Press release 1Q Activity Indicators(05/02/2024)

KEY HIGHLIGHTS

1Q24 key highlights

Key figures (in Euro billion, unless otherwise noted)

Total gross written premiums and other revenues1were up 6%, driven by (i) Property & Casualty (+7%), with growth in Commercial lines2(+7%) from favorable price effects6across most geographies as well as higher volumes, notably in Europe and at AXA XL Insurance, in Personal lines (+6%), primarily driven by favorable price effects in Motor, notably in Germany and the UK, reflecting measures to restore profitability, and at AXA XL Reinsurance (+9%), from favorable price effects and higher volumes, (ii) Life & Health (+6%), with Life premiums up 6%, driven by G/A7Savings (+10%) andUnit-Linkedproducts (+8%) following a recovery in Italy and good dynamics in France, as well as Protection (+3%), and with Health premiums up 7%, thanks to strong growth across most geographies, both in Individual and Group businesses, and (iii) Asset Management (+3%), mainly driven by higher management fees reflecting an increase in average assets under management.

Solvency II ratio3 was 229% as of March 31, 2024, up 2 points versus December 31, 2023, resulting from (i) a strong operating retu(+7 points), net of accrued dividend and annual8 share buy-back for 1Q24 (-5 points), (ii) favorable impact from financial markets (+2 points), primarily reflecting higher equity markets, and (iii) the impact of a Restricted Tier 1 issuance9, net of cash tender offers for two series of subordinated notes10 (+1 point), partly offset by (iv) a negative impact from regulatory changes (-3 points).

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LINES OF BUSINESS

Property & Casualty

Gross written premiums & other revenues were up 7% to Euro 19.8 billion.

• Commercial lines premiums increased by 7% to Euro 12.1 billion, driven by (i) AXA XL Insurance (+6%) reflecting favorable pricing and higher volumes in Property and Casualty combined with the renewal of a multi-year fronting deal, (ii) Asia, Africa & EME-LATAM (+33%) mostly driven by high price effects in Türkiye, (iii) Europe (+5%) both from favorable price effects and higher volumes, and (iv) France (+4%) mostly from favorable price effects.
• Personal lines premiums increased by 6% to Euro 6.4 billion, driven by favorable price effects in both Motor and Non-Motor. This was partly offset by lower volumes and a change in business mix in Motor in Europe notably as a result of underwriting measures in the UK.
• AXA XL Reinsurance premiums increased by 9% to Euro 1.3 billion, driven by favorable price effects in Property and Casualty, as well as higher volumes in Specialty.

Group natural catastrophe experience in the first quarter of 2024 was below the prorated annual budget. The annual natural catastrophe11 budget of ca. 4.5 points of combined ratio12 is maintained.

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LINES OF BUSINESS

Life & Health

Gross written premiums & other revenues were up 6% to Euro 13.8 billion.

• Life premiums increased by 6% to Euro 9.0 billion, driven by (i) capital-light G/A Savings products (+19%), notably in Japan from strong sales of a single premium whole-life product and in Italy from the successful launch of a new product, (ii) Unit-Linked (+8%) from successful commercial initiatives in both Italy and France and (iii) Protection (+3%), notably in Asia from both Japan and Hong Kong and in Europe mostly from Switzerland, partly offset by (iv) lower sales of traditional G/A products (-14%), in line with the Group's strategy.
• Health premiums increased by 7% to Euro 4.8 billion, primarily driven by favorable price effects both in Group and Individual businesses, notably in France, in Europe across all countries, and in Asia, Africa & EME-LATAM, particularly in Mexico and Türkiye.

Present value of expected premiums (PVEP)1,13,14 was up 14% to Euro 13.0 billion, driven by the favorable impact of lower interest rates, notably in France and Switzerland, and higher volumes in Life, particularly in Asia.

NBV(post-tax)1,13,14 was up 6% to Euro 0.7 billion. NB CSM(pre-tax)13,14,15 was up 1% to Euro 0.6 billion, driven by higher volumes in G/A savings in Japan and the favorable impact of lower interest rates in Protection, partly offset by unfavorable model changes in G/A savings in France implemented at year-end 2023. Other NBV excluding NB CSM(pre-tax) was up 17% to Euro 0.2 billion, mainly driven by Protection in France, partly reflecting the benefit of model changes implemented at year-end 2023.

NBV margin1,13,14 decreased by 0.4 point to 5.1%, mainly reflecting the unfavorable impact of lower interest rates and model changes implemented at year-end 2023.

Net flows14 amounted to Euro 0.7 billion, driven by (i) Protection (Euro +1.6 billion), mainly in Asia, Switzerland, and France,

1. Health (Euro +0.8 billion), mainly in Germany and France. This was partly offset by (iii) G/A Savings (Euro -1.4 billion) reflecting outflows in traditional G/A across most geographies, in line with the Group's strategy, as well as (iv) Unit-Linked (Euro -0.4 billion), primarily in Italy and France.

Actuarial and financial assumptions used for the calculation of NBV and PVEP are updated on a semi-annual basis at half year and full year. Model changes implemented at year-end 2023, therefore, are not reflected in 1Q23 reported figures.

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LINES OF BUSINESS

Asset Management

Average assets under management16 increased by 2% to Euro 750 billion, reflecting favorable market effects and positive net flows.

Asset Management net flows amounted to Euro +6 billion, with positive net flows from third-party clients (Euro +3 billion) in AXA IM Core (Euro +2 billion) and AXA IM Alts (Euro +1 billion), primarily in Real Estate, and from Asian JVs (Euro +3 billion).

Asset Management revenues increased by 3% to Euro 0.4 billion, mainly driven by higher management fees due to an increase in average assets under management.

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RATINGS AND GLOSSARY

Ratings

Glossary

• Asset Management net flows: Net inflows represent inflows of client money less outflows of client money. Net inflows are used by the Management to measure the impact of sales efforts, product attractiveness (mainly dependent on performance and innovation), and the general market trend in investment allocation.
• Assets under management ("AuM"): the assets the management of which has been delegated by their owner to an asset management company such as AXA Investment Managers. AuM only include funds and mandates that generate fees and exclude double counting.
• Average assets under management ("Average AuM"): an annual measure of the assets during the period, taking into account net flows, market effect and foreign exchange to compute the year-to-date average. They also exclude assets held in joint venture companies which are consolidated under the equity method.
• Capital-LightG/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 the asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.
• Gross Written Premiums & Other Revenues: 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 Business newly issued contracts during the period, carried by Life entities, considering expected renewals, and (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.

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GLOSSARY

• New Business Value Margin ("NBV Margin"): the ratio of (i) New Business Value representing the value of newly issued contracts during the current year to (ii) PVEP.
• Present Value of Expected Premiums ("PVEP"): the new business volume, equal to the present value at the 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.

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SCOPE AND EXCHANGE RATES

Scope

France: includes insurance activities, banking activities and holding.

Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium (insurance activities and holding) and Luxembourg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities), Italy (insurance activities), and AXA Life Europe (insurance activities). AXA XL: includes insurance and reinsurance activities and holding.

Asia, Africa &EME-LATAM: includes (i) insurance activities and holding in Japan, insurance activities in Hong Kong, Thailand P&C, Indonesia L&S (excluding the bancassurance entity), China P&C, South Korea, and Asia Holding which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, and Indonesian L&S businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income, (ii) Morocco (insurance activities and holding) and Nigeria (insurance activities and holding) which are fully consolidated,

1. Mexico (insurance activities), Colombia (insurance activities), Türkiye (insurance activities and holding) and Brazil (insurance activities and holding) which are fully consolidated, as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contribute only to the underlying earnings and net income, and (iv) AXA Mediterranean Holding.
   Transversal & Central Holdings: includes AXA Assistance, AXA Liabilities Managers, AXA SA. and other Central Holdings.
   AXA Investment Managers: includes AXA Investment Managers, Architas, Capza, and Asian joint ventures accounted for under the equity method.

Exchange rates

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ABOUT THE AXA GROUP

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. 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, 2023 ("2023 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 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 press release 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 retuon 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 2023 Universal Registration Document, on the pages indicated under the heading "Cautionary statement regarding forward-looking statements and the use of non-GAAP financial measures". For further information on the above-mentioned and other non-GAAP financial measures used in this press release, see the Glossary of the 2023 Universal Registration Document.

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