AXA FULL YEAR 2016 EARNINGS. Presentation. February 23, 2017

Transcription

1 AXA FULL YEAR 2016 EARNINGS Presentation February 23, 2017

2 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 unknown risks and uncertainties. Please refer to the section Cautionary statements in page 2 of AXA s Document de Référence for the year ended December 31, 2015, for a description of certain important factors, risks and uncertainties that may affect AXA s business. 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.

3 TABLE OF CONTENTS INTRODUCTION & HIGHLIGHTS PAGE A4 Thomas Buberl, Group CEO FINANCIAL PERFORMANCE Gérald Harlin, Group CFO PAGE A15 CONCLUDING REMARKS Thomas Buberl, Group CEO PAGE A42 A3 Full Year 2016 Earnings Presentation February 23, 2017

4 Introduction & highlights Thomas Buberl, Group CEO

5 EARNINGS KEY TAKEAWAYS Earnings growth delivery with strong second half Increased dividend supported by earnings growth Business growth across all lines Our Ambition: Innovation leader in insurance A5 Full Year 2016 Earnings Presentation February 23, 2017

6 EARNINGS GROWTH DELIVERY WITH STRONG SECOND HALF Underlying earnings Adjusted earnings In Euro billion In Euro billion % 5.7 vs. 0% at 1H % 6.1 vs. -2% at 1H16 restated restated Changes are in constant Forex A6 Full Year 2016 Earnings Presentation February 23, 2017

7 INCREASED DIVIDEND SUPPORTED BY EARNINGS GROWTH Underlying earnings per share Dividend per share In Euro per share % 2.24 In Euro per share % 1.16 Adjusted earnings per share In Euro per share +3% % 48% Payout ratio guidance 45%-55% of adjusted earnings net of undated debt interest charges A7 Full Year 2016 Earnings Presentation February 23, 2017 Changes are on a reported basis

8 L&S IMPROVED GROWTH WITH SUSTAINED PROFITABILITY APE Growth +2.1% (vs. -1.9% at 1H16) NBV Growth +5% (40% NBV margin) Acceleration in Asia 1 Focused Net Flows Key inforce actions In Euro billion +16% APE growth Protection & Health G/A Capital Light 2 G/A Traditional 3 Unit Linked 3 Funds & Others Belgian buyout Euro 1.5 billion outflows in Traditional G/A Savings, 70% take-up rate US buyout Euro 0.7 billion outflows in Unit-Linked VA GMxB A8 Full Year 2016 Earnings Presentation February 23, 2017 Changes are on a comparable basis All notes are on pages 45 and 46

9 P&C CONTINUED GROWTH AND UNDERWRITING DISCIPLINE Gross revenues P&C CY Loss ratio -0.5 pt +3.4% 71.9% 70.8% growth +3% Mature markets 1 restated +7% Emerging markets % AY CoR by 2020 Target now includes International Insurance Changes are on a comparable basis for revenues and in constant Forex excluding Genworth and Portugal for profitability figures A9 Full Year 2016 Earnings Presentation February 23, 2017 All notes are on pages 45 and 46

10 HEALTH IMPROVED GROWTH AND PROFITABILITY Gross revenues 1 Health 1 Combined ratio -0.2 pt +4.3% GR growth (vs. +3.4% at 1H16) 95.1% 94.9% Euro 12 billion Gross Revenues restated A10 Full Year 2016 Earnings Presentation February 23, 2017 Changes are on a comparable basis All notes are on pages 45 and 46

11 COST SAVINGS UNDERWAY TOWARDS AMBITION 2020 Cost savings In Euro billion 2.1 Administrative expenses Claims handling costs Acquisition expenses 0.3 achievement Ambition 2020 Target +3% UEPS CAGR* E A11 Full Year 2016 Earnings Presentation February 23, 2017 * Contribution to Ambition 2020 UEPS CAGR target from cost savings per 2016 Investor Day

12 IN LINE WITH AMBITION 2020 TARGETS Underlying earnings per share Group operating free cash flow +4% vs. Target 3%-7% CAGR E Euro 6.2billion Target Euro bn Cumulative 2016E-2020E Adjusted return on equity 1 Solvency II ratio % Target 12% - 14% 2016E-2020E 197% 170% - 230% Target range A12 Full Year 2016 Earnings Presentation February 23, 2017 Changes are on a reported basis All notes are on pages 45 and 46

13 INVESTING FOR A RESPONSIBLE FUTURE Launch of additional Euro 150 million Fund of Funds in Jan 2017 AXA divested from the Tobacco Industry NeXT Building the next insurance business model Innovation and Responsibility Insurtech start-up studio Certification for Gender Diversity A13 Full Year 2016 Earnings Presentation February 23, 2017

14 OUR AMBITION: INNOVATION LEADER IN INSURANCE A Prevention: Chat-bot technology in Asia 7 contacts per week from each active user 20/80 robot/human interactions moving to 50/50 in seconds average response time 30% of registered users are active B Innovative Services: My Doctor services app in Egypt 22% of users have used the clinical or non clinical services via the app Includes teleconsultation services, medical network access, and claims processing services C Adjacent Services: WayGuard in Germany Contact with customers every 13 days versus once a year for insurance on average 29,521 registered users 1,400 new users per week 36,983 accompanied trips 1,665,612 mins of accompaniment A14 Full Year 2016 Earnings Presentation February 23, 2017

15 Financial performance Gérald Harlin, Group CFO

16 FINANCIAL PERFORMANCE Group earnings Life & Savings Property & Casualty Asset Management Balance sheet A16 Full Year 2016 Earnings Presentation February 23, 2017

17 UNDERLYING EARNINGS UNDERLYING EARNINGS UNDERLYING EARNINGS BY SEGMENT In Euro million 5,507 +3% 5,688 In Euro million restated Change Life & Savings 3,375 3,507 +2% Property & Casualty 2,482 2,514 +2% Asset Management % Banking % Holdings % Underlying Earnings 5,507 5,688 +3% restated A17 Full Year 2016 Earnings Presentation February 23, 2017 Changes are in constant Forex. For L&S and P&C changes are in constant Forex and excluding Genworth and Portugal

18 ADJUSTED EARNINGS ADJUSTED EARNINGS DETAILS OF ADJUSTED EARNINGS In Euro million +3% 5,940 6,103 In Euro million restated Underlying Earnings 5,507 5,688 Net realized capital gains/losses o/w realized capital gains o/w net impairments o/w hedging of equity portfolio Adjusted Earnings 5,940 6,103 restated A18 Full Year 2016 Earnings Presentation February 23, 2017 Changes are in constant Forex

19 NET INCOME NET INCOME DETAILS OF NET INCOME In Euro million +2% 5,617 5,829 In Euro million restated Adjusted earnings 5,940 6,103 Change in fair value & Forex o/w gains (losses) on economic hedges o/w change in fair value of assets accounted for as fair value option Exceptional and discontinued operations Integration & Restructuring costs * Intangibles amortization and other Net Income 5,617 5,829 restated *of which Euro 0.2 billion in Belgium A19 Full Year 2016 Earnings Presentation February 23, 2017 Changes are in constant Forex All notes are on pages 45 and 46

20 FINANCIAL PERFORMANCE Group earnings Life & Savings Property & Casualty Asset Management Balance sheet A20 Full Year 2016 Earnings Presentation February 23, 2017

21 L&S NEW BUSINESS SALES AND MARGINS BY MARKET In Euro million Mature markets Emerging markets Total Total New business sales (APE) 5,163-1% 5,194 o/w SEA & China +19% o/w Hong Kong +12% + +14% = 1,301 1,406 6,464 +2% 6,600 restated restated restated New business margin New business 35% 38% 51% 46% 38% 40% 1,807 +7% 1,974 China NBV margin 17% + -1% = value ,471 +5% 2,623 restated restated restated Changes are on a comparable basis A21 Full Year 2016 Earnings Presentation February 23, 2017

22 L&S NEW BUSINESS SALES AND MARGINS BY BUSINESS APE (Euro million) NBV margin Business line change Net Flows (Euro billion) restated Protection & Health 2,949 +2% 61% G/A Savings 1, % 18% o/w Euro -1.5 billion Belgium buyout of which G/A capital light % 23% Unit-Linked 1,549-10% 31% o/w Euro -0.7 billion US GMxB buyout Mutual Funds & Other % 12% Total 6,600 +2% 40% A22 Full Year 2016 Earnings Presentation February 23, 2017 Changes are on a comparable basis All notes are on pages 45 and 46

23 L&S UNDERLYING EARNINGS BY BUSINESS TOTAL LIFE & SAVINGS 1 (post-tax) In Euro million PROTECTION & HEALTH (pre-tax) In Euro million G/A SAVINGS (pre-tax) In Euro million UNIT-LINKED (pre-tax) In Euro million 1,835 3,375 +4% +2% 1,915 3,507 2,496-5% 2,415-2% % restated restated restated 1H15 restated restated 1H16 Decrease of corporate tax rate in France and Euro 35 million higher positive tax one-offs - Lower prior year reserve development and non-repeat of assumption changes in France (Euro -0.3 billion) + Higher net technical margin + Lower expenses and higher technical margin - Lower investment margin + Higher result from US VA GMxB - Lower fees and revenues in Italy - Higher DAC amortization in the US Changes are on comparable basis for pre-tax earnings and in constant forex excluding Genworth and Portugal for post-tax earnings Full detail in appendix on pages B19 to B30 A23 Full Year 2016 Earnings Presentation February 23, 2017

24 L&S UNDERLYING EARNINGS DRIVERS TOTAL LIFE & SAVINGS 1 1,835 3,375 (post-tax) In Euro million +4% +2% 1,915 3,507 In Euro million Includes: Lower pre-tax earnings impact Lower corporate tax rate in France ,507 3, Lower prior year reserve developments (Euro -209 million) Non-repeat of a favorable change in assumptions (Euro -50 million) 1H15 restated restated 1H16 restated Protection & Health 1 G/A Savings US VA GMxB 2 Other Unit- Linked Forex & other 3 Exceptionals in French Protection Tax Higher positive tax one-offs 1. Protection & Health excluding exceptionals in French Protection 2. US VA GMxB includes a positive GMxB hedge margin and the non-repeat of reserve strengthening in 3. Forex & other: forex, scope, minority interests and mutual funds & other Changes are on comparable basis for pre-tax earnings and in constant forex excluding Genworth and Portugal for post-tax earnings Full detail in appendix on pages B19 to B30 A24 Full Year 2016 Earnings Presentation February 23, 2017

25 FINANCIAL PERFORMANCE Group earnings Life & Savings Property & Casualty Asset Management Balance sheet A25 Full Year 2016 Earnings Presentation February 23, 2017

26 P&C REVENUES BY SEGMENT TOTAL In Euro million PERSONAL LINES In Euro million 34,831 +3% 35,604 18,057 +4% 18,105 Average price effect of +3.8% Motor revenues up 4% Non-motor revenues up 4% restated COMMERCIAL LINES In Euro million +2% 16,631 17,217 restated Average price effect of +1.5% restated A26 Full Year 2016 Earnings Presentation February 23, 2017 Changes are on a comparable basis

27 P&C PRICE EFFECT BY COUNTRY AND SEGMENT Personal Lines Price effect Revenues growth Commercial Lines Price effect Revenues growth France +0.4% +1.7% +1.6% -3.2% Germany +2.7% +1.5% +0.8% +2.7% 2017 Market pricing trends Slight increase in prices expected in Personal lines. Increased pressure on prices in Commercial lines. Prices expected to be stable in both Personal and Commercial lines. UK & Ireland +5.8% +7.2% +1.7% +7.2% Hardening of the cycle expected in Personal lines. Switzerland +0.2% +1.0% +0.1% +0.3% Belgium +2.3% +0.9% +1.0% +0.8% Italy -2.9% -0.7% 0.0% +2.0% Spain +2.5% +0.6% +3.7% +5.6% Continued price softening in Personal lines and stable pricing in Commercial lines. Price decreases both in Personal and Commercial lines due to increased competition. Price decreases both in Personal and Commercial lines due to increased competition. First signs of hardening as profitability level are low in the market. EMEA-LATAM +20.7% +9.6% +4.3% +5.2% Asia +1.0% +4.3% -1.4% -3.2% Direct +4.9% +7.3% - - Total +3.8% +3.6% +1.5% +2.3% Prices expected to increase Prices expected to be stable Prices expected to decrease A27 Full Year 2016 Earnings Presentation February 23, 2017 Changes are on a comparable basis

28 P&C REVENUES AND MARGINS BY MARKET Mature markets Emerging markets Direct Total In Euro million +3% +2% 34,831 35,604 26,940 27,606 +9% on an economic gross revenues basis 1 Revenues + +7% + = +7% 5,159 5,134 2,732 2,864 restated restated restated restated +0.2pt 102.0% 96.9% 96.9% 100.9% 99.3% 98.7% 97.7% 97.7% Current year combined ratio + + = restated restated restated restated Changes are on a comparable basis for revenues and in constant Forex excluding Genworth and Portugal for current year combined ratio A28 Full Year 2016 Earnings Presentation February 23, 2017 All notes are on pages 45 and 46

29 P&C UNDERLYING EARNINGS P&C UNDERLYING EARNINGS In Euro million COMBINED RATIO Current year combined ratio + Prior year reserve developments All-year combined ratio +2% + - Lower loss ratio Higher acquisition costs 2,482 2, % 97.7% 97.7% 0.5% -1.4% -1.2% 96.2% 96.5% restated restated restated Natural Catastrophes INVESTMENT INCOME (pre-tax) In Euro million restated 2,260 0% 2,202 Investment yield of 3.4% vs. 3.6% in Higher average invested assets in restated Changes are in constant Forex excluding Genworth and Portugal Full detail in appendix on pages B35 to B38 A29 Full Year 2016 Earnings Presentation February 23, 2017

30 FINANCIAL PERFORMANCE Group earnings Life & Savings Property & Casualty Asset Management Balance sheet A30 Full Year 2016 Earnings Presentation February 23, 2017

31 AM ASSETS UNDER MANAGEMENT Average AUM and net flows in Euro billion Revenues in Euro million Net flows (incl. Joint Ventures) Average AUM (excl. Joint Ventures) 618-3% 595 Revenues (excl. Joint Ventures) 1,242-3% 1,180 +1% excl. Friends Life impact Euro 38 billion from Joint Ventures in Asia in vs. Euro 34 billion in Average AUM and net flows in Euro billion Revenues in Euro million Net flows Average AUM Revenues +1% -3% ,580 2, Changes are on a comparable basis A31 Full Year 2016 Earnings Presentation February 23, 2017 All notes are on pages 45 and 46

32 AM UNDERLYING EARNINGS ASSET MANAGEMENT In Euro million In Euro million -1% 458-8% In Euro million -16% % excl. Tax one-off Including a negative tax one-off of Euro 50 million in at AB. Changes are in constant Forex Full detail in appendix on pages B42 to B43 A32 Full Year 2016 Earnings Presentation February 23, 2017

33 FINANCIAL PERFORMANCE Group earnings Life & Savings Property & Casualty Asset Management Balance sheet A33 Full Year 2016 Earnings Presentation February 23, 2017

34 ASSET & LIABILITY MANAGEMENT (1/4) Diversified and resilient investment portfolio Total General Account invested assets 83% in Fixed income Limited yield dilution Fixed income Assets duration as at December 31, 2016 Life & Savings 8.3 years Real estate 5% Alternative investments 1 3% Property & Casualty 5.6 years Listed equities 3% Cash 4% Other fixed income 2 8% Euro 583 billion 3 40% Policy loans 1% Govies & related 4.0% Long asset duration leading to a slow yield dilution 3.9% Life & Savings 3.8% 3.7% 3.7% 3.6% 3.3% Corporate bonds 35% FY10 FY11 FY12 FY13 FY14 * Property & Casualty 4.0% 4.0% 3.9% 3.9% 3.9% 3.6% 3.4% FY10 FY11 FY12 FY13 FY14 * *Not restated for the scope changes Full detail in appendix on pages B45 to B62 A34 Full Year 2016 Earnings Presentation February 23, 2017 All notes are on pages 45 and 46

35 ASSET & LIABILITY MANAGEMENT (2/4) Diversified and resilient investment portfolio Government and related bonds rating 40% of total General Account invested assets in Corporate bonds rating 1 35% of total General Account invested assets in 38% AA AA 13% 32% A AAA 27% Euro 236 billion AAA 11% Euro 202 billion Non rated 1% Below investment grade 1% 19% BBB 15% A Below investment grade 8% 35% BBB Average rating of government and related bonds maintained in the AA range Average rating of corporate bonds maintained in the A range A35 Full Year 2016 Earnings Presentation February 23, 2017 All notes are on pages 45 and 46

36 ASSET & LIABILITY MANAGEMENT (3/4) Well diversified and high quality new investments New fixed income investments in Resilient new investment yield Investment Grade credit Average rating: A ~52% new investments Government bonds & related Average rating: AA ~28% ~12% Below Investment Grade credit 1 ABS ~8% Yield on new investments in fixed income assets for Life & Savings and Property & Casualty entities Eurozone 1.9% US 2.4% Japan 0.7% Switzerland 0.9% Total 1.8% Focus on investment grade credit ~81% Corporate bonds ~8% Other loans ~11% Commercial Real Estate loans Euro 82 billion Amount invested in Fixed income in A36 Full Year 2016 Earnings Presentation February 23, 2017 All notes are on pages 45 and 46

37 ASSET & LIABILITY MANAGEMENT (4/4) Life & Savings General Account investment spreads and margin Inforce business New business Spread above guaranteed rates +140 bps 1.9% Resilient investment margin 1 79 bps 73 bps Guidance: Spread above guaranteed rate 3.3% bps +140 bps 1.8% 0.4% Yield on total L&S asset base Reinvestment yield on L&S fixed income assets L&S average guaranteed rate L&S average guaranteed rate Significant buffer to cover guarantees and to manage crediting rates to preserve investment margin Average reserves of Euro 363 billion Products sold in combination with higher margin Unit-Linked business (hybrid 2 sales) A37 Full Year 2016 Earnings Presentation February 23, 2017 All notes are on pages 45 and 46

38 SHAREHOLDERS EQUITY Shareholders equity Key drivers of change In Euro billion In Euro billion vs. + Net income for the period Change in net unrealized capital gains Dividends Subordinated debt Change in pension benefits Forex and other -0.7 Adjusted ROE % 13.5% A38 Full Year 2016 Earnings Presentation February 23, 2017 All notes are on pages 45 and 46

39 DEBT & RATINGS Financial debt Debt ratios In Euro billion Euro 3 billion debt issued in to refinance in advance part of outstanding debt Debt Gearing 2 26% 26% Interest Cover x 15.7x Ratings AAstable as of 27/10/ Aa3 stable as of 09/09/2016 Undated subordinated debt AAstable as of 28/06/2016 Subordinated debt 1 Senior debt A39 Full Year 2016 Earnings Presentation February 23, 2017 All notes are on pages 45 and 46

40 SOLVENCY II RATIO Solvency II ratio 1 Key sensitivities In Euro billion Ratio as of December 31, % 205% 197% Solvency II ratio Interest rate +50bps 200% +3 pts Interest rate -50bps 188% -9 pts Corporate spreads +75bps 196% -1 pt Available capital Required capital Equity markets +25% 203% +6 pts Equity markets -25% 190% -7 pts Solvency II ratio roll-forward 205% +19 pts -10 pts -14 pts -4 pts 197% Operating return Dividend Market impact excl. forex Subordinated debt, forex & other A40 Full Year 2016 Earnings Presentation February 23, 2017 All notes are on pages 45 and 46

41 STRONG CASH FLOW GENERATION & REMITTANCE In Euro billion vs. growth 0% +7% Operating Free Cash Flows Cash remitted from entities Increased remittance ratio from entities in restated Remittance ratio 81% 88% A41 Full Year 2016 Earnings Presentation February 23, 2017 Changes are on a comparable basis

42 Concluding remarks Thomas Buberl, Group CEO

43 EARNINGS KEY TAKEAWAYS AXA = Consistent Delivery Top line growth (+3%) Earnings (+4% UEPS) Dividend (+5% DPS) ROE (13.5%) Financial Strength (197% SII ratio) A43 Full Year 2016 Earnings Presentation February 23, 2017

44 Q&A FULL YEAR 2016 EARNINGS

45 NOTES (1/2) In this document, restated stands for the retroactive restatements mainly for the sale of the UK Life & Savings and reclassification of the International Insurance segment split into L&S and P&C and some Protection products with Unit-Linked features which were previously classified under the Unit-Linked Line of Business are now classified under the Protection & Health Line of Business. Page A8: 1. Asia includes Hong Kong and South East Asia, India and China region. 2. G/A Savings products which, at inception, create more AFR than the economic capital they consume. 3. figures were restated to take into account the reclassification at 1H16 of non-gmxb Variable Annuity product (SCS) in the US from G/A Savings to Unit-Linked, to align with classification for APE and NBV. This reclassification explains the difference with the net flows reported page 68 of the financial supplement. Page A9: 1. Direct business is split in Mature and Emerging markets. Page A10: 1. Health is reported in Life & Savings (France, the US, Japan, Germany, Greece, Hong Kong, Singapore and Indonesia) and Property & Casualty (the UK, Belgium, the EMEA-LATAM region, Luxembourg, Hong Kong, Italy, Malaysia, Spain, Singapore, Thailand, AXA Assistance and Direct) in line with reporting standards. The additional focus on Health is in line with the new strategy and organization dedicated to the Health business. Page A12: 1. Adjusted ROE: return corresponds to adjusted earnings net of interest charges on undated debt. Equity corresponds to average shareholders equity excluding undated debt and reserves related to change in fair value. 2. The Solvency II ratio is estimated based on AXA s internal model calibrated based on adverse 1/200 year shock and assuming US equivalence. AXA s internal model was approved by ACPR on November 18, Solvency II took effect January 1, Solvency II ratio is estimated including the proposed amount of dividend for. Dividends are declared by the Board at its discretion based on a variety of factors described in AXA s Annual Reports and then submitted to AXA s shareholders for approval. Page A19: 1. Interest rate and Foreign exchange economic hedges not eligible for hedge accounting under IAS 39. Page A22: 1. G/A Savings products which, at inception, create more AFR than the economic capital they consume. 2. figures were restated to take into account the reclassification at of non-gmxb Variable Annuity product (SCS) in the US from G/A Savings to Unit-Linked, to align with classification for APE and NBV. This reclassification explains the difference with the net flows reported page 68 of the financial supplement. Page A28: 1. Economic gross revenues: all entities are consolidated on a group share basis. A45 Full Year 2016 Earnings Presentation February 23, 2017

46 NOTES (2/2) Page A31: 1. AXA IM s joint ventures in Asia (China, Korea and India) are included at 100% in net flows, opening and closing assets under management but are excluded from revenues and average assets under management as they are not fully consolidated. Page A34: 1. Mainly Private Equity and Hedge Funds. 2. Other fixed income include Asset backed securities (Euro 13 billion), residential loans (Euro 12 billion), commercial & agricultural loans (Euro 21 billion) and Agency Pools (Euro 1 billion). 3. invested assets referenced in page 52 of the financial supplement are Euro 788 billion, which include notably Euro 175 billion of Unit-linked assets and Euro 35 billion related to the banking segment. Page A35: 1. Corporate bonds not rated by external rating agencies are reallocated under AXA s internal ratings: AAA: Euro 0.3 billion / AA: Euro 1.4 billion / A: Euro 3.0 billion / BBB: Euro 4.7 billion / Below investment grade: Euro 2.9 billion. Page A36: 1. Mainly short duration high yield. Page A37: 1. Group investment margin on total Life & Savings General Account business. 2. Hybrid products are savings products allowing clients to invest in both Unit-Linked and General Account assets. Page A38: 1. Adjusted ROE: return corresponds to adjusted earnings net of interest charges on undated debt. Equity corresponds to average shareholders equity excluding undated debt and reserves related to change in fair value. Page A39: 1. Including Euro 1.3 billion of reversal of market-to-market on interest rates derivatives in versus Euro -0.6 billion in. 2. Starting 1H16, debt gearing is calculated gross of Holding company cash. debt gearing net of cash was reported at 23%. 3. Including undated debt interest charges. Page A40: 1. The Solvency II ratio is estimated based on AXA s internal model calibrated based on adverse 1/200 year shock and assuming US equivalence. AXA s internal model was approved by ACPR on November 18, Solvency II took effect January 1, Solvency II ratio is estimated including the proposed amount for dividend. Dividends are declared by the Board at its discretion based on a variety of factors described in AXA s Annual Reports and then submitted to AXA s shareholders for approval. Page A43: 1. Top line growth is measured by Economic Gross Revenues. ROE is adjusted earnings net of interest charges on undated debt. Equity corresponds to average shareholders equity excluding undated debt and reserves related to change in fair value A46 Full Year 2016 Earnings Presentation February 23, 2017

47 DEFINITIONS AXA s financial statements are subject to a completion of limited review by AXA s independent auditors. AXA's results have been prepared in accordance with IFRS and interpretations applicable and endorsed by the European Commission as of December 31, Underlying Earnings, Adjusted Earnings, APE, NBV and Group Operating Free Cash Flows are non-gaap measures and as such are not audited, may not be comparable to similarly titled measures reported by other companies and should be read together with our GAAP measures. Management uses these non-gaap measures as key indicators of performance in assessing AXA s various businesses and believes that the presentation of these measures provides useful and important information to shareholders and investors as measures of AXA s financial performance. For a reconciliation of underlying and adjusted earnings to net income see pages A16 and A17 of this presentation. Life & Savings emerging markets: APE and NBV: China, Czech Republic, Hong Kong, India, Indonesia, Mexico, Morocco, Philippines, Poland, Singapore, Thailand and Turkey; Revenues: Colombia, Czech Republic, Hong Kong, Indonesia (excl. bancassurance entity), Mexico, Morocco, Poland, Singapore, Slovakia and Turkey. Property & Casualty emerging markets: Revenues: Brazil, Colombia, the Gulf region, Hong Kong, Malaysia, Mexico, Morocco, Singapore, Thailand and Turkey. South-East Asia, India and China (L&S): APE and NBV: China, India, Indonesia, Philippines and Singapore and Thailand; Revenues: Singapore and non-bancassurance subsidiaries in Indonesia; China, India, Philippines, and bancassurance business in Indonesia and Thailand are not included in revenues due to consolidation under equity method; Malaysian operations are not consolidated. Asia (P&C): Hong Kong, Malaysia, Singapore and Thailand. China and India are not included in revenues due to consolidation under equity method. Indonesian operations are not consolidated. EMEA-LATAM region: Europe, Middle East, Africa & Latin America. For Life & Savings: Colombia, Czech Republic, Greece, Luxembourg, Mexico, Morocco, Poland, Slovakia, and Turkey are fully consolidated; Portugal was disposed on April 1, 2016; Nigeria is consolidated under the equity method and contributes only to the underlying earnings, adjusted earnings and net income. For Property & Casualty: Brazil, Colombia, Greece, the Gulf region, Luxembourg, Mexico, Morocco and Turkey are fully consolidated; Russia, Nigeria and Lebanon are consolidated under the equity method and contribute only to the underlying earnings, adjusted earnings and net income; Brazil is fully consolidated since January 1, 2016; Portugal was disposed on April 1, Direct (P&C): AXA Global Direct (Belgium, France, Italy, Japan, Poland, South Korea and Spain), UK Direct operations. In France, Natio is not included in revenues due to consolidation under equity method. Emerging markets include the following entities: EMEA-LATAM Region (Brazil, Colombia, Czech Republic, the Gulf region, Lebanon, Mexico, Morocco, Poland, Slovakia, Turkey and Russia), Hong Kong, South-East Asia (Indonesia, Malaysia, Singapore, Philippines, Singapore and Thailand), India and China, excluding Direct operations. Mature markets include the following entities: AXA Assistance, AXA Corporate Solutions Assurance, Belgium, France, Germany, Greece, Italy, Ireland, Japan, Luxembourg, Portugal (in 2015 only), Switzerland, Spain, the United Kingdom and the United States. A47 Full Year 2016 Earnings Presentation February 23, 2017

48 AXA FULL YEAR 2016 EARNINGS Appendices February 23, 2017

49 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 unknown risks and uncertainties. Please refer to the section Cautionary statements in page 2 of AXA s Document de Référence for the year ended December 31, 2015, for a description of certain important factors, risks and uncertainties that may affect AXA s business. 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.

50 TABLE OF CONTENT BUSINESS OVERVIEW GROUP LIFE & SAVINGS PROPERTY & CASUALTY HEALTH ASSET MANAGEMENT BALANCE SHEET CORPORATE RESPONSIBILITY B04 B12 B16 B33 B39 B41 B44 B73 B3 Full Year 2016 Earnings Appendices February 23, 2017

51 Business overview

52 GROUP REVENUES AND UNDERLYING EARNINGS Revenues by geography 1 Underlying earnings by geography 1,2 Other 3 5% Other 3 4% Asset management 4% Asset management 6% EMEA-LATAM 4 6% France 24% EMEA-LATAM 4 3% France 21% Asia (incl. Japan) 11% Euro 100 billion Asia (incl. Japan) 17% Euro 7 billion Europe (excl. France) 5 37% United States 14% Europe (excl. France) 5 35% United States 14% 1. Direct business revenues and underlying earnings are split within geography 2. Underlying earnings excluding holdings 3. Other: AXA Corporate Solutions, AXA Assistance, AXA Life Invest Services, AXA Corporate Solutions Life Reinsurance, AXA Global Life, Architas, AXA Global P&C, AXA Liabilities Managers, Family Protect and Banking. 4. EMEA-LATAM: Luxembourg, Russia (P&C and underlying earnings only), Poland, Czech Republic and Slovakia (L&S only), Greece, Turkey, Mexico, Morocco, Nigeria (underlying earnings only), Colombia, Gulf region (P&C only), Lebanon (P&C and underlying earnings only) and Brazil (P&C only) 5. Europe (excl. France): United Kingdom & Ireland, Germany, Switzerland, Belgium, Italy and Spain B5 Full Year 2016 Earnings Appendices February 23, 2017

53 LIFE & SAVINGS Scope overview Global footprint Well balanced business mix APE by geography APE by business Mutual Funds & other EMEA-LATAM 1 2% Europe (excl. France) 2 17% Other 3 0% France 28% G/A Savings 22% Unit-Linked 23% Total APE Euro 6,600 million 10% Protection & Health 45% US 26% Asia (incl. Japan) 27% APE by channel Strong proprietary networks Total APE: Euro 6,600 million Partnerships 21% Total APE Euro 6,600 million Agents & salaried sales force 53% 1. EMEA-LATAM: Greece, Morocco, Mexico, Turkey, Poland and Czech Republic 2. Europe (excl. France): Germany, Switzerland, Belgium, Italy and Spain 3. Other: Architas, AXA Life Invest (excluding Germany & Japan), AXA Global Life and AXA Corporate Life Reinsurance Company Brokers IFAs & others 25% B6 Full Year 2016 Earnings Appendices February 23, 2017

54 PROPERTY & CASUALTY Scope overview AXA Corporate Solutions 7% Asia 6% EMEA-LATAM 3 12% Italy 5% revenues by geography 1 AXA Assistance 4% Spain 5% Belgium 6% Global footprint Total: Euro 35.6 billion Other 2 0% France 21% United Kingdom & Ireland 15% Germany 11% Switzerland 9% revenues by business Construction 2% Workers compensation 4% Liability 7% Health 10% revenues by channel Direct 5 11% Strong presence in Motor Total Euro 35.6 billion Strong proprietary networks Other 3 15% Motor 39% Property 22% Partnerships 5% 1. Direct business revenues are split within geography 2. AXA Global P&C and AXA Liabilities Managers 3. AXA EMEA-LATAM: Greece, Turkey, Mexico, Morocco, the Gulf region, Colombia, Brazil, Luxembourg and Poland (Direct) Winterthur 4. Other includes transport, protection and others 5. Sales recorded through the Direct channel include the sales of the Direct business unit and Direct sales from other entities Agents 32% Total Euro 35.6 billion Brokers IFAs & other 53% B7 Full Year 2016 Earnings Appendices February 23, 2017

55 AXA S FOOTPRINT IN EMERGING MARKETS APE by geography Czech Republic 3% Philippines 3% Other 1 3% Singapore 7% Indonesia 9% Thailand 12% China 21% #5 #14 India #14 China #2 Total APE: Euro 1,406 million Hong Kong #4 #2 Indonesia Philippines Life & Savings Key rankings Thailand #6 Singapore Poland 2% Mexico 2% Hong Kong 38% revenues by geography Singapore 5% Morocco 5% Malaysia 6% Mexico Colombia 28% 8% Hong Kong 8% Gulf region 16% #2 Property & Casualty Total Revenues: Euro 5,134 million #3 Malaysia Key rankings Mexico #3 #2 Colombia Turkey #2 Singapore #1 Hong Kong Thailand 2% Brazil 2% Turkey 20% 1. Other: India, Turkey and Morocco 2. Source: AXA Activity report ranking for Philippines Life & Savings, Mexico and Gulf region Property & Casualty B8 Full Year 2016 Earnings Appendices February 23, 2017

56 L&S ECONOMIC GROSS REVENUES Economic gross revenues 1 Change on IFRS change on In Euro million restated comparable basis comparable basis Life & Savings United States 13,628 14,303 +4% +4% France 16,266 17,206 +5% +6% Germany 6,650 6,662 0% 0% Switzerland 7,170 7,044-1% -1% Belgium 1,715 1,210-29% -29% Italy 2,388 1,974-17% -17% Spain % +5% EMEA-LATAM 3 1, % +1% Japan 4,139 5, % +10% South-East Asia, India & China 2,712 3, % +16% Hong Kong 2,507 2, % +13% Other % -35% Total 59,522 61,424 +2% +2% 1. Economic gross revenues definition: all entities are shown at ownership rate. 2. IFRS: IFRS scope of consolidation (fully consolidated entities at 100% and equity-method entities at 0%). 3. EMEA-LATAM: Colombia, Czech Republic, Greece, Luxembourg, Mexico, Morocco, Nigeria, Poland, Portugal (only for restated), Slovakia and Turkey 4. Other: AXA Life Invest Services, AXA Corporate Solutions Life Reinsurance, AXA Global Life, Architas and Family Protect B9 Full Year 2016 Earnings Appendices February 23, 2017

57 P&C ECONOMIC GROSS REVENUES Economic gross revenues 1 Change on IFRS change on In Euro million restated comparable basis comparable basis Property & Casualty France 6,014 6,736 0% 0% United Kingdom & Ireland 4,792 4,657 +8% +8% Germany 3,909 4,016 +3% +3% Switzerland 3,069 3,056 +1% +1% Belgium 2,010 2,081 +4% +4% Italy 1,473 1,466 0% 0% Spain 1,535 1,566 +2% +2% EMEA-LATAM 3 4,292 4, % +8% Direct 2,810 2,939 +6% +7% Asia 1,530 1,562 +3% +1% AXA Corporate Solutions 2,226 2,289 0% 0% AXA Assistance 1,226 1,276 +5% +5% Other % +16% Total 34,973 35,794 +4% +3% 1. Economic gross revenues definition: all entities are shown at ownership rate. 2. IFRS: IFRS scope of consolidation (fully consolidated entities at 100% and equity-method entities at 0%). 3. EMEA-LATAM: Brazil, Colombia, Greece, the Gulf region, Lebanon, Luxembourg, Mexico, Morocco, Nigeria, Portugal (only for restated), Russia and Turkey 4. Other: AXA Global P&C and AXA Liabilities Managers B10 Full Year 2016 Earnings Appendices February 23, 2017

58 ASSET MANAGEMENT Scope overview Complementary business models PRODUCT OFFER Multi-expert model: structured by Expertise Expertise in fixed income, equities, quantitative equities Focus on alternative investments (structured finance, real estate, funds of hedge funds) Client centric business model across the full value chain Risk-reducing, return-seeking, diversifying strategies and customized solutions Expertise in actively managed equity and fixed income strategies, as well as index strategies Growing platform of alternative and multi-asset services and solutions Institutional research and trading DISTRIBUTION Separate distribution platforms for third parties & AXA insurance companies Global and integrated distribution platforms through Institutions, Retail and Private Client channels FOOTPRINT Mainly Europe US, Europe and Asia AuM Euro 717 billion as at 31/12/2016 Euro 486 billion as at 31/12/2016 B11 Full Year 2016 Earnings Appendices February 23, 2017

59 Group

60 REVENUES Revenues by segment In Euro million restated Reported change Comparable change Life & Savings 1 58,862 60,282 +2% +2% Property & Casualty 34,831 35,604 +2% +3% Asset Management 3,822 3,710-3% -3% Banking % -4% Revenues 98, ,193 +2% +2% 1. Restated to exclude UK Life and Savings business operations in B13 Full Year 2016 Earnings Appendices February 23, 2017

61 UNDERLYING EARNINGS BY GEOGRAPHY 1. Changes at constant forex excluding Genworth and Portugal 2. EMEA-LATAM: Luxembourg, Russia (P&C only), Poland (L&S only), Czech Republic and Slovakia (L&S only), Greece, Turkey, Mexico, Morocco, Nigeria, Colombia, Gulf region (P&C only), Lebanon (P&C only), Brazil (P&C only) and Portugal ( only) 3. Other: AXA Life Invest Services, AXA Corporate Solutions Life Reinsurance, AXA Global Life, Architas, Family Protect, AXA Global P&C and AXA Liabilities Managers B14 Full Year 2016 Earnings Appendices February 23, 2017 Underlying Earnings In Euro million Reported Change at restated change constant Forex 1 Life & Savings 3,375 3,507 +4% +2% United Sates % +7% France % -8% Japan % +5% Germany % +36% Switzerland % -11% Belgium % +12% Italy % -23% Spain % -10% EMEA-LATAM % -10% Hong Kong % +3% South-East Asia & China % +22% Other % -16% Property & Casualty 2,482 2,514 +1% +2% France % +14% United Kingdom & Ireland % -18% Germany % -24% Switzerland % -5% Belgium % -26% Italy % -25% Spain % +33% EMEA-LATAM n.a. n.a. Direct % +34% Asia % -8% AXA Corporate Solutions % -9% AXA Assistance % -47% Other % -18% Asset Management % -8% AB % -16% AXA IM % -1% Banking % -19% Holdings % +9% Total 5,507 5,688 +3% +3% Or +19% restating from the change in Group share in Bharti from 26% to 49%

62 KEY SENSITIVITIES P&L Balance Sheet In Euro billion Impairments net of hedges through Adjusted Earnings Change 1 in fair value and Forex through Net Income Total impact in Net income (incl. Impact through Adjusted earnings) Net unrealized capital gains through Shareholders' Equity Equities -25% % Interest rates -100 bps bps Corporate spreads -75 bps bps Consists of gains/losses on derivatives and forex economic hedges not eligible for hedge accounting under IAS 39, as well as the change in fair value of assets accounted for as fair value option B15 Full Year 2016 Earnings Appendices February 23, 2017

63 Life & Savings

64 LIFE & SAVINGS REVENUES, NEW BUSINESS VOLUMES AND PROFITABILITY UNDERLYING EARNINGS MARGIN ANALYSIS UNDERLYING EARNINGS MARGIN ANALYSIS BY BUSINESS FOCUS ON THE US Page B18 Page B19 Page B25 Page B31 B17 Full Year 2016 Earnings Appendices February 23, 2017

65 1 L&S Revenues and net inflows In Euro billion L&S revenues by region L&S net inflows Net flows by country/region In Euro billion restated EMEA-LATAM and other 1-8% Asia (incl. Japan) +11% Europe (excl. France) 2-6% France Europe (excl. France) United States Asia (incl. Japan) EMEA-LATAM Other Total of which mature markets France +6% US +4% of which emerging markets Net flows by business In Euro billion restated Protection & Health G/A Savings i Total: Euro 60.3 billion o/w capital light ii o/w traditional G/A Unit-Linked Mutual funds & other Total EMEA-LATAM: Greece, Luxembourg, Morocco, Mexico, Turkey, Colombia, Nigeria, Poland, Czech Republic, Slovakia, AXA Life Invest Services, AXA Corporate Solutions Life Reinsurance, AXA Global Life and Architas 2. Europe (excl. France): Germany, Switzerland, Belgium, Italy and Spain Changes are on a comparable basis i figures were restated to take into account the reclassification at 1H16 of non-gmxb Variable Annuity products ( Structured Capital Strategies ) in the US from G/A Savings to Unit- Linked, to align with the classification for APE and NBV. ii. G/A Savings products which, at inception, create more AFR than the economic capital they consume. B18 Full Year 2016 Earnings Appendices February 23, 2017

66 2 L&S Underlying Earnings margin analysis Gross Margin Expenses In Euro million Comp. Change 1 In Euro million Comp. Change 1 Margin on revenues 2 4,989-2% Acquisition expenses 4, % Margin on assets 5,689-4% Admin. Expenses 3,052 +1% Technical margin 1, % VBI amortization % Pre-tax underlying earnings Euro 4,388 million - Underlying earnings Euro 3,507 million UE from associates % -2% Tax % Minority interest 76-27% +2% 1. Changes are at constant forex and excluding Genworth and Portugal 2. Life & Savings gross written premiums and mutual fund sales 3. Tax rate decreased from 21% in to 18% in mainly due to higher positive tax one-off which amounted to Euro 193 million vs. Euro 158 million for restated (Euro 202 million in reported) B19 Full Year 2016 Earnings Appendices February 23, 2017

67 2 L&S Margin Analysis Details of margin on revenues Margin on revenues Average margin on L&S revenues 1 8.3% -0.1 pt -0.3 pt business mix Detail by product Protection & Health: 14.2% G/A Savings: 2.0% Unit-Linked: 2.6% Mutual funds & other: 3.2% +0.3 pt country mix Margin on revenues 1 * Euro 4,989 million +1% x * Or -2% on a constant forex basis which includes a reclassification from margin on revenues to technical margin, mainly in Japan Life & Savings revenues 1 Euro 60,391 million +2% Changes are on a comparable basis 1. Life & Savings gross written premiums and mutual fund fees B20 Full Year 2016 Earnings Appendices February 23, 2017

68 2 L&S Margin Analysis Details of margin on Unit-Linked assets Unit-Linked management fees Average management fees on Unit-Linked reserves 160 bps -6 bps 1. Including other fees (mainly mutual fund and brokers fees) of Euro 416 million (-2% vs. ) Unit-Linked management fees Euro 2,604 million -3% Margin on assets 1 Unit-Linked average reserves + Euro 5,689 million -4% Euro 163 billion 0% General Account investment margin Euro 2,669 million -4% x In Euro billion Reserves as of Jan. 1, 2016 Scope (restatement of UK) Opening reserves restated Net flows* Market Forex Reserves as of December 31, bps business mix -2 bps country mix Changes are on a comparable basis * Excludes net flows from SCS products in the US B21 Full Year 2016 Earnings Appendices February 23, 2017

69 2 L&S Margin Analysis Details of margin on General Account assets Unit-Linked management fees Investment margin Margin on assets 1 Euro 5,689 million -4% 1. Including other fees (mainly mutual fund and brokers fees) of Euro 416 million (-2% vs. ) + Euro 2,604 million -3% General Account investment margin x Average management fees on general account reserves 73 bps -5 bps -5 bps business mix 0 bp country mix Euro 2,669 million -4% General Account average reserves Euro 363 billion +2% In Euro billion Reserves as of Jan. 1, 2016 Net flows* Market Forex Scope Reserves as of December 31, Changes are on a comparable basis * Includes net flows from SCS products in the US B22 Full Year 2016 Earnings Appendices February 23, 2017

70 2 L&S Margin Analysis Details of technical margin Technical margin Mortality & morbidity margin and other 1 Euro 1,684 million -10% Technical margin Euro 1,498 million +108% * + * Or +167% on a constant forex basis which includes a reclassification from margin on revenues to technical margin, mainly in Japan GMxB Variable Annuity margin Euro -186 million +83% In Euro billion o/w basis -41 o/w volatility (equity and interest rates) -40 o/w interest rates, credit spreads and other -183 o/w model and assumption changes 78 Changes are on a comparable basis 1. Claims paid, maturities and surrenders B23 Full Year 2016 Earnings Appendices February 23, 2017

71 2 L&S Margin Analysis Focus on gross technical margin Gross mortality, morbidity & surrender margin (pre-tax) In Euro million 1,609-10% 1,684 mortality, morbidity and surrender margin evolution mainly explained by: Lower prior year reserve development and non-repeat of assumptions change in Protection in France (Euro -0.3 billion) Higher mortality margin in the US, Japan, Germany and Mexico restated Gross GMxB Variable Annuity technical margin (pre-tax, pre-dac) In Euro million restated -1, Euro 11 million net Underlying Earnings impact GMxB VA technical margin (pre-tax, pre-dac) evolution mainly explained by: Higher GMxB margin in the US mostly from an improved hedge margin and the non-repeat of 2015 reserve strengthening Non-repeat of exceptional costs in Germany following the implementation of a new hedging strategy in Changes are on a comparable basis B24 Full Year 2016 Earnings Appendices February 23, 2017

72 3 L&S Underlying Earnings by business Euro million restated % change Protection & Health 2,496 2,415-5% G/A Savings % Unit-Linked % Mutual funds & Other % Pre-tax Underlying Earnings 4,413 4,388-2% Tax and Minority interest -1, Underlying Earnings 3,375 3,507 +2% Changes are on comparable basis for pre-tax earnings by business and on constant forex excluding Genworth and Portugal for post-tax earnings B25 Full Year 2016 Earnings Appendices February 23, 2017

73 3 L&S Margin analysis by business In Euro million Margin on revenues Investment margin Management fees Technical Margin & Other Protection & Health G/A savings Unit-Linked Mutual Funds & Other 4, , ,415 1, % of GWP 73 bps of avg. G/A reserves 160 bps of avg. UL reserves Gross margin 6,943 1,877 2, ,176 Admin. Exp. & Other Acquistion expenses -1, ,043-3, ,745 Pre-tax UE 2, ,388 Main profit drivers B26 Full Year 2016 Earnings Appendices February 23, Mainly other fees (mainly mutual fund and brokers fees)

74 3 L&S Margin Analysis by business Protection & Health 1 In Euro million Technical result Unit-Linked management fees Net investment margin x Protection & Health GWP Protection & Health Combined ratio (in %) Comp. Change 29,966 +3% 96.1% +0.4 pt x Protection & Health average UL reserves UL average management fees Comp. Change 15,529-1% 122 bps -12 bps Protection & Health average G/A reserves Protection & Health investment spread Comp. Change 175,141 +3% 51 bps -5 bps x Net technical result 1,176-6% Unit-Linked Management fees % Investment margin 901-7% + + UE from associates % Pre-tax underlying earnings Euro 2,415 million -5% 1. From, Unit-Linked Protection with Savings products have been reclassified in Protection & Health (please refer to page B32 for more information) B27 Full Year 2016 Earnings Appendices February 23, 2017

75 3 L&S Margin Analysis by business Protection & Health Details on Combined Ratio Combined ratio -0.5 pt excluding exceptionals on French Protection Expense ratio 1 Expense ratio deteriorated by 0.2 point: 95.9% +0.4 pt 96.1% - Higher DAC amortization in the US (partly offset in fees and revenues) Expense ratio 14.9% 15.6% + Lower administrative expenses and commissions, notably in France and the US Loss ratio 81.0% 80.5% Loss ratio Loss ratio deteriorated by 0.2 point: - Lower prior year reserve development and nonrepeat of assumptions change in Protection in France (Euro -0.3 billion) restated + Higher technical margin combined with higher fees and revenues in Germany and Japan + Higher fees and revenues in the US (more than offset by DAC amortization) 1. Expense ratio includes VBI amortization Changes are on a comparable basis B28 Full Year 2016 Earnings Appendices February 23, 2017

76 3 L&S Margin Analysis by business G/A Savings x In Euro million G/A Savings Gross revenues Margin on G/A Savings revenues Comp. Change 13,096 +6% 2.0% -0.7 pt G/A Savings Average reserves G/A Savings Investment spread Comp. Change 188,347 +2% 82 bps -4 bps Margin on revenues % Investment margin 1,543-2% Lower Unearned Revenues Reserves amortization offset by lower DAC amortization, both due to the change in interest rates assumptions (mainly in France) x + Gross margin Euro 1,877 million -5% Technical margin & Other Comp. Change % Acquisition costs % - Administrative expenses & Other 582-2% Pre-tax underlying earnings Euro 848 million +2% B29 Full Year 2016 Earnings Appendices February 23, 2017

77 3 L&S Margin Analysis by business Unit-Linked x In Euro million Unit-Linked Gross revenues Comp. change 14,549-9% x Unit-Linked Average reserves Comp. change 162,727 0% Average margin on Unit-Linked revenues 2.6% -0.5 pt UL average Management fees 160 bps -6 bps Comp. change Margin on revenues % Unit-Linked Management fees 2,415-3% Technical margin & Other % o/w GMxB VA margin % + Investment margin % Gross margin Euro 2,803 million +27% Acquisition costs % - Administrative expenses & Other % Pre-tax underlying earnings Euro 986 million -2% B30 Full Year 2016 Earnings Appendices February 23, 2017

78 4 L&S Focus on the US US Variable Annuity GMxB Underlying Earnings In Euro million, net of DAC and tax 1 FY13 FY14 Total Variable Annuity base fees & other, less expenses GMxB hedge margin o/w Basis o/w Volatility o/w Interest rates, credit spreads & other Total reserve strengthening o/w lapse experience / assumptions o/w other policyholder behavior o/w management actions including premium suspension, buyout program & model refinements/ assumptions Variable Annuity GMxB Underlying Earnings Positive GMxB hedge margin Increasing contribution of VA GMxB to Underlying Earnings US Life & Savings Underlying Earnings US Life & Savings APE In Euro million FY08 22% 15% 15% 48% 31% 12% 19% 10% 25% 2% 30% 10% 22% 20% 16% 2% FY13 FY14 restated 4 1. Notional tax rate of 35%. 2. Negatively affected by a new risk-based allocation of investment margin among products implemented in the US starting FY14, with zero impact on total US Life & Savings Underlying Earnings. Based on this new methodology, the amount reallocated to other products would have been Euro -35 million in FY New Non GMxB Variable Annuity includes: Investment Edge and Structured Capital Strategies. 4. restated: reclassification of AXA Liabilities Managers Accident & Health from the International Insurance segment into the United States Life & Savings operations. B31 Full Year 2016 Earnings Appendices February 23, 2017 Mutual Funds & Other Life Retirement Plan Services Non-GMxB VA New Non-GMxB VA 3 Floating rate GMxB VA Fixed rate GMxB VA

79 L&S Reclassification of Unit-Linked Protection with Savings to Protection & Health Key performance indicator (in Euro million, unless other specified) 1 Unit-Linked Protection with Savings products restated APE Gross revenues Net flows 2 (in Euro billion) NBV margin (%) Unit-Linked average reserves Underlying earnings pre-tax Protection & Health 2, ,025 Unit-Linked 2, ,837 Protection & Health 27,243 1,932 29,176 Unit-Linked 17,942-1,932 16,010 Protection & Health Unit-Linked Protection & Health 51.6% +1 pt 52.4% Unit-Linked 39.0% -4 pts 35.0% Protection & Health 0 16,530 16,530 Unit-Linked 158,156-16, ,626 Protection & Health 2, ,496 Unit-Linked 1, restated for the sale of UK Life & Savings operations figures were restated to take into account the reclassification at 1H16 of non-gmxb Variable Annuity products ( Structured Capital Strategies ) in the US from G/A Savings to Unit-Linked, to align with the classification for APE and NBV. B32 Full Year 2016 Earnings Appendices February 23, 2017

80 Property & Casualty

81 P&C Revenues and net new contracts P&C revenues by markets P&C personal net new contracts In thousands Direct 8% Of which: +82 in Direct +76 in Mature +54 in Emerging +212 Emerging markets 14% Mature markets 78% -534 Of which: +366 in Direct -392 in Mature -508 in Emerging Total: Euro 35.6 billion Positive new business sales in motor business in Malaysia, partly offset by selective underwriting in Turkey and in France partially due to the Hamon law. B34 Full Year 2016 Earnings Appendices February 23, 2017

82 P&C Underlying Earnings analysis Net technical result Net investment income In Euro million In Euro million Change Change x Revenues 35,604 +3% Average P&C assets 72,615 +6% Combined ratio 1 (in %) 96.5% +0.5 pt Average Asset Yield 3 3.0% -0.2 pt x Net technical result 2 1,230-10% Net investment income 2,202 + Pre-tax underlying earnings Euro 3,479 million + -3% 0% UE from associates % Tax % - Minority interest % Underlying earnings Euro 2,514 million +2% 1. Combined ratio calculated based on gross earned premiums 2. Technical result net of expenses 3. Net of interests credited to P&C reserves relating to annuities. Gross asset yield was 3.4% 4. Tax rate: 26% in vs. 30% in (includes a reduction in tax rate in France from 38% to 34.43%) B35 Full Year 2016 Earnings Appendices February 23, 2017 Changes are on a comparable basis for activity indicators (constant Forex, scope and methodology). Changes are on a constant exchange rate basis and excluding Genworth and Portugal for earnings

83 P&C Details on Combined Ratio Combined ratio Expense ratio roll-forward +0.6 pt 96.2% +0.5 pt 96.5% Administative 25.7% 26.9% 8.7% pt 8.9% Expense Ratio 25.7% 26.9% Acquisition 17.0% +0.5 pt 18.1% restated Loss ratio roll-forward Loss Ratio 70.5% 69.6% 70.5% -0.1 pt +0.3 pt 69.6% -0.9 pt -0.2 pt restated restated Current accident year Nat Cat Prior year reserve dev. B36 Full Year 2016 Earnings Appendices February 23, 2017 Change a constant exchange rate basis and excluding Genworth and Portugal for earnings

84 P&C Details on current year loss ratios Personal Motor Personal non Motor 75.9% 0.0pt +1.9pts +1.3pts 75.0% o/w Turkey -2.3 pts -4.1pts o/w Turkey +1.6 pts 62.1% -0.1pt -1.2pts +1.5pts +0.3pt 62.6% CY Loss Ratio Nat Cat Price effect Frequency & Severity Other 1 CY Loss Ratio CY Loss Ratio Nat Cat Price effect Frequency & Severity Other 1 CY Loss Ratio Total Commercial lines incl. Construction & Work. Comp. Total P&C 74.6% +1.6pts -0.5pt -1.0pts -2.3pts 72.4% 71.9% -0.2pt -1.9pts +1.6pts -0.6pts 70.8% o/w Severity +2.3pts o/w Frequency -0.7pt CY Loss Ratio Nat Cat Price effect Frequency & Severity Other 1 CY Loss Ratio CY Loss Ratio Nat Cat Price effect Frequency & Severity Other 1 CY Loss Ratio 1. Other includes opening adjustments, changes in mix, claims handling costs, reinsurance impact excl. Nat Cat, other changes in reserves, Forex and scope (excluding Genworth and Portugal) B37 Full Year 2016 Earnings Appendices February 23, 2017

85 P&C Focus on reserve developments Prior year reserve development level (in % of gross earned premiums) 5.4% 6.0% 5.4% 4.5% 0.9% 1.4% 2.7% 3.1% 2.0% 1.7% 2.1% 1.2% 1.8% 1.2% 1.3% 0.6% 1.8% 1.4% 2.1% 1.2% FY05 FY06 FY07 FY08 1H09 FY09 1H10 FY10 1H11 FY11 1H12 FY12 1H13 FY13 1H14 FY14 1H15 * 1H16 ** Reserving ratio (Net technical reserves/net earned premiums) 193% 199% 199% 188% 199% 186% 194% 187% 198% 187% 186% 196% 187% 195% 186% 195% 185% 194% 198% 192% FY05 FY06 FY07 FY08 1H09 FY09 1H10 FY10 1H11 FY11 1H12 FY12 1H13 FY13 1H14 FY14 1H15 * 1H16 Information related to FY13 was restated for the retrospective application of the new IFRS standards on consolidation. FY04 to FY12 figures were not adjusted for this change Note: FY04 to FY09 figures do not exclude Canadian operations * figures have been restated to include the reclassification of International Insurance activity in the Property & Casualty segment ** figures include the reclassification of International Insurance activity in the Property & Casualty segment B38 Full Year 2016 Earnings Appendices February 23, 2017

86 Health

87 Health Revenues Health revenues Health revenues by country In Euro million +4% In Euro billion 12,010 11,959 Others 1 5% Asia 6% restated Combined ratio -0.2pt 95.1% 94.9% EMEA-LATAM 9% Japan 12% UK 15% Euro 12.0 billion France 28% Germany 24% restated Changes are on a comparable basis 1. Other includes Belgium, Italy, Spain, the US, Direct and AXA Assistance B40 Full Year 2016 Earnings Appendices February 23, 2017

88 Asset Management

89 ASSET MANAGEMENT Underlying Earnings Details of Asset Management margin analysis Margin 1 Expenses 1 In Euro million Asset Management fees 3,501-1% In Euro million Change 2 Change 2 3 Asset Management expenses 2,547-1% Distribution revenues % Investment result % Distribution expenses % Pre-tax underlying earnings Euro 943 million +1% Tax % 1. Margin and expenses are calculated gross of intercompany eliminations to help reconcile with disclosure on page 20 of Financial Supplement. 2. Changes are on a comparable basis for activity indicators (constant Forex, scope and methodology), and at constant Forex for earnings 3. Or Euro 3,261 million net of intercompany eliminations 4. Tax rate increased to 34% in vs. 29% at - Underlying earnings Euro 416 million -8% Minority int.& other 211-6% B42 Full Year 2016 Earnings Appendices February 23, 2017

90 ASSET MANAGEMENT Underlying Earnings Details on Asset Management revenues Average management fees on Average Assets under Management 31 bps 0 bps Assets Management fees Euro 3,261 million -2% x o/w performance fees Euro 78 million (11%) o/w research services fees Euro 434 million (-3%) Average Assets under Management 1 Euro 1,059 billion -1% In Euro billion AUM at 1,124 Net inflows +45 o/w AllianceBernstein -12 o/w AXA IM +56 Market +44 Forex +6 Scope & other -15 AUM at 1,203 Changes are on a comparable basis 1. Average AUM for AXA IM is calculated excluding the contribution from joint ventures B43 Full Year 2016 Earnings Appendices February 23, 2017

91 Balance Sheet

92 BALANCE SHEET 1 GENERAL ACCOUNT INVESTED ASSETS 1.1 Government bonds and related B Corporate bonds B Asset backed securities B Equity B Real estate B Hedge Funds B Private Equity B Mortgage loans B59 B FOCUS ON NET UNREALIZED CAPITAL GAINS ASSET LIABILITY MANAGEMENT NET FINANCIAL DEBT AND ADJUSTED ROE SOLVENCY II LIFE & SAVINGS VALUE LIFE & SAVINGS IRR AND OPERATING FREE CASH FLOWS B60 B61 B63 B65 B68 B69 B45 Full Year 2016 Earnings Appendices February 23, 2017

93 1 GENERAL ACCOUNT INVESTED ASSETS Invested assets (100%) in Euro billion Published % % Fixed income % % o/w Govies and related % % o/w Corporate bonds % % o/w Asset backed securities 10 2% 13 2% o/w Mortgage loans & other % 34 6% Cash 24 4% 23 4% Listed equities 20 4% 19 3% Real Estate 28 5% 30 5% Alternative investments % 20 3% Policy loans 6 1% 6 1% Total Insurance Invested Assets % % Changes in asset mix Yields: positive impact linked to decrease in interest rates on fixed income assets Forex: positive impact from the depreciation of Euro against all major currencies, except GBP AXA 1. Mortgage loans & other include residential loans (Euro 12 billion), commercial & agricultural loans (Euro 21 billion) and Agency Pools (Euro 1 billion) Winterthur 2. Mainly Private Equity and Hedge Funds 3. invested assets referenced in page 52 of the financial supplement are Euro 788 billion, which include notably Euro 175 billion of Unit-linked assets and Euro 35 billion related to the banking segment B46 Full Year 2016 Earnings Appendices February 23, 2017

94 1.1 GOVERNMENT BONDS AND RELATED Breakdown by geography Breakdown by segment Austria 3% Supranational Institutions 4% Netherlands 2% Ireland 1% P&C 10% Spain 6% Switzerland 6% France 20% L&S 90% Other 7% Belgium 8% US 9% Euro 236 billion Japan 13% Germany 10% In Euro billion Gross 1 unrealized capital gains and losses Italy 10% As of December 31, Gross of tax and policyholders participation B47 Full Year 2016 Earnings Appendices February 23, 2017

95 1.1 GOVERNMENT BONDS AND RELATED FOCUS ON EXPOSURE TO EUROZONE PERIPHERAL COUNTRIES Exposure by issuer in Euro billion Gross book value Gross market value Gross book value Gross market value December 31, 2015 December 31, 2015 December 31, 2016 December 31, 2016 Italy Spain Ireland Portugal Greece TOTAL B48 Full Year 2016 Earnings Appendices February 23, 2017

96 1.2 CORPORATE BONDS Breakdown by industry Breakdown by segment Basic materials 4% Other 5% P&C 17% Financials 5% Consumer cyclical 6% Banks 37% Energy 6% Communications 8% Euro 202 billion In Euro billion Gross 1 unrealized capital gains and losses L&S 83% Industrials 8% Utilities 8% Consumer non-cyclical 13% As of December 31, Gross of tax and policyholders participation B49 Full Year 2016 Earnings Appendices February 23, 2017

97 1.2 CORPORATE BONDS BREAKDOWN BY ENTITY AND RATING (including CDS) P = Participating NP = Non-participating In Euro billion France US Belgium Germany Switzerland Japan Other 1 Total As of December 31, 2016 P NP P NP P NP P NP P NP P NP P NP P NP AAA AA A BBB Below Investment Grade Non rated Total Including Asia (excl. Japan), Direct P&C excluding Direct Japan, EMEA-LATAM, Italy, Spain and UK 2. Not rated by external rating agencies. Under AXA s internal ratings: AAA: Euro 0.3 billion / AA: Euro 1.4 billion / A: Euro 3.0 billion / BBB: Euro 4.7 billion / Below investment grade: Euro 2.9 billion B50 Full Year 2016 Earnings Appendices February 23, 2017

98 1.2 FOCUS ON BANKING CORPORATE BONDS FOCUS ON BANKING CORPORATE BONDS As of December 31, 2016 Gross market value Senior Debt Subordinated Debt in Euro billion Secured Non secured Lower Tier 2 Upper Tier 2 Tier 1 Preferred Total By rating: AAA AA A BBB BIG Total By Country: Germany France United States Netherlands UK Spain Australia Italy Switzerland Sweden Austria Norway Other Total Banking Corporate bonds not rated by external rating agencies have been reallocated under AXA s internal rating: AAA: Euro 0.1 billion / AA: Euro 1.0 billion / A: Euro 0.9 billion / BBB: Euro 2.1 billion / BIG: Euro 0.7 billion 2. More than 30 countries B51 Full Year 2016 Earnings Appendices February 23, 2017

99 1.2 FOCUS ON CDS CDS mainly used as alternative to investment grade corporate bonds Net CDS exposure excluding NBT strategy mainly corresponds to an overlay strategy (synthetically replicate corporate bonds by selling CDS on top of government bonds to enhance return) NBT strategy: buy credit derivatives on corporate names to form negative basis trade CDS also used to get liquid exposure to local sovereign risks Corporate bonds Government bonds and related in Euro billion Net CDS exposure excl. NBT strategy NBT strategy Total Total Net notional as of Net notional as of Net notional as of Net notional as of December 31, 2016 December 31, 2016 December 31, 2016 December 31, 2016 AAA AA A BBB Below investment grade Non rated Total B52 Full Year 2016 Earnings Appendices February 23, 2017 Represents total market value of Euro 48 million

100 1.3 ASSET BACKED SECURITIES Breakdown by asset type 1 Breakdown by rating Other asset-backed Mortgage-backed CLO 86% US Subprime, Alt-A & NC RMBS 5% Below investment grade 6% Non rated/equity 3% BBB Euro 13 billion Commercial MBS 4% Prime Residential 3% Consumer ABS 2 1% CDO 1% 2% A 10% AA 23% AAA 56% As of December 31, Including debt and equity tranches of ABS 2. Mainly consumer loan ABS (plus some leases and operating ABS assets) B53 Full Year 2016 Earnings Appendices February 23, 2017

101 1.4 LISTED EQUITY PORTFOLIO OVERVIEW Breakdown by geography Breakdown by segment Rest of the World 15% P&C 22% Holdings 1% Other Eurozone countries 9% US 23% L&S 78% UK 4% Switzerland 5% Euro 19 billion France 22% In Euro billion Gross 1 unrealized capital gains and losses Belgium 6% Japan 7% Germany 8% As of December 31, Gross of tax and policyholders participation B54 Full Year 2016 Earnings Appendices February 23, 2017

102 1.4 SHAREHOLDERS EXPOSURE TO LISTED EQUITY Estimated shareholders exposure to listed equity (in Euro billion) Gross nominal 100% Group share net of hedge, tax & PB Gross nominal 100% Group share net of hedge, tax & PB B55 Full Year 2016 Earnings Appendices February 23, 2017

103 1.5 REAL ESTATE INVESTMENTS Defensive portfolio with good performance over the long term Breakdown by geography Breakdown by segment UK 6% Other Eurozone countries 7% Germany 9% US 2% Japan 1% Switzerland 37% P&C 19% L&S 81% Belgium 10% Market value 1,2 Euro 30 billion Breakdown by type and geography France 28% France Switzerland Germany Belgium Others Office 38% 42% 43% 73% 57% Residential 13% 49% 5% 0% 5% Retail 36% 0% 16% 22% 18% Others 13% 9% 36% 5% 20% As of December 31, Representing Euro 3.8 billion of unrealized gains off balance sheet, net of tax and PB 2. The assets in scope exclude those held directly by the French Mutual funds and the non-main Fund unit linked holdings, as well as CRE loans. Portfolio Yield from Rental Income ~ 3.8% B56 Full Year 2016 Earnings Appendices February 23, 2017

104 1.6 HEDGE FUND INVESTMENTS Diversified portfolio of hedge funds AXA portfolio return drivers Well diversified exposure Alternative Credit : 9 managers Multi-Strategy program 33% Market value Euro 6 billion Alternative Credit program 67% Relative value credit 17% Deep value credit 14% Short dated carry 57% Real asset cash flow 11% Multi-Strategy : 19 managers Alternative Credit program: 2016 performance for 2016 where carry-driven strategies performed as expected and the deep value bucket exceeded expectations. Multi-Strategy program: focus on low volatility and uncorrelated returns. Annual performance exceeded benchmarks for hedge fund industry. Merger Arbitration 3% Fixed income arbitrage 19% Relative value & multi-strategy 25% EQMN Discretionary 18% EQMN - Systematic 10% As of December 31, 2016 B57 Full Year 2016 Earnings Appendices February 23, 2017 Global macro 14% Source: AXA IM Distressed & credit 11%

105 1.7 PRIVATE EQUITY INVESTMENTS Diversified portfolio built over the long run Breakdown by geography Breakdown by expertise Other 6% Japan 2% 16% Infrastructure 12% Private debt 4% Venture 68% Buy-out US 31% Market value Euro 9 billion Diversified portfolio Europe 61% 44% Direct As of December 31, % Funds of funds B58 Full Year 2016 Earnings Appendices February 23, 2017

106 1.8 MORTGAGE LOANS & OTHER Low risk mortgage loan portfolio market value by entity 1 Other 7% 35% Switzerland 49% Residential 21% Germany 87% Residential France 9% 51% Commercial 13% Commercial Germany 21% Market value 2 Euro 33 billion Switzerland 35% 28% United States 26% 74% Agricultural Commercial 5% 95% 9% France Residential Commercial Very secured portfolio: US 28% default rate 0.08% loan to value 54% As of December 31, Excluding Banking operations 2. Excluding Euro 1 billion of Agency pools (Mortgage-backed securities issued by US Government Sponsored Enterprises) B59 Full Year 2016 Earnings Appendices February 23, 2017

107 2 FOCUS ON NET UNREALIZED CAPITAL GAINS Balance sheet net unrealized capital gains Off balance sheet net unrealized capital gains In Euro billion Equities & Other Corporate bonds 1 In Euro billion Government bonds and related Net unrealized capital gains on Government bonds and related by issuer France Germany Belgium Switzerland Japan Eurozone peripheral countries Other 1. Including ABS, alternative investments, other assets, minorities and equity methods B60 Full Year 2016 Earnings Appendices February 23, 2017

108 3 ASSET & LIABILITY MANAGEMENT (1/2) Life & Savings General Account investment spreads and margin Inforce business New business Spread above guaranteed rates +140 bps 1.9% Resilient investment margin 1 79 bps 73 bps Guidance: Spread above guaranteed rate 3.3% bps +140bps 1.8% 0.4% Yield on total L&S asset base Reinvestment yield on L&S fixed income assets L&S average guaranteed rate L&S average guaranteed rate Significant buffer to cover guarantees and to manage crediting rates to preserve investment margin Average reserves of Euro 363 billion Products sold in combination with higher margin Unit-Linked business (hybrid 2 sales) B61 Full Year 2016 Earnings Appendices February 23, 2017 All notes are on pages A51 of this document

109 3 ASSET & LIABILITY MANAGEMENT (2/2) L&S General Account investment spreads for main entities Inforce New business France 3.8% 310bps 0.7% 1.9% 190bps 0.0% Average G/A reserves: Euro 105 billion G/A Savings new business sales with long term guarantees stopped in 1998 Germany 3.4% 4bps 3.4% 110bps 2.0% 0.9% Average G/A reserves: Euro 60 billion Asset portfolio with long investment horizon and with limited reinvestments in Bunds Switzerland 1.9% 80bps 1.1% 0.9% 60bps 0.3% Average G/A reserves: Euro 58 billion Protection components making products very profitable Belgium 140bps 4.2% 2.8% 1.7% 80bps 0.9% Average G/A reserves: Euro 24 billion Emphasizing new hybrid products, using G/A to develop Unit-Linked AXA MPS 2.8% 120bps Yield on total L&S asset base 1.6% 1.4% Reinvestment yield on L&S fixed income assets 120bps 0.2% L&S average guaranteed rate Average G/A reserves: Euro 12 billion Emphasizing hybrid products and Protection businesses B62 Full Year 2016 Earnings Appendices February 23, 2017

110 4 NET FINANCIAL DEBT - LONG-TERM MATURITIES Net financial debt Contractual maturity breakdown In Euro billion In Euro billion Debt gearing 26% 26% Undated 9.5 Economic maturity breakdown In Euro billion Undated Undated subordinated debt Subordinated debt 1 Senior debt B63 Full Year 2016 Earnings Appendices February 23, 2017 Senior debt Subordinated debt TSDI = undated subordinated notes TSS = undated deeply subordinated notes 1. Including Euro +1.3 billion of reversal of mark-to-market on interest rates derivatives in vs. Euro -0.6 billion in

111 4 ADJUSTED ROE In Euro million published Adjusted earnings 6,008 6,103 Interest charges on undated debt Average adjusted shareholders equity 40,303 43,352 Adjusted ROE 14.1% 13.5% B64 Full Year 2016 Earnings Appendices February 23, 2017

112 5 SOLVENCY II RATIO Solvency II ratio Key sensitivities In Euro billion Ratio as of December 31, % 205% 197% Solvency II ratio Interest rate +50bps 200% +3 pts Interest rate -50bps 188% -9 pts Corporate spreads +75bps 196% -1 pt Available capital Required capital Equity markets +25% 203% +6 pts Equity markets -25% 190% -7 pts Solvency II ratio roll-forward 205% +19 pts -10 pts -14 pts -4 pts 197% Operating return Dividend Market impact excl. forex Subordinated debt, forex & other B65 Full Year 2016 Earnings Appendices February 23, 2017

113 5 SOLVENCY II REQUIRED CAPITAL SPLIT BY RISK. GEOGRAPHY & BUSINESS Required capital by risk Required capital by business Operational Counterparty 5% 8% Asset Management & Banking Holdings & Other 4% 16% P&C 20% 41% Market 54% 26% 25% Life Required capital by geography Property & Casualty Life & Savings Germany Belgium 8% Asset Management & Banking 3% Holdings & Other 6% 20% US 9% 17% 10% Switzerland 13% Asia (incl. Japan) France B66 Full Year 2016 Earnings Appendices February 23, 2017

114 5 SHAREHOLDERS EQUITY TO SOLVENCY II AFR In Euro billion IFRS Shareholders Equity 1 71 Full market value of assets Intangible assets -33 Best Estimate Liabilities +6 Subordinated debt Remove intangible assets Goodwill (Euro -15 billion) DAC (Euro -14 billion) VBI and other intangibles (Euro -4 billion) Move to Best Estimate Liabilities Move to full market value of assets Real estate (Euro +3.7 billion) Loans (Euro +0.2 billion) Other (Euro -0.3 billion) Difference between IFRS reserves and Best Estimate Liabilities (Euro +16 billion) Market Value Margin (Euro -10 billion) Scope & others +1 Available Financial Resources (AFR) 58 B67 Full Year 2016 Earnings Appendices February 23, 2017

115 6 L&S AFR AND NBV- KEY SENSITIVITIES L&S AFR sensitivities L&S New Business Value (NBV) sensitivities In Euro billion In Euro million Insurance AFR 45.1 L&S NBV as at Dec 31, ,623 Interest rate +50 bps % Interest rate +50 bps 2, % Interest rate -50 bps % Interest rate -50 bps 2, % Equity markets +10% % Equity markets +10% 2, % Equity markets -10% % Equity markets -10% 2, % Equity markets volatility +25% % Equity markets volatility +25% 2, % Interest rates volatility +25% % Interest rates volatility +25% 2, % B68 Full Year 2016 Earnings Appendices February 23, 2017

116 7 LIFE & SAVINGS INTERNAL RATE OF RETURN (IRR) BY COUNTRY restated In Euro million APE NB IRR APE NB IRR France 1, % 1, % 1, % 1, % US 1, % 1, % Japan Germany 418 1, % 17.3% 20.0% 4.7% 499 1, % 13.4% 20.4% 4.7% Switzerland % % 12.9% % Belgium % % 17.0% % 100 Italy % % 14.5% % % % Spain % % 1, % % EMEA-LATAM % % 7, % 25.9% 1, % Hong Kong % % 373 TBU 20.0% South East Asia, India & China 17.5% 7, % % % Total 6, % 6, % B69 Full Year 2016 Earnings Appendices February 23, 2017

117 7 OPERATING FREE CASH FLOW BY SEGMENT Operating Free Cash Flows Life & Savings FCF 0% , ,945 Life & Savings Expected statutory earnings Expected change in required capital Operating Free Cash Flow Property & Casualty FCF Property & Casualty , ,734 Asset Management, Banking & Other 0.6 restated 0.5 Earnings contribution Change in required capital Operating Free Cash Flow Changes are on a comparable basis B70 Full Year 2016 Earnings Appendices February 23, 2017

118 7 LIFE & SAVINGS OPERATING FREE CASH FLOW BY COUNTRY In Euro million restated France US Japan Germany Switzerland Belgium Italy Spain EMEA-LATAM Asia excl. Japan Other 36 1 Total 3,060 2, L&S Operating Free Cash Flow based on Solvency II only for EEA entities B71 Full Year 2016 Earnings Appendices February 23, 2017

119 7 LIFE & SAVINGS FREE CASH FLOW EMERGENCE FROM INFORCE AND NEW BUSINESS In Euro billion Expected undiscounted cash flows from 2016 inforce 1 business Expected undiscounted cash flows from 2016 New Business In Euro billion > > Euro 22 billion undiscounted free cash flows expected to be released from 2016 inforce 1 over 5 years Above cash flows are expected to be improved by inforce management initiatives of the company. in particular: Actions to improve value of the existing book Actions to release more capital from the existing book 1. Including 2016 new business, to be released from January 1, 2017 onwards B72 Full Year 2016 Earnings Appendices February 23, 2017

120 Corporate Responsibility

121 MAIN SRI RATINGS 12th overall / worldwide and 1st insurer by number of SRI funds in its capital (Ipreo, Q2 2016) 2016 Sector leader, Included in Vigeo Euronext indices Ranked A+ in the 2016 Assessment Report (Responsible Investment strategy) N 2 out of 150 insurance companies Score: 87/100 Score of AAA Score: 85/100 Percentile ranking: 95/100 Now accounts for 10% of AXA employee s performance shares attribution Included in the FTSE4GOOD index since 2008 B74 Full Year 2016 Earnings Appendices February 23, 2017