Slide 1: Half Year 2022 Appendices
Half Year 2022 Appendices August 3, 2022 GIE_AXA_Confidential
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.07 4. Additional P&C disclosure B.19 5. Margin analysis B.26 6. Sustainability B.30 B3 Half Year 2022 Earnings l Appendices l August 3, 2022 GIE_AXA_Confidential
Slide 4: Gross financial debt and maturity breakdown as at June 30th, 2022
Gross financial debt and maturity breakdown as at June 30th,2022 In Euro billion Gross financial debt Contractual maturity breakdown 0.3 Debt 26.4% 26.9% gearing 10.3 0.9 19.3 18.1 6.0 1.2 6.0 6.7 0.5 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031- ≥2040 Undated 2039 12.4 Economic maturity breakd
Slide 5: Table of contents
Table of contents 1. Gross financial debt 2. Solvency II required capital 3. Investment portfolio 4. Additional P&C disclosure 5. Margin analysis 6. Sustainability B5 Half Year 2022 Earnings l Appendices l August 3, 2022 GIE_AXA_Confidential
Slide 6: 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 1H22 FY211 FY211 Asset Management Asset Management Operational & Banking Belgium and Banking Central Holdings International Counterparty 3% 5% 7% 4% 3%
Slide 7: 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. Sustainability B7 Half Year 2022 Earnings l Appendices l August 3, 2022 GIE_AXA_Confidential
Slide 8: General Account Invested Assets
General Account Invested Assets 1H22 Total General Account Invested assets (100%) 1H22 % invested assets In Euro billion Duration gap at ca. 0.1 year Fixed income 372 76% o/w Govies and related 186 38% o/w Corporate bonds 136 28% 1 o/w Other fixed income 50 10% Euro Real Estate 41 8% 491 Listed equi
Slide 9: Government bonds and related
Government bonds and related 38% Breakdown by rating Breakdown by geographical exposure Gross1 unrealized capital gains and losses In Euro billion France 21% Japan 13% Germany 7% 36.2 AAA (17%) Italy 9% AA (48%) Supranational 7% A (20%) Euro Belgium 7% BBB (12%) 186 Switzerland 6% billion Spain 6% N
Slide 10: Corporate bonds
Corporate bonds 28% Breakdown by rating 1 Breakdown by industry Gross2 unrealized capital gains and losses In Euro billion Financials 44% Consumer, Non-cyclical 14% 7.1 Industrial 8% AAA (12%) Utilities 7% AA (9%) Euro Communications 7% A (34%) 136 Energy 5% BBB (36%) billion Consumer, Cyclical 5% B
Slide 11: Other Fixed Income
Other Fixed Income 10% Asset Backed Securities Mortgage loans Breakdown by asset type1 and ratings 1H22 market value by entity CLO (95%) US subprime, Alt A AAA 58% Switzerland (35%) & NC RMBS (0%) AA 22% Very secured portfolio: Germany (24%) Prime RMBS (0%) Euro A 9% Market value3 1H22 default rate
Slide 12: Real estate investments
Real estate investments 8% Breakdown by Geography Breakdown by type and geography France (28%) Switzerland (12%) France Switzerland Germany Belgium Other Total Germany (12%) Office 8% 6% 6% 4% 10% 34% Residential 6% 5% 1% 0% 9% 21% Belgium (6%) Retail 7% 0% 2% 1% 1% 12% Market value1 Other EU countr
Slide 13: Listed equity portfolio
Listed equity portfolio 3% Breakdown by asset domiciliation Breakdown by industry Gross1 unrealized capital gains and losses In Euro billion United States (28%) Consumer, Non-cyclical 22% Financials 18% 7.0 France (17%) Industrial 12% Switzerland (7%) Consumer, Cyclical 12% Netherlands (5%) Euro Tec
Slide 14: Private Equity and Hedge Funds
7% Private Equity and Hedge Funds1 Private Equity Hedge Funds Breakdown by Portfolio breakdown asset domiciliation Alternative credit Short dated carry 77% Expertise Deep value credit 14% Buy-out 60% Real asset cash flow 6% Infrastructure 27% Relative value credit 4% Euro Mezzanine 6% Euro Multi-Str
Slide 15: Focus on net unrealized capital gains and losses
Focus on net unrealized capital gains and losses In Euro billion Balance sheet net unrealized capital gains & losses1 1H22 Net unrealized capital gains & losses on government bonds and related, by AXA geographies 17.5 0.7 3.9 0.6 0.3 2.2 11.4 -0.1 -0.1 -0.4 2.0 -3.5 -0.1 -1.7 -1.1 FY21 1H22 France G
Slide 16: Investment portfolio | Fixed Income reinvestment
Investment portfolio | Fixed Income reinvestment 1H22 Fixed Income reinvestment 1H22 Fixed Income reinvestment yield 3.4% 2.4% 1.9% Euro 22 billion Core Fixed Alternative Group Fixed Income Fixed Income Income ▶ Euro 22 billion fixed income invested at 2.4% Government bonds & related (32%) - Average
Slide 17: 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 margin3 2.9% 2.9% 67 bps 70 bps 2.6% 2.7% 1H21 1H22 1H214 1H22 1H214 1H22 1. P&C asset yield (gross of interests credited and policyholder bonus) excluding Health 2. L&S asset yield (gross of interests credited) excluding
Slide 18: Investment portfolio | Life & Savings - Asset & Liability management
Investment portfolio | Life & Savings - Asset & Liability management Inforce New Business 1H22 Yield 1H22 L&S 1H22 Reinvestment 1H22 L&S Spread above Spread above on total L&S average guaranteed yield on L&S average guaranteed guarantee guarantee asset base rate fixed income assets rate Group 2.7% 1
Slide 19: 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. Sustainability B19 Half Year 2022 Earnings l Appendices l August 3, 2022 GIE_AXA_Confidential
Slide 20: 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 Price Price In Euro million 1H22 effect 1H22 effect 2022 Market pricing trends France 2,119 +4.8% 2,165 +0.3% Pricing in Commercial Lines remains strong. Slight price hardening
Slide 21: Property & Casualty | Profitability ratios by geography
Property & Casualty | Profitability ratios by geography P&C profitability ratios All Year Combined ratios o/w loss ratio o/w expense ratio 1H21 1H22 Change 1H22 Change 1H22 Change France 89.7% 89.3% -0.5 pts 65.0% +0.7 pts 24.3% -1.1 pts Europe 90.8% 91.9% +1.2 pts 65.5% +1.9 pts 26.3% -0.8 pts Asia
Slide 22: 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 +2.4pts +5.1pts 73.8% 63.6% 64.2% 70.0% -1.3pt -0.5pts -0.3pts -1.0pts 1H21 Nat Cat Price effect Freq, Sev 1H22 1H21 Nat Cat Price effect Freq, Sev 1H22 & other1 & other1 Total Commercial lines Total P&C I
Slide 23: 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% 3.1% 2.0% 1.7% 2.1% 2.1% 2.1% 1.7% 2.2% 2.3% 2.1% 2.2% 2.4% 1.4% 1.8% 1.8% 1.4% 1.9% 1.3% 1.2% 1.2% 1.3% 0.8% 1.2% 0.6% FY06 FY07 FY08 1H09 FY09 1H10 FY10 1H
Slide 24: 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 1 1H22 Change o/w Pricing -6% P&C Insurance 8.4 -1% +9% Specialty 1.5 -6% +6% 10.4 10.6 Property 2.3 +5% +12% Casualty 2.8 -4% +9% Financial lines 1.7 +1% +10% P&C 7.4 8.4 P&C Reinsurance 2.2 -21% +8% Insurance P
Slide 25: Property & Casualty | Focus on AXA XL net reserves
Property & Casualty | Focus on AXA XL net reserves AXA XL premiums Net reserves & Reserving ratio Claims ratio 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 FY20 FY21 1H22 FY20 FY21 1H22 FY20 F
Slide 26: 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. Sustainability B26 Half Year 2022 Earnings l Appendices l August 3, 2022 GIE_AXA_Confidential
Slide 27: Property & Casualty | Underlying earnings margin analysis
Property & Casualty | Underlying earnings margin analysis In Euro million 1H22 Change 1H22 Change Investment income 1,461 +16% Technical margin 8,099 -4% Average assets1 105,683 3% Gross earned premium 25,125 +1% 1,2 Gross yield 2.9% +30bps AY Loss ratio 67.8% +1.6 pts CY Loss ratio 70.1% +1.5 pts o
Slide 28: Health | Underlying earnings margin analysis
Health | Underlying earnings margin analysis In Euro million 1H22 Change 1H22 Change 1H22 Change Investment income 84 +14% Fees & revenues 1,003 +13% Technical margin 668 -6% Gross earned premiums: 8,446 (11%) AY Loss ratio: 80.2% (+1pt) + + + - Expenses 1 1,239 +6% Acquisition expenses 746 +7% Acqu
Slide 29: Life & Savings | Underlying earnings margin analysis
Life & Savings | Underlying earnings margin analysis In Euro million 1H22 Change 1H22 Change 1H22 Change Investment margin 992 +3% Fees & revenues 2,196 +5% Net technical margin 596 -3% Average G/A reserves 282,943 -1% o/w Unit-Linked management fees 529 -1% Investment margin (bps) 70 bps +3 bps Ave
Slide 30: 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. Sustainability B30 Half Year 2022 Earnings l Appendices l August 3, 2022 GIE_AXA_Confidential
Slide 31: 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 Strengthen the share of -20% Carbon footprint reduction Green insurance footprint reduction Measure the of AXA’s
Slide 32: AXA for Progress Index: AXA's progress for end of 2021
AXA for Progress Index: AXA’s progress for end of 2021 Objectives and Results Means or key performance indicator for monitoring Unit Timeline Target 2021 Result Carbon footprint reduction of AXA's portfolio (1) %tCO2/EV €m 2019-2025 -20% -29% As an Investor (General Account Assets) AXA's Green inves
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 is a recognized sustainability leader
AXA is a recognized sustainability leader 2021: 4th place Sector Leader Score: 87/100 2021 score: AAA 2021 score: A- 1st / 51 insurance companies in 2022 In DJSI Europe & DJSI World indexes Included in Euronext Vigeo indices DJSI accounts for 10% of performance conditions of AXA’s shares for top man