Half Year 2012 Earnings
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1 Half Year 2012 Earnings August 3, 2012 Presentation
2 Cautionary note concerning 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 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, 2011, 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. A2 AXA Earnings August 3, 2012
3 key highlights Sustainable earnings Underlying Earnings increased to Euro 2.3 billion, stable on a comparable basis Adjusted Earnings stable at Euro 2.4 billion Net Income at Euro 2.6 billion (Euro 4.0 billion in ) due to non repeat of exceptional gains on disposals Robust balance sheet Solvency I at historical highs at 207% Economic Solvency at 174% assuming US equivalence Gearing ratio at 27% Focusing on our Ambition AXA strategy Life & Savings NBV margin stable at 24% P&C combined ratio down 0.8 point to 96.4% Stable assets under management at Euro 888 billion, with net flows improving by Euro 16 billion to Euro -8 billion Cost savings plan on track with ca. Euro 0.16 billion achieved A3 AXA Earnings August 3, 2012
4 Table of contents Introduction & highlights Page 5 by Henri de Castries, Chairman and CEO financial performance Page 17 by Denis Duverne, Deputy CEO & Gérald Harlin, Group CFO Concluding remarks Page 49 by Henri de Castries, Chairman and CEO A4 AXA Earnings August 3, 2012
5 Today s environment is challenging for the industry Eurozone crisis not over Governments challenged on fiscal deficit and growth initiatives Difficult financial markets Strong decrease in interest rates (ca. 140bps* lower than ) Widening spreads in Eurozone peripheral countries Macro-driven equity markets Economic outlook Low visibility on future global growth Regulatory uncertainties No agreement on Solvency II yet achieved at the last Trialogue on July 12, 2012 Countercyclical measures still to be agreed * 10-year average swap rates in the Eurozone and in the US A5 AXA Earnings August 3, 2012
6 But AXA s business model is proving resilient with sustainable earnings Underlying Earnings Adjusted Earnings In Euro million In Euro million 2,402 2,427 2,228 2,305 * Net Income * In Euro million Exceptional gains on the sales of Taikang Life stake ( 0.7bn) and Australian & New Zealand operations ( 0.7bn) 4,013 2,586 * * Restated for the change in deferred acquisition costs (DAC) accounting methodology adopted retrospectively as at January 1, 2012 A6 AXA Earnings August 3, 2012
7 The majority of earnings comes from non-market sensitive segments pre-tax Underlying Earnings 1 44% Property & Casualty and International +5% G/A Protection & Health +9% 31% 25% Savings and Asset Management 2-14% Changes are at constant Forex A7 AXA Earnings August 3, 2012 All notes are on page 52 of this document
8 Our solvency level is comfortable, supported by strong operating return +13 pts Economic solvency ratio 183% -3 pts -7 pts 174%* -13 pts Decrease of ratio mainly driven by market effects FY11 Change in US local solvency Operating return Dividend Market effects & Other June 30, 2012 Debt gearing Solvency I ratio 26% 27% +1 point from the change in DAC accounting methodology 188% 207% At historical highs FY11** FY11 * At June 30, 2012, 38 points come from US equivalence under the Solvency II regime, which serves as a basis for the economic solvency calculation. AXA Equitable required and available capital are based on the New York State RBC framework, assuming a 300% RBC required capital level ** Not restated for the change in DAC accounting methodology adopted retrospectively as at January 1, 2012 A8 AXA Earnings August 3, 2012
9 We keep our focus on delivering on our Ambition AXA strategy Mature markets Sustainable growth in earnings & operating Free Cash Flows High growth markets Double our size organically Selectivity Acceleration Efficiency Everywhere with a focus on mature markets Financial performance impacted by market conditions Delivering on operational initiatives A9 AXA Earnings August 3, 2012
10 Ambition AXA Financial performance impacted by market conditions In Euro per share Underlying Earnings per share Group operating free cash flows % CAGR Ambition AXA CAGR +10% in line with Ambition AXA plan Ambition AXA cumulative Euro 24 billion 1H10 published* published* Adjusted return on equity 1 Debt gearing Average adjusted shareholders equity 1 (in Euro billion) % 13.5% 13.8% 15% 29% 28% 27% +1 point from the change in DAC accounting methodology 25% 1H10 published* published* Ambition AXA H10 published* * Not restated for the change in DAC accounting methodology adopted retrospectively as at January 1, 2012 published* Ambition AXA 2015 A10 AXA Earnings August 3, 2012 All notes are on page 52 of this document
11 Ambition AXA: reshaping the Life & Savings business Higher profitability through improved business mix In Euro million APE by product NBV margin 2,986 13% 2,948 10% 3,075 11% APE growth CAGR 1H10- NBV margin G/A Protection & Health Unit-Linked G/A Savings 43% -5% 22% 30% 32% 31% +3% 24% 24% >28% 26% 19% 17% -17% 19% 31% 38% 41% +16% 1H10 published published 1H10 published published* Ambition AXA 2015 Mutual funds & other G/A Savings Unit-Linked G/A Protection & Health * Updated for actuarial and financial assumptions at FY11 A11 AXA Earnings August 3, 2012
12 Ambition AXA: fostering P&C profitability Combined ratio improvement is well on track and benefits from a favorable P&C cycle Current year combined ratio Combined ratio -4.6 pts 103.1% -2.2 pts 99.2% 98.6% <97.0% 98.6% 97.2% 96.4% <96.0% 1H10 Ambition AXA H10 Ambition AXA 2015 A12 AXA Earnings August 3, 2012 Changes are on a reported basis
13 Ambition AXA: improving flows in Asset Management Stable assets under management Resilient Underlying Earnings In Euro billion In Euro million H10 In Euro billion Improving net flows 1H H10 published published Going forward Continue to improve investment performance Further develop multi expert active asset management model through product innovation and geographical diversification A13 AXA Earnings August 3, 2012
14 Ambition AXA: cost savings plan in mature markets is on track Ca. Euro 0.16 billion savings achieved in In Euro billion 1.5 Ambition AXA 1.0 Maintain P&C and L&S administrative costs Reduce P&C acquisition expense ratio by 1.5 pts 2011 achievement achievement 2H12E E E A14 AXA Earnings August 3, 2012
15 Table of contents Introduction & highlights Page 5 by Henri de Castries, Chairman and CEO financial performance Page 17 by Denis Duverne, Deputy CEO & Gérald Harlin, Group CFO Concluding remarks Page 49 by Henri de Castries, Chairman and CEO A15 AXA Earnings August 3, 2012
16 financial performance Group earnings Life & Savings Property & Casualty Asset Management Balance sheet A16 AXA Earnings August 3, 2012
17 Underlying Earnings (1/2) Underlying Earnings Underlying Earnings by segment In Euro million 2,228 0% 2,305 In Euro million Life & Savings Property & Casualty * 1, ,411 1,044 Reported basis +7% +6% Constant Forex +3% +4% Asset Management % -4% International Insurance % -18% Banking % -38% Holdings (384) (433) -13% -12% * Underlying Earnings 2,228 2,305 +3% 0% Change is at constant Forex * Restated for the change in DAC accounting methodology adopted retrospectively as at January 1, 2012 A17 AXA Earnings August 3, 2012
18 Underlying Earnings (2/2) In Euro million , , * Life & Savings P&C International insurance Asset management, Banking Holdings Forex & scope * Restated for the change in DAC accounting methodology adopted retrospectively as at January 1, 2012 A18 AXA Earnings August 3, 2012
19 Adjusted Earnings and Net Income In Euro million Of which 174 m net realized capital gains ROE In Euro million Adjusted Earnings 2,402 * 14.3%* 4,013 Net Income 2, % 2,586 Of which 123 m net realized capital gains Taikang Life stake and Australia & New Zealand operations disposals Adjusted Earnings mainly impacted by lower realized capital gains on equities and real estate, partly offset by lower impairments, mainly due to the non-repeat of Euro 92 million net impairment on Greek government bonds Net Income mainly impacted by non repeat of exceptional gains on Taikang Life stake ( 0.7bn) and Australia & New Zealand operations ( 0.7bn) sales in * * Restated for the change in DAC accounting methodology adopted retrospectively as at January 1, 2012 A19 AXA Earnings August 3, 2012
20 Efficiency Cost savings plan in mature markets is on track Ambition AXA Ca. Euro 0.16 billion savings achieved in Maintain P&C and L&S administrative costs In Euro billion E- 2013E E- 2015E 1.1 Total administrative cost savings In Euro billion Reduce P&C acquisition expense ratio by 1.5 pts In Euro billion E- 2013E E- 2015E 0.4 P&C acquisition cost savings achievement achievement 2H12E E E Efficiency initiatives Global platforms (e.g. European administration & accounting platforms) Product re-use & global manufacturing Set up of Global business lines & lean programs Procurement initiatives A20 AXA Earnings August 3, 2012
21 financial performance Group earnings Life & Savings Property & Casualty Asset Management Balance sheet A21 AXA Earnings August 3, 2012
22 L&S New business sales and margins by market In Euro million New business sales (APE) Mature markets +1% 2,467 2,590 High growth markets 1-3% o/w AXA Asia* up 9% o/w CEE down 36% = 2,948 Total 0% 3,075 New business 21% 21% 40% 42% margin + = 24% 24% * Operations in Asia excluding Japan A22 AXA Earnings August 3, 2012 Changes are on a comparable basis All notes are on page 52 of this document
23 L&S New business sales and margins by business Continued improvement in business mix APE (Euro million) NBV margin Change G/A Protection & Health 1,130 1,250 +5% 43% Strong sales in South-East Asia, India and China, Germany (anticipation of a change in regulation), Japan (Term Rider and Long Term Protection products), and France (new Entour age product) G/A Savings % -5% Discipline in a low profitability environment, mainly in France and Italy, partly offset by Belgium Unit-Linked % 22% Strong performance in the US, Italy, more than offset by CEE and the UK Mutual funds & Other % 6% Strong performance of Elevate platform in the UK, partly offset by the US Total 2,948 3,075 0% 24% A23 AXA Earnings August 3, 2012 Changes are on a comparable basis
24 L&S New business margin rollforward Positive impact from improved business mix drivers of change Going forward Improved mix toward Protection & Health Higher contribution from high growth markets Lower expenses Mainly lower interest rates impact on GMxB products Continue to improve business mix Additional organic net capital investment E: +2bn +1bn on G/A Protection & Health on Unit-Linked 0bn on G/A Savings 24.2% +0.1 pt +1.2 pts +0.4 pt -1.4 pts 24.4% Ongoing G/A Savings products redesign Hybrid products sold with a UL share Products sold to attract higher margin UL business restated* Country mix Business mix Expenses Impact of interest rates & other Pure G/A products Most products sold without guarantee or with a 1-year guarantee * Updated for actuarial and financial assumptions at FY11 A24 AXA Earnings August 3, 2012
25 L&S Underlying Earnings In Euro million 71 1,411 1, * US Variable Annuities GMxB** Investment margin UL fees & margin on revenues Technical margin Expenses Forex Tax, scope & other * Restated for the change in DAC accounting methodology adopted retrospectively as at January 1, 2012 ** Notional tax rate of 35% A25 AXA Earnings August 3, 2012 Full detail in appendix on pages 15 to 20
26 L&S Underlying Earnings US GMxB Underlying Earnings US Variable Annuity GMxB Underlying Earnings (post tax) * ( Euro million, net of DAC and tax * ) 2011 Reported 2011 Restated** takeaways Restated** Total VA base fees & other, less expenses GMxB Hedge Margin (252) (291) (7) (90) o/w Basis (62) (75) (9) (19) o/w Volatility (143) (168) (20) (35) o/w Interest rates, credit spreads & other (47) (48) 22 (36) Reserve increase due to lapse experience / assumptions (152) (200) 0 0 Reserve increase due to other policyholder behavior (137) Reserve impact of management actions including premium suspension & model refinements/assumptions GMxB Hedge Margin: limited basis risk, volatility partially hedged through variance swaps, options and swaptions Experience for lapses continues to be in line with current assumptions with no additional reserve increase for changes in lapse assumptions Reserve increase due to policyholder behavior driven by reserve strengthening for adjustments for partial withdrawals Favorable benefit to reserves from suspending ability to add incremental contributions into legacy Accumulators VA GMxB Underlying Earnings (249) (325) 116 (7) * Notional tax rate of 35% ** 2011 & restated for the change in DAC accounting methodology adopted retrospectively as at January 1, 2012 A26 AXA Earnings August 3, 2012
27 L&S Pre-tax Underlying Earnings by business G/A Protection & Health In Euro million G/A Savings In Euro million Unit-Linked excl. US Variable Annuities GMxB US Variable Annuities GMxB In Euro million In Euro million +9% 1,070 1, % % * * * * -10 Up 1% excl. impact of earthquake in Japan A27 AXA Earnings August 3, 2012 Benefiting from lower expenses partly offset by a lower investment margin * Restated for the change in DAC accounting methodology adopted retrospectively as at January 1, 2012 Changes are on a comparable basis Higher upfront charges at AXA MPS, boni on protection riders in France and lower expenses Full detail in appendix on pages 21 to 25 Unfavorable development of GMxB hedging margin
28 financial performance Group earnings Life & Savings Property & Casualty Asset Management Balance sheet A28 AXA Earnings August 3, 2012
29 P&C Revenues by segment In Euro million Total +3.0% Personal lines 15, % 16,173 9,085 9,424 Average price increase of +3.0% Increase in volumes (+ 637k net new contracts) offset by lower average premium +5.0% Commercial lines 6,190 6,690 Average price increase of +2.7% More favorable business mix A29 AXA Earnings August 3, 2012 Changes are on a comparable basis
30 P&C Price increases by country and segment 2.8% price increase on average Personal lines Price increase Revenues growth Commercial lines Price increase Revenues growth 2012 market pricing trends France +2.5% +1.7% +6.0% +5.6% Germany +4.2% +6.9% +0.7% +1.9% UK & Ireland +5.7% +3.4% +4.0% +9.7% Switzerland -0.3% +2.5% -0.1% -0.5% Belgium +6.0% +1.7% +1.8% -0.1% MedLA +1.9% +3.6% +2.6% +9.2% Price increases in both Personal and Commercial lines Acceleration of market price increases in Motor Price increases driven by continuing bodily injury claims inflation Commercial lines remain very competitive Trends likely to continue Price increases in Household since market experienced heavy nat cat losses over the last years Trends likely to be stable in Italy and Spain Asia +0.1% +12.5% +3.0% +15.0% Direct +4.2% -1.2% Total +3.0% +3.0% +2.7% +5.0% Prices expected to be stable Prices expected to increase Price increase expected to accelerate vs. FY11 price increase A30 AXA Earnings August 3, 2012
31 P&C Revenues and margins by market Improved current year combined ratio with strong sales in Direct and high growth markets In Euro million Revenues 12,726 Mature markets +2.4% 13,259 High growth markets 1 Direct o/w UK Direct down 29% o/w other countries up 10% + + = +17.4% Total +3.7% 16,173 15,350 1, % 1,564 1,059 1,085 Current year combined ratio 99.0% 98.2% 99.6% 99.4% % 100.3% = 99.2% 98.6% A31 AXA Earnings August 3, 2012 Changes are on a comparable basis All notes are on page 52 of this document
32 P&C Underlying Earnings Improved combined ratio P&C Underlying Earnings In Euro million +4% 1, % 0.1% 98.6% 0.5% Combined ratio Price increases Lower expenses Increase in freeze claims -2.0% -2.1% 97.2% 96.4% Natural Catastrophes Current year combined ratio + Prior year reserve developments All-year combined ratio In Euro million 0% Investment income 1,027 1,033 Asset yield stable at 4.0% Changes are at constant Forex A32 AXA Earnings August 3, 2012 Full detail in appendix on pages 28 to 31
33 financial performance Group earnings Life & Savings Property & Casualty Asset Management Balance sheet A33 AXA Earnings August 3, 2012
34 AM Assets under management In Euro billion Average AUM 0% net outflows: Euro -2 billion +1 Split by expertise +1 Investment Solutions Equity* Fixed Income -5 Of which voluntary exit from unprofitable employee shareholding plan schemes (Euro -4 bn) In Euro billion Average AUM -9% net outflows: Euro -5 billion Split by product strategy Equity Fixed Income +3 Alternatives & other * AXA Private Equity, AXA Framlington and AXA Rosenberg A34 AXA Earnings August 3, 2012 Changes are at comparable basis
35 AM Underlying Earnings and revenues Underlying Earnings In Euro million In Euro million 1,658 Revenues -10% 1,575-4% Change is at comparable basis In Euro billion Expenses -11% 1,384 1,298 Change is at constant Forex Change is at constant Forex A35 AXA Earnings August 3, 2012
36 financial performance Group earnings Life & Savings Property & Casualty Asset Management Balance sheet A36 AXA Earnings August 3, 2012
37 Shareholders equity In Euro billion Shareholders equity Key drivers of change vs. FY Net income for the period +2.6 billion -2.1 Increase in net unrealized billion capital gains * + FX movements net of hedging instruments +0.6 billion - Dividends -1.6 billion FY11 published Change in DAC accounting methodology adopted retrospectively as at 01/01/12 FY11 restated - Change in pension benefits -0.9 billion - Other -0.2 billion * Of which Eurozone peripheral countries: Euro billion A37 AXA Earnings August 3, 2012
38 Solvency I 171% 182% Solvency I ratio at 207% +9 pts 188% +15 pts -5 pts 207% 127% Of which +12 pts on fixed income assets FY08 FY09 FY10 FY11 Underlying Earnings URGL FX & Other In Euro billion Solvency I Sensitivities Ratio as of June 30, % Interest rate +100bps 155% Surplus Interest rate -100bps 268% Equity markets +25% 217% Requirement Equity markets -25% 201% Corporate spreads +75 bps 194% FY11 On fixed income assets, the combination of sensitivity impacts from interest rates decrease and widening corporate spreads is capped at -52 pts of solvency A38 AXA Earnings August 3, 2012
39 Economic solvency In Euro billion Economic solvency 1 with equivalence In Euro billion Economic solvency 1 without equivalence % 174% % % 26.9 Available capital Required capital Economic solvency ratio without US equivalence FY11 June 30, 2012 Sensitivities Ratio as of June 30, % Interest rate +100bps 146% Interest rate -100 bps 119% FY11 June 30, 2012 Equity markets +25% 141% Available capital Required capital Economic solvency ratio Equity markets -25% 130% Corporate spreads +75 bps* 136% * Net of change in liquidity premium as defined in QIS 5 A39 AXA Earnings August 3, 2012 All notes are on page 52 of this document
40 Stable debt gearing at 27% In Euro billion Net financial debt Debt ratios FY11 Undated subordinated debt Debt Gearing 2 26%* 27% Interest Cover 3 9.1x 9.7x FY Debt gearing mainly affected by the change in DAC accounting methodology from January 1, 2012 Undated subordinated debt Subordinated debt 1 Senior debt Cash * Not restated for the change in DAC accounting methodology adopted retrospectively as at January 1, 2012 A40 AXA Earnings August 3, 2012 All notes are on page 52 of this document
41 General Account invested assets Invested assets (100%) In Euro billion FY11 % % Changes in asset allocation Fixed income % % o/w Govies and related % % o/w Corporate bonds % % o/w Asset backed securities 8 2% 8 2% o/w Mortgage loans & other % 23 5% Cash 29 6% 29 6% Listed equities 14 3% 14 3% Net inflows, investment income and maturities: invested mainly in corporate bonds Mark to market: fixed income assets benefiting from interest rates decrease and corporate spreads tightening Forex: depreciation of the Euro against most major currencies Real Estate 22 5% 22 5% Alternative Investments % 13 3% Policy loans 6 1% 6 1% Total Insurance Invested Assets % % 1. Mortgage loans & other include individual mortgage and loans held by the insurance companies of the Group (Euro 12 billion, mostly in Germany and Switzerland participating funds) and Agency Pools (Euro 2.5 billion) 2. Mainly Private Equity and Hedge Funds 3. invested assets referenced in page 57 of the financial supplement are Euro 662 billion including notably Euro 143 billion of Unit-linked contracts, Euro 35 billion related to the banking segment (of which Euro 20 billion mortgage & other loans) A41 AXA Earnings August 3, 2012
42 Focus on net unrealized capital gains In Euro billion Balance sheet net unrealized capital gains 1 In Euro billion Off balance sheet net unrealized capital gains Equities Corporate bonds Government bonds Real Estate and loans FY11 FY11 Net unrealized capital gains on Government bonds by issuer Eurozone peripheral countries 0.4 France Germany Belgium Switzerland Japan US -0.6 Other (mainly Netherlands and Austria) A42 AXA Earnings August 3, 2012 All notes are on page 52 of this document
43 Focus on exposure to Eurozone peripheral countries government bonds Exposure by issuer Or 11.2 bn with AXA MPS JV at Group share Domestic vs. non domestic exposure AFS OCI in Euro billion Gross book value Dec. 31, 2011 Gross book value June 30, 2012 Gross market value June 30, 2012 Italy Spain Portugal Ireland Greece TOTAL % 52% Domestic Non domestic Reduction by Euro 4 billion in through maturities and asset sales benefiting from the market rally in 1Q12 83% of non domestic Eurozone peripheral govies exposure located in AXA French, German and Belgian entities where we have significant capital buffers A43 AXA Earnings August 3, 2012
44 Asset & Liability Management (1/4) Interest rate management in G/A Life & Savings Duration gap L&S asset yield* 3.9% 3.8% L&S net investment margin* Guidance: bps 76 bps 72 bps Asset duration as at June 30, 2012 Life & Savings 7.4 years Property & Casualty 5.0 years FY11 FY11 Property & Casualty Renewals and new business taken into account P&C asset yield* 4.0% 4.0% Duration gap tightly managed at less than 1 year FY11 Caps, floors and swaptions bought to further protect the balance sheet AXA asset yield definition: Net underlying investment income on General Account assets Average General Account asset base A44 AXA Earnings August 3, 2012 * Annualized
45 Asset & Liability Management (2/4) Investment policy in Fixed income for Life & Savings and P&C entities Cash-flow from asset portfolio reinvested Current investment policy on Fixed income Euro 384 billion Maturities Coupons Asset sales ABS ~5% Short duration high yield ~9% Loans ~3% Government bonds ~22% FY11 G/A invested assets Fixed income Secured financial bonds ~13% Corporate bonds ~48% Euro 25 billion already reinvested mainly in high grade corporate bonds at 2.9% No investments on Eurozone peripheral countries government bonds 2012 YTD Reinvestment rate on Fixed income assets for Life & Savings and P&C entities Eurozone 3.2% US 3.1% Japan 2.0% Switzerland 2.5% Total 2.9% Amount reinvested 25 bn Expected FY12 asset yield dilution of ca. 20 bps vs FY11, should interest rates remain at current levels Life & Savings net investment margin expected to be resilient at bps in FY12 A45 AXA Earnings August 3, 2012
46 Asset & Liability Management (3/4) Life & Savings investment spreads Inforce business Spread above guaranteed rates New business New business reinvestment rate on fixed income assets above guarantees offered 160bps 3.8% 210bps 2.2% 2.8% 0.7% Yield on total L&S asset base L&S average guaranteed rate Yield on L&S fixed income assets L&S average guaranteed rate Significant buffer to cover guarantees Average reserves of 344 billion Products sold to attract higher margin Unit-Linked business A46 AXA Earnings August 3, 2012
47 Asset & Liability Management (4/4) Life & Savings investment spreads for main entities Inforce New business France 4.4% 370bps 0.7% 3.1% 310bps 0.0% G/A reserves: 93 billion G/A Savings NB sales with LT guarantees stopped in bps 160bps Germany 4.2% 3.4% 3.3% 1.7% G/A reserves: 55 billion Asset portfolio well diversified with long investment horizon (8 to 9 years) and with limited reinvestments in Bunds 30bps 110bps Switzerland (Group Life) 2.6% 2.3% 2.6% 1.5% G/A reserves: 37 billion Protection components making products very profitable 130bps 70bps Belgium 4.3% 3.0% 3.5% 2.8% G/A reserves: 26 billion Asset yield greater than 4% secured in Dec. 11 to cover long-term guarantees on exceptional sales campaign AXA MPS 3.5% 150bps 2.0% 3.3% 190bps 1.4% G/A reserves: 14 billion G/A deemphasized, focus on Unit- Linked and Protection businesses A47 AXA Earnings August 3, 2012 Yield on total L&S asset base Reinvestment yield on L&S fixed income assets L&S average guaranteed rate
48 Table of contents Introduction & highlights Page 5 by Henri de Castries, Chairman and CEO financial performance Page 17 by Denis Duverne, Deputy CEO & Gérald Harlin, Group CFO Concluding remarks Page 49 by Henri de Castries, Chairman and CEO A48 AXA Earnings August 3, 2012
49 key highlights Sustainable earnings Underlying Earnings increased to Euro 2.3 billion, stable on a comparable basis Adjusted Earnings stable at Euro 2.4 billion Net Income at Euro 2.6 billion (Euro 4.0 billion in ) due to non repeat of exceptional gains on disposals Robust balance sheet Solvency I at historical highs at 207% Economic Solvency at 174% assuming US equivalence Gearing ratio at 27% Focusing on our Ambition AXA strategy Life & Savings NBV margin stable at 24% P&C combined ratio down 0.8 point to 96.4% Stable assets under management at Euro 888 billion, with net flows improving by Euro 16 billion to Euro -8 billion Cost savings plan on track with ca. Euro 0.16 billion achieved A49 AXA Earnings August 3, 2012
50 Ambition AXA plan is well designed to respond to current challenges Mature markets Sustainable growth in earnings & operating Free Cash Flows SELECTIVITY Selectivity High growth markets Double our size Acceleration Efficiency Everywhere with a focus on mature markets Investor Day on November 7, 2012 in Paris A50 AXA Earnings August 3, 2012
51 Q&A session Q&A session A51 AXA Earnings August 3, 2012
52 Notes Page 7 1. Excluding Holdings 2. Including G/A Savings, Unit-Linked and Banking Page 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 In Life & Savings, high growth markets are: Hong Kong, Central & Eastern Europe (Poland, Czech Republic, Slovakia and Hungary), South-East Asia (Singapore, Indonesia, Philippine and Thailand), China, India, Morocco, Mexico and Turkey Page In Property & Casualty, high growth markets are: Morocco, Mexico, Turkey, Gulf, Hong-Kong, Singapore, Malaysia, Russia, Ukraine and Poland (exc. Direct) Page AXA internal economic model calibrated based on adverse 1/200 years shock Page Including Euro -0.3 billion of reversal of mark-to-market on interest rate derivatives vs Euro -0.3 billion in FY11 2. (Net financing debt + undated subordinated debt) divided by (shareholders equity incl. undated subordinated debt excl. FV in shareholders equity + net financing debt) 3. Including interest charge on undated subordinated debt Page Excluding Forex, minority interests and other 2. Excluding net unrealized gains on bank loans. Total off-balance sheet net unrealized gains, including net unrealized gains on bank loans, amounted to 4.2bn in vs. 4.3bn in FY11 A52 AXA Earnings August 3, 2012
53 Definitions AXA's results have been prepared in accordance with IFRS and interpretations applicable and endorsed by the European Commission at June 30, 2012 and are subject to completion of a limited review by AXA s independent auditors. Adjusted earnings, underlying earnings, Life & Savings EEV, Group EV and NBV 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 page 8 of the appendix presentation. Life & Savings New Business Value (NBV) is the value of the new business sold during the reporting period. The new business value includes both the initial cost (or strain) to sell new business and the future earnings and return of capital to the shareholder. A53 AXA Earnings August 3, 2012
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