AXA Paul Evans CEO AXA Global Life, Savings & Health and AXA Global Asset Management

Transcription

1 AXA Goldman Sachs European Financials Conference Madrid June 7, 2017 Paul Evans CEO AXA Global Life, Savings & Health and AXA Global Asset Management

2 Certain statements contained herein may be 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 unknown risks and uncertainties and can be affected by other factors that could cause actual results and AXA s plans and objectives to differ materially from those expressed or implied in the forward looking statements. Please refer to Part 4 - Risk factors and risk management of AXA s Annual Report for the year ended December 31, 2016, for a description of certain important factors, risks and uncertainties that may affect AXA s business, and/or results of operations. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. In addition, this presentation refers to certain non-gaap financial measures, or alternative performance measures, used by management in analysing AXA s operating trends, financial performance and financial position and providing investors with additional information that management believes is useful and relevant regarding AXA s results. These non-gaap financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these non-gaap financial measures should be considered in isolation from, or as a substitute for, our GAAP financial measures. The non-gaap financial measures used in this presentation are defined in the glossary set forth in Appendix VI (p ) of AXA s Annual Report for the year ended December 31, 2016.

3 CONTENTS AXA at a glance 1Q17 results highlights Focus on Health 3 AXA Goldman Sachs European Financials Conference Madrid June 7, 2017

4 AXA GROUP TRULY DIVERSIFIED BUSINESS PROFILE Diversified earnings by geographies Diversified earnings by business lines FY16 Underlying Earnings 1 FY16 pre-tax Underlying Earnings 2 16% Asia 8% Others 25% France 39% Property & Casualty 17% US Euro 5.7 billion 34% Other Europe Euro 7.9 billion pre-tax 34% 27% Savings & Protection Asset Management 3 & Health 4 AXA Goldman Sachs European Financials Conference Madrid June 7, 2017 All notes are on pages of this presentation

5 AXA GROUP STRONG AND RESILIENT BALANCE SHEET Solvency II ratio in the middle of the target range Strong financial strength ratings No use of transitional measures Target 170% range 230% Ratio as of December 31, % AA- stable Interest rate +50bps +3 pts Interest rate -50bps Corporate spreads +75bps -9 pts -1 pt Aa3 stable Equity markets +25% Equity markets -25% +6 pts -7 pts AA- stable 5 AXA Goldman Sachs European Financials Conference Madrid June 7, 2017

6 EUROPE: EXCELLENT POSITIONING AND TRACK RECORD L&S: best in class business mix and NBV margin P&C: growth with profitability potential FY16 new business (APE) split by products in Europe GWP CAGR 9 Protection & Health Unit Linked Capital light G/A Traditional G/A 51% 18% 22% 8% 24% 16% 39% 17% 25% 58% 36% 16% 26% 21% 22% Top 5 position 10 8 / 8 6 / 8 1 / 8 2 / 8 3% 2% -1% -4% AXA 1 Allianz (VNB) 2 Generali 3 Zurich 4 AXA Allianz Generali Zurich FY16 NBV margin in Europe 38% FY16 Combined ratio 9,11 95% 95% 16% 27% 18% 92% 92% AXA 5 Allianz (VNB) 6 Generali 7 Zurich 8 AXA Allianz Generali Zurich 6 AXA Goldman Sachs European Financials Conference Madrid June 7, 2017 All notes are on pages of this presentation

7 US: BUSINESS TURNAROUND GENERATING HIGHER EARNINGS Redesigned business mix Improved earnings profile APE split by products Underlying Earnings in Euro millions FY08 22% 15% 15% 48% FY15 31% 12% 19% 10% 25% 2% 559 FY16 30% 10% 22% 20% 16% 2% Mutual Funds & Other New Non-GMxB VA 1 Life Retirement Plan Services Non-GMxB VA Floating rate GMxB VA Fixed rate GMxB VA FY13 FY14 FY15 restated 2 FY16 7 AXA Goldman Sachs European Financials Conference Madrid June 7, 2017 All notes are on pages of this presentation

8 ASIA: FAST GROWING PROFITABLE PLATFORM Strong earnings growth from the Asian franchise A unique positioning versus major EU peers Earnings 1 CAGR FY16 NBV contribution to AXA from Asia 2 15% 16% 16% Total NBV Euro 2.6 billion 24% NBV from Asia AXA 2 Prudential plc 3 AIA 4 FY16 Earnings contribution to the group from Asia #1international P&C insurer 5 10% #3 1% 1% international L&S insurer 5 5% AXA 2 Allianz 6 Zurich 7 Generali 8 8 AXA Goldman Sachs European Financials Conference Madrid June 7, 2017 All notes are on pages of this presentation

9 1Q17 TRENDS IN LINE WITH OUR STRATEGIC PRIORITIES +3% P&C Commercial Lines revenues growth +1% Growth in in preferred segments +7% Health revenues growth +25% L&S APE growth +4% L&S NBV growth in Asia (excl. Japan) L&S NBV growth 9 AXA Goldman Sachs European Financials Conference Madrid June 7, 2017 Changes in comparable basis

10 HEALTH IS KEY TO MOVE FROM PAYER TO PARTNER HEALTH INSURANCE BASICS WELL-BEING CARE COORDINATION My health expenses are covered AXA helps me focus on my well-being and future health My healthcare is managed well Euro 7.7 billion benefits paid 130,000+ registered users on AXA Wellbeing platforms (+58%) 3 million beneficiaries of the online consultation system in France 10 AXA Goldman Sachs European Financials Conference Madrid June 7, 2017

11 AXA: WELL ESTABLISHED HEALTH PLAYER Health insurance at AXA Global reach FY16 figures FY16 gross revenues by geography Euro 12 billion Gross revenues 94.9% Combined ratio 60.0% NBV margin France (28%) Germany (24%) Japan (12%) EMEA-LATAM (9%) Others 1 (5%) UK (15%) Asia (6%) 11 AXA Goldman Sachs European Financials Conference Madrid June 7, 2017 All notes are on pages of this presentation

12 HEALTH AT AXA: DEEP EXPERTISE IN LOCAL MARKETS (1/4) AXA s positioning AXA s key strengths Substitutive Acute only Annually renewable #2 ranking 1 1.8bn P&C GWP 95.7% CoR Scale advantaged procurement Pathways & teleconsultation Health Gateway 12 AXA Goldman Sachs European Financials Conference Madrid June 7, 2017 All notes are on pages of this presentation

13 HEALTH AT AXA: DEEP EXPERTISE IN LOCAL MARKETS (2/4) AXA s positioning AXA s key strengths Substitutive & supplementary Comprehensive Lifetime level premium #4 ranking 1 2.9bn L&S GWP 96.5% CoR Market leading service platform Disease management Well-being platform to be launched in AXA Goldman Sachs European Financials Conference Madrid June 7, 2017 All notes are on pages of this presentation

14 HEALTH AT AXA: DEEP EXPERTISE IN LOCAL MARKETS (3/4) AXA s positioning AXA s key strengths Supplementary Comprehensive Annually renewable #1 ranking 1 3.4bn L&S GWP 98.7% CoR Optical and dental network Teleconsultation Well-being platform to be launched in AXA Goldman Sachs European Financials Conference Madrid June 7, 2017 All notes are on pages of this presentation

15 HEALTH AT AXA: DEEP EXPERTISE IN LOCAL MARKETS (4/4) AXA s positioning AXA s key strengths Supplementary Hospital cash plan Lifetime level premium #13 ranking 1 1.4bn L&S GWP 71.7% CoR Workplace distribution agency New care coordination products to be launched in 2017 Health & Productivity management unique government partnership 15 AXA Goldman Sachs European Financials Conference Madrid June 7, 2017 All notes are on pages of this presentation

16 PULLING OUR STRENGTHS TOGETHER TO EXPAND IN NEW MARKETS AXA continues to innovate in its well established markets AXA transfers expertise to other countries to build Health presence 6 strongholds Initial expansion targets identified & Gulf region +7% GWP growth in 1Q17 16 AXA Goldman Sachs European Financials Conference Madrid June 7, 2017

17 Thank You

18 NOTES (1/2) Page 4: 1. Geographical split based on Underlying Earnings before holding costs. France includes AXA IM, Other Europe includes Banking, Asia includes Japan, US includes AB. Total Underlying earnings is net of holding costs. 2. Business lines split based on Pre-tax Underlying Earnings before holding costs. Total Pre-tax Underlying Earnings is net of holding costs. 3. Includes G/A Savings, Unit-Linked, Mutual funds & other, and Banks. Page 6: 1. APE split excluding Mutual Funds & Other. Scope: France, Germany, Switzerland, Belgium, Italy and Spain. 2. Allianz (Value of New Business) split by products Guaranteed Savings & Annuities (Traditional G/A), Protection & Health, Unit Linked without guarantees, capital efficient (Capital Light G/A). Scope: German speaking countries and Western and Southern Europe. Value of new business: The additional value for shareholders created through the activity of writing new business. It is defined as present value of future profits after acquisition expenses overrun or underrun, minus time value of financial options and guarantees, minus risk margin, all determined at issue date. 3. Generali split by products Savings (Traditional G/A), Protection and Unit Linked. Scope: Italy, France, Germany and Rest of Europe excluding CEE. No disclosure on Capital light G/A. 4. Zurich split by products Savings and annuity products (Traditional G/A), Protection (Protection and Health), Unit Linked, Corporate pensions (Capital light G/A). Scope: Total Group. 5. NBV/APE as reported for France, Germany, Switzerland, Belgium, Italy and Spain. 6. VNB/APE for German speaking countries and Western & Southern Europe. Value of new business: The additional value for shareholders created through the activity of writing new business. It is defined as present value of future profits after acquisition expenses overrun or underrun, minus time value of financial options and guarantees, minus risk margin, all determined at issue date. 7. NBV/APE as reported for Italy, France, Germany and Rest of Europe excluding CEE. 8. NBV/APE as reported for the Group. 9. Scope: AXA P&C mature markets (excl. Canada for FY10), Direct, and AXA Assistance, Allianz German speaking countries excl. CEE, Western and Southern Europe, Iberia, United Kingdom, Ireland and Credit Insurance, Zurich EMEA, Generali Italy, France, Germany, EMEA and International operations. 10. Source: Axco Global Statistics (Latest figures). European markets: France, Germany, Switzerland, Belgium, Spain, Italy, UK, and Ireland. 11. Combined ratio as reported in FY16 for the scope mentioned in note 9. Page 7: 1. New non-gmxb Variable Annuity includes: Investment Edge and Structured Capital Strategies. 2. FY15 restated: reclassification of AXA Liabilities Managers Accident & Health from the International Insurance segment into the United States Life & Savings operations. Page 8: 1. Underlying earnings for AXA, IFRS operating profits for Prudential plc, and Operating profit after tax for AIA. Changes on reported basis. 2. Scope: Asia excluding Japan. 3. Scope: Prudential plc Asian operations excluding Eastspring. Source: Annual Reports 4. Scope: AIA Total Group. Source: Annual Reports 5. Ranking sources : Asia Life and Savings : based on 2014 Asia ex-japan life insurance premiums - Source: OCI, MAS, KLIA, TII, Plan for Life, ISI, CIRC, TLAA, LIAM, IRDA, BAPEPAMLK, PIC, IRI, company data, Credit Suisse estimates; As published in Credit Suisse, Asia Life Insurance Sector, October 2, 2015; Asia P&C: based on 2012 Asia ex-japan P&C insurance premiums. Source: OCI, MAS, KIDI, TII, APRA, ISI, IRI, CIRC, OIC, Bank Negara, IRDA, BAPEPAMLK, PIC, AVI, company data, Credit Suisse estimates; As published in Credit Suisse, Asia P&C Insurance Sector, November 13, Asia-Pacific L&S and P&C contribution to Operating profits. Source: FY16 Financial Supplement. 7. Asia-Pacific L&S and P&C contribution to Business Operating profits. Source: Supplementary information (unaudited) Asia L&S and P&C contribution to Consolidated Operating results. Source: Generali FY16 Supplementary Financial Information. Page 11: 1. Others include Belgium, Italy, Spain, the US, Direct and AXA Assistance. 18 AXA Goldman Sachs European Financials Conference Madrid June 7, 2017

19 NOTES (2/2) Page 12: 1. Ranking source: Laing Buisson Health Cover UK Market Report 2016 (2015 data). Page 13: 1. Ranking source: GDV (Gesamtverband der deutschen Versicherer) Association of German Insurers data base (2015 data). Page 14: 1. Ranking source: Argus de l Assurance (2015 data). Page 15: 1. Ranking source: 2015 JGAAP Financial Statement of each company. In JGAAP, Health includes DI / LTC products which categorize as protection in AXA Group. 19 AXA Goldman Sachs European Financials Conference Madrid June 7, 2017