Slide 1: Full Year 2024 Earnings
Full Year 2024 Earnings Press conference February 27, 2025
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: Agenda
Agenda 1 Introduction Thomas Buberl, Group CEO 2 Business Performance Frédéric de Courtois, Group Deputy CEO 3 France Guillaume Borie, AXA France CEO 4 Financial Performance Alban de Mailly Nesle, Group CFO 5 Conclusion Thomas Buberl, Group CEO 3 Full Year 2024 Earnings | February 27, 2025
Slide 4: Introduction
1 Introduction Thomas Buberl Group CEO 4 Full Year 2024 Earnings | February 27, 2025
Slide 5: Excellent performance for the first year of Unlock the Future
Excellent performance for the first year of our Unlock the Future strategic plan Underlying Revenues earnings UEPS €110bn €8.1bn €3.59 +8% +7% +8% vs FY23 vs FY23 vs FY23 Solvency II ratio Dividend 1 216% €2.15 -11pts +9% vs FY23 vs FY23 5 Full Year 2024 Earnings | February 27, 2025 See glossary for
Slide 6: Strong revenue growth, driven by all our business lines
Strong revenue growth, driven by all our business lines P&C LIFE HEALTH €56.5bn €34.5bn €17.5bn +7% +9% +8% vs FY23 vs FY23 vs FY23 6 Full Year 2024 Earnings | February 27, 2025 See glossary for terminologies and footnotes on page 33, 34, 35 & 36 of this document.
Slide 7: Underlying earnings in steady progress
Underlying earnings in steady progress In Euro billion +42% Exceptional impact, o/w COVID & Nat Cat 7.6 8.1 7.3 6.8 6.2 6.4 6.0 5.7 4.3 2016 2017 2018 2019 2020 2021 2022 2023 2024 rebased 7 Full Year 2024 Earnings | February 27, 2025 See glossary for terminologies and footnotes on page 33, 34, 35 &
Slide 8: Strength of our business model with leading positions in our markets
This performance highlights the strength of our business model with leading positions in our markets SME & Mid-market in Europe European multi-line insurer Global Commercial & Specialty lines with AXA XL 50% Commercial 50%Retail Protection & Health in Japan & Hong Kong insurance insurance Select Eme
Slide 9: Strengthen our positions: Laya Healthcare example in Ireland
Strengthen our positions: Laya Healthcare example in Ireland Catalysts for growth Strong position Always a beat ahead • Attractive positioning in growing markets # 2 of four providers in the market Harder Healthcare Meaningful Prevention Digital Experience • High customer satisfaction • Investments
Slide 10: Expanding AXA's responsible role
Expanding AXA’s responsible role End of 2024 Climate Inclusion transition • Accelerate growth in Emerging Markets • €2.1bn in premiums related to transition • Develop solutions for underinsured populations with a target of €6bn accumulated between in European markets 2024 and 20262 • €7bn in investm
Slide 11: Working toward a more resilient society and economy
Working toward a more resilient society and economy End of 2024 Customers Economy Employees • More than €50bn in claims paid • More than €30bn invested in the • €9.2bn total compensation paid to • €358m climate related claims economy each year our employees in France • €13.1bn1 of tax and social • 1
Slide 12: Excellent start for the strategic plan
Excellent start for the strategic plan MAIN FINANCIAL TARGETS Target Achievements 2024-2026E in 2024 UNDERLYING EARNINGS PER SHARE 6% - 8% +8% • Growing and strengthening CAGR 2023-2026E vs FY23 our core business • Investing in our UNDERLYING RETURN ON EQUITY 14% - 16% 15.2% technical and operationa
Slide 13: Business Performance
2 Business Performance Frédéric de Courtois Group Deputy CEO 13 Full Year 2024 Earnings | February 27, 2025
Slide 14: P&C: Remaining disciplined on pricing while accelerating volume growth
P&C I Remaining disciplined on pricing while accelerating on volume growth GWP & Other Revenues Commercial In Euro billion Leading and balanced franchise +7% 56.5 €18bn €17bn 53.0 premiums premiums SME and Mid-market AXA XL Commercial Lines 33.0 +6% 34.9 Retail Strong High customer Growing proprieta
Slide 15: P&C: Attractive combined ratio at 91%
P&C I Attractive combined ratio at 91% Underlying earnings Combined ratio In Euro million +10% 5,510 • Better underwriting 91.0% 5,012 result from strong vs 93.2% FY23 revenue growth and • Better undiscounted current year loss ratio excluding Nat improved all-year Cat combined ratio • Nat Cat charge
Slide 16: Life & Health: Strong growth in premiums, positive net flows
Life & Health I Strong growth in premiums, positive net flows GWP & Other Revenues Net flows In Euro billion Protection +3.2 LIFE HEALTH Health +2.7 +9% +8% Unit-linked -0.8 34.5 17.5 Capital light G/A +2.2 32.0 16.1 Traditional G/A -5.8 Protection +3% 15.8 9.4 Individual +5% Engine for profitable g
Slide 17: Life & Health: Earnings in line with expectation
Life & Health I Earnings in line with expectation Underlying earnings In Euro million +4% • EB Partners: fully digital service 3,323 platform rolled out to 14 countries 3,232 (vs 10 in 2023) 1,295 Technical & financial results • Protection: strong distribution with a 909 focus on professionals & sel
Slide 18: Asset Management: Higher earnings from increase in management fees
Asset Management I Higher earnings from increase in management fees and improvement in cost income ratio Assets under management Underlying earnings In Euro billion In Euro million +4% +11% 843 +26 +7 879 402 +3 JV 97 99 360 Third-party +4 AXA IM Alts 218 Main fund -2 229 JVs +1 AXA IM Core 528 551
Slide 19: France
3 France Guillaume Borie AXA France CEO 19 Full Year 2024 Earnings | February 27, 2025
Slide 20: AXA France: A leader with distinctive strengths
AXA France I A leader with distinctive strengths A leading position across all Key figures2 business lines1 (Revenues FY24 including international activities) 7.8m >20% 1 out of 3 SMEs #1 Savings and Collective pensions retail clients of French households insured by AXA Commercial P&C insured by AXA
Slide 21: AXA France: Targets achieved in 2024
AXA France I Targets achieved in 2024… Revenues Key takeaways Underlying earnings In Euro billion € 29bn Distribution network growth 250+ new distributors 2.0 +3% 2.1 +7% vs FY23 Number of contracts growth 420knet+ P&C +8% Number of clients growth 200knet + Health & Protection +7% Strong demand for
Slide 22: AXA France: at service of our customers and of society
AXA France I at service of our customers and of society • New offers: • Launch of AXA Financement Entreprises fund, • +117,000 clients covered by inclusive 1st ELTIF 2 fund insurance • New Managed Service Offer • Adaptation of the offer: • Commitment on societal issues: • 134 philanthropy projects i
Slide 23: Financial Performance
4 Financial Performance Alban de Mailly Nesle Group CFO 23 Full Year 2024 Earnings | February 27, 2025
Slide 24: Growth in net income reflecting higher earnings and favorable fair value change
Growth in net income reflecting higher earnings and a favorable change in fair value of assets Net income In Euro billion In Euro billion +11% FY23 FY24 Change 7.9 Property & Casualty 5.0 5.5 +10% 7.2 Life & Health 3.2 3.3 +4% Asset Management 0.4 0.4 +11% Holding & other -1.0 -1.2 - Underlying earn
Slide 25: Delivering compelling returns to shareholders
Delivering compelling returns to shareholders Total capital return In Euro billion • +9% dividend per share growth1 FY24 vs FY23 • €1.2bn annual share buy-back2 to be executed in 2025 6.2 0.7 • Additional ca. €3.8bn share 4.9 1.2 buy-back expected to be executed 1.1 1.1 following the expected sale o
Slide 26: Solvency II ratio at 216%
Solvency II ratio at 216% Eligible Own Funds (EOF) Solvency Capital Requirement (SCR) In Euro billion In Euro billion 57.4 55.9 25.3 25.9 • Strong capital generation at +28pts • Reduced reliance on subordinated debt • Solvency II impacted by the widening of spreads (-13pts), FY23 FY24 FY23 FY24 expe
Slide 27: Conclusion
5 Conclusion Thomas Buberl Group CEO 27 Full Year 2024 Earnings | February 27, 2025
Slide 28: Stronger and more protective
Stronger and more protective These results underscore the relevants of our strategy, and primarily strong dedication of our employees at services of our ambition of conquest and development. This excellent performance gives us the ressources to invest in the future, and also to better meet the speci
Slide 29: Q&A session
Q&A session 29 Full Year 2024 Earnings | February 27, 2025
Slide 30: Thank you
Thank you 30 Full Year 2024 Earnings | February 27, 2025
Slide 31: AXA is a recognized sustainability leader
AXA is a recognized sustainability leader 2024 percentile: 98th in Dow Jones Best-in-Class 2024 score: AAA 2023 score: B Europe & World indices ESG Risk Rating: 2024 score: 4.3/5 14.3 – Low risk1 in FTSE4Good Index Series 31 Full Year 2024 Earnings | February 27, 2025 See glossary for terminologies
Slide 32: Scope
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 Luxemburg (insurance activities and holding), United Kingdom and Ireland (insur
Slide 33: Glossary (1/2)
Glossary (1/2) 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
Slide 34: Glossary (2/2)
Glossary (2/2) New business value margin (“NBV Margin”): the ratio of NBV representing the value of newly issued contracts during the current year to PVEP. Operating variance: the variation of the year-end CSM vs the expected at opening due to (i) the differences between realized and expected operat
Slide 35: Notes (1/2)
Notes (1/2) Changes at comparable basis are constant Forex, scope and methodology for activity indicators, and at constant Forex for earnings, unless otherwise specified. Page 5 1. Based on the dividend proposed by the AXA’s Board of Directors on February 26, 2025 and subject to approval by the Shar
Slide 36: Notes (2/2)
Notes (2/2) Changes at comparable basis are constant Forex, scope and methodology for activity indicators, and at constant Forex for earnings, unless otherwise specified. Page 22 1. Net Promoter Score. 2. AXA Mutuelles d’Assurance. 3. Developed with a third-party service provider. Page 25 1. Dividen