AXA : 1Q24 Activity indicators

AXA achieved a very good performance in the first quarter of 2024. We delivered strong organic revenue growth across the Group, consistent with our new strategic plan presented earlier this year. The Group also continued to operate with strong capital levels with a Solvency II ratio at 229% at the end of March, reflecting our capital generation capacity.

In P&C Commercial lines, which is our largest business, premiums were up 7% from higher volumes reflecting attractive positioning and a positive initial contribution from growth initiatives. Pricing momentum remains favorable at both AXA XL and European entities. P&C Personal lines premiums grew 6% reflecting strong pricing actions, notably in the UK and Germany. Health revenues were up 7% from targeted growth in Employee Benefits, leveraging our proprietary pricing assets and service proposition to drive higher pricing across the portfolio, notably in the UK. Life revenues were up 6% driven by Unit-Linked sales from successful commercial campaigns across our distribution networks and good dynamics for capital-light products in Asia.

Today the Group also announced**** a reinsurance agreement for a Savings portfolio at AXA Life Europe and an agreement to terminate the previously announced sale of a closed life and pensions portfolio at AXA Germany. The Group does not expect any impact on the financial targets announced as part of its new strategic plan from these announcements.

The Group remains committed to helping create a more sustainable and responsible world. We have updated the AXA for Progress Index*****, which measures and monitors the Group's sustainability performance, increasing our ambition across underwriting, investment, and the Group's own operations.

We are confident in our strategy and focused on the execution and delivery of our new strategic plan targets. We have an attractive and highly diversified business model that is built to deliver predictable earnings growth. I would like to thank all our colleagues, agents, and partners for their commitment and support, as well as our clients for their continued trust.