AXA. Gérald Harlin. Group CFO. November 29, Société Générale The Premium Review Conference
|
|
- John Jerome Pearson
- 5 years ago
- Views:
Transcription
1 AXA Gérald Harlin Group CFO November 29, 2012 Société Générale The Premium Review Conference
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. 2 AXA Société Générale The Premium Review Conference November 29, 2012
3 Today s key messages AXA s business model is proving resilient We are managing our balance sheet with discipline Our Ambition AXA plan is well designed to respond to current challenges 3 AXA Société Générale The Premium Review Conference November 29, 2012
4 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 1H11* Net Income 1H11* 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 1H11* * Restated for the change in deferred acquisition costs (DAC) accounting methodology adopted retrospectively as at January 1, AXA Société Générale The Premium Review Conference November 29, 2012
5 supported by less market sensitive segments (1/2) pre-tax Underlying Earnings 1 Increasing and sustainable earnings in non-market sensitive segments G/A Protection & Health Property & Casualty and International In Euro million 1,083 1,069 1,196 G/A Protection & Health +9% 31% 44% 25% +5% Pre-tax Underlying Earnings 1H10* 1H11** P&C and International Savings and Asset Management 2-14% In Euro million Pre-tax Underlying Earnings 1,426 1,633 1,735 Changes are at constant Forex 1H10 1H11 * Not restated for the change in deferred acquisition costs (DAC) accounting methodology adopted retrospectively as at January 1, 2012 ** Restated for the change in deferred acquisition costs (DAC) accounting methodology adopted retrospectively as at January 1, AXA Société Générale The Premium Review Conference November All 29, notes 2012 are on page 23 of this document
6 Sources of earnings supported by less market sensitive segments (2/2) 64% of earnings come from sources insensitive to financial markets FY11 P&C and International Protection & Health Unit-Linked and Asset Management GA Savings Total Investment margin Management fees net of GMxB hedge margin 10% 3% 8% 15% 21% 15% 36% Upfront loadings Technical / underwriting result 36% 16% 5% 5% 1% 1% 22% 42% 64% Non market sensitive Gross margin 46% 24% 22% 9% 100% Expenses 46% 20% 27% 8% 100% Pre-tax earnings 46% 34% 11% 9% 100% 80% Less market sensitive 20% 6 AXA Société Générale The Premium Review Conference November 29, 2012
7 and more de-risked and diversified US business Mix of business (APE) Continuing to diversify and de-risk 23% 28% 35% 28% Life 31% 46% 33% 19% 28% 25% 5% 11% 21% 21% Investment-Only VA Structured Capital Strategies Floating rate GMxB Fixed rate GMxB Reduced fixed rate GMxB (Accumulator) from 46% of APE in FY09 to 15% in 9M12 19% 12% 15% FY09 FY10 FY11 9M12 US Variable Annuity GMxB Underlying Earnings (post tax) 1 In Euro million, net of DAC and tax * FY07 FY08 FY09 FY10 FY11 Restated 2 1H11 Restated 2 Total VA base fees & other, less expenses 300 (19) GMxB Hedge Margin (7) (432) 16 (108) (291) (7) (90) o/w Basis 15 (234) (22) (13) (75) (9) (19) o/w Volatility (1) (174) (131) (66) (168) (20) (35) o/w Interest rates, credit spreads & other (20) (25) 168 (29) (48) 22 (36) Reserve impacts due to PH behavior and management actions - - (27) (97) (200) - (17) VA GMxB Underlying Earnings 293 (452) (325) 116 (7) Lapse experience in-line with assumptions Reserve impact mainly due to lower than expected partial withdrawals, partially offset by management actions 1. Notional tax rate of 35% 2. 1H11 & FY11 restated for the change in DAC accounting methodology adopted retrospectively as at January 1, AXA Société Générale The Premium Review Conference November 29, 2012
8 We are managing our balance sheet with discipline 8 AXA Société Générale The Premium Review Conference November 29, 2012
9 Comfortable solvency level, supported by strong operating return +13 pts Economic solvency ratio * 183% -3 pts -7 pts 174% +6 pts +3pts 183% -13 pts FY11 Change in US local solvency Operating return Dividend Market effects & Other June 30, Q12 Operating return Market effects & Other September 30, 2012 Debt gearing Solvency I ratio 26% 27% +1 point from the change in DAC accounting methodology 188% 207% >220% FY11** FY11 September 30, 2012 * Economic solvency ratio assuming US equivalence. 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, AXA Société Générale The Premium Review Conference November 29, 2012
10 Well diversified 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) 10 AXA Société Générale The Premium Review Conference November 29, 2012
11 with strong level of buffers to withstand external shocks Balance sheet net unrealized capital gains 1 In Euro billion Off balance sheet net unrealized capital gains In Euro billion Equities Corporate bonds Government bonds Real Estate and loans FY11 FY11 Net unrealized capital gains on Government bonds by issuer In Euro billion Eurozone peripheral countries 0.4 In Euro billion Policyholders participation reserves France Germany Belgium Switzerland Japan US -0.6 Other (mainly Netherlands and Austria) FY11 11 AXA Société Générale The Premium Review Conference November 29, 2012 All notes are on page 23 of this document
12 Resilient investment yields in low interest rate environment L&S investment policy Run-off of L&S Fixed income portfolio % 3.9% 3.8% 3.8% P&C investment policy Run-off of P&C Fixed income portfolio 4.0% 3.9% 3.9% 3.8% FY12E FY13E FY14E FY15E Book value and yield of asset basis (in Euro bn) FY12E FY13E FY14E FY15E Book value and yield of asset basis (in Euro bn) L&S spread above guaranteed rate P&C gross asset yield 1 3.9% 4.0% 3.9% 3.8% 2.5% 2.4% 2.2% 2.2% FY09 FY10 FY11 L&S Asset yield Guaranteed rate 4.0% 4.0% 4.0% 4.0% FY09 FY10 FY11 Decreasing L&S guaranteed rate due to lower guarantees in new business Limited dilution with long duration (> 7 years in L&S and > 5 years in P&C) 1. Gross of interests credited to P&C reserves relating to annuities 12 AXA Société Générale The Premium Review Conference November 29, 2012
13 Investment policy in Fixed income for Life & Savings and P&C entities Cash-flow from asset portfolio reinvested 9M12 investment policy on Fixed income G/A invested assets Fixed income 1 Cash flows to be reinvested Total Fixed income reinvestments Euro 38 billion Euro 384 billion Maturities Coupons Asset sales ABS ~8% Short duration high yield ~8% Loans ~2% Government bonds ~27% FY11 Secured financial bonds ~10% Corporate bonds ~45% At end September 2012, Euro 38 billion already reinvested YTD mainly in high grade corporate bonds at 2.7% Reinvestment rate on Fixed income assets for Life & Savings and P&C entities 9M12 Eurozone 3.2% Total 2.7% 1. Market value 13 AXA Société Générale The Premium Review Conference November 29, 2012
14 Our Ambition AXA plan is well designed to respond to current challenges 14 AXA Société Générale The Premium Review Conference November 29, 2012
15 We are focused on delivering on our Ambition AXA strategy Mature markets Sustainable growth in earnings & operating Free Cash Flows Selectivity High growth markets Double our size organically Acceleration Efficiency Everywhere with a focus on mature markets 15 AXA Société Générale The Premium Review Conference November 29, 2012
16 Selectivity We are reshaping the Life & Savings business APE by product NBV margin Selectivity In Euro million 4,317 13% 4,255 11% 4,461 11% APE growth CAGR 9M10-9M12 NBV margin G/A Protection & Health Unit-Linked G/A Savings 44% 24% -4% 31% 31% 31% +3% 25% 25% >28% 22% Acceleration 25% 20% 17% -17% 31% 38% 40% +16% Efficiency 9M10 9M11 Mutual funds & other 9M12 G/A Savings 9M10 9M11 9M12 Ambition AXA 2015 Unit-Linked G/A Protection & Health 16 AXA Société Générale The Premium Review Conference November 29, 2012
17 Selectivity Combined ratio improvement is well on track, benefiting from a favorable P&C cycle and a unique Direct fanchise Combined ratio AXA Global Direct Direct disruptive strategy Selectivity Global integrated platform, with presence in 9 countries (in Europe and Asia) 98.6% -2.2 pts 97.2% 96.4% <96.0% More than 5 million policies sold in 2011 Targeting the most price sensitive clients, relying on converging IT solutions Next step: implementation of behavioral pricing Acceleration Direct premiums Euro billion Efficiency 1H10 1H11 Ambition AXA Source: Redburn Changes are on a reported basis 17 AXA Société Générale The Premium Review Conference November 29, Main European based peers
18 Acceleration We have already significantly increased our exposure to high growth markets High growth markets contribution High growth markets earnings Selectivity In Euro million P&C gross revenues 1,000 3,335 1,829 In Euro million Underlying earnings 459 Acceleration Contribution to Group P&C revenues FY07 FY11 4% 12% 11% 287 In Euro million Life & Savings NBV Efficiency Contribution to Group NBV FY07 FY11 6% 27% 27% FY07 FY11 4% 12% 12% 18 AXA Société Générale The Premium Review Conference November 29, 2012
19 Efficiency We are on track to deliver our 2015 productivity gains Selectivity Improve efficiency in mature markets In Euro billion Productivity gains Increase P&C distribution efficiency 1.5 Acceleration Improve operational performance Offset increased IT investments with Business as Usual cost reduction Capture external spend reduction 1.0 whilst maintaining cost discipline in high growth markets Efficiency Further potential on Life & Savings acquisition costs 2011 achievement achievement 2H12E E E 19 AXA Société Générale The Premium Review Conference November 29, 2012
20 We are committed to deliver on our financial objectives In Euro billion Underlying Earnings growth Earnings per share trajectory between 2010 and 2015 expected to remain within the 5-10% growth range 20 AXA Société Générale The Premium Review Conference November 29, 2012
21 Today s key messages AXA s business model is proving resilient We are managing our balance sheet with discipline Our Ambition AXA plan is well designed to respond to current challenges 21 AXA Société Générale The Premium Review Conference November 29, 2012
22 Q&A session Q&A session 22 AXA Société Générale The Premium Review Conference November 29, 2012
23 Notes Page 5 1. Excluding Holdings 2. Including G/A Savings, Unit-Linked and Banking 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 23 AXA Société Générale The Premium Review Conference November 29, 2012
Investor Day November 7, Finance. Denis Duverne Deputy CEO
Investor Day November 7, 2012 Finance Denis Duverne Deputy CEO Cautionary note concerning forward-looking statements Certain statements contained herein are forward-looking statements including, but not
More informationHalf Year 2012 Earnings
Half Year 2012 Earnings August 3, 2012 Presentation Cautionary note concerning forward-looking statements Certain statements contained herein are forward-looking statements including, but not limited to,
More informationHalf Year 2013 Earnings
Half Year 2013 Earnings August 2, 2013 Presentation Table of contents Introduction & highlights Page A4 by Henri de Castries, Chairman and CEO financial performance by Denis Duverne, Deputy CEO & Gérald
More informationFull Year 2012 Earnings
Full Year 2012 Earnings February 21, 2013 Presentation Cautionary note concerning forward-looking statements Certain statements contained herein are forward-looking statements including, but not limited
More informationAXA. Henri de Castries Chairman & CEO. October 5, Bank of America Merrill Lynch Annual Banking & Insurance CEO Conference 2011
AXA Henri de Castries Chairman & CEO October 5, 2011 Bank of America Merrill Lynch Annual Banking & Insurance CEO Conference 2011 Cautionary note concerning forward-looking statements Certain statements
More informationAXA HALF YEAR 2016 EARNINGS. Presentation. August 3, 2016
AXA HALF YEAR 2016 EARNINGS Presentation August 3, 2016 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate
More informationAXA MORGAN STANLEY CONFERENCE
AXA MORGAN STANLEY CONFERENCE THOMAS BUBERL Member of the AXA Management Committee CEO of AXA Germany, CEO of AXA Health Global Business Line and CEO of AXA Global Life & Savings March 15, 2016 Certain
More informationAXA. Henri de Castries. Chairman & CEO. London - October 2, Sanford C. Bernstein Strategic Decisions Conference
AXA Henri de Castries Chairman & CEO London - October 2, 2013 Sanford C. Bernstein Strategic Decisions Conference Cautionary note concerning forward-looking statements Certain statements contained herein
More informationHalf Year 2014 Earnings
Half Year 2014 Earnings August 1, 2014 Presentation Cautionary note concerning forward-looking statements Certain statements contained herein may be forward-looking statements including, but not limited
More informationFull Year 2011 Earnings
Full Year 2011 Earnings February 16, 2012 Presentation Cautionary note concerning forward-looking statements Certain statements contained herein are forward-looking statements including, but not limited
More informationAXA. Gérald Harlin. Group CFO. May 28, Deutsche Bank Global Financial Services Investor Conference 2014
AXA Gérald Harlin Group CFO May 28, 2014 Deutsche Bank Global Financial Services Investor Conference 2014 Cautionary note concerning forward-looking statements Certain statements contained herein may be
More informationAXA. Jacques de Vaucleroy. Global Head of AXA Global L&S CEO for Northern, Central and Eastern Europe region Member of the AXA Management Committee
AXA Jacques de Vaucleroy Global Head of AXA Global L&S CEO for Northern, Central and Eastern Europe region Member of the AXA Management Committee October 2, 2014 Bank of America Merrill Lynch Annual Banking
More informationFull Year 2011 Earnings Press conference
Full Year 2011 Earnings Press conference February 16, 2012 Cautionary note concerning forward-looking statements Certain statements contained herein are forward-looking statements including, but not limited
More informationAXA INVESTOR DAY. Presentation. December 3, 2015
AXA INVESTOR DAY Presentation December 3, 2015 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate future events,
More informationAXA FULL YEAR 2016 EARNINGS. Presentation. February 23, 2017
AXA FULL YEAR 2016 EARNINGS Presentation February 23, 2017 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate
More informationHalf Year Earnings Press conference August 2, 2018
Half Year Earnings 2018 Press conference August 2, 2018 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS Certain statements contained herein may be forward-looking
More informationHalf Year 2017 Earnings presentation. August 3, 2017
Half Year 2017 Earnings presentation August 3, 2017 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS Certain statements contained herein may be forward-looking
More informationAXA FULL YEAR 2014 EARNINGS. Presentation. February 25, 2015
AXA FULL YEAR 2014 EARNINGS Presentation February 25, 2015 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate
More informationAXA. Nicolas Moreau Member of the AXA Management Committee Chairman & Chief Executive Officer of AXA France
AXA Nicolas Moreau Member of the AXA Management Committee Chairman & Chief Executive Officer of AXA France 14th edition of The Premium Review Société Générale Corporate & Investment Banking December 2,
More informationFull Year 2017 Earnings. Press Conference February 22, 2018
Full Year 2017 Earnings Press Conference February 22, 2018 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS Certain statements contained herein may be forward-looking
More informationAXA 2016 HALF YEAR EARNINGS. Press Conference. Paris - August 3, 2016
AXA 2016 HALF YEAR EARNINGS Press Conference Paris - August 3, 2016 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of
More informationAXA HALF YEAR 2015 EARNINGS. Presentation. August 4, 2015
AXA HALF YEAR 2015 EARNINGS Presentation August 4, 2015 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate
More informationUS Life & Savings: Strong momentum in our core business whilst de-risking legacy
Investor Day November 7, 2012 US Life & Savings: Strong momentum in our core business whilst de-risking legacy Mark Pearson President & CEO of AXA in the US Cautionary note concerning forward-looking statements
More informationAXA. Henri de Castries. Chairman & CEO. September 18, Sanford C. Bernstein s 11 th Annual Pan- European Strategic Decisions Conference
AXA Henri de Castries Chairman & CEO September 18, 2014 Sanford C. Bernstein s 11 th Annual Pan- European Strategic Decisions Conference Cautionary note concerning forward-looking statements Certain statements
More informationAXA FULL YEAR 2015 EARNINGS. Presentation. February 25, 2016
AXA FULL YEAR 2015 EARNINGS Presentation February 25, 2016 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate
More informationAXA. Bank of America Merrill Lynch 21st Annual Financials CEO Conference London September 29, Thomas Buberl Chief Executive Officer
AXA Bank of America Merrill Lynch 21st Annual Financials CEO Conference London September 29, 2016 Thomas Buberl Chief Executive Officer Certain statements contained herein are forward-looking statements
More information2017 Half Year Earnings
2017 Half Year Earnings Half Year Earnings 2017 August 3, 2017 Press Conference Paris - August 3, 2017 Certain statements contained herein are forward-looking statements including, but not limited to,
More informationAmbition AXA Investor Day June 1, US Life. Mark Pearson President & CEO of AXA in the US
Ambition AXA Investor Day June 1, 2011 US Life Mark Pearson President & CEO of AXA in the US Cautionary note concerning forward-looking statements Certain statements contained herein may constitute forward-looking
More informationSG Conference Dec 6, Denis Duverne CFO, Member of the Management Board
SG Conference Dec 6, 2007 Denis Duverne CFO, Member of the Management Board Cautionary statements concerning forward-looking statements Certain statements contained herein are forward-looking statements
More informationFull year 2018 Appendices. February 21, 2019
Full year 2018 Appendices February 21, 2019 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES Certain statements contained
More informationFY17 Earnings. February 22, 2018
Earnings February 22, 2018 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS Certain statements contained herein may be forward-looking statements including, but
More informationFull Year 2011 Earnings
Full Year 2011 Earnings February 16, 2012 Appendices Life & Savings Scope overview Global footprint Well balanced business mix APE by geography APE by business Unit-Linked 32% G/A Protection & Health 38%
More informationAXA. Jean-Laurent Granier. Chairman & CEO of AXA Global P&C CEO of the Mediterranean and Latin American Region Member of the Management Committee
AXA Jean-Laurent Granier Chairman & CEO of AXA Global P&C CEO of the Mediterranean and Latin American Region Member of the Management Committee March 27, 2014 Morgan Stanley European Financials Conference
More information9M08 Activity Indicators: Total Revenues down 0.9% 1 to Euro 69,458 million.
PRESS RELEASE 9M08 Activity Indicators: Total Revenues down 0.9% 1 to Euro 69,458 million. November 6, 2008 Life & Savings Property & Casualty Positive net inflows of +7.8 billion New Business Volume (APE)
More informationRisk & Capital Management
Autumn Investor Seminar November 24, 2009 Risk & Capital Management Denis Duverne CFO, member of the Management Board Cautionary note Certain comments contained herein are forward-looking statements including,
More informationLife & Savings workshop. Kip Condron, Head of L&S global business line Gérald Harlin, Group CFO
Life & Savings workshop Kip Condron, Head of L&S global business line Gérald Harlin, Group CFO Cautionary note concerning forward-looking statements Certain statements contained herein are forward-looking
More information2016 FULL YEAR EARNINGS
2016 FULL YEAR EARNINGS Press conference Paris 23 February 2017 Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate
More informationINFORCE MANAGEMENT. A strategic asset. Paul EVANS CEO of AXA UK & Ireland Member of the AXA Group Executive Committee. Investor Day November 20, 2014
INFORCE MANAGEMENT A strategic asset Investor Day November 20, 2014 Paul EVANS CEO of AXA UK & Ireland Member of the AXA Group Executive Committee Certain statements contained herein are forward-looking
More informationFull Year 2009 Earnings. Press Conference Paris 9.00 CET
press release February 18, 2010 Full Year 2009 Earnings Resilient business activity Total revenues: down 3% to 90.1 billion Life & Savings: net inflows of +8.6 billion and NBV up 5% to 1.1 billion Solid
More informationAXA. Denis Duverne. June 11, EXANE BNP Paribas Conference. Chief Finance Officer Member of AXA s Management Board
AXA Denis Duverne Chief Finance Officer Member of AXA s Management Board June 11, 2009 EXANE BNP Paribas Conference Cautionary statements concerning forward-looking statements Certain statements contained
More informationAmbition AXA Investor Day June 1, 2011 Life & Savings in mature markets Jacques de Vaucleroy
Ambition AXA Investor Day June 1, 2011 Life & Savings in mature markets Jacques de Vaucleroy Head of L&S Global Business Line & CEO of NORCEE region Cautionary note concerning forward-looking statements
More informationAXA Paul Evans CEO AXA Global Life, Savings & Health and AXA Global Asset Management
AXA Goldman Sachs European Financials Conference Madrid June 7, 2017 Paul Evans CEO AXA Global Life, Savings & Health and AXA Global Asset Management Certain statements contained herein may be forward-looking
More informationEmbedded Value 2009 Report
Embedded Value 2009 Report Embedded Value 2009 Report Cautionary statements concerning forward-looking statements This report includes terms used by AXA for the analysis of its business operations and
More informationEmbedded Value. & AFR report. Cash and Value Report- AXA / FY2016 1
Embedded Value & AFR report 2017 Cash and Value Report- AXA / FY2016 1 TABLE OF CONTENTS INTRODUCTION & KEY FIGURES 3 Key figures 4 GROUP AVAILABLE FINANCIAL RESOURCES (AFR) 5 Linking Group Embedded Value
More informationEmbedded Value 2013 Report
Embedded Value 2013 Report February 21, 2014 CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS This report includes terms used by AXA for the analysis of its business operations and therefore
More informationHalf year 2011 Earnings In line with Ambition AXA. Strong sales in high growth markets with high new business margins
press release August 4, 2011 Half year 2011 Earnings In line with Ambition AXA Strong earnings growth o Underlying Earnings up 10% to Euro 2.2 billion o Adjusted earnings up 7% to Euro 2.4 billion o Net
More information2004 European Embedded Value for Life & Savings activities. December 12, 2005
2004 European Embedded Value for Life & Savings activities December 12, 2005 Table of Contents 1 : Overview 2 : Methodology 3 : Results 4 : Conclusion 5 : Appendix: - Detailed EEV results by country -
More informationAXA full year 2006 earnings Balance sheet & Embedded Value. April 10, 2007
AXA full year 2006 earnings Balance sheet & Embedded Value April 10, 2007 Cautionary statements concerning forward-looking statements Certain statements contained herein are forward-looking statements
More informationAXA s Growth Strategy
AXA s Growth Strategy Goldman Sachs Conference, Lisbon June 13, 2007 Gérald Harlin Deputy CFO Cautionary statements concerning forward-looking statements This presentation contains forward-looking statements
More informationEmbedded Value. & AFR report. Cash and Value Report- AXA / FY2016 1
Embedded Value & AFR report 2016 Cash and Value Report- AXA / FY2016 1 TABLE OF CONTENTS INTRODUCTION & KEY FIGURES 3 Introduction 3 Key figures 3 GROUP AVAILABLE FINANCIAL RESOURCES (AFR) 4 Linking Group
More informationAXA PRESS RELEASE % %
AXA PRESS RELEASE PARIS, OCTOBER 24, 2013 9M13 Activity Indicators Total revenues increased by 3% to Euro 69.5 billion Life & Savings APE up 7% to Euro 4.6 billion driven by a strong growth in Unit-Linked
More informationFull Year 2008 Earnings. February 19, 2009
Full Year 28 Earnings February 19, 29 Cautionary statements concerning forward-looking statements Certain statements contained herein are forward-looking statements including, but not limited to, statements
More information1Q18 Activity indicators
Paris, May 3, 2018 1Q18 Activity indicators Continued focus on preferred segments Total Gross revenues up 2% to Euro 30.8 billion APE up 5% to Euro 1.8 billion, with NBV up 5% to Euro 0.8 billion Health
More informationEmbedded Value 2012 Report
Embedded Value 2012 Report Embedded Value 2012 Report February 21, 2013 Cautionary statements concerning forward-looking statements This report includes terms used by AXA for the analysis of its business
More informationEmbedded Value 2011 Report. Embedded Value 2011 Report
Embedded Value Report Embedded Value Report February 16, 2012 Cautionary statements concerning forward-looking statements This report includes terms used by AXA for the analysis of its business operations
More informationInvestments. Maximilian Zimmerer Member of the Board of Management Allianz SE. Analyst conference call February 19, 2016
Investments Maximilian Zimmerer Member of the Board of Management Allianz SE Analyst conference call February 19, 2016 C Investments 1 Allianz Investment Management 2015 2 Portfolio information High quality
More informationPRESS RELEASE LIFE & SAVINGS
PRESS RELEASE May 7, 2008 1Q08 ACTIVITY INDICATORS LIFE & SAVINGS NEW BUSINESS VOLUME (APE 1 ) DOWN 6% 2 TO EURO 1,939 MILLION NEW BUSINESS MARGIN UP 0.4 PT 2 TO 21.8% POSITIVE NET INFLOWS OF EURO +4.0
More informationIFRS in numbers. June 21, 2005
IFRS in numbers June 21, 2005 Disclaimer and Cautionary Statements Concerning Forward-looking Statements The 2004 IFRS information presented is audited and has been prepared in accordance with the IFRS
More informationResults Reporting for the Three Months to March 31, 2009
Results Reporting for the Three Months to March 3, 2009 Analysts and Media Presentation Disclaimer and cautionary statement By participating in this conference call you agree to be bound by the following
More informationPRESS RELEASE FIRST HALF 2004 RESULTS: UNDERLYING EARNINGS: UP 32% TO EURO 1.4 BILLION (37% AT CONSTANT EXCHANGE RATES 1 )
PRESS RELEASE August 6, 2004 FIRST HALF 2004 RESULTS: UNDERLYING EARNINGS: UP 32% TO EURO 1.4 BILLION (37% AT CONSTANT EXCHANGE RATES 1 ) LIFE NEW BUSINESS CONTRIBUTION UP 15% TO EURO 368 MILLION (21%
More informationHalf Year 2008 Earnings August 7, Media Conference Call
Half Year 28 Earnings August 7, 28 Media Conference Call Cautionary statements concerning forward-looking statements Certain statements contained herein are forward-looking statements including, but not
More informationHalf Year 2008 Earnings August 7, 2008
Half Year 28 Earnings August 7, 28 Cautionary statements concerning forward-looking statements Certain statements contained herein are forward-looking statements including, but not limited to, statements
More informationCash, capital and earnings. Nic Nicandrou Chief Financial Officer
Cash, capital and earnings Nic Nicandrou Chief Financial Officer surplus generation A key area of management focus 2008 FY results presentation 1 surplus generation A strong track record of delivery Net
More informationAXA PRESS RELEASE % %
AXA PRESS RELEASE PARIS, OCTOBER 26, 2015 9M15 Activity Indicators Total revenues increased by 9% on a reported basis, benefiting from a positive Forex impact On a comparable basis (at constant Forex):
More informationFull Year Earnings. Press Conference Paris 21 February 2014
2013 Full Year Earnings Press Conference Paris 21 February 2014 Cautionary note concerning forward-looking statements Certain statements contained herein may be forward-looking statements including, but
More informationpress release 9M 2009 Activity Indicators Trends in line with 1H09 Resilient revenues Positive insurance net inflows Enhanced Solvency
press release October 29, 2009 9M 2009 Activity Indicators Trends in line with 1H09 Resilient revenues Total revenues were down 2% to 68,094 million On a comparable, total revenues were down 5%: Life &
More informationAXA Investment Managers
Investor Day November 7, 2012 AXA Investment Managers Dominique Carrel-Billiard CEO, AXA Investment Managers Cautionary note concerning forward-looking statements Certain statements contained herein are
More informationAXA - Additional Information about EEV Full Year ADDITIONAL INFORMATION ABOUT LIFE & SAVINGS EUROPEAN EMBEDDED VALUE
2007 ADDITIONAL INFORMATION ABOUT LIFE & SAVINGS EUROPEAN EMBEDDED VALUE 1 Cautionary statements concerning forward-looking statements This report includes certain terms that are used by AXA in analyzing
More informationAutumn Investor Seminar. Workshops. U.S. Update: Navigating Through Market Turmoil
Autumn Investor Seminar Workshops U.S. Update: Navigating Through Market Turmoil Christopher Condron CEO AXA Financial, Member of AXA s Management Board Paris November 25, 2008 Cautionary statements concerning
More informationPRESS RELEASE STRONG FIRST HALF 2007 PERFORMANCE
PRESS RELEASE August 9, 2007 STRONG FIRST HALF 2007 PERFORMANCE UNDERLYING EARNINGS UP 29% TO EURO 2.7 BILLION (UP 19% ON A COMPARABLE BASIS) ADJUSTED EARNINGS UP 21% TO EURO 3.4 BILLION (UP 14% ON A COMPARABLE
More information9M18 Activity indicators
Paris, November 6, 2018 9M18 Activity indicators Another strong quarter, with continued growth momentum Total gross revenues up 4% to Euro 75.8 billion APE up 9% to Euro 4.8 billion, with NBV up 4% to
More informationAXA. Thomas Buberl Group CEO. Goldman Sachs European Financials Conference Frankfurt June 6, 2018
AXA Thomas Buberl Group CEO 1 Goldman Sachs European Financials Conference Frankfurt June 6, 2018 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS Certain statements
More informationMerrill Lynch Insurance Investors Conference February 16, Christopher M. Condron President & CEO AXA Financial
Merrill Lynch Insurance Investors Conference February 16, 2006 Christopher M. Condron President & CEO AXA Financial Disclaimer and Cautionary Statements Concerning Forward-looking Statements Certain statements
More informationOperating and financial review (unaudited) 2015
Zurich Insurance Group Operating and financial review (unaudited) 2015 2 Group performance review Zurich Insurance Group Operating and financial review The Operating and financial review is the management
More informationAXA PRESS RELEASE. 1H15 1H16 restated* 1H15 1H16 restated*
AXA PRESS RELEASE PARIS, AUGUST 3, 2016 Half Year 2016 Earnings Resilient earnings despite headwinds Total revenues stable at Euro 54 billion Underlying earnings stable at Euro 3.1 billion Adjusted earnings
More informationFull Year 2007 Earnings. February 28, 2008
Full Year 27 Earnings February 28, 28 Cautionary statements concerning forward-looking statements Certain statements contained herein are forward-looking statements including, but not limited to, statements
More informationProperty & Casualty: Accelerating Profitable Growth
Investor Day December 4, 2013 Property & Casualty: Accelerating Profitable Growth Jean-Laurent Granier CEO, AXA Global P&C Cautionary note concerning forward-looking statements Certain statements contained
More informationPRESS RELEASE 9M07 ACTIVITY INDICATORS CONFIRM AXA S SUSTAINED GROWTH MOMENTUM
PRESS RELEASE November 8, 2007 9M07 ACTIVITY INDICATORS CONFIRM AXA S SUSTAINED GROWTH MOMENTUM LIFE & SAVINGS NEW BUSINESS VOLUME 1 UP 26% (UP 10% ON A COMPARABLE BASIS) LIFE & SAVINGS NEW BUSINESS VALUE
More information1Q 2017 Results. CFO candidate. The Hague May 11, Helping people achieve a lifetime of financial security
1Q 2017 Results Alex Wynaendts CEO Matt Rider CFO candidate The Hague May 11, 2017 Helping people achieve a lifetime of financial security Overview 2 Highlights 1Q 2017 results Underlying earnings up due
More informationLa Mondiale HALF YEAR 2014 EARNINGS. October 2014
La Mondiale HALF YEAR 2014 EARNINGS 1 October 2014 Cautionary note At half-year, La Mondiale does not produce full financial statements but only prepares a balance sheet and an income statement. Auditors
More informationPRESS RELEASE 9M06 ACTIVITY INDICATORS CONFIRM STRONG TOP-LINE GROWTH MOMENTUM
PRESS RELEASE November 8, 2006 9M06 ACTIVITY INDICATORS CONFIRM STRONG TOP-LINE GROWTH MOMENTUM Life & Savings New Business Volume up 14% & New Business Value up 19% Property & Casualty Revenues up 4%
More informationAXA 1Q03 REVENUES: BACK TO STRONG GROWTH IN LIFE & SAVINGS. GROUP CONSOLIDATED REVENUES WERE EURO 20.4 BILLION UP 5.9% ON A COMPARABLE BASIS
PRESS RELEASE May 12, 2003 AXA 1Q03 REVENUES: BACK TO STRONG GROWTH IN LIFE & SAVINGS. GROUP CONSOLIDATED REVENUES WERE EURO 20.4 BILLION UP 5.9% ON A COMPARABLE BASIS Life & Savings revenues rose 13.0%
More informationFull year 2005 Earnings February 28, 2006 PRESS CONFERENCE
Full year 2005 Earnings February 28, 2006 PRESS CONFERENCE Disclaimer and Cautionary Statements Concerning Forward-looking Statements Certain statements contained herein are forward-looking statements
More informationLA MONDIALE HALF YEAR 2018 EARNINGS. October 18, 2018
LA MONDIALE HALF YEAR 2018 EARNINGS October 18, 2018 Cautionary note At half-year, La Mondiale does not produce full financial statements but only prepares a balance sheet and an income statement. Auditors
More informationHalf Year Financial Report June 30, 2011
Half Year Financial Report June 30, 2011 Table of contents I Activity Report... II Consolidated financial statements... III Statutory auditors review report on the 2011 Half Year Financial Information...
More informationOptimizing risk: Risk Management as a growth enabler
Optimizing risk: Risk Management as a growth enabler François Robinet, Chief Risk Officer West LB Seminar, Dusseldorf May 4, 2006 West LB Conference May 4, 2006-2 Agenda 1: Insurance industry s appetite
More informationSolid results in first half year of Roel Wijmenga Chief Investment Officer Financial Markets
Solid results in first half year of 2012 Roel Wijmenga Jack Julicher CFO Chief Investment Officer Financial Markets 15 August 2012 Disclaimer Cautionary note regarding forward-looking statements This presentation
More informationThomas Buberl Group CEO, AXA. Bank of America Merrill Lynch Conference London September 27, 2018
Thomas Buberl Group CEO, AXA Bank of America Merrill Lynch Conference London September 27, 2018 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS Certain statements
More informationProperty & Casualty: AXA Asia P&C A story of acceleration and value creation
Investor Day 4 December, 2013 Property & Casualty: AXA Asia P&C A story of acceleration and value creation Gaelle Olivier CEO, AXA Asia P&C Cautionary note concerning forward-looking statements Certain
More informationPRESS RELEASE AXA CONSOLIDATED REVENUES WERE EURO 54.4 BILLION FOR THE FIRST NINE MONTHS OF 2004 (UP 1.1% ON A COMPARABLE BASIS)
PRESS RELEASE November 10, 2004 AXA CONSOLIDATED REVENUES WERE EURO 54.4 BILLION FOR THE FIRST NINE MONTHS OF 2004 (UP 1.1% ON A COMPARABLE BASIS) GOOD UNDERLYING TRENDS ACROSS ALL BUSINESSES : - UNIT-LINKED
More informationZurich Financial Services Group Competing in the Age of Austerity
Zurich Financial Services Group Competing in the Age of Austerity Martin Senn Chief Executive Officer Bank of America Merrill Lynch Banking & Insurance CEO Conference London, Disclaimer and cautionary
More informationAXA PRESS RELEASE. Half Year 2015 Earnings Strong Performance in Line with Ambition AXA
AXA PRESS RELEASE PARIS, AUGUST 4, 2015 Half Year 2015 Earnings Strong Performance in Line with Ambition AXA Underlying Earnings up 12% on a reported basis, benefitting from a positive Forex impact Underlying
More information3Q 2017 Results. The Hague November 9, Helping people achieve a lifetime of financial security
3Q 2017 Results Alex Wynaendts CEO Matt Rider CFO The Hague November 9, 2017 Helping people achieve a lifetime of financial security Highlights of strong 3Q 2017 results Overview 2 Underlying earnings
More informationAXA s operations in Northern, Central & Eastern Europe. Alfred Bouckaert, Member of AXA s Management Board. Cheuvreux Conference January 10, 2008
AXA s operations in Northern, Central & Eastern Europe Alfred Bouckaert, Member of AXA s Management Board Cheuvreux Conference January 10, 2008 Cheuvreux Conference January 10, 2007 2 Cautionary statements
More informationAnnual Results Reporting 2004 Analyst presentation. Zurich, February 17, 2005
Annual Results Reporting Analyst presentation Zurich, February 17, 2005 Disclaimer and cautionary statement Certain statements in this document are forward-looking statements, including, but not limited
More informationHalf Year 2007 Earnings
Half Year 2007 Earnings August 9, 2007 PRESS CONFERENCE Cautionary statements concerning forward-looking statements Certain statements contained herein are forward-looking statements including, but not
More informationAXA 9M13 conference call transcript. October 25 th, 2013
AXA 9M13 conference call transcript October 25 th, 2013 This document is the transcript of the 9M 2013 conference call held on 25 October 2013. The podcast of this presentation is available on http://www.axa.com/lib/en/library/podcasts/14798.aspx
More informationPRESS RELEASE AXA CONSOLIDATED REVENUES UP 4.6% ON A COMPARABLE BASIS TO EURO 74.7 BILLION FOR THE FULL YEAR 2002
PRESS RELEASE February 5, 2003 AXA CONSOLIDATED REVENUES UP 4.6% ON A COMPARABLE BASIS TO EURO 74.7 BILLION FOR THE FULL YEAR 2002 Life & Savings revenues increased by 5.5% to Euro 48.6 billion, boosted
More informationGrowing capital generation
Growing capital generation Rutger Zomer December 1, 2017 CFO Aegon the Netherlands Helping people achieve a lifetime of financial security 1 Summary Strong execution Shift to fee and protection businesses
More informationAXA PRESS RELEASE % %
AXA PRESS RELEASE PARIS, MAY 3, 2016 1Q16 Activity Indicators Total revenues increased by 1% to Euro 31.8 billion Life & Savings APE up 16% to Euro 2.2 billion; net flows of Euro +3.0 billion Property
More information