Slide 1: Half Year Earnings 2017 Press Conference
2017 Half Year Earnings Press Conference Paris - August 3, 2017 | Half Year Earnings 2017 | August 3, 2017
Slide 2: Forward-looking statements
Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and
Slide 3: Agenda
Agenda 1. Introduction 2. Business lines 3. Summary of earnings & financial strength 4. Concluding remarks 3 | Half Year Earnings 2017 | August 3, 2017
Slide 4: Introduction
| Half Year Earnings 2017 | August 3, 2017 1 Introduction Thomas Buberl Chief Executive Officer
Slide 5: First semester of 2017
First semester of 2017 54.3 €bn 201% Strong performance in line with the Revenues Solvency II ratio Ambition 2020 plan (Total economic gross revenues1: +1%) vs. 197% for FY16 Earnings growth in all business lines 3.2 €bn +5 % Pursuing the transformation of the Underlying earnings Underlying ea
Slide 6: Earnings growth in all business lines
Earnings growth in all business lines Life & Savings Property & Casualty Asset Management In Euro million In Euro million In Euro million +3% +6% +10% 1,903 1,984 1,347 1,274 236 213 HY16 HY17 HY16 HY17 HY16 HY17 Restated Restated 6 | Half Year Earnings 2017 | August 3, 2017 Changes are at constant
Slide 7: Growth in preferred segments
Growth in preferred segments Commercial lines Health +2% Total revenues +6% Total revenues HY17 vs. HY16 80% non-motor + 4% +3% 20% motor FY16 vs. FY15 vs. HY16 +1% vs. HY16 Asia Savings APE 25% +9% NBV 10% HY17 42% G/A 58% Unit-Linked 40% NBV Margin – Life & Savings (excluding Japan) HY16 savings +
Slide 8: A Group pursuing its transformation
4 A Group pursuing its transformation Evolve our risk profile Invest for transformation Help employees to get the skills of tomorrow Seize the opportunities of a changing world Assume a leadership role to enlarge our impact 8 | Half Year Earnings 2017 | August 3, 2017
Slide 9: Intention to IPO US operations
Intention to IPO US operations Create significant additional financial flexibility Attribution-ShareAlike 2.0 Generic (CC BY-SA 2.0) Accelerate the Group’s transformation Strengthen growth prospects of US activities 9
Slide 10: First private cloud in the sector
First private cloud in the sector €250 million invested Launched on July 1st, 2017 Improving execution capacity and enhancing data security 10
Slide 11: Global partnership for employees training
Global partnership for employees training 300 courses to acquire the skills of tomorrow (data science, digital marketing, etc.) >50% of successful certification during pilot program Access to content provided by 11 150 top universities worldwide
Slide 12: Protect new forms of work
Protect new forms of work 162 million independent workers in Europe and the US (source : McKinsey, Oct. 2016) 1st partnership with Uber in France to offer a better protection to independent workers in the digital sector 12
Slide 13: Long term engagement to enlarge our societal impact
Long term engagement to enlarge our societal impact AXA joins RE100, committing to 100% renewable electricity AXA extends its coal exclusion policy to its insurance business AXA sponsored the world’s first global Investor Statement against tobacco 13
Slide 14: On track on key objectives of the Ambition 2020 plan
On track on key objectives of the Ambition 2020 plan Ambition 2020: FOCUS & TRANSFORM Underlying earnings per share Free cash-flows +5% 6.2 €bnFY16 HY17 vs. HY16 3% - 7% 28 - 32 €bn CAGR1 2015-2020E Cumulative 2016-2020E Adjusted return on equity2 Solvability II Ratio3 14.7% HY17 201% HY17 12% -
Slide 15: Business Lines
| Half Year Earnings 2017 | August 3, 2017 2 Business Lines Gérald Harlin Chief Financial Officer
Slide 16: Life & Savings
Life & Savings New business sales (APE) by activity Protection & Health Unit-Linked G/A Savings Mutual Funds & Others In Euro In Euro In Euro In Euro million + 1% million +11% million -16% million +22% 1,488 1,539 845 769 745 614 332 265 HY16 HY17 HY16 HY17 HY16 HY17 HY16 HY17 Restated Restated Rest
Slide 17: Life & Savings
Life & Savings Underlying earnings by business Underlying earnings (pre-taxes) HY17 3% In Euro million +comp. 18% 26% G/A Savings 1,903 1,984 United-Linked 2% Mutual Funds & Others 53% Protection & Health HY16 HY17 Restated Asset yield on the investment portfolio 3.1% HY17 17 | Half Year Earnings 20
Slide 18: Property & Casualty
Property & Casualty Total revenues Personal lines Commercial lines TOTAL 1% 2% 1% In Euro In Euro In Euro million +comp. million +comp. million +comp. 20,876 20,983 Non- Motor 10,465 10,577 Europe 10,326 10,363 +3% +3% Total revenues Total revenues HY16 HY17 HY16 HY17 HY16 HY17 Restated Restated Res
Slide 19: Property & Casualty
Property & Casualty Combined Ratio Underlying earnings +6% In Euro million comp. 1,347 96.4% 96.1% 1,274 HY16 HY17 HY16 HY17 Restated Restated Asset yield on the investment portfolio 3.4% HY17 19 | Half Year Earnings 2017 | August 3, 2017 Changes are at constant Forex
Slide 20: Asset management
Asset management Average assets under management Net flows Total In Euro billion In Euro billion +5 €bn +7 % (excl. Asian JVs) 589 627 +17 -4 (excl. JVs) (incl. JVs) HY16 HY17 HY16 HY17 +2 % 453 475 +4 +2 HY16 HY17 HY16 HY17 20 | Half Year Earnings 2017 | August 3, 2017
Slide 21: Asset management
Asset management Revenues Underlying earnings In Euro million In Euro million +6 % +10 % 583 607 236 213 116 129 +13% HY16 HY17 +6 % 1,333 1,216 98 107 +7% HY16 HY17 HY16 HY17 21 | Half Year Earnings 2017 | August 3, 2017 Changes are at constant Forex
Slide 22: Summary of earnings & financial strength
| Half Year Earnings 2017 | August 3, 2017 3 Summary of earnings & financial strength
Slide 23: Group underlying earnings
Group underlying earnings Underlying earnings by business Underlying earnings (pre-tax and excluding holdings) HY17 In Euro million +3% 40% Property & Casualty 3,063 3,171 33% Savings and 26% Asset Management Protection & Health HY16 HY17 Restated +5 % Underlying earnings per share growth HY17 vs. H
Slide 24: Adjusted earnings and net income
Adjusted earnings and net income Adjusted earnings Net income +3% +1% In Euro million In Euro million 3,478 3,268 3,364 3,207 HY16 HY17 HY16 HY17 24 | Half Year Earnings 2017 | August 3, 2017 Changes are at constant Forex
Slide 25: Main financial strength indicators
Main financial strength indicators Shareholders’ equity Solvency II ratio Financial strength ratings In Euro billion AA- stable 70.6 197% 201% 68.0 Aa3 stable FY16 HY17 FY16 HY17 AA- stable 25 | Half Year Earnings 2017 | August 3, 2017
Slide 26: General account invested assets
General account invested assets Allocation of invested assets New fixed income investments (General Account insurance invested assets) 4% 35% ~6% ~26% Below Investment Grade Cash Corporate bonds credit* Government bonds 4% & related Average rating: AA Listed equities 3% Alternative 31 €bn 5% 575 €bn
Slide 27: Concluding remarks
| Half Year Earnings 2017 | August 3, 2017 4 Concluding remarks Thomas Buberl Chief Executive Officer
Slide 28: Conclusion
Conclusion • Strong performance • Earnings growth in all business lines… • … and in our priority segments • Pursuing the transformation of the Group • Confident in our ability to reach Ambition 2020 plan objectives 28 | Half Year Earnings 2017 | August 3, 2017
Slide 29: Q&A Session
Q&A Session | Half Year Earnings 2017 | August 3, 2017
Slide 30: Socially Responsible Investment Ratings
Socially Responsible Investment Ratings 2015 Sector leader, Ranked “A+” in the 2015 Included in the ranked 1st out of 42. “Assessment Report” CDP Climate Disclosure Included in Vigeo (Responsible Investment strategy) Leadership Index Euronext indices General score: 87/100 Score: 85% Included in the
Slide 31: Notes
Notes LChanges at comparable basis are constant Forex, scope and methodology for activity indicators, and at constant Forex for earnings, unless otherwise specified. Page 5 1. Economic revenues are calculated as IFRS Gross Revenues (100% for fully consolidated entities and no contribution for entiti