Slide 1: Half Year 2021 Appendices
Half Year 2021 Appendices August 2, 2021 GIE_AXA_Secret
Slide 2: Important legal information and cautionary statements
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, tr
Slide 3: Table of contents
Table of contents 1. Gross financial debt B.04 2. Solvency II B.05 3. Investment portfolio B.08 4. Additional P&C disclosure B.20 5. Margin analysis B.27 6. Corporate Responsibility B.31 B3 Half Year 2021 Earnings | Appendices | August 2, 2021 GIE_AXA_Secret
Slide 4: Gross financial debt – Long-term maturities
Gross financial debt – Long-term maturities In Euro billion Contractual maturity breakdown Gross financial debt 0.3 Debt 0.8 26.8% 27.6% gearing 8.1 17.8 16.6 6.6 1.1 6.6 0.4 0.5 6.6 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031- ≥2040 Undated 2039 10.4 Economic maturity breakdown 9.2 0.8 0
Slide 5: Table of contents
Table of contents 1. Gross financial debt 2. Solvency II 3. Investment portfolio 4. Additional P&C disclosure 5. Margin analysis 6. Corporate Responsibility B5 Half Year 2021 Earnings | Appendices | August 2, 2021 GIE_AXA_Secret
Slide 6: Solvency II ratio
Solvency II ratio Solvency II ratio1 Key sensitivities In Euro billion 200% 212% Ratio as of June 30, 2021 212% Interest rate +50bps +10 pts 55.0 60.2 Interest rate -50bps -14 pts Corporate spreads +50bps 0 pt 27.5 28.4 Available capital Euro Sovereign spreads +50bps2 -13 pts Required capital Credit
Slide 7: Solvency II required capital
Solvency II required capital Split by Risk, Geography & Business Required capital by risk Required capital by business Required capital by geography 1H21 FY201 FY201 Asset Management Asset Management & Operational & Banking Belgium Property Banking Counterparty Central Holdings 5% 5% & Casualty Inte
Slide 8: Table of contents
Table of contents 1. Gross financial debt 2. Solvency II 3. Investment portfolio 4. Additional P&C disclosure 5. Margin analysis 6. Corporate Responsibility B8 Half Year 2021 Earnings | Appendices | August 2, 2021 GIE_AXA_Secret
Slide 9: General Account Invested Assets
General Account Invested Assets Invested assets (100%) 1H21 Total General Account 1H21 % In Euro billion invested assets Fixed income 435 79% Duration gap at ca. 0.3 year o/w Govies and related 235 43% o/w Corporate bonds 153 28% 1 o/w Other fixed income 47 9% Real Estate 37 7% Euro Listed equities
Slide 10: Government bonds and related
Government bonds and related 43% Gross1 unrealized capital Breakdown by rating Breakdown by geographical exposure gains and losses In Euro billion France 22% 51.4 Japan 14% AAA (23%) Italy 9% AA (43%) Germany 9% 38.9 A (21%) Euro Belgium 8% United States 6% BBB (11%) 235 Supernational 6% Non rated (
Slide 11: Corporate bonds
Corporate bonds 28% Gross2 unrealized capital Breakdown by rating1 Breakdown by industry gains and losses In Euro billion Banks 37% 12.3 Consumer, Non-cyclical 14% AAA (16%) Industrial 8% AA (9%) Utilities 8% 9.2 A (29%) Euro Communications 7% 153 Financial 7% BBB (39%) billion Energy 5% Below Inves
Slide 12: Other Fixed Income
Other Fixed Income 9% Asset Backed Securities Mortgage loans Breakdown by asset type1 and ratings 1H21 market value by entity CLO (96%) US subprime, Alt A AAA 60% Switzerland (39%) & NC RMBS (1%) AA 24% Very secured portfolio: Euro A 10% Germany (28%) Prime RMBS (1%) Market value3 1H21 default rate
Slide 13: Real estate investments
Real estate investments 7% Breakdown by Geography Breakdown by type and geography France (30%) France Switzerland Germany Belgium Other Total Switzerland (14%) Office 9% 7% 5% 5% 11% 38% Germany (13%) Residential 6% 6% 1% 0% 8% 21% Belgium (7%) Retail 9% 0% 2% 2% 2% 14% Market value1 Others 6% 1% 6%
Slide 14: Listed equity portfolio
Listed equity portfolio 4% Breakdown by asset domiciliation Breakdown by industry Gross1 unrealized capital gains and losses In Euro billion Consumer, Non-cyclical 24% US (25%) Industrial 15% 6.3 France (23%) Consumer, Cyclical 11% Technology 11% 5.4 Japan (5%) Financial 9% Switzerland (5%) Euro Com
Slide 15: Private Equity and Hedge Funds
5% Private Equity and Hedge Funds Private Equity Hedge Funds Breakdown by Portfolio breakdown asset domiciliation Alternative credit Short dated carry 75% Deep value credit 15% Expertise Relative value credit 6% Real asset cash flow 4% Buy-out 58% Infrastructure 28% Multi-Strategy Euro Mezzanine 9%
Slide 16: Focus on net unrealized capital gains
Focus on net unrealized capital gains In Euro billion 1H21 Net unrealized capital gains on Balance sheet net unrealized capital gains1 government bonds and related, by AXA geographies 22.6 3.9 3.4 18.6 4.1 3.9 2.7 3.0 1.8 15.1 1.1 11.8 0.9 0.8 0.7 FY20 1H21 France Germany Belgium Switzerland Japan E
Slide 17: Investment portfolio | Fixed Income reinvestment
Investment portfolio | Fixed Income reinvestment 1H21 Fixed Income reinvestment 1H21 Fixed Income reinvestment yield 2.3% 1.3% 0.9% Euro 24 billion3 Core fixed Alternative Group fixed income fixed income income ▶ Euro 24 billion fixed income invested at 1.3% Government bonds & related (42%) - Averag
Slide 18: Investment portfolio | P&C and L&S Yield
Investment portfolio | P&C and L&S Yield P&C yield1 L&S yield2 L&S investment margin2 -23 bps -5 bps 2.8% 2.8% 2.7% 69 bps 69 bps 2.6% 1H20 1H21 1H20 1H21 1H20 1H21 1. P&C gross asset yield excluding Health B18 Half Year 2021 Earnings | Appendices | August 2, 2021 2. L&S Group yield and investment m
Slide 19: Investment portfolio | Life & Savings - Asset & Liability management
Investment portfolio | Life & Savings - Asset & Liability management Inforce New Business 1H21 Yield 1H21 L&S 1H21 Reinvestment 1H21 L&S Spread above Spread above on total L&S average yield on L&S average guarantee guarantee asset base guaranteed rate fixed income assets guaranteed rate Group 2.7% 1
Slide 20: Table of contents
Table of contents 1. Gross financial debt 2. Solvency II 3. Investment portfolio 4. Additional P&C disclosure 5. Margin analysis 6. Corporate Responsibility B20 Half Year 2021 Earnings | Appendices | August 2, 2021 GIE_AXA_Secret
Slide 21: Property & Casualty | Gross revenues and market pricing trends by geography
Property & Casualty | Gross revenues and market pricing trends by geography Commercial Lines Personal Lines Gross revenues In Euro million Price Price 1H21 effect 1H21 effect 2021 Market pricing trends France 1,804 +3.3% 2,132 +0.7% Price hardening in Commercial lines driven by Construction and Moto
Slide 22: Property & Casualty | Profitability ratios by geography
Property & Casualty | Profitability ratios by geography, including / excluding Covid-19 impacts1 P&C profitability ratios All Year Combined ratios o/w loss ratio o/w expense ratio 1H20 excl. Change excl. Change excl. Change excl. 1H20 1H21 1H21 1H21 Covid-191 Covid-191,2 Covid-191,2 Covid-191,2 Fran
Slide 23: Property & Casualty | Details on P&C current year loss ratio
Property & Casualty | Details on P&C current year loss ratio Personal Motor Personal Non-Motor +6.9pts +1.7pts 70.0% 65.5% 63.2% +2.9pts 63.6% -0.2pt +0.3pt -3.9pts -2.1pts -0.6pt 1H20 Covid-19 Nat Cat Price effect Freq, Sev 1H21 1H20 Covid-19 Nat Cat Price effect Freq, Sev 1H21 in 1H20 & other1 in
Slide 24: Property & Casualty | Focus on P&C reserves
Property & Casualty | Focus on P&C reserves Prior year reserve development level (in % of gross earned premiums) 6.0% 5.4% 5.4% 4.5% 2.7% 3.1% 2.0% 1.7% 2.1% 1.8% 1.8% 1.4% 1.9% 1.3% 2.1% 2.1% 1.7% 2.2% 2.3% 2.1% 2.2% 1.4% 1.2% 1.2% 1.3% 0.6% 0.8% 1.2% FY06 FY07 FY08 1H09 FY09 1H10 FY10 1H11 FY11 1H
Slide 25: Property & Casualty | AXA XL topline overview, with detail by sub-lines
Property & Casualty | AXA XL topline overview, with detail by sub-lines In Euro billion +7% 1H21 Change o/w Pricing1 10.4 10.4 P&C Insurance 7.4 +3% +15% Specialty 1.5 -9% +11% P&C 7.4 Property 1.9 -4% +15% 7.7 Insurance Casualty 2.4 +4% +14% Financial lines 1.6 +24% +23% P&C Reinsurance 3.0 +19% +1
Slide 26: Property & Casualty | Focus on AXA XL net reserves
Property & Casualty | Focus on AXA XL net reserves AXA XL premiums1 Net reserves & Reserving ratio1 Claims ratio1 In USD billion (Net technical reserve/Net earned premiums) (Net claims reserve/Net claims paid) GEP NEP Net reserves Net reserves ratio Net claims ratio FY19 FY20 1H21 FY19 FY20 1H21 FY1
Slide 27: Table of contents
Table of contents 1. Gross financial debt 2. Solvency II 3. Investment portfolio 4. Additional P&C disclosure 5. Margin analysis 6. Corporate Responsibility B27 Half Year 2021 Earnings | Appendices | August 2, 2021 GIE_AXA_Secret
Slide 28: Property & Casualty | Underlying earnings margin analysis
Property & Casualty | Underlying earnings margin analysis In Euro million 1H21 Change 1H21 Change Investment income 1,278 -7% Technical margin 8,097 +34% Average assets1 103,395 -2% Gross earned premium 24,082 +3% Average yield1,2 2.6% -23 bps AY Loss ratio 66.4% -7.7pts CY Loss ratio 68.6% -7.7pts
Slide 29: Health | Underlying earnings margin analysis
Health | Underlying earnings margin analysis In Euro million 1H21 Change 1H21 Change 1H21 Change Investment income 72 -4% Fees & revenues 886 +9% Technical margin 692 -7% Gross earned premiums: 7,548 (+2%) AY Loss ratio: 79.1% (+0.2pt) + + + - Expenses1 1,158 +2% Acquisition expenses 689 +8% Acquisi
Slide 30: Life & Savings | Underlying earnings margin analysis
Life & Savings | Underlying earnings margin analysis In Euro million 1H21 Change 1H21 Change 1H21 Change Investment margin 974 -1% Fees & revenues 2,084 -6% Net technical margin 608 +52% Average G/A reserves 284,393 +1% o/w Unit-Linked management fees 545 +15% Investment margin (bps) 69 bps -1 bp Av
Slide 31: Table of contents
Table of contents 1. Gross financial debt 2. Solvency II 3. Investment portfolio 4. Additional P&C disclosure 5. Margin analysis 6. Corporate Responsibility B31 Half Year 2021 Earnings | Appendices | August 2, 2021 GIE_AXA_Secret
Slide 32: AXA for Progress Index - indicators to measure our impact
AXA for Progress Index - 7 indicators to measure our impact “Act for human progress by protecting what matters” As an Exemplary As a global investor As a global insurer company -20% Carbon Reinforce the share of -20% Carbon Measure the footprint reduction Green insurance footprint reduction impact o
Slide 33: AXA actively contributes to coalition-building
AXA actively contributes to coalition-building Strategic Net-Zero Alliances Disclosures Inclusive protection Task Forces Glasgow Financial Alliance OECD-led for Net Zero Task Force for « Business for Inclusive Net-Zero Insurance Climate-related Growth » Alliance Financial Disclosures Fighting social
Slide 34: AXA and Covid-19: responding to a health and economic crisis
AXA and Covid-19: responding to a health and economic crisis Backing research Helping business Supporting the and healthcare and society economy Euro 12 million Euro 700 million WEF CEO Supporting research and Invested in SMEs and mid-cap healthcare enterprises1 Action Group Leading the CEO Action G
Slide 35: AXA is a recognized sustainability leader
AXA is a recognized sustainability leader Sector Leader 1st / 51 insurance companies in 2nd / 278 insurance companies in Score: AAA 2020 2020 Included in Euronext Vigeo indices 2020: 2nd place Included in the Score: 88/100 “A+” 2020 UN PRI Scorecard Bloomberg Gender Equality In DJSI Europe & DJSI Wo