Slide 1: Half Year 2024 Earnings
Half Year 2024 Earnings Press conference August 2, 2024
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 Lines Frédéric de Courtois, Group Deputy CEO 3 Financial performance Alban de Mailly Nesle, Group CFO 4 Conclusion Thomas Buberl, Group CEO 3 Half Year 2024 Earnings | August 2, 2024
Slide 4: Introduction
1 IntroductionThomas Buberl Group CEO 4 Half Year 2024 Earnings | August 2, 2024
Slide 5: Half Year 2024: Excellent performance, solid start into Unlock the Future
Half Year 2024 I Excellent performance, solid start into the Unlock the Future strategic plan UNDERLYING REVENUES EARNINGS • Excellent results reflecting strong growth +7% +4% momentum across all business lines • Increase in our underlying earnings vs. 1H23 vs. 1H23 demonstrates our technical and op
Slide 6: Strong organic growth and profitability across all our business lines
Strong organic growth and profitability, across all our business lines BY BUSINESS LINES P&C LIFE & HEALTH REVENUES €32.5bn €26.5bn +7% vs. 1H23 +7% vs. 1H23 UNDERLYING EARNINGS +7% vs. 1H23 +7% vs. 1H23 6 Half Year 2024 Earnings | August 2, 2024 See glossary for terminologies and footnotes on page
Slide 7: This first half-year marks a solid start to our strategic plan
This first half-year marks a solid start to our strategic plan UNDERLYING EARNINGS UNDERLYING PER SHARE RETURN ON EQUITY +6% to 8% 14% to 16% CAGR 2023 – 2026E1 2024E - 2026E TARGETS 1H24 +4% 16.6% Supported by a high Solvency II ratio currently at 227% Well on-track to achieve our objectives in 202
Slide 8: Strategic decision to sell AXA IM and partner with BNP Paribas
Strategic decision to sell AXA IM and entering into a long-term investment management partnership with BNP Paribas ATTRACTIVE VALUATION €5.4 bn STRATEGIC DECISION Total cash consideration1 TO EXIT ASSET MANAGEMENT (15x FY23 earnings multiple) • Continued access to high performing strategies • Group
Slide 9: Continued investments to strengthen our positions
Continued investments to strengthen our positions ACQUISITION PREVIOUS ACQUISITIONS in 2022 ACQUISITIONS almost • Predominantly P&C insurance company, improving AXA Italy from #5 to #4 position €2 bn in 2023 in P&C market • Well-diversified distribution channels, including car dealerships and multi-
Slide 10: Business Lines
2 Business LinesFrédéric de Courtois Group Deputy CEO 10 Half Year 2024 Earnings | August 2, 2024
Slide 11: P&C: Delivering organic growth in commercial lines, pricing discipline in personal lines
P&C | Delivering organic growth in commercial lines, maintaining pricing discipline in personal lines In Euro billion GWP & OTHER REVENUES +7% • Organic growth in all our P&C lines 32.5 Change 30.4 • Commercial lines including AXA XL benefitting from continued favorable pricing and strong new busine
Slide 12: P&C: Attractive combined ratio, earnings growth
P&C | Attractive combined ratio, earnings growth from higher underwriting result and investment income In Euro million UNDERLYING EARNINGS +7% 2,908 • Continued improvements 2,717 • Better underwriting COMBINED in our underlying margins: result from strong RATIO favorable evolution of revenue growth
Slide 13: Life & Health: Growth across all segments, positive net flows
Life & Health | Growth across all segments, positive net flows in Health and Protection In Euro billion LIFE HEALTH NET FLOWS GWP & OTHER REVENUES GWP & OTHER REVENUES +7% +7% 17.4 9.1 16.3 8.2 Protection +1.9 8.1 Health +1.3 +3% 4.8 Protection Individual +5% Unit-linked -0.6 +11% 4.0 Unit-linked Ca
Slide 14: Life & Health: Earnings growth from higher technical profitability
Life & Health | Earnings growth from higher technical profitability and higher investment income In Euro million UNDERLYING EARNINGS +7% 1,725 1,643 • Higher technical result mainly reflecting ongoing recovery in UK Health • Financial results benefiting from higher fund distributions and reinvestmen
Slide 15: Asset Management: Higher earnings from increase in management fees
Asset Management | Higher earnings from increase in management fees In Euro billion In Euro million ASSETS UNDER MANAGEMENT UNDERLYING EARNINGS +2% +8% 843 +7 +12 859 204 -3 101 188 JVs AXA IM Alts Third-party -1 227 Main fund +5 JVs +4 AXA IM Core 532 & Others1 FY23 Net Market Scope 1H24 1H23 1H24
Slide 16: Financial Performance
3 Financial Performance Alban de Mailly Nesle Group CFO 16 Half Year 2024 Earnings | August 2, 2024
Slide 17: Growth in net income reflecting higher earnings and realized capital gains
Growth in net income reflecting higher earnings and realized capital gains, UEPS growth at 4% In Euro billion UNDERLYING EARNINGS 1H23 1H24 Change PER SHARE Property & Casualty 2.7 2.9 +7% +4% Life & Health 1.6 1.7 +7% €1.79 €1.87 Asset Management 0.2 0.2 +8% Holdings & other -0.4 -0.6 - Underlying
Slide 18: Solvency II at 227%, supported by strong capital generation
Solvency II at 227%, supported by strong capital generation In Euro billion ELIGIBLE OWN FUNDS (EOF) +4.6 +0.5 KEY SENSITIVITIES -1.7 57.4 57.7 Ratio as of June 30, 2024 227% P&C +3.0 -2.7 -0.3 -0.2 L&S +2.1 Holdings and other -0.5 Interest rate +50bps +2pts FY23 Regulatory Normalized Operating Econ
Slide 19: Conclusion
4 Conclusion Thomas Buberl Group CEO 19 Half Year 2024 Earnings | August 2, 2024
Slide 20: Confident outlook for 2024, focus on execution
Confident outlook for 2024, focus on execution Powerful beginning to our strategic plan “Unlock the Future” and remarkable performance delivered: our revenues are up by 7% and our underlying earnings by 4%. Exclusive negotiations with BNP Paribas for the sale of AXA IM to create one of the largest a
Slide 21: Q&A session
Q&A session 21 Half Year 2024 Earnings | August 2, 2024
Slide 22: Thank you
Thank you 22 Half Year 2024 Earnings | August 2, 2024
Slide 23: AXA is a recognized sustainability leader
AXA is a recognized sustainability leader 2022 score: 81/100 2023 score: AAA 2023 score: B In DJSI Europe & DJSI World indexes 2024 score: 68/100 2023 ESG Risk Rating: ESG score: 4.3/5 with a sector average score of 48 14.1 – Low risk1 In FTSE4Good Index Series 23 Half Year 2024 Earnings | August 2,
Slide 24: Scope
Scope France: includes insurance activities, banking activities and holdings. Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium (insurance activities and holding), Luxemburg (insurance activities and holding), United Kingdom and Ireland (insuran
Slide 25: 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 26: Glossary (2/2)
Glossary (2/2) 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. Operating variance: the variation of the year-end CSM vs the expected at opening due to (i) the differences between real
Slide 27: Notes
Notes Changes at comparable basis are constant Forex, scope and methodology for activity indicators, and at constant Forex for earnings, unless otherwise specified. Page 7 1. Based on normalized natural catastrophe charges of 4.5 points of combined ratio in 2024 and assuming current operating and ma