Slide 1: Full Year 2022 Appendices
Full Year 2022 Appendices February 23, 2023 GIE_AXA_Secret
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. Net income, Shareholders’ equity B.04 and Gross financial debt 2. Solvency II B.08 3. Investment portfolio B.10 4. Additional P&C disclosure B.22 5. Margin analysis B.31 6. Sustainability B.35 B3 Full Year 2022 Earnings l Appendices l February 23, 2023 GIE_AXA_Secret
Slide 4: Net income | Impacted by unfavorable market conditions
Net income | Impacted by unfavorable market conditions In Euro million -11% Underlying Earnings 7,264 7,294 6,675 Gains/losses on financial assets -89 o/w Net realized capital gains 393 Mainly from Fixed Income funds o/w Change in fair value and FX 1 -482 due to higher interest rates Exceptional and
Slide 5: Shareholders' equity | Higher interest rates impacting unrealized capital gains
Shareholders’equity | Higher interest rates impacting unrealized capital gains In Euro billion FY21 Shareholders' equity 71.1 71.1 Change in net unrealized capital gains 1 -27.1 Net OCI 16.9 45.4 Net income for the period +6.7 Dividend (paid in 2022) -3.5 SHE (excl. OCI) 54.2 55.5 Share buy-back -2.
Slide 6: Gross financial debt and maturity breakdown
Gross financial debt and maturity breakdown as at December 31st, 2022 In Euro billion Contractual maturity breakdown Gross financial debt 0.8 Debt 26.4% 27.1% gearing 9.8 0.8 19.3 18.1 5.7 5.7 0.9 0.8 6.7 0.5 2023 2024 2025 2026 2027 2028 2029 2030 2031- ≥2040 Undated 2039 11.4 Economic maturity bre
Slide 7: Table of contents
Table of contents 1. Net income, Shareholders’ equity B.04 and Gross financial debt 2. Solvency II B.08 3. Investment portfolio B.10 4. Additional P&C disclosure B.22 5. Margin analysis B.31 6. Sustainability B.35 B7 Full Year 2022 Earnings l Appendices l February 23, 2023 GIE_AXA_Secret
Slide 8: 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 FY22 FY22 FY22 Asset Management and Banking Operational UK International Counterparty Belgium 3% 6% 4% Life & 3% 8% Italy & Spain 5% Savings 46% 5% 22%
Slide 9: Table of contents
Table of contents 1. Net income, Shareholders’ equity B.04 and Gross financial debt 2. Solvency II B.08 3. Investment portfolio B.10 4. Additional P&C disclosure B.22 5. Margin analysis B.31 6. Sustainability B.35 B9 Full Year 2022 Earnings l Appendices l February 23, 2023 GIE_AXA_Secret
Slide 10: General Account Invested Assets
General Account Invested Assets Invested assets (100%) FY22 % FY22 Total General Account In Euro billion invested assets Fixed income 340 74% Duration gap at ca. 0.5 year o/w Government bonds and related 167 36% o/w Corporate bonds 124 27% o/w Other fixed income 1 48 10% 2 Euro Real Estate 50 11% 46
Slide 11: Government bonds and related
Government bonds and related 36% Gross1 unrealized capital Breakdown by rating Breakdown by geographical exposure gains and losses In Euro billion France 19% Japan 14% 36.2 Italy 9% AAA (19%) Switzerland 8% AA (47%) Belgium 7% A (20%) Euro Germany 7% BBB (12%) 167 Supranational 7% Non rated (2%) bil
Slide 12: Corporate bonds
Corporate bonds 27% Gross2 unrealized capital Breakdown by rating1 Breakdown by industry gains and losses In Euro billion Financials 42% 7.1 AAA (12%) Consumer, Non-cyclical 13% AA (9%) Industrial 8% Euro Utilities 8% A (33%) 124 Communications 7% BBB (35%) billion Consumer, Cyclical 6% Below Invest
Slide 13: Other Fixed Income
Other Fixed Income 10% Asset Backed Securities Mortgage loans Breakdown by asset type1 and ratings FY22 market value by entity CLO (96%) US subprime, Alt A Switzerland (35%) & Other RMBS (0%) AAA 59% Very secured portfolio: Euro AA 27% Germany (22%) Prime RMBS (0%) A 10% Market value3 FY22 default r
Slide 14: Real estate investments
Real estate investments1 11% Breakdown by geography Breakdown by type and geography France (32%) Other EU countries (12%) France Switzerland Germany United States Other Total Switzerland (11%) Office 6% 5% 6% 1% 11% 28% Germany (10%) Residential 4% 4% 1% 1% 5% 16% Market value2 United States (10%) I
Slide 15: 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 (30%) Consumer, Non-cyclical 20% Financials 17% 7.0 France (16%) Consumer, Cyclical 13% Switzerland (6%) Industrial 11% Netherlands (5%) Euro Tec
Slide 16: Private Equity and Hedge Funds
5% Private Equity and Hedge Funds1 Private Equity2 Hedge Funds Breakdown by Portfolio breakdown asset domiciliation Alternative credit Short dated carry 81% Deep value credit 12% Real asset cash flow 5% Expertise Relative value credit 2% Euro Buy-out 83% Euro 18 Mezzanine 8% 5 Multi-Strategy Relativ
Slide 17: Focus on net unrealized capital gains
Focus on net unrealized capital gains In Euro billion FY22 Net unrealized capital gains on Balance sheet net unrealized capital gains1,2 government bonds and related, by AXA geographies 17.5 3.9 2.2 -0.1 -0.3 -0.2 -0.4 11.4 1.2 -0.9 -5.1 -1.3 -5.1 -9.0 -1.9 FY21 FY22 France Germany Belgium Switzerla
Slide 18: Investment portfolio | Fixed Income reinvestment
Investment portfolio | Fixed Income reinvestment FY22 Fixed Income reinvestment FY22 Fixed Income reinvestment yield 4.2% 2.9% 2.4% Euro 42 billion Core Alternative Group Fixed Income fixed income Fixed Income ▶ Euro 42 billion fixed income invested at 2.9% Government bonds & related (36%) - Average
Slide 19: Investment portfolio | P&C and L&S Yields
Investment portfolio | P&C and L&S Yields P&C yield1,5 L&S yield2,6 L&S investment margin3 2.8% 2.7% 64 bps 63 bps 2.6% 2.6% FY21 FY22 FY214 FY22 FY214 FY22 1. P&C asset yield (gross of interests credited and policyholder bonus) excluding Health 2. L&S asset yield (gross of interests credited) exclu
Slide 20: Investment portfolio | Life & Savings - Asset & Liability management
Investment portfolio | Life & Savings - Asset & Liability management Inforce New Business FY22 Yield FY22 L&S FY22 Reinvestment FY22 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 2.6% 1
Slide 21: Table of contents
Table of contents 1. Net income, Shareholders’ equity B.04 and Gross financial debt 2. Solvency II B.08 3. Investment portfolio B.10 4. Additional P&C disclosure B.22 5. Margin analysis B.31 6. Sustainability B.35 B21 Full Year 2022 Earnings l Appendices l February 23, 2023 GIE_AXA_Secret
Slide 22: 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 FY22 effect FY22 effect 2023 Market pricing trends France 3,861 +4.8% 4,131 +0.7% Price increases remain high on SMEs. Pricing is expected to increas
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 €0.5bn Covid frequency gains +5.2pts 76.3% 4.8pts +0.2pt 66.3% +0.7pt 64.1% 72.4% -1.5pts -1.3pts Notably due to the non- -1.6pts repeat of elevated frequency benefits FY21 Nat Cat Price effect Freq, Sev F
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) 5.4% 5.4% 2.7% 3.1% 3.1% 2.9% 2.1% 2.2% 2.1% 1.4% 1.7% 1.2% 1.2% 1.4% 1.3% 1.2% 0.6% FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Reserving ratio (
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) 226% 227% 3.4 o/w €-1.0bn of PYD release o/w €-1.1bn of increased prudence in BEL 1.3 FY21 FY22 FY21 FY22 B25 Full Year 2022 Ear
Slide 26: 2023 Simplified Group Nat Cat Reinsurance Program
2023 Simplified Group Nat Cat Reinsurance Program In Euro Insurance segment Reinsurance (occurrence protection) segment (illustrative) Alternative 2.8bn Capital & 1.75bn 1.8bn Cat Bonds 1.0bn 1.0bn Retention 550m 450m 400m 600m 600m 400m EU Europe Europe NA NA Per other Windstorm Flood Earthquake Hu
Slide 27: AXA Group earnings deviation with different levels of Nat Cat cost in 2023
AXA Group earnings deviation with different levels of Nat Cat cost1 in 2023 In Euro billion (net of reinsurance) Group underlying earnings deviation to average Nat Cat charges in 2023 Average Expected Nat Cat charges net of reinsurance, post-tax net of reinsurance, pre-tax More severe years €+0.6bn
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 o/w Rate increase FY22 Change on Renewals -6% P&C Insurance 15.9 -1% +7% 18.6 19.1 Specialty 3.1 -2% +6% Property 4.1 +11% +11% Casualty 5.2 -1% +9% P&C Financial lines 3.6 -10% +4% 14.0 15.9 Insurance P&C Reinsu
Slide 29: 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 FY22 FY20 FY21 FY22 FY20 F
Slide 30: Table of contents
Table of contents 1. Net income, Shareholders’ equity B.04 and Gross financial debt 2. Solvency II B.08 3. Investment portfolio B.10 4. Additional P&C disclosure B.22 5. Margin analysis B.31 6. Sustainability B.35 B30 Full Year 2022 Earnings l Appendices l February 23, 2023 GIE_AXA_Secret
Slide 31: Property & Casualty | Underlying earnings margin analysis
Property & Casualty | Underlying earnings margin analysis In Euro million FY22 Change FY22 Change Investment income 2,886 +14% Technical margin 16,305 -2% Average assets1 105,968 +4% Gross earned premium 51,900 +0% Gross yield1,2 2.8% 27 bps AY Loss ratio 68.6% +0.7 pt CY Loss ratio 71.5% +0.4 pt o/
Slide 32: Health | Underlying earnings margin analysis
Health | Underlying earnings margin analysis In Euro million FY22 Change FY22 Change FY22 Change Investment income 182 +25% Fees & revenues 1,947 +13% Technical margin 1,142 -19% Gross earned premiums: 17,374 (+16%) AY Loss ratio: 82.2% (+2.7pts) + + + - Expenses1 2,473 +4% Acquisition expenses 1,48
Slide 33: Life & Savings | Underlying earnings margin analysis
Life & Savings | Underlying earnings margin analysis In Euro million FY22 Change1 FY22 Change1 FY22 Change1 Investment margin 1,770 -4% Fees & revenues 4,350 0% Net technical margin 1,435 +26% Average G/A reserves 282,748 -2% o/w Unit-Linked management fees 1,015 -8% Investment margin (bps) 63 bps -
Slide 34: Table of contents
Table of contents 1. Net income, Shareholders’ equity B.04 and Gross financial debt 2. Solvency II B.08 3. Investment portfolio B.10 4. Additional P&C disclosure B.22 5. Margin analysis B.31 6. Sustainability B.35 B34 Full Year 2022 Earnings l Appendices l February 23, 2023 GIE_AXA_Secret
Slide 35: 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 -20% Carbon footprint reduction €1.3 billion footprint reduction Measure the in green business revenues by 2023
Slide 36: 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 37: AXA is recognized as sustainable leader
AXA is recognized as sustainable leader Score: 91/100 In DJSI Europe & DJSI World indexes 2022 score: AAA 2022 score: B DJSI accounts for 10% of performance conditions of AXA’s shares for top management Sector Leader Included in the ESG Risk Rating: 16.7 – Low risk 1st / 51 insurance companies in 20