilience Balanced and diversified mix between lines of businesses and geographies, delivering a CAGR of 33% since 20213 Managed premiums2,3, €bn Underlying earnings3,4, €m Cash remittance/ratio4 (%) International Markets 1. AXA market intelligence, based on published reports from regulators, associations and annual reports | 2. Includes the con tribution of entities consolidated under equity method, mostly SEA entities | 3. 2021 and 2022 as per IFRS 4 and 2023 onwards as per IFRS 17 | 4. Historical figures are presented ba sed on the current scope 5% 2025 Group contribution
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147 AXA Group Investor Day | September 15, 2026 Accelerate profitable organic growth over 2027-29 …with tangible initiativesStrong levers to accelerate… Diversify & accelerate growth Consistent delivery of earnings Proven innovation lab delivering impact at scale Distribution expansion Ramping up proprietary networks and deepening penetration of 50m+ bank customers Health acceleration Through segmented propositions, enabled by digital customer and distributor experiences Expanding market reach Through leading inclusive insurance offering with disruptive models Leveraging a scalable operating platform Reusing tools and processes across markets to strengthen technical excellence Strong pricing sophistication With advanced data and analytics, enabling accurate risk-based pricing and margin protection AI-driven claims and fraud management Reducing loss ratios, volatility and leakage while speeding up claims handling 5% Claims savings from fraud management by 2029 Accelerate integration in Health Pioneered integrated health models in the Group with 60+ facilities in 2025 Data/AI leadership Using analytics and local AI (e.g., AXA Türkiye’s YaverGPT) to drive growth and profitability Scaling prevention Differentiating prevention offer in commercial lines and workers comp in Colombia (with a meaningful loss-ratio impact) +5% p.a. workforce productivity 80+ Medical facilities by 2029 driving 1-3pts of loss ratio improvement +12-15% p.a. GWP growth over 2026-29e ca. 17m # of inclusive customers by 2029 I II III International Markets I II III ✦ ✦
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148 Asia, Africa, EME-LATAM Appendix Investor Relations September 2026
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149 AXA Group Investor Day | September 15, 2026 Uniquely positioned in the second-largest insurance market 1. AXA Tianping only | 2. IFRS net of fronting basis | 3. The average EUR/CNY exchange rate for FY2025 was 8.12, based on Bloomberg | 4. In t erms of FY25 premium income, National Financial Regulatory Administration(NFRA) and internal analysis; China national bureau of statistics: AXA TP’s branch footpri nt covering 1.086bn people, representing 76.9% of the population based on the 2020 population census | 5. By total assets value in2025 – S&P Global Market Intelligence Greater China AXA Tianping − #1 fully-foreign-owned insurer in China4 with c.3.9m customers − Broad geographical footprint, 200 branches and sub-branches, covering c.77% of the population4 − Successfully shifted from pure Motor to multi - product (c. 89% Motor in 2019 to c. 61% in 2025) Focusing on value creation and profitable growth − Strategic JV with the largest bank in the world 5 − Aligned strategy with a focus on high-value, regular premium products − Penetrate retirement segment on aging population trends Business mix 2025 GWP1 -0.2 -0.2 2021 2022 -0.1 2023 2024 0.1 2025 0.0 Gross Written Premiums1, RMB bn Underlying Earnings1, RMB bn RMB 6.8 billion2 Euro 0.8 billion2,3 P&C (84%) Health (16%) Going forward Accelerate customer-centric digital & direct acquisition Serve as center of expertise for the Group on EV Leverage AI & tech to enhance operational efficiency 5.8 5.9 6.4 6.5 6.8 2021 2022 2023 2024 2025
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150 Thank you
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151 AXA Group Investor Day | September 15, 2026 Scope 1. AXA completed its acquisition of a majority stake in Prima in Italy on November 28, 2025 ▪ 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 (insurance activities and holding), Italy (insurance activities), Prima1 (insurance activities), AXA Health International (insurance activities) and AXA Life Europe (insurance activities). ▪ AXA XL: includes insurance and reinsurance activities and holding. ▪ Asia, Africa & EME-LATAM: includes (i) Asia: Japan (insurance activities and holding), Hong Kong (insurance activities), Thailand P&C, Indonesia L&S (excl. the bancassurance entity), China P&C, South Korea, and Asia Holdings which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C and Indonesia L&S (the bancassurance entity) which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income, (ii) Africa: Egypt (insurance activities and holding), Morocco (insurance activities and holding) and Nigeria (insurance activities and holding) which are fully consolidated, (iii) EME-LATAM: Mexico (insurance activities), Colombia (insurance activities), Brazil (insurance activities and holding) and Türkiye (insurance activities and holding) which are fully consolidated as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contributes only to the net income, (iv) AXA Mediterranean Holdings. ▪ Transversal & Other: includes AXA Assistance, Credit and Lifestyle Protection (CLP), AXA Liabilities Managers, AXA SA (incl. Group’s internal reinsurance activity) and other Central Holdings. ▪ AXA Investment Managers (until July 1, 2025): disposal to BNP Paribas completed on July 1, 2025. Unless otherwise specified herein, all comparative figures from 2023 onwards are presented under the IFRS17/9 accounting standards that became effective on January 1, 2023. Figures for financial periods prior to 2023 have not been restated under IFRS17/9 and are presented under IFRS4, the accounting standard in effect before the adoption of IFRS17/9 Unless specified otherwise in this presentation, all rankings or similar information regarding competitive positioning is based on internal assessments.
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152 AXA Group Investor Day | September 15, 2026 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 sheet. The book value per share was Euro 24.0 as of 31 December 2025 and Euro 24.5 as of December 2024. Book value per share CAGR is inclusive of dividends per share and exclusive of CTA (Currency Translation adjustment) movements from year end 2026 ▪ 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 the unearned profit to be recognized as services are provided to policyholders ▪ CSM release: a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing insurance services during the reporting period ▪ Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force ▪ Financial result: consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder’s equity, net of the insurance finance expenses (IFE) defined as the unwind of the present value of future cash flow ▪ G/A: General Account ▪ Gross Written Premiums and Other Revenues (GWP & Other Revenues): represent the insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. banking, services, and asset management activities) ▪ New Business Contractual Service Margin (NB CSM): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided ▪ New Business Value (NBV): the value of newly issued contracts during the current year. It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future profits of short- term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests ▪ New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP ▪ Operating variance: the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes. Operating variance is net of reinsurance ▪ Payout policy: This payout policy represents the current intention of the Board of Directors and is subject to the absence of any significant earnings or capital event. The annual implementation of the policy remains subject to the approval of the Board of Directors and AXA’s shareholders at the Annual Shareholders’ meeting. In exercising its discretion, the Board of Directors is expected to consider AXA’s earnings, financial condition, applicable capital and solvency requirements, prevailing operating and financial market conditions and the general economic and political environment. ▪ Present value of expected premiums (PVEP): represents the new business volume, equal to the present value at 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 ▪ Remittance ratio: defined as remittance from subsidiaries divided by previous year Group Underlying Earnings excluding contribution from Holdings ▪ Technical experience: consists the impacts on the underlying earnings if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii) the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses ▪ Underlying return on in-force: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance