Slide 1: Full Year 2020 Appendices
Full Year 2020 Appendices February 25, 2021
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.31 6. Corporate Responsibility B.35 B3 Full Year 2020 Earnings l Appendices l February 25, 2021
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 0.7 Debt 28.8% 26.8% gearing 19.1 7.1 6.6 16.6 1.0 0.1 0.4 0.5 6.7 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031- ≥2040 Undated 6.6 2039 11.3 Economic maturity breakdown 9.2 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 Full Year 2020 Earnings l Appendices l February 25, 2021
Slide 6: Solvency II ratio
Solvency II ratio Solvency II ratio1 Key sensitivities In Euro billion 198% 200% Ratio as of December 31, 2020 200% Interest rate +50bps +10 pts 59.4 55.0 Interest rate -50bps -15 pts 30.0 Corporate spreads +50bps 0 pt 27.5 Available capital Euro Sovereign spreads +50bps2 -13 pts Required capital Cr
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 FY20 FY20 FY20 Belgium UK Operational Asset Management & Banking Transversal & Asset Management, Counterparty 5% Banking & other 3% Central Holdings 6%
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 Full Year 2020 Earnings l Appendices l February 25, 2021
Slide 9: General Account Invested Assets
General Account Invested Assets Invested assets (100%) FY20 Total General Account FY20 % In Euro billion invested assets Fixed income 460 80% Duration gap at ca. 0.5 year o/w Govies and related 248 43% o/w Corporate bonds 163 28% 1 o/w Other fixed income 49 9% Real Estate 36 6% 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 24% Japan 14% 51.4 AAA (22%) Italy 8% 45.2 AA (45%) Germany 8% A (20%) Euro Belgium 8% United States 7% BBB (10%) 248 Supranational 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 38% Consumer, Non-cyclical 13% 12.3 AAA (16%) Industrial 8% AA (10%) Utilities 8% 9.2 A (30%) Euro Communications 7% 163 Financial 6% BBB (37%) billion Energy 5% Below Inve
Slide 12: Other Fixed Income
Other Fixed Income 9% Asset Backed Securities Mortgage loans Breakdown by asset type1 and ratings FY20 market value by entity CLO (95%) US subprime, Alt A AAA 62% Switzerland (40%) & NC RMBS (1%) AA 22% Very secured portfolio: Euro A 11% Germany (29%) Prime RMBS (1%) BBB 0% Market value3 FY20 defaul
Slide 13: Real estate investments
Real estate investments 6% Breakdown by Geography Breakdown by type and geography France (29%) France Switzerland Germany Belgium Other Total Switzerland (16%) Office 9% 7% 5% 5% 11% 37% Germany (12%) Residential 4% 7% 1% 0% 7% 19% Retail 10% 0% 2% 2% 2% 15% Belgium (8%) Market value1 Others 6% 1% 5
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 (29%) Financial 14% 5.6 5.4 France (20%) Industrial 13% Consumer, Cyclical 11% Japan (7%) Technology 10% Switzerland (6%) Euro Co
Slide 15: Private Equity and Hedge Funds
4% Private Equity and Hedge Funds Private Equity Hedge Funds Breakdown by Portfolio breakdown asset domiciliation Alternative credit Short dated carry 72% Deep value credit 15% Relative value credit 8% Expertise Real asset cash flow 5% Buy-out 55% Infrastructure 30% Multi-Strategy Euro Mezzanine 10%
Slide 16: Focus on net unrealized capital gains
Focus on net unrealized capital gains In Euro billion FY20 Net unrealized capital gains on Balance sheet net unrealized capital gains1 government bonds and related by geographies 22.6 5.0 19.3 3.4 3.1 4.1 2.7 2.9 2.1 2.0 13.4 15.1 1.3 1.0 1.0 FY19 FY20 France Germany Belgium Switzerland Japan Eurozo
Slide 17: Investment portfolio | Fixed Income reinvestment
Investment portfolio | Fixed Income reinvestment FY20 Fixed Income reinvestment FY20 Fixed Income reinvestment yield 2.6% 1.1% 1.3% Euro 50 billion3 Core Alternative Group Fixed Income Fixed Income Fixed Income ▶ Euro 50 billion fixed income invested at 1.3% Government bonds & related (46%) - 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 -28 bps -9 bps Stable3 2.9% 2.8% 2.7% 68 bps 67 bps 2.6% FY19 FY20 FY19 FY20 FY19 FY20 1. P&C gross asset yield excluding Health B18 Full Year 2020 Earnings l Appendices l February 25, 2021 2. L&S Group yield and i
Slide 19: Investment portfolio | Life & Savings - Asset & Liability management
Investment portfolio | Life & Savings - Asset & Liability management Inforce New Business FY20 Yield FY20 L&S FY20 Reinvestment FY20 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 Full Year 2020 Earnings l Appendices l February 25, 2021
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 FY20 effect FY20 effect 2021 Market pricing trends France 3,110 +2.9% 3,876 -1.9% Price stability expected in Commercial Lines in the context of Covi
Slide 22: Property & Casualty | Profitability ratios by geography, including / excluding Covid-19 impacts
Property & Casualty | Profitability ratios by geography, including / excluding Covid-19 impacts o/w loss ratio o/w expense ratio P&C profitability ratios All Year Combined ratios excl. Covid-191 excl. Covid-191 1 Excluding Covid-19 FY19 FY20 FY20 Change FY20 Change FY20 Change France 90.7% 90.0% 88.
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 74.5% +1.0pt +0.5pt 62.4% +0.2pt 65.8% +0.8pt 60.3% -0.3pt -7.5pts -0.6pt -0.8pt FY19 Covid-19 Nat Cat Price effect Freq, Sev FY20 FY19 Covid-19 Nat Cat Price effect Freq, Sev FY20 & other1 & other1 Total
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% 1.4% 1.2% 1.2% 1.3% 0.6% 0.8% 1.2% FY06 FY07 FY08 1H09 FY09 1H10 FY10 1H11 FY11 1H12 FY
Slide 25: Property & Casualty | Focus on P&C reserves
Property & Casualty | Focus on P&C reserves Reserving ratio IFRS reserves in excess (Net technical reserve / Net earned premiums) of undiscounted SII BEL (in Euro billion) 227% 233% 6.8 5.6 AXA XL (€-0.6bn) France (€-0.6bn) FY19 FY20 FY19 FY20 B25 Full Year 2020 Earnings l Appendices l February 25,
Slide 26: 2021 Simplified Group Nat Cat Reinsurance Program
2021 Simplified Group Nat Cat Reinsurance Program In Euro All Retention and basis risk (with €50m deductible) Retention lowered to €500m for NA key perils vs 2020 program 2.9bn Alternative 0.65bn Capital & Retention and capacity lowered vs 2020 program Cat Bonds 1.25bn 1.25bn 1.25bn Retention 500m 5
Slide 27: AXA Group earnings deviation with different levels of Nat Cat cost
AXA Group earnings deviation with different levels of Nat Cat cost1 In Euro billion (net of reinsurance, post-tax) €+0.6bn €+0.5bn €+0.4bn 1/20y 1/10y 1/5y Median (95th) (90th) (80th) (50th) 1/5y 1/10y 1/20y (20th) (10th) (5th) €-0.3bn €-0.5bn More severe years Less severe years €-0.7bn 2021 2020 1.
Slide 28: 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 +3% Change excl. FY20 Change o/w Pricing 1 18.6 18.3 Covid-19 P&C Insurance 13.7 +4% +17% +11% Specialty 3.7 -2% +13% +6% Property 3.0 +7% +20% +8% P&C 14.1 13.7 Casualty 4.0 -6% +15% +5% Insurance Financial line
Slide 29: 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 reserve ratio Net Claims ratio FY19 FY20 FY19 FY20 FY19 FY20 FY19
Slide 30: Property & Casualty | Focus on AXA XL Adverse Development Cover (ADC)
Property & Casualty | Focus on AXA XL Adverse Development Cover (ADC) Scope ▶ 100% of XL legacy Insurance long tail lines $1.0bn ADC 10% AXA XL provided by Enstar 2 co-participation ▶ 2019 and prior accident years ▶ IFRS net reserves of $11.0bn1 $0.4bn retained by AXA XL $1.6bn Structure Loss reserv
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 Full Year 2020 Earnings l Appendices l February 25, 2021
Slide 32: Property & Casualty | Underlying earnings margin analysis
Property & Casualty | Underlying earnings margin analysis In Euro million FY20 Change FY20 Change Investment income 2,529 -7% Technical margin 13,486 -8% Average assets1 106,015 +4% Gross earned premium 48,854 +4% Average yield1,2 2.6% -28 bps AY Loss ratio 72.4% +3.4 pts CY Loss ratio 74.5% +3.2 pt
Slide 33: Health | Underlying earnings margin analysis
Health | Underlying earnings margin analysis In Euro million FY20 Change FY20 Change FY20 Change Investment income 147 +1% Fees & revenues 1,861 +12% 1 1,322 -7% Technical margin Gross earned premiums: 14,708 (+6%) AY Loss ratio: 78.4% (+0.7pt1) + + + - Expenses1,2 -2,378 +5% Acquisition expenses1 -
Slide 34: Life & Savings | Underlying earnings margin analysis
Life & Savings | Underlying earnings margin analysis In Euro million FY20 Change FY20 Change FY20 Change Investment margin 1,936 0% Fees & revenues 4,471 +2% Net technical margin 1,105 -19% Average G/A reserves 288,458 +1% o/w Unit-Linked management fees 943 +2% Mainly from the extension of disabili
Slide 35: 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 B35 Full Year 2020 Earnings l Appendices l February 25, 2021
Slide 36: AXA's climate leadership position supports climate neutrality
AXA’s climate leadership position supports climate neutrality As a global As a global As a coalition investor insurer builder New Intermediate AXA TCFD and Net Zero Target Climate Asset Owner Alliance Innovative services to protect Sharing expertise on metrics and -20% CO2 reduction across AXA’s com
Slide 37: 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 healthcare Invested in SMEs and mid-cap enterprises1 Action Group Leading the CEO Action G
Slide 38: 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 Included in (focus on Re