Slides
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July 31 , 2026 Half Year 2026 Earnings Presentation
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GIE_AXA_Internal 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, and other information that is not historical information. 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 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. Undue reliance should not be placed on these and other forward-looking statements because, by their nature, they are subject to known and unknown risks and uncertainties, many of which are outside AXA’s control, and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Each forward-looking statement speaks only at the date of this presentation. Please refer to Part 5 - “Risk Factors and Risk Management” of AXA’s Universal Registration Document for the year ended December 31, 2025 (the “2025 Universal Registration Document”) for a description of certain important factors, risks and uncertainties that may affect AXA’s business and/or results of operations. AXA specifically disclaims and 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” and “debt gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015. AXA provides a reconciliation of such 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 Half-Year Financial Report as of June 30, 2026 (the “2026 Half-year 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 the 2025 Universal Registration Document. The 2026 Half-year Financial Report and the 2025 Universal Registration Document are available on the AXA Group website (www.axa.com). AXA’s half-yearly financial statements for the six months ended June 30, 2026, were examined by the Board of Directors on July 30, 2026, and were subject to a limited review by AXA’s statutory auditors, whose report was issued on July 31, 2026. Please see the Glossary for the definitions of terms used in this presentation and key qualifying information. Half Year 2026 Earnings 2
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GIE_AXA_Internal Table of contents 1. 1H26 Highlights p.04 Thomas Buberl, Group CEO 2. 1H26 Financial Performance p.08 Alban de Mailly Nesle, Group CFO A3 Half Year 2026 Earnings
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Thomas Buberl, Group CEO 1 1H26 Highlights
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GIE_AXA_Internal Half Year 2026 | Solid growth in earnings while building resilience 5 Half Year 2026 Earnings 1. Assuming no significant deterioration in current operating, pricing and market conditions. Confident to deliver UEPS growth, at the upper end of “Unlock the Future” target range1 Revenues vs. HY25 Underlying EPS vs. HY25 18% ROE HY26 Solvency II ratio HY26 +8%+5% 218%
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GIE_AXA_Internal An all-weather model: balanced engines of growth delivering consistent results through changing markets 6 Continued organic growth +5% top line growth P&C: 3%, Life & Health: 8% Sustained attractive profitability Life & Health earnings +11%, now more closely balancing P&C earnings growth at best-in-class margins Consistent earnings growth while enhancing reserve prudence Underlying earnings In Euro billion 1. Excluding AXA IM, following its disposal, completed on July 1st, 2025 Change for Gross written premiums at constant scope and FX and for underlying earnings at constant FX. Half Year 2026 Earnings HY25 HY26HY25 excl. AXA IM1 4.3 4.5 4.5 +9% +6% P&C +11% L&H
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GIE_AXA_Internal Strong delivery across all our businesses 7 Well-diversified & high-quality franchise with consistent execution Robust balance sheet supporting performance and resilience Confident in sustaining performance over time I I I Underlying earnings France (24% of total GWP1) +5% to €1.1bn Asia, Africa & EME-LATAM (16% of total GWP1) +7% to €0.9bn Europe (41% of total GWP1) +12% to €2.0bn +4% to €1.0bn AXA XL (17% of total GWP1) 1. HY26 gross written premiums excluding AXA IM, Holdings, AXA Assistance, CLP and AXA Liabilities Managers. Change for underlying earnings at constant FX. Half Year 2026 Earnings In Euro billion
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Alban de Mailly Nesle Group CFO 2 1H26 Financial Performance
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GIE_AXA_Internal 1H25 21.3 1.8 12.0 1H26 Commercial lines AXA XL Reinsurance Personal lines 34.1 35.1 +3% P&C | Volume growth in Personal lines in a conducive pricing environment, maintaining pricing discipline in Commercial lines In Euro billion GWP & Other Revenues 9 +1% Change o/w pricing1 o/w volume2 +1% +1% -9% -5% -4% +8% +4% +3% ▶ Continued growth with positive pricing in Mid-market and SME ▶ Disciplined cycle management at AXA XL with pricing down 1% ▶ Lower volumes, consistent with our focus on profitability in a softer market environment ▶ Strong growth in net new contracts (+2 million) in a conducive pricing environment Change at constant scope and FX. 1. Price effect. | 2. Includes exposure adjustments and mix & other effects. Half Year 2026 Earnings
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GIE_AXA_Internal P&C | Maintaining best-in class margins with 90.1% combined ratio 10 Combined ratio Nat Cat CY attritional loss ratio1 Expense ratio Prior year reserve development Discount ▶ Combined ratio increased by 10bps including Prima2 and 30bps excluding Prima ▶ Excl. Prima, the current year attritional loss ratio increased by 40bps reflecting the impact of losses in the Middle East (+40bps), with: o Improvement in margin in both Personal Lines (-0.2pt) and Commercial ex-XL (-0.5pt) o Increase in loss ratio at AXA XL Insurance (+1.1pts) from the impact of losses in the Middle East (+1.1pts) ▶ Excl. Prima, the expense ratio was stable reflecting lower non-commission expenses (-40bps) offset by higher commissions ▶ Low Nat Cat load and lower prior year reserve development reflecting prudent reserving -1.1% 3.5% 67.0% 24.5% -3.9% 1H25 -1.0% 3.5% 66.7% 24.9% -4.0% 1H26 90.0% 90.1% Half Year 2026 Earnings Change on a reported basis 1. Current year undiscounted loss ratio excluding Nat Cat. | 2. Please see Appendix for further information on impact of Pri ma. 67.3% excl. Prima 24.6% excl. Prima
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GIE_AXA_Internal P&C | Earnings growth from higher underwriting result 11 Underlying Earnings1 ▶ Higher underwriting result reflecting strong volume growth including the contribution of Prima ▶ Higher financial results from higher volumes and better reinvestment yields more than compensating the increase in unwind ▶ Unfavorable forex impact notably due to US Dollar depreciation vs. Euro2 In Euro million Change at constant FX 1. Prima contribution to P&C UE is €32 million with €92 million in underwriting result, € -32 million in taxes and €-28 million in minority interests reflected in Affiliates, FX & other. | 2. Average foreign exchange rate of 1H26 vs 1H25. Half Year 2026 Earnings 3,067 3,178 1H25 136 Underwriting result 102 Investment income -47 Insurance finance expenses 19 Tax -98 Affiliates, FX & other 1H26 +6%
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GIE_AXA_Internal Life & Health | Sustained revenue growth and strong net flows Life GWP & Other Revenues 1H25 1.0 1H26 19.1 20.4 9.1 5.2 5.1 +9% +6% +11% +17% Capital light G/A Traditional G/A -10% Protection Health Unit-Linked Capital light G/A Traditional G/A +3.4 +1.7 +0.9 +1.6 -2.9 Net flows: €+4.7bn vs. €+3.6bn in 1H25 Protection Unit-linked 12 Health GWP & Other Revenues 1H25 1H26 Group 10.1 10.8 5.8 4.9 +6% +8% +5% Individual Change at constant scope and FX. In Euro billion Half Year 2026 Earnings
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GIE_AXA_Internal Life & Health | Stable NBV with margins at attractive levels 13 NBV (post-tax) 1H25 1H26 25.4 26.9 16.9 4.7 4.3 +6% Protection & Health Unit-Linked Capital-light G/A PVEP Traditional G/A 1H25 1H26 1.2 1.1 -1% NB CSM (pre-tax) In Euro billion +5% +18% +8% -21% ▶ PVEP increased by 6%, driven by higher volumes in Savings across all geographies and short-term Health business, mainly in France ▶ NB CSM was up 0.5%, including the impact of interest rates (-2%), reflecting 3% growth in Life, offset by a decrease in Health from lower sales of high margin business in Japan ▶ NBV decreased by 1% to €1.1bn, as NB CSM growth was offset by less favorable mix in the short-term business (not included in NB CSM) Change at constant scope and FX. Half Year 2026 Earnings 1H25 1H26 1.2 1.1 +0.5% NBV margin 4.3%4.6% +3% excl. impact of interest rates
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GIE_AXA_Internal Life & Health | CSM growth driven by new business and positive operating variance FY25 New business CSM +0.7 Underlying return on in-force -1.5 CSM release -0.1 Economic variance Operating variance +0.1 Affiliates, FX & other 1H26 33.0 33.9 +1.1 +0.7 Normalized CSM growth +2%2 Contractual Service Margin roll-forward1 o/w Life 7.6 7.6o/w Health 25.4 26.3 14 ▶ Economic variance reflecting widening of government spreads ▶ Operating variance driven by better retention and better mix Change at constant scope and FX. 1. Life & Health CSM only, excl. P&C CSM | 2. On an annualized basis In Euro billion Half Year 2026 Earnings
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GIE_AXA_Internal Life & Health | Earnings growth driven by higher technical result and CSM release growth In Euro million 781 942 1H25 Technical result (incl. experience) CSM release Financial result Tax Affiliates, FX & other Tax & others CSM release Technical & financial results 1H26 -450 1,814 +151 +89 +21 -53 -69 1,955 1,428 1,463 -394 +11% Underlying Earnings 1.4 1.5 0.4 0.5 o/w Life o/w Health 15 Change at constant FX 1. Average foreign exchange rate of 1H26 vs 1H25. +4% vs. 1H25 +34% vs. 1H25 in billions ▶ Strong short-term technical result, with 130bps improvement in the combined ratio, reflecting pricing, underwriting and claims initiatives in Protection and Health ▶ Higher CSM release reflecting growth in reserves and higher margins that were recognized in the second half of 2025 ▶ Unfavorable forex impact from the depreciation of the Japanese Yen and Hong Kong Dollar vs. Euro1 Half Year 2026 Earnings
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GIE_AXA_Internal Underlying earnings per share growth at 8% 16 In Euro billion ▶ Strong performance from operating businesses ▶ Holdings cost flat vs 1H25 ▶ Non-repeat of unfavorable FX impact Change at constant FX for underlying earnings and net income. Change on reported basis for underlying earnings per share 1. Sale of AXA IM completed on July 1st, 2025. 1H25 1H26 2.03 2.19 +8% +4% from earnings growth +6% from capital management -3% from FX Underlying earnings per share In Euro Underlying earnings Net Income Half Year 2026 Earnings +9% excl. AXA IM1 HY25 HY26 Change Property & Casualty 3.1 3.2 +6% Life & Health 1.8 2.0 +11% Asset Management 0.2 0.0 n.m. Holdings & other -0.6 -0.6 - Underlying earnings 4.5 4.5 +4% Non-financial flows -0.1 -0.2 Financial flows (incl. RCG) -0.4 -0.2 Net income 3.9 4.2 +9%
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GIE_AXA_Internal Underlying ROE 16.0% 18.3% FY25 1H26 Net OCI SHE (excl. OCI) 47.2 44.7 -6.8 54.0 -7.1 51.8 Shareholders’ Equity 17 Debt gearing 22.3% 21.7% Shareholders’ equity1 In Euro billion 1. Shareholders’ equity Group share SHE (excl. OCI & undated subordinated debt) 49.4 48.0 Half Year 2026 Earnings FY25 Shareholders' equity 47.2 Change in Net OCI -0.3 Net income for the period 4.2 Dividend -4.7 Annual share buyback -1.3 Anti-dilutive share buyback following the sale of AXA IM -0.3 Undated subordinated debt (including interest charges) -0.9 Forex 0.8 Other 0.0 1H26 Shareholders' equity 44.7
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GIE_AXA_Internal Solvency II at 218% Eligible Own Funds (EOF) Solvency Capital Requirement (SCR) Solvency II ratio FY25 Jan 1st, 2026 1H26 56.4 -2.4 54.0 0.0 -0.1 -3.0 56.4 +0.4 +4.8 +0.4 FY25 Jan 1st, 2026 1H26 25.2 0.0 25.2 -0.1 0.0 0.0 25.8 +0.3 +0.4 +0.1 215% 218% In Euro billion 18 +2pts Regulatory & model changes +17pts Normalized capital generation 0pt Operating variance -4pt Economic variance & FX 0pt Management actions, debt & other Jan 1st, 2026 1H26 -12pts Dividend & annual share buy-back Ratio as of June 30, 2026 Interest rate +50bps Interest rate -50bps Corporate spreads +50bps Euro Sovereign spreads +50bps 1 Credit migration2 Listed Equity (excl. PE & Infra) +25% Listed Equity (excl. PE & Infra) -25% PE & Infra +25% PE & Infra -25% Inflation swap curve +50bps 218% 0 pt -1 pt -1 pt -1 pt +1 pt -7 pts -3 pts +14 pts -18 pts 1. Sensitivity to Euro sovereign spreads assumes a 50bps spread widening of the Euro sovereign bonds vs. the Euro swap curve (ap plied on sovereign and quasi-sovereign exposures). 2.Sensitivity to credit rating migration assumes 20% of corporate bonds (including private debt) held are downgraded by one f ull letter (3 notches) -5 pts Half Year 2026 Earnings 224% FY25 -10pts Impact of the end of the grandfathering period
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GIE_AXA_Internal Solid operational improvement across the businesses over the plan 19 Half Year 2026 Earnings Strong track record of execution Topline growth P&C margins2 L&H margins CSM release growth 3 Non-commission expense ratio 2024 2025 1H26 2% 8% 6% FY23 98.0% 1H26 96.4% FY23 98.9% 1H26 95.8% -1.6pts -3.1pts -40 bps 1H26 vs 2023 +7% CAGR1 over 2023-1H26 1. On a constant scope and FX, estimated on an annualized basis for 2026 using 1H26 figures. | 2. 1H26 Current year undiscounted combined ratio with normalized Cat load at 4.5%, excl. Prima, vs. reported FY23 CY undiscounted combined ratio. | 3. Growth on a constant scope and FX. FY23 adjusted for the impact of L&S reinsurance in -force treaties at AXA France and AXA Life Europe.
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Thomas Buberl, Group CEO Conclusion
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GIE_AXA_Confidential 21 On track to deliver “Unlock the Future” financial targets Half Year 2026 Earnings Cumulative cash remittance 2024-HY26 achievements >€21 billion 2024E-2026E Unlock the Future 2024-2026e targets Underlying earnings per share 6% to 8% CAGR 2023-2026E Underlying return on equity 14% to 16% 2024E-2026E On track Strong foundations for the new plan At the top end of the target range At the top end of the target range
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July 31 , 2026 Q&A Half Year 2026 Earnings
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GIE_AXA_Confidential September 15 AXA Investor Day Paris September 21 AXA Investor Roundtables London October 29 9M26 Activity Indicators Release Conference call AXA Investor Relations | Keep in touch Contact usMeet our management Investor Relations +33 1 40 75 48 42 investor.relations@axa.com Follow us www.axa.com 23 Half Year 2026 Earnings
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GIE_AXA_Internal Appendices
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GIE_AXA_Secret Table of contents 1. Debt and Invested Assets p.26 2. Prima impact mechanism p.35 3. Additional IFRS17 Disclosures p.37 4. Sustainability p.41 Half Year 2026 Earnings
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GIE_AXA_Internal 2026 2027 2028 2029 2030 2031-2039 0.5 > 2040 0.5 3.2 Undated 2.4 0.7 2.0 0.9 1.5 7.0 0.7 Economic maturity breakdown3 Gross financial debt and maturity breakdown as of June 30, 2026 Gross financial debt1 Contractual maturity breakdown Debt gearing 22.3% 21.7% 2026 2027 0.5 2028 2029 0.9 2030 2031-2039 0.5 ≥2040 0.60.7 3.2 Undated 1.5 11.4 FY25 3.2 Jan 1st, 20262 End of the grandfathering period 3.2 HY26 20.3 20.3 19.4 3.5 12.2 4.6 5.8 11.3 4.0 12.1 Tier 1 Tier 2 Senior debt In Euro billion 1. Nominal debt. | 2. €2.4bn debts that lost eligibility for Solvency II purposes on 1st January 2026 are presented as senior debt . | 3. Economic maturity is taking into account the first date of step up calls on institutionally placed subordinated debt. For Solvency II RT1 debt, which has no step -up, the undated nature of the instrument is retained for t he purpose of this chart. This should not be construed, nor relied upon, as an indication that the instrument will not be called for redemption when callable. Such a decision will depend on several factors, including our capital and liquidity position and the refinancing economics at the prevailing time. 26 Half Year 2026 Earnings Senior debt Tier 2 Tier 1 Senior debt Tier 2 Tier 1
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GIE_AXA_Internal General Account Invested Assets 27 Duration gap -0.4y Half Year 2026 Earnings 1. Please note Real Estate is shown at Gross Asset Value of €40bn (Net Asset Value of €33bn). General account invested assets as of HY26 (in Euro billion) Fair Value Asset allocation Participating Fixed income 346 76% 59% Government bonds 162 36% 66% Public Credit 136 30% 54% Private Credit 48 10% 51% o.w. investment grade 35 8% o.w. below investment grade & non-rated 13 3% Total return assets 87 19% 65% Real Estate & Infra Equity 51 11% 63% Listed & Private Equity 29 6% 71% Hedge Funds 7 2% 48% Cash & Cash Equivalent 19 4% 62% Policy loans 2 0% 51% General Account Assets 454 100% 60% 1
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GIE_AXA_Internal By category 51% 20% 10% 10% 5% 4% 1. Fixed Income 47% 39% 14% Euro 346 billion 23% 24%30% 17% 5% 1% AAA AA A BBB BIG NR European Union USA Switzerland UK Japan ROW By ratingBy geography Euro 346 billion Euro 346 billion Government Bonds Public Credit Private Credit Half Year 2026 Earnings 28
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GIE_AXA_Internal 13% 10% 9% 7% 11%6% 5% 6% 5% 9% 13% 3% 3% 1.1. Government bonds 27% 27% 31% 11% 3% Supranational USA Switzerland Japan France Germany Italy Netherlands Spain UK Belgium Other UE ROW Euro 162 billion 1. Government bonds rated BBB and below-investment-grade (BIG) comprise €11bn and €5bn, respectively, of bonds held by local ent ities in their domestic currency, primarily to match insurance liabilities in those markets. Euro 162 billion By rating1 By geography AAA AA A BBB BIG NR Half Year 2026 Earnings 29
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GIE_AXA_Internal 1.2. Public credit 30 60%14% 7% 19% Euro 136 billion Corporate Bonds1 Covered Bonds Agency RMBS CLO / ABS 26% 16% 36% 20% 2% AAA AA A BBB BIG NR Euro 136 billion 39% 17% 11% 10% 7% 5% 3% 3% 3% 2% 1% Euro 82 billion • ca.€24bn CLOs, 100% rated AAA-A and 90% AAA- AA • Mainly Mark to Market (Level 1 and 2 under IFRS) • ca. 30% subordination on average • 75% Europe and 25% US 42% 7%6% 33% 10%2% EU Switzerland UK US Japan ROW 1. Corporate bonds rated BBB and below -investment-grade (BIG) comprise €8bn and €1bn, respectively, of bonds held by local entit ies in their domestic currency, primarily to match insurance liabilities in those markets By geography Corporate bonds by industry By rating1 Euro 136 billion CLO/ABS Half Year 2026 Earnings Financials Consumer non-cyclical Utilities Communications Industrial Consumer cyclical Basic materials Technology Covered Energy Other
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GIE_AXA_Internal 53% 20% 7% 19% 1% 1.3. Private Credit 35% 9%29% 23% 4% AAA AA A BBB BIG NR European Union Switzerland UK USA Japan ROW Euro 48 billion Euro 48 billion • Strong diversification with €7m average ticket size • Mainly through dedicated funds incl. SMAs • Strict underwriting guidelines (senior secured, covenants, restrictions on asset sale and sector allocation) • 55% Europe and UK, 39% North America 34% 35% 9% 20% 2% Euro 48 billion • €6bn Dutch mortgages with NHG guaranty • €11bn self originated mortgages: • €7bn in Switzerland with 55% LTV • €4bn in Germany with 45% LTV • Infra debt (€8bn): • Resilient industries: 35% telecom, 28% utilities, 19% transport • Europe only • CRE (€7bn) • Senior CRE (€4bn) with c. 55% average LTV: 31% logistics, 17% office, 14% residential, 11% retail • Self-originated IG CRE (€3bn) • US & Europe developed markets only By geographyBy rating Mortgage loans Asset backedMid market lending Half Year 2026 Earnings Mortgages Asset backed (CRE, infra & other) Fund financing Mid-Market lending Other 31
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GIE_AXA_Internal 1.4. Fixed income reinvestment 32 HY26 Fixed income reinvestment YieldHY26 Fixed Income Reinvestment ▶ Euro 31 billion fixed income invested at 4.2% ▪ Average duration of 6 years ▪ Gradual shift from alternative total return assets to Private credit and CLOs Government bonds (26%) - Average rating A+ Public Credit (62%)- Average rating A- Private Credit (21%) Euro 31 billion Half Year 2026 Earnings Government Bonds Public credit Private credit Total fixed income 3.6% 4.0% 6.5% 4.2%
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GIE_AXA_Internal 46% 21% 13% 12% 8% Euro 87 billion 2. Total return assets – Focus on Real Estate1 and Private Equity 32% 23% 16% 12% 16% Euro 40 billion Office Residential Industrial & logistic Retail Others 26% 10% 4% 5%13% 12% 7% 5% 5% 5% 3% 4% Real Estate By typeBy geography Private Equity Euro 40 billion 26% 17% 14% 12% 10% 8% 7% 4% 3% Financial services Information Technology Healthcare Industrials Diversified Consumer discretionary Consumer staples Communication Other By sector 36% 43% 9% 7% 5% European Union USA UK Japan Other By type 8% 83% 10% Buyout Venture Impact By geography Euro 18 billion Euro 18 billion Euro 18 billion Half Year 2026 Earnings Real Estate1 Private Equity Listed Equity Infra Equity Hedge fund France Germany Spain Belgium Italy Netherlands Switzerland USA UK Japan Supranational ROW 33 1. Please note Real Estate is shown at Gross Asset Value of €40bn (Net Asset Value of €33bn).
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GIE_AXA_Secret Table of contents 1. Debt and Invested Assets p.26 2. Prima financials p.35 3. Additional IFRS17 Disclosures p.37 4. Sustainability p.41 Half Year 2026 Earnings
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GIE_AXA_Internal Premium recapture Estimated recapture in 2026 (in % of total gross written premiums) P&C | Further details on Prima 35 Prima P&L In Euro million, in % Contribution of Prima in HY26 as MGA HY26 disclosures Estimated Proforma 1H261 on an insurance look through basis Gross written premiums and revenues 337 1,141 Insurance revenues 288 975 All Year Undiscounted Loss Ratio - 67.3% Expense Ratio 67.9% 20.1% Combined Ratio 67.9% 87.5% Technical Margin Pre-tax 92 122 c.40-45% FY26e 1. Estimated proforma with insurance look through, as of June 30th, 2026. The recaptured business is also expected to generate investment income.
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GIE_AXA_Secret Table of contents 1. Debt and Invested Assets p.26 2. Prima impact mechanism p.35 3. Additional IFRS17 Disclosures p.37 4. Sustainability p.41 Half Year 2026 Earnings
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GIE_AXA_Internal P&C | Focus on Reserves 1H26 reserve ratios impacted by FX movements and strong growth in net earned premiums Claims reserves ratio (Net undiscounted claims reserves/Net earned premiums) Technical reserves ratio (Net undiscounted technical reserves1/Net earned premiums) 179% 185% 193% 188% 189% 198% 195% 180% 175% 172% FY18 FY19 FY20 FY21 FY22 FY22 FY23 FY24 FY25 1H26 213% 227% 233% 226% 227% 234% 232% 216% 210% 213% FY18 FY19 FY20 FY21 FY22 FY22 FY23 FY24 FY25 1H26 IFRS4 IFRS17 IFRS4 IFRS17 37 1. Includes undiscounted liabilities for incurred claims, liabilities for remaining coverage and risk adjustment, net of reinsurance . Half Year 2026 Earnings
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GIE_AXA_Secret P&C | Margin Analysis Technical Result In Euro million (pre-tax) Financial Result In Euro million (pre-tax) + + 38 Changes versus 1H25 at constant FX 1. Reinvestment yield on fixed income assets Half Year 2026 Earnings + 1H26 Change Investment Income 2,122 +102 1H26 Average Assets €120bn Asset book yield 3.6% 1H26 Reinvestment yield1 4.4% 1H26 Change Insurance Finance Expenses -760 -47 1H26 Reserves at locked-in rate €74bn Liability book yield 2.0% 1H26 Change Current Accident Year Undiscounted Technical Margin 1,451 +51 Gross Earned Premiums 29,742 +6% Current Accident Year Undiscounted Combined Ratio 95.1% +0.1pt o/w Nat Cats 3.5% 0.0pt 1H26 Change Current Accident Year Discounting 1,193 +130 Discounting Ratio (in Combined Ratio points) -4.0% -0.2pt Current Accident Year Net Claims reserves €11.4bn Duration 3.9 years Current Accident Year Discount rate 3.0% 1H26 Change Prior Years' Reserve Development (PYD) 289 -45 PYD ratio -1.0% +0.2pt 1H26 Change Underlying Earnings before tax 4,295 +191 Tax -1,030 +19 Affiliates, Minority interests & Other -87 -24 Underlying Earnings 3,178 +186 Growth vs. 1H25 (at constant FX) +6%
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GIE_AXA_Internal L&H | Margin Analysis + + + Technical Result In Euro million, pre-tax Financial Result In Euro million, pre-tax 39 Changes versus 1H25 at constant FX 1. Reinvestment yield on fixed income assets. Half Year 2026 Earnings 1H26 Change Short-term Technical Margin 391 +146 Gross Earned Premiums 9,330 +10% All Year Combined Ratio 95.8% -1.3pts 1H26 Change Long-term Technical Margin 1,437 +95 CSM release 1,463 +89 Technical experience -26 +6 1H26 Change Underlying Earnings before tax 2,404 +262 Tax -497 -53 Affiliates, Minority interests & Other 48 -16 Underlying Earnings 1,954 +193 Growth vs. 1H25 (at constant FX) +11% 1H26 Change Investment Income (non-VFA only) 1,321 +26 1H26 Average Assets €95bn Asset book yield 2.8% 1H26 Reinvestment yield1 4.1% Change Insurance Finance Expenses (non-VFA only) -743 -5 1H26 Reserves at locked-in rate €60bn Liability book yield 2.5%
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GIE_AXA_Secret Table of contents 1. Debt and Invested Assets p.26 2. Prima impact mechanism p.35 3. Additional IFRS17 Disclosures p.37 4. Sustainability p.41 Half Year 2026 Earnings
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GIE_AXA_Internal Sustainability Performance & Ratings 2026 ESG Risk Rating: 17.0– Low risk 2026 percentile: 97th 1 in Dow Jones Best-in-Class Europe & World indices 2025 score: B 2025 score: AAA 2026 score: 4.2/5 in FTSE4Good Index Series 1. The CSA ranking is a key performance indicator for AXA Group, used to calculate the grant of Long-Term Incentives (more precisely AXA Restricted Shares). Results as of February 6th, 2026 Half Year 2026 Earnings
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July 31 , 2026 Thank You Half Year 2026 Earnings
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GIE_AXA_Internal Scope ▪ France: includes insurance activities, banking activities and holding ▪ Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium and Luxemburg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities and holding), Italy (insurance activities), Prima (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 for going back to 2023 are 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 applicable accounting standard that preceded the implementation of IFRS17/9 43 Half Year 2026 Earnings
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GIE_AXA_Internal Glossary ▪ Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0% ▪ Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing 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 ▪ 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 ▪ 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 ▪ 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 44 Half Year 2026 Earnings