AXA publishes today its 1Q 2023 Activity Indicators.

KEY HIGHLIGHTS

1Q23 key highlights

Key figures (in Euro billion, unless otherwise noted)

Total gross written premiums and other revenues1were up 1%, driven by (i) Property & Casualty (+6%), with growth in5Commercial lines2(+7%) from continued favorable price effects as well as higher volumes notably across AXA XL and Europe, and in Personal lines (+4%), driven by favorable6price effects7, partly offset by Nat Cat exposure reduction at AXA XL Reinsurance(-2%).This was partly offset by (ii) Life & Health (-4%),with Life down 4% from lower premiums in Savings(-9%)mainly in Italy and France reflecting challenging market conditions, partly offset by growth in Protection (+2%), and Health down 5% following thenon-renewalof two large legacy international Group contracts, and

1. Asset Management(-4%) from lower management fees, reflecting a lower average asset base due to unfavorable market conditions.

Solvency II ratio3 was 217% as of March 31, 2023, up 2 points versus December 31, 2022, mainly from

1. a strong operating retu(+7 points) net of accrued dividend for 1Q23 (-4 points), (ii) management actions (+5 points) to further narrow the duration gap, partly offset by (iii) regulatory and model changes (-6 points) mainly from the combined impact of the change in the EIOPA reference portfolio and the IBOR transition, partly compensated by other model changes. There was no net impact from financial markets as lower interest rates were offset by higher equity markets and lower implied volatility.

The Group now expects Solvency II normalized operating capital generation8 of 25 to 30 points in 2023, reflecting greater alignment of underlying earnings with Solvency II capital generation and the impact of lower required capital at the end of 2022.

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LINES OF BUSINESS

Property & Casualty

Gross written premiums & other revenues were up 6% to Euro 18.6 billion.

• Commercial lines premiums increased by 7% to Euro 11.5 billion, driven by (i) Europe (+7%) both from favorable price effects and higher volumes across all countries, (ii) AXA XL Insurance (+4%) reflecting reacceleration of pricing across most lines of business and higher volumes in Property and Specialty lines, partly offset by lower premiums in North America Professional lines and continued underwriting discipline in International Casualty, (iii) Asia, Africa & EME-LATAM (+31%) mostly driven by Turkey from favorable price effects, and (iv) France (+6%) from favorable price effects.
• Personal lines premiums increased by 4% to Euro 5.9 billion, resulting from higher premiums in Motor (+6%), mostly from favorable price effects across all countries, with the exception of Switzerland, where pricing is stable, and in Non-Motor (+2%), from favorable price effects, in particular in Europe, partly offset by lower volumes.
• AXA XL Reinsurance premiums decreased by 2% to Euro 1.2 billion, driven by lower premiums in Property Cat reflecting reduction in exposure, in line with the Group's strategy, partly offset by strong price increases. Casualty and Specialty premiums were higher, mostly from favorable price effects.

Group natural catastrophe experience in the first quarter of 2023 was in line with expectations.

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LINES OF BUSINESS

Life & Health

Gross written premiums & other revenues were down 4% to Euro 12.8 billion.

• Life premiums decreased by 4% mainly due to lower premiums in Unit-linked(-17%) reflecting challenging market conditions, notably in France and Italy, and lower sales of traditional G/A9 products (-21%) in line with the Group's strategy. This was partly offset by continued success of capital-light Eurocroissance product in France, as well as growth in Protection (+2%), notably in Japan and Switzerland.
• Health premiums decreased by 5% following the non-renewal of two large legacy international Group contracts. Excluding the impact of those two large contracts, Health premiums increased by 7%, with continued growth across all geographies.

Present value of expected premiums (PVEP)5,6 was down 17% to Euro 11.7 billion, driven by (i) Life (-18%) from G/A Savings, in line with the Group's strategy, as well as from Protection, notably reflecting higher interest rates, and by (ii) Health (-12%) also from higher interest rates.

Total NBV5,6 was down 11% to Euro 0.7 billion. NB CSM5,6,10 on a pre-tax basis, was down 4% to Euro 0.6 billion, primarily driven by Life (-5%) from Protection (-13%), notably as a result of higher interest rates impacting the present value of future profits, and Unit-linked(-30%) from lower volumes in France and Italy, partly offset by G/A Savings (+64%) reflecting a favorable mix, notably with a higher share of Eurocroissance, and Health (+2%) mainly from Switzerland reflecting higher pricing.

NBV margin5,6 was up by 0.4 point to 5.6%, reflecting improved underlying new business profitability. This was driven by higher margins in G/A Savings reflecting a higher share of Eurocroissance, as well as in Health from the non-renewal of two large legacy international Group contracts.

Net flows5 amounted to Euro -0.7 billion, driven by (i) G/A Savings (Euro -2.8 billion) reflecting outflows in traditional G/A across all geographies, in line with the Group's strategy. This was partly offset by (ii) Protection (Euro +1.6 billion), mostly in Asia, Switzerland and France, (ii) Health (Euro +0.4 billion), mainly from Germany and Asia, and (iii) Unit-Linked (Euro +0.1 billion), mostly in France.

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LINES OF BUSINESS

Asset Management

Average assets under management11 decreased by 7% to Euro 736 billion, reflecting unfavorable market effects.

Asset Management net inflows amounted to Euro +1 billion, with strong inflows from third-party clients (Euro +5 billion) notably in AXA IM Core (Euro +3 billion) and AXA IM Alts (Euro +2 billion), partially offset by net outflows from AXA Insurance companies (Euro -3 billion).

Asset Management revenues decreased by 4% at Euro 0.4 billion, mainly driven by lower management fees reflecting a lower average asset base, partly offset by higher transaction fees.

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