Slide 1: Full Year 2021 Appendices
Full Year 2021 Appendices February 24, 2022 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. Gross financial debt B.04 2. Solvency II B.05 3. Investment portfolio B.07 4. Additional P&C disclosure B.19 5. Margin analysis B.29 6. Sustainability B.33 B3 Full Year 2021 Earnings l Appendices l February 24, 2022 GIE_AXA_Secret
Slide 4: Gross financial debt and maturity breakdown as at December 31, 2021
Gross financial debt and maturity breakdown as at December 31st, 2021 In Euro billion Contractual maturity breakdown Gross financial debt 0.3 Debt 26.8% 26.4% gearing 0.8 8.2 18.1 16.6 6.7 1.1 6.7 0.4 0.5 6.6 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031- ≥2040 Undated 2039 10.6 Economic maturit
Slide 5: Table of contents
Table of contents 1. Gross financial debt 2. Solvency II required capital 3. Investment portfolio 4. Additional P&C disclosure 5. Margin analysis 6. Sustainability B5 Full Year 2021 Earnings l Appendices l February 24, 2022 GIE_AXA_Secret
Slide 6: 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 FY21 FY21 FY21 Asset Management Asset Management Operational & Banking Belgium and Banking Central Holdings International Counterparty 5% 7% 3% 4% 3% U
Slide 7: 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. Sustainability B7 Full Year 2021 Earnings l Appendices l February 24, 2022 GIE_AXA_Secret
Slide 8: General Account Invested Assets
General Account Invested Assets FY21 Total General Account Invested assets (100%) FY21 % invested assets In Euro billion Duration gap at ca. 0.4 year Fixed income 433 78% o/w Govies and related 228 41% o/w Corporate bonds 156 28% 1 o/w Other fixed income 50 9% Euro Real Estate 41 7% 555 billion List
Slide 9: Government bonds and related
Government bonds and related 41% Gross1 unrealized capital Breakdown by rating Breakdown by geographical exposure gains and losses In Euro billion France 22% Japan 14% 51.4 AAA (23%) Germany 9% AA (44%) Italy 8% Supranational 7% 36.2 A (20%) Euro Belgium 8% BBB (10%) 228 Switzerland 6% Non rated (1%
Slide 10: Corporate bonds
Corporate bonds 28% Gross2 unrealized capital Breakdown by rating1 Breakdown by industry gains and losses In Euro billion Banks 39% Consumer, Non-cyclical 13% 12.3 Industrial 8% AAA (15%) Utilities 7% AA (9%) Communications 7% Euro A (30%) Financial 7% 7.1 BBB (37%) 156 Energy 5% billion Below Inves
Slide 11: Other Fixed Income
Other Fixed Income 9% Asset Backed Securities Mortgage loans Breakdown by asset type1 and ratings FY21 market value by entity CLO (96%) US subprime, Alt A Switzerland (38%) & NC RMBS (0%) AAA 58% Very secured portfolio: AA 25% Germany (26%) Prime RMBS (1%) Euro Market value3 FY21 default rate 0.48%
Slide 12: Real estate investments
Real estate investments 7% Breakdown by Geography Breakdown by type and geography France (28%) Switzerland (13%) France Switzerland Germany Belgium Other Total Germany (13%) Office 8% 6% 5% 5% 10% 34% Residential 6% 6% 1% 0% 8% 21% Belgium (6%) Market value1 Retail 8% 0% 1% 1% 2% 12% Other EU Others
Slide 13: 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 23% United States (27%) Financial (incl. Banks) 14% Industrial 14% 7.0 France (19%) Technology 12% Switzerland (7%) 5.4 Consumer, Cyclic
Slide 14: Private Equity and Hedge Funds
6% Private Equity and Hedge Funds1 Private Equity Hedge Funds Breakdown by Portfolio breakdown asset domiciliation Alternative credit Expertise Short dated carry 80% Deep value credit 14% Buy-out 60% Real asset cash flow 5% Infrastructure 27% Relative value credit 2% Euro Mezzanine 7% Euro Venture 6
Slide 15: Focus on net unrealized capital gains
Focus on net unrealized capital gains In Euro billion FY21 Net unrealized capital gains on Balance sheet net unrealized capital gains1 government bonds and related, by AXA geographies 22.6 3.9 3.4 17.5 4.1 3.9 2.7 2.2 1.7 15.1 1.0 11.4 0.8 0.7 0.6 FY20 FY21 France Germany Belgium Switzerland Japan E
Slide 16: Investment portfolio | Fixed Income reinvestment
Investment portfolio | Fixed Income reinvestment FY21 Fixed Income reinvestment FY21 Fixed Income reinvestment yield 2.4% 1.4% 1.0% Euro 51 billion Core Alternative Group Fixed Income Fixed Income Fixed Income ▶ Euro 51 billion fixed income invested at 1.4% Government bonds & related (37%) - Average
Slide 17: 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 margin3 2.6% 2.6% 2.7% 2.8% 67 bps 66 bps FY20 FY21 FY20 FY21 FY20 FY21 1. P&C asset yield (gross of interests credited and policyholder bonus) excluding Health B17 Full Year 2021 Earnings l Appendices l February 24, 2022
Slide 18: Investment portfolio | Life & Savings - Asset & Liability management
Investment portfolio | Life & Savings - Asset & Liability management Inforce New Business FY21 Yield FY21 L&S FY21 Reinvestment FY21 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 19: 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. Sustainability B19 Full Year 2021 Earnings l Appendices l February 24, 2022 GIE_AXA_Secret
Slide 20: 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 FY21 effect FY21 effect 2022 Market pricing trends France 3,465 +3.3% 3,985 +0.2% Price hardening in Commercial lines driven by Construction and Moto
Slide 21: Property & Casualty | Profitability ratios by geography
Property & Casualty | Profitability ratios by geography P&C profitability ratios All Year Combined ratios o/w loss ratio o/w expense ratio FY20 excl. Change excl. Change excl. Change excl. FY20 FY21 FY21 FY21 Covid-191 Covid-191,2 Covid-191,2 Covid-191,2 France 90.0% 88.0% 89.7% +1.7 pts 65.0% +3.7
Slide 22: 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 +7.5pts +1.5pts 72.4% +3.0pts +2.4pts 66.3% 65.8% 62.4% -0.2pt -2.1pts -0.8pt -0.8pt FY20 Covid-19 Nat Cat Price effect Freq, Sev FY21 FY20 Covid-19 Nat Cat Price effect Freq, Sev FY21 in FY20 & other1 in
Slide 23: 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% 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% 2.2% 1.4% 1.2% 1.2% 1.3% 0.6% 0.8% 1.2% FY06 FY07 FY08 1H09 FY09 1H10 FY10 1H11 FY
Slide 24: 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) 233% 226% 5.6 o/w €-1.4bn of PYD release o/w €-0.8bn of increased prudence in BEL 3.4 FY20 FY21 FY20 FY21 B24 Full Year 2021 Ear
Slide 25: 2022 Simplified Group Nat Cat Reinsurance Program
2022 Simplified Group Nat Cat Reinsurance Program In Euro Property QS Retention lowered from maintained €500m to €350m for NA key perils vs 2021 program 2.5bn Alternative Capital & 1.85bn 1.85bn Cat Bonds 1.15bn 1.15bn Retention 500m 350m 350m 350m 350m 350m EU Europe Europe NA NA Per other Windstor
Slide 26: AXA Group earnings deviation with different levels of Nat Cat cost in 2022
AXA Group earnings deviation with different levels of Nat Cat cost1 in 2022 In Euro billion (net of reinsurance) Group underlying earnings deviation to average Nat Cat charges in 2022 Average Expected Nat Cat charges net of reinsurance, post-tax net of reinsurance, pre-tax More severe years €+0.6bn
Slide 27: 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 1 FY21 Change o/w Pricing +3% P&C Insurance 14.0 +3% +15% 18.3 18.6 Specialty 2.9 -7% +8% Property 3.2 -3% +16% Casualty 4.3 +2% +13% Financial lines 3.6 +22% +23% P&C 14.0 13.7 Insurance P&C Reinsurance 4.6 +2%
Slide 28: 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 FY19 FY20 FY21 FY19 FY20 FY21 FY19 F
Slide 29: 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. Sustainability B29 Full Year 2021 Earnings l Appendices l February 24, 2022 GIE_AXA_Secret
Slide 30: Property & Casualty | Underlying earnings margin analysis
Property & Casualty | Underlying earnings margin analysis In Euro million FY21 Change FY21 Change Investment income 2,521 +2% Technical margin 15,822 +19% Average assets1 102,832 -3% Gross earned premium 49,423 +3% Gross yield1,2 2.6% -2 bps AY Loss ratio 68.0% -4.3 pts CY Loss ratio 71.1% -3.3 pts
Slide 31: Health | Underlying earnings margin analysis
Health | Underlying earnings margin analysis In Euro million FY21 Change FY21 Change FY21 Change Investment income 145 -1% Fees & revenues 1,724 -5% Technical margin 1,373 +4% Gross earned premiums: 15,130 (+3%) AY Loss ratio: 79.5% (+1pt) + + + - Expenses 1 2,355 -0.3% Acquisition expenses 1,449 +6
Slide 32: Life & Savings | Underlying earnings margin analysis
Life & Savings | Underlying earnings margin analysis In Euro million FY21 Change FY21 Change FY21 Change Investment margin 1,885 -3% Fees & revenues 4,339 -1% Net technical margin 1,143 +5% Average G/A reserves 285,679 0% o/w Unit-Linked management fees 1,117 +19% Investment margin (bps) 66 bps -2 b
Slide 33: 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. Sustainability B33 Full Year 2021 Earnings l Appendices l February 24, 2022 GIE_AXA_Secret
Slide 34: 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 Strengthen the share of -20% Carbon footprint reduction Insurance products with footprint reduction Measure the
Slide 35: 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 « Business for Inclusive Task Force for Net-Zero Insurance Climate-related Growth » Alliance Financial Disclosures Fighting social
Slide 36: AXA is a recognized sustainability leader
AXA is a recognized sustainability leader 2021: 4th place Sector Leader Score: 87/100 2021 score: AAA 2021 score: A- 1st / 52 insurance companies in 2021 In DJSI Europe & DJSI World indexes Included in Euronext Vigeo indices DJSI accounts for 10% of performance conditions of AXA’s shares for top man