9M26 Activity Indicators

9M26 highlights

• Gross written premiums & other revenues1 up +5% vs. 9M25 to Euro 93.0 billion
• Property & Casualty premiums up +3% to Euro 48.1 billion
• Retail premiums up +7% with +4% from price effects and +3% from volumes
• Commercial2 premiums up +1%, with +4% in Commercial ex-XL and -1% at AXA XL Insurance
• Life & Health premiums up +7% to Euro 44.8 billion, with each of Life and Health up +7%
• Life & Health NB CSM up +1% and net flows of Euro +6.0 billion
• Solvency II ratio3 at 213% as of September 30, 2026, down -5 points vs. June 30, 2026, reflecting resilience in a volatile environment

Outlook

For 2026, the Group reaffirms that it expects underlying earnings of circa Euro 8.6 billion4 with underlying EPS growth at the top end of the plan target range of 6-8%4 and underlying return on equity at the top end of the plan target range of 14-16%.4