Slide 1: Full Year 2022 Earnings
Full Year 2022 Earnings Press conference February 23, 2023
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 Patrick Cohen, CEO of AXA France 4 Financial Performance Alban de Mailly Nesle, Group CFO 5 Conclusion Thomas Buberl 3 Full Year 2022 Earnings | February 23, 2023
Slide 4: Introduction
1 Introduction Thomas Buberl Group CEO 4 Full Year 2022 Earnings | February 23, 2023
Slide 5: FY22 key figures: revenues, underlying earnings, UEPS, Solvency II, dividend
UNDERLYING UEPS SOLVENCY II REVENUES DIVIDEND2 EARNINGS RATIO €102bn €7.3bn €3.08 215%1 €1.70 +2% vs FY21 +4% vs FY21 +12% vs FY21 -1pt vs FY21 +10% vs FY21 C, • Good business dynamic, reflecting the implementation of our selective growth strategy in our businesses. • Excellent operational performan
Slide 6: FY22 revenues vs FY21 by segment
FY22 revenues vs FY21 PROPERTY LIFE ASSET & SAVINGS HEALTH & CASUALTY MANAGEMENT c €51.6bn €31.5bn €17.4bn €1.6bn +2% -5% +16% -3% 6 Full Year 2022 Earnings | February 23, 2023 See glossary for terminologies and footnotes on pages 33, 34 & 35 of this document. GIE_AXA_Internal
Slide 7: Underlying earnings FY22 vs FY21
Underlyingearnings FY22 vs FY21 EUROPE FRANCE ASIA AXA IM AXA XL €2.9bn €1.8bn €1.3bn €0.4bn €1.2bn +12% +6% +4% -2% -7% TOTAL €7.3bn +4% 7 Full Year 2022 Earnings | February 23, 2023 See glossary for terminologies and footnotes on pages 33, 34 & 35 of this document. GIE_AXA_Internal
Slide 8: Delivering consistent earnings and attractive cash returns
Strong position in large commercial Strong domestic market positions #1 Global P&C Commercial lines1 Across Western Europe, Japan and leading Alternative Asset manager Leading Employee Benefits offering Major player serving multinationals, Large and diverse distribution local providers and public sc
Slide 9: Innovation, tech, markets and talents
INNOVATION MARKETS NEW TALENTS & TECH & BUSINESS & EMPLOYEES LINES • Launch of the Digital • Strengthening of our • Nearly 16,000 new hires Commercial Platform to operations in a core business in 2022 worldwide, help our corporate clients with a planned acquisition in versus 12,500 the better manage
Slide 10: Climate and sustainability commitments
€26bn in green Training of our 120,000 Launch of a fund Achieve carbon neutrality investments by 2023 employees in climate dedicated to the of our own activities (objective end of 2023) transition to a by 2025 regenerative agriculture 10 Full Year 2022 Earnings | February 23, 2023 See glossary for t
Slide 11: Contribution to clients, employees, economy and shareholders
CLIENTS EMPLOYEES • More than €50bn in claims compensated • €8.3bn of salaries and bonuses to bounce back after a claim paid to our employees • €5.9bn in interest credited • 16,000 recruitments globally to our policyholders ECONOMY SHAREHOLDING • More than €30bn invested in • €3.5bn of dividends pai
Slide 12: Priority actions and financial indicators
PRIORITY ACTIONS FINANCIAL INDICATORS • Develop Health and Protection +12% FY22 Underlying Earnings Confident to be above the target range (3 to 7% between 20202 and 2023) • Simplify the customer experience per Share vs. FY211 and continue to improve efficiency • Strengthen underwriting performance
Slide 13: Business Performance
2 Business Performance Frédéric de Courtois Group Deputy CEO 13 Full Year 2022 Earnings | February 23, 2023
Slide 14: Continued favorable pricing in P&C
Continued favorable pricing in P&C REVENUES COMMERCIAL LINES PRICING1: +5% In Euro billion +2% +7% +7% 51.6 +5% 49.3 +3% AXA XL AXA XL Re2 France Europe Insurance2 Commercial insurance +5% 31.3 PERSONAL LINES PRICING1: +4% Reinsurance -27% 3.2 +12% Personal insurance +4% 17.0 +3% +1% FY21 FY22 Franc
Slide 15: Solid result despite a difficult backdrop
Solid result despite a difficult backdrop COMBINED RATIO Incl. 0.8pt from UNDERLYING EARNINGS the impact of In Euro million the Ukraine war +0.1pt +5% 94.6% 94.6% +83 4,430 Nat Cat 5.7% 4.9% +350 4,059 Attritional (incl. large 65.4% 66.5% -61 losses) Expenses 26.6% 26.0% PYD -3.1% -2.9% FY21 Underwr
Slide 16: High quality net flows
High quality net flows REVENUES NET FLOWS In Euro billion Incl. €-2.4bn of outflows from Belgium inforce -5% • Growth in Protection, mainly 33.3 31.5 driven by increased sales of Protection with Unit-linked Protection +1.6 products in Japan Protection +3% 15.7 • Non-repeat of large Group Unit-Linked
Slide 17: Growth driven by technical margin
Growth driven by technical margin UNDERLYING EARNINGS In Euro million +11% • Higher technical margin 318 61 33 2,632 mainly from continued growth of 2,326 -76 -29 402 Protection business in Japan • Resilient investment margin at 63bps, at the high end of the 55-65 bps guidance over 2021-2023 • Scope
Slide 18: Earnings impacted by unfavorable one-off claims experience in Japan and France
Earnings impacted by unfavorable one-off claims experience in Japan and France REVENUES COMBINED RATIO UNDERLYING EARNINGS In Euro billion or +7% excl. two large In Euro million international Group contracts in France cancelled end of 2022 +16% +1.3pts -11% 17.4 95.1% 96.5% 684 15.2 614 +6% 8.5 Indi
Slide 19: Robust net inflows and resilient earnings
Robust net inflows and resilient earnings ASSETS UNDER MANAGEMENT UNDERLYING EARNINGS In Euro billion In Euro million -7% -2% 910 +18 +20 845 402 400 JVs -103 AXA IM Alts Alts +15 Incl. Core -2 Prime +17 JVs +4 CAPZA (Alts) +4 Architas +1 AXA IM Core Architas FY21 Net flows Market effect Scope & FX
Slide 20: France
3 France Patrick Cohen CEO of AXA France 20 Full Year 2022 Earnings | February 23, 2023
Slide 21: AXA France revenues highlights and underlying earnings
REVENUES HIGHLIGHTS UNDERLYING EARNINGS In Euro billion €29.3bn Increase of customer +6% +8pts satisfaction (NPS) in +3.5% vs 2021 all lines of business 1.741 1.84 New net contracts in P&C +7% 230k Personal lines (P&C, Health, Protection) HEALTH +31% +11% Revenue growth in P&C Commercial lines PROTE
Slide 22: AXA France societal commitments
ENVIRONMENT INCLUSION PREVENTION 1 of households assisted AXA purchasing power shield 45m of health philanthropy million following climatic events against inflation € committed over 3 years 15% of reused parts women screened by the in our repairs 3,000 young people hired 5,000 Bus du Coeur 2 of empl
Slide 23: Financial performance
4 Financial performance Alban de Mailly Nesle Group CFO 23 Full Year 2022 Earnings | February 23, 2023
Slide 24: Strong organic underlying earnings
Strong organic underlying earnings UNDERLYING EARNINGS PER SHARE In Euro FY21 FY22 Change Property & Casualty 4,059 4,430 +5% +12% Life & Savings 2,326 2,632 +11% 3.08 Health 684 614 -11% 2.75 +4% AssetManagement 402 400 -2% from earnings growth Holdings & other -710 -812 - +4% Underlying earnings 6
Slide 25: Strong cash position
Strong cash position In Euro billion FY21 Cash position 4.5 4.5 4.5 Net cash remittance from subsidiaries +5.5 Dividend (paid in May 2022) -3.5 ▪ €0.5bn to offset earnings dilution from disposals ▪ €0.8bn related to Share buy-back -2.3 €1.7bn announced in 2021 ▪ €1.0bn discretionary Holding costs an
Slide 26: Strong operating capital generation, limited market impact
Strong operating capital generation, limited market impact Completed share buy-back in 2022: €1.5bn In Euro billion • €0.5bn related to disposals KEY SENSITIVITIES • €1.0bn of discretionary buy-back ELIGIBLE OWN FUNDS (EOF) 6.7 Provision for share buy-back for 2023: €1.1bn 0.7 -0.7 62.0 -2.6 58.5 Ra
Slide 27: Conclusion
5 Conclusion Thomas Buberl Group CEO 27 Full Year 2022 Earnings | February 23, 2023
Slide 28: Conclusion: selective growth strategy and Driving Progress 2023
Good business dynamic, reflecting the implementation of our selective growth strategy in our businesses Excellent operational performance, driven by our key geographies, and underlying earnings per share reaching a historical level High level of financial strength Well positioned to achieve the key
Slide 29: Q&A session
Q&A session 29 Full Year 2022 Earnings | February 23, 2023
Slide 30: Thank you
Thank you 30 Full Year 2022 Earnings | February 23, 2023
Slide 31: AXA is a recognized sustainability leader
AXA is a recognized sustainability leader Score: 91/100 2022 score: AAA 2022 score: B In DJSI Europe & DJSI World indexes DJSI accounts for 10% of performance conditions of AXA’s shares for top management Sector Leader Included in the 1 / 51 insurance companies in 2022 st Bloomberg Gender ESG Risk R
Slide 32: Scope
Scope France: includes insurance activities, banking activities and holdings in France. Europe: includes Switzerland (insurance activities), Germany (insurance activities and holdings), Belgium (insurance activities and holdings), United Kingdom and Ireland (insurance activities and holdings), Spain
Slide 33: Glossary
Glossary Capital light products: G /A Savings products which, at inception, create more Eligible Own Funds than the economic capital they consume. FY20 rebased: FY20 underlying earnings rebased includes actual underlying earnings restating for “Covid 19 claims” and natural catastrophes in excess of
Slide 34: 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. Price Adjusted to give effect to the full Euro 1.1 billion share buy-back announced on February23, 2023. 2. Dividend pe
Slide 35: 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 21 1. Restated from Architas, reported at AXA IM. Page 26 1. Includes -2 points Risk Margin impact. Excluding Risk Margin im