AXA Strategic Plan 2024-2026

February 22, 2024

Strategic update
Thomas Buberl
Group CEO

1 AXA Strategic Plan 2024-2026

February 22, 2024
Business transformed following disciplined execution of Group strategy
in Euro billion, change between 2016 (IFRS4) and 2023 (IFRS17/9)

Simplified and focused on 100 103

Gross
markets with leading positions +3%
22 non-core disposals, market leader in our core businesses
revenues
2016 2023

Repositioned towards technical risks

5.7 7.6
with successful transformation of AXA XL Underlying
ca. 85% of FY23 revenues from technical risks and fee-based businesses +34% earnings
AXA XL FY23 underlying earnings at €1.9 billion
2016 2023

Significantly reduced market risk

-40% exposure to financial risks1 6.3
3.6 Organic cash
+75%
remitted2
Cash focused 2016 2023
From 58% to 79% cash remittance ratio (2016 to 2023)

1. Change in market risk in the Group SCR under a full internal model between 2016 and 2023.
3 2. Organic cash remittance excluding exceptional items. AXA Group Investor Day | February 22, 2024
See Glossary for terminology and important qualifying information
AXA today: Distinctive franchise, balanced between Commercial and Retail

~50% ~50%
Commercial Insurance Retail Insurance
✓ At scale in all core markets
Largest global
Top 3 European ✓ Customer proximity with
underwriter of
multi-line insurer strong distribution resulting
corporate risks
in high NPS2
Property & Casualty Property & Casualty
(~35%) (~20%) ✓ High-return franchise and
cash generative model
Employee Benefits1 Life & Health
(~15%) (~30%)

Asset Management
1. Including Group Pension and run-off portfolios.
4 2. Net Promoter Score. AXA Group Investor Day | February 22, 2024
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Delivered on Driving Progress 2023, even in a challenging context
Target Achievement

Underlying 3-7% +9%

earnings per share1 2020 rebased-2023
CAGR
2020 rebased-2023
CAGR

Euro 12.8 billion

Underlying 13-15% 14.9% cash returned
Return on Equity1 2021 to 2023 at FY23
over 2021-2023
through dividends
and ordinary share

Cash remittance
€14bn €16.4bn
buy-backs2
2021-2023
2021-2023 cumulative
cumulative
Euro 0.5 billion3
to compensate earnings
dilution from disposals
Solvency II ratio 190% 227%
target capital level at FY23
1. For UEPS and ROE, 2022 and prior years are based on IFRS4.
2. Excluding share buy-backs to offset earnings dilution of certain disposals and in-force management transactions, as well as dilutive effect relating to
employee share offerings and the exercise of stock options.
5 3. Announced on February 24, 2022. AXA Group Investor Day | February 22, 2024
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Well-positioned in the current environment and to capture long-term
opportunities

Fit to deliver in the Capitalizing on

current environment long-term trends
✓ Diversified mix, high solvency and prudent → Addressing growing demand for private
asset allocation with resiliency to recession retirement and healthcare solutions
risks and geopolitical tensions leveraging high quality distribution
✓ Business skewed towards underwriting risks → Transformative impact from GenAI
with limited interest rate sensitivity with data & AI initiatives to improve risk
selection and efficiency
✓ Cautious reserving, strict pricing discipline
and focus on efficiency to navigate → Offering prevention and risk consulting
inflationary pressures services to help customers mitigate the effects
of climate change in line with AXA’s Payer-to-
Partner strategy

6 AXA Group Investor Day | February 22, 2024

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Next plan is focused on growing and strengthening our core businesses
with rigorous execution

Driving higher organic growth

through selective expansion and growing distribution

Scaling technical capabilities

using data analytics to improve pricing, claims & risk
Our core business is well
positioned, our employees are
highly engaged1 and our Enhancing operational excellence
strategy has delivered through shoring, automation and data & AI

7 1. Employee Net Promoter Score +40 at FY23 (+5pts vs FY22). AXA Group Investor Day | February 22, 2024
See Glossary for terminology and important qualifying information
Expanding AXA’s role in society

Inclusive Insurance Climate transition AXA Hearts in Action

Addressing protection gaps Leverage unique expertise and assets Employee volunteering program2
in our markets to support our customers deeply embedded in AXA’s DNA

▶ Accelerate growth in Emerging ▶ Deliver 9,000+ climate adaptation 1991 founded by

Claude Bébéar
markets solutions & services1
Ranging from training, prevention and
▶ Develop solutions for adaptation consulting in particular 37,650 volunteers
underinsured populations in through AXA Climate
European markets
▶ Develop transition underwriting in
P&C activities
2,285 NGOs supported

14 million >20 million incl. energy, transportation and

construction
customers
covered at FY23
customers
targeted by 2026
198K volunteering hours

1. Cumulative 2024E-2026E. These include training/education, risk assessment/awareness, gap analysis, prevention/adaptation solution,
and/or crisis management/remediation response.
8 2. Figures as of 2023. AXA Group Investor Day | February 22, 2024
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Increasing financial targets for 2024-2026

2021-2023 2024-2026
targets targets
New capital
management policy*
Underlying 3% to 7% 6% to 8%
earnings per share CAGR 2020 rebased-2023 CAGR 2023-2026E

75%
total payout ratio1
Underlying Return 13% to 15% 14% to 16% 60% 15%
on Equity 2021-2023 2024E-2026E
dividend share
buy-backs2
with dividend per share at
Cumulative cash €14 billion >€21 billion least equal to prior year
remittance 2021-2023 2024E-2026E

1. Payout based on underlying earnings per share.

2. Annual share buy-backs. Excludes the effect of share buy-backs related to the neutralization of earnings dilution from disposal and in-force
9 management transactions, as well as the dilutive effect relating to employee share offerings and the exercise of stock options. AXA Group Investor Day | February 22, 2024
* See Glossary for terminology and important qualifying information, in particular with respect to the new capital management policy and its components
Quality compounder, delivering value to shareholders

Sustainable and growing

earnings per share

6%-8% 75% High capital Growing

targeted EPS returned to return* book value
CAGR2
shareholders3 €17bn4 to be returned
€3.31 ROE targeted at
€3.08 over 2024-2026
€2.75 14% to 16%
(ca. 25% of current
over 2024-2026
market capitalization5)
25%
retained to fund
while maintaining balance sheet strength
organic growth
FY211 FY221 FY23 FY26E
Underlying earnings per share

1. Under IFRS4.
2. UEPS CAGR between 2023-2026E.
3. Payout based on underlying earnings per share.
4. Dividends paid in 2024 to 2026 and share buy-backs executed in 2024 through 2026.
10 5. As of February 21, 2024. AXA Group Investor Day | February 22, 2024
* See Glossary for terminology and important qualifying information, in particular with respect to the new capital management policy and its components
Execution plan
Frédéric de Courtois
Group Deputy CEO

2 AXA Strategic Plan 2024-2026

February 22, 2024
High quality and scaled businesses

We are leaders in the

#1 Global P&C #1 Health in Europe Top 3 Retail insurer in
Commercial Lines Leading Global EB player Europe
markets we compete in Leading position in
Protection (Japan & Hong
Kong)

With distinct product Full product offering Proprietary data 25K proprietary tied agents1
and distribution Global broker network Unique one-stop shop Large, specialized, digital
combined with proprietary Strong NPS and brand
capabilities Innovative services
agents Disciplined underwriting
Leveraging AXA IM expertise

Scaled businesses €35bn P&C CL €11bn Employee Benefits €42bn P&C and L&S Retail
FY23 revenues2 €16bn AXA XL Insurance, €7bn Group Health €18bn P&C, €24bn L&S
€2bn AXA XL Reinsurance €4bn Group Protection
€17bn AXA local SMEs and mid-market €9bn Individual Health

1. In mature markets, including salaried sales networks.

12 2. Excluding ca. Euro 6 billion from Asset Management, Group Pension and Banking, and run-off portfolios. AXA Group Investor Day | February 22, 2024
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Driving scalability across all the businesses
P&C Employee Benefits Retail P&C
Commercial lines & Health and L&S
P&C Mid-market Employee benefits for SME Expand proprietary distribution
rolling out underwriting automation and +400 tied agents in France, +850 in Japan
Growth white space in UK, Spain, Italy,
selectively building in the US self service tool (employee and HR portals) +10% agent productivity
initiatives New corporate risks Increase share of agents selling Focus on most valuable customers
Cyber and energy transition Health +25% activation rate in tied agents 50yr+ L&S segment scaling successful Swiss offer

Geospatial AI & Nat Cat management Rolling out proprietary pricing assets Scale dynamic pricing model
Satellite image for Property underwriting Unique pricing model gathering all entities data From 8 weeks to 1 week frequency update
Technical Pro-actively adjusting AXA XL Strengthening on claims protocol Accelerate in Procurement
underwriting to changing market conditions Scale Proprietary procurement asset (Alphascale)
excellence Care pathway, leveraging UK program
AI powered fraud detection
Integrate the Digital Commercial Expand Integrated Health solution +10% improvement by 2026
platform to deliver risk services Accelerate medical centers in select countries
Enhancing underwriting through data & fee income, Use of AI computable contracts
increasing customer retention Efficiency, leakage reduction, exposure mgt

Across all businesses

Operational Systematic automation | Expand offshoring capabilities | Scale proven AI use cases
excellence Further digitalization of processes
and unstructured data processing
Scaling existing offshore pools in
Poland, India and Morocco
Harmonized data landscape, >17 proven
use cases rolled out on average to 6 entities

13 AXA Group Investor Day | February 22, 2024

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P&C Commercial lines – Focus on key scaling initiatives

Growth Technical excellence

by expanding in P&C Mid-Market Restructured and sound portfolio allows for
more agility at AXA XL2
Growth
Grow in
P&C Mid-Market UK, Italy & Spain Plan assumes a moderation of pricing &
white spaces sustained profitability

New corporate risks Expand France, Switzerland,

leadership Germany & Belgium
Technical excellence Selectively
Geospatial AI & US
build
Nat Cat management

Adapting AXA XL
underwriting ✓ All capabilities in place
Full Product offering , incl. AXA XL’s global program
Integrate the DCP1 to Broker Distribution and services
deliver risk services Automated underwriting process
✓ Adjusting exposure to changing pricing conditions
✓ Integrated go to market strategy
between local entities and AXA XL ✓ Using ceded reinsurance to manage exposure
✓ Strong and predictable profitability level ✓ Adjusting attachment points
1. Digital Commercial Platform.
2. Bubble size based on FY23 and expected 2026 gross revenues.
14 3. Including Fine Art, PRCB. AXA Group Investor Day | February 22, 2024
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Employee Benefits & Individual Health – Focus on key scaling initiatives

Growth Technical excellence

Focus on Employee Benefit for SMEs Proprietary pricing tools
Growth
Underwriting automation Global datasets and pricing models
Employee benefits
for SMEs ▶ Pre-configured products with standardized ▶ Leveraging claims data from mature markets to create
processes, generating faster quotes to agents a sophisticated pricing model across the Group
Increase share of
and brokers
agents selling Health ▶ Difficult to replicate by pure local players
▶ Deployed in 10 countries to be rolled out across
Technical excellence the Group Prediction
Rolling out proprietary x2 accuracy1
pricing assets

Strengthening on EB Partners: fully digital HR service Data-driven automated renewal pricing

claims protocol platform platform
Expanding Integrated ▶ Proprietary platform for distributors and for HR ▶ Highly differentiated pricing based on granular
Health solution leaders for employee management analysis of renewal business

▶ Driving greater customer loyalty and higher new Retention

business +2-3pts by 2026

15 1. Number of correctly predicted instances as a percentage of total number of instances. AXA Group Investor Day | February 22, 2024
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Retail lines – Focus on key scaling initiatives

Growth Technical excellence

Growth Expand distribution capabilities Computable contracts
Expand proprietary
distribution ✓ Expand agent networks in select markets
+400 tied agents in France, +850 in Japan Contract design
Focus on most to rapidly configure and underwrite Up to 80% reduced
valuable customers modular insurance products time to issue
✓ Data & AI for advice personalisation
Technical excellence including one CRM across distribution channels,
“next best action” recommendation Coverage check Reduction in
Scale dynamic to provide a simulation tool for 1-2% claims leakage
pricing model ✓ Increase sale of capital-efficient Savings customers to better understand
by increasing the number of specialized tied agents coverage & automate claim cover claims
Accelerate in
Procurement check
-20% handling time
✓ Simplify sales tools to free up time for
AI powered fraud commercial action
detection through enhanced portals and higher autonomy Business steering tool
(selfcare tools, delegation) to run queries and analysis real Optimize claims
AI computable time to improve risk management
contracts management
and assess portfolio profitability
sales productivity in
+10% mature markets by 2026

16 AXA Group Investor Day | February 22, 2024

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Operational excellence – Delivering continued efficiency improvement

Automation
▶ Systematic approach to accelerate automation towards +3pts productivity increase
end-to-end straight-through processing in operations1, per year

Common Off-shoring
IT foundation, ▶ Scaling proven capabilities within existing shared
business service centers in India, Morocco & Poland From 10% to 12%
▶ Development of new value-adding capabilities in high- off-shored headcount
applications demand areas (e.g., data analytics, IT, automation) by 2026E
& data
Data & AI
▶ 400+ Data & AI use cases developed, of which 17 highest-
Deployment to 6+ entities
value to be rolled out across the Group For each highest-value use-case
▶ Additional business uplift through GenAI

non-commission
ca. -0.5pt expense ratio
by 2026E
17 1. Scope includes policy administration, claims and underwriting. AXA Group Investor Day | February 22, 2024
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Finance
Alban de Mailly Nesle
Group CFO

3 AXA Strategic Plan 2024-2026

February 22, 2024
Creating value for shareholders
Financial targets
6%-8%
▶ Delivering sustained earnings growth UEPS
CAGR 2023-2026E

▶ Generating strong cash & capital organically Euro > 21 billion

Cumulative cash remittance
over 2024E-2026E
▶ Attractive capital return to shareholders
75%
Total pay-out ratio*
▶ Driving book value growth over time on underlying earnings per share

▶ Maintaining balance sheet strength 14%-16%

Underlying ROE
2024E-2026E

19 AXA Group Investor Day | February 22, 2024

* See Glossary for terminology and important qualifying information, in particular with respect to the new capital management policy and its components
Underlying earnings per share growth outlook

Target Plan assumptions

Underlying earnings per share

in Euro ▶ Lower interest rates compared to 2023
average levels
▶ Moderation of P&C Commercial
€3.31 lines pricing
€2.56 6%-8%
€2.24 UEPS CAGR ▶ Higher unwind of discount benefit
2023-2026E
▶ Higher Nat Cat load1
▶ Claims inflation expected to normalize
~5% ~2% only by 2025
from from
2016 2020 2023 2026E
underlying share ▶ OECD tax reform
Rebased
earnings buy-back*

1. Nat Cat load of ca. 4.5pts, defined as normalised natural catastrophes losses expected in a year expressed in percentage of gross earned premiums for the
20 same year. Natural Catastrophe charges include natural catastrophe losses regardless of event size. AXA Group Investor Day | February 22, 2024
* See Glossary for terminology and important qualifying information, in particular with respect to the new capital management policy and its components
 Reasonability assessment | Property and Casualty
in Euro billion

P&C Underlying earnings ca. +5% in Commercial lines including from

ca. +5% selective growth in Mid-market and emerging risks
Topline growth ca. +4% in Retail, mostly from pricing and good retention
+4%-6%
CAGR 2023-26E
▪ Margin improvement in Mid-market and SME as well as
Retail incl. from near-term recovery
ca. -2pts ▪ AXA XL margins reflect prudent cycle outlook
CY undiscounted ▪ Slight increase in Nat Cat budget to ca. 4.5pts
5.0 combined ratio ▪ Continued favorable PYD, and discount benefit projected
to decline modestly over the plan reflecting lower rates
▪ Continued expense ratio reduction

ca. -€0.5bn
€-0.8bn from higher unwind of discount,
Financial results partly offset by improved investment income
FY23 Growth Tech Expenses Financial FX and FY26E (pre-tax)
Margin Results Tax
93.2%
FY23 all-year ca. -€0.2bn One-off tax benefit in 2023
discounted P&C Retail P&C Commercial Total P&C Tax items Negative impact of new Bermuda tax regulation
combined Ratio

21 AXA Group Investor Day | February 22, 2024

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Reasonability assessment | Life and Health
in Euro billion

L&H underlying earnings

>3% In line with

Growth in CSM release normalized CSM growth
+4%-6%
CAGR 2023-26E

UK Health +6% Growth driven by Employee benefits

Recovery
Short-term insurance and Individual Health
topline growth
3.2
Margin improvement in Health and Protection
-3pts reflecting pricing and claims initiatives notably in
All-year combined ratio EB and recovery in UK Health
short-term L&H Continued expense ratio reduction

FY23 CSM release Short-term Financial Other2 FY26E

insurance
(Growth &Tech margin)1
results
Stable Higher investment income offset by higher
Financial results unwind of discount

1. Including expenses.
22 2. Represents primarily non attributable expenses, tax, and forex. AXA Group Investor Day | February 22, 2024
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Reasonability assessment | Asset Management and Holdings
in Euro billion

Asset management Holdings

Underlying earnings Underlying earnings

ca. +7%
CAGR 2023-2026E

0.4

-1.0
~-1.2
FY23 FY26E
FY23 FY26E

Continued positive momentum in third party ▪ Higher debt expenses reflecting higher interest rates
net flows sustained by growth initiatives ▪ Increased investments including in technology
▪ Negative impact from OECD tax

23 AXA Group Investor Day | February 22, 2024

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Sustained organic capital generation

High Solvency capital generation,

with limited capital consumption
Shift towards technical risks
and fee-based business +29 pts
+25-30pts
+23 pts Normalized
Product design with limited capital generation p.a.
+19 pts
guarantees and faster payback 2024E-2026E
including ca. -4pts from SCR
Zero duration gap reflecting limited capital
requirement to fund growth
Capital optimization through
Group internal reinsurance 2016 2021 2023

Normalised capital generation p.a

24 AXA Group Investor Day | February 22, 2024

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Enhancing cash generation, committed to disciplined deployment
In Euro billion

Effective transformation of Disciplined use of cash

capital generation into cash
Additional
cash at Holding
>21bn
~3.5bn
80% Holding cost
Organic remittance
16bn
ratio target >21bn
organic cash Dividend*
generation
With all businesses Annual
delivering excellent share buy-backs*
remittance

2021 - 2023 2024E – 2026E ~17bn1 cash expected to be

distributed to shareholders

25 1. Dividends paid in 2024 to 2026 and share buy-backs executed in 2024 through 2026. AXA Group Investor Day | February 22, 2024
* See Glossary for terminology and important qualifying information, in particular with respect to the new capital management policy and its components
Mid-teens ROE to drive book value growth

Return on Equity target Driving book value

2023 growth over time
14%-16%
13%-15% Property and
Casualty 16% €20.4 €21.7
€22.7
€17.7

Life and
Health 14%

Asset
Management 25% 20201 20211 2022 2023 2026E

2021 - 2023 2024E – 2026E Book value per share

(excluding OCI and sub debt2)

1. Under IFRS4.
26 2. Undated and deeply subordinated dated debt. AXA Group Investor Day | February 22, 2024
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Maintaining balance sheet strength and financial flexibility

Solvency II ratio
4.0bn ~4bn
227% Cash at
200%
Holding
FY23 2026E

Debt 19-23% guidance

FY20 FY23 gearing Intention to maintain stable debt stock, with
flexibility to issue debt within the range
✓ Intend to continue to operate at a high level
of Solvency
✓ Reduced sensitivity to interest rates and very Credit AA- Aa3 A+ Superior
adverse shocks rating S&P Moody’s AM Best
-5pts for -50bp interest rates (-64% vs 2021)
-32pts for a 2008/2009 financial crisis1

27 1.Based on FY22 SFCR. AXA Group Investor Day | February 22, 2024
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Clear distribution policy and growing book value

Capital management policy* Retained earnings

75% 60% from dividend 25%

payout ratio1 15% from annual share buy-back2 retained in the business
to fund organic growth
Dividend per share at least equal to prior year
Deliver compounding
Dividend and share buy-backs first, before any M&A book value growth

Neutralization of earnings dilution3 from disposals

and in-force management transactions

1. Payout based on underlying earnings per share.

2. Annual share buy-backs exclude the effect of share buy-backs related to the neutralization of earnings dilution from disposal and in-force management
transactions, as well as the dilutive effect relating to employee share offerings and the exercise of stock options.
28 3. Also includes dilutive effect relating to employee share offerings and the exercise of stock options. AXA Group Investor Day | February 22, 2024
* See Glossary for terminology and important qualifying information, in particular with respect to the new capital management policy and its components
Conclusion
Thomas Buberl
Group CEO

AXA Strategic Plan 2024-2026

February 22, 2024
Ambitious targets, delivering value to shareholders

2021-2023 2024-2026
targets targets
New capital
management policy*
Underlying 3% to 7% 6% to 8%
earnings per share CAGR 2020 rebased-2023 CAGR 2023-2026E

75%
total payout ratio1
Underlying Return 13% to 15% 14% to 16% 60% 15%
on Equity 2021-2023 2024E-2026E
dividend share
buy-backs2
with dividend per share at
Cumulative cash €14 billion >€21 billion least equal to prior year
remittance 2021-2023 2024E-2026E

1. Payout based on underlying earnings per share.

2. Annual share buy-backs. Excludes the effect of share buy-backs related to the neutralization of earnings dilution from disposal and in-force
30 management transactions, as well as the dilutive effect relating to employee share offerings and the exercise of stock options. AXA Group Investor Day | February 22, 2024
* See Glossary for terminology and important qualifying information, in particular with respect to the new capital management policy and its components
Q&A

AXA Strategic Plan 2024-2026

February 22, 2024
Thank you

AXA Strategic Plan 2024-2026

February 22, 2024
Appendices

4 AXA Strategic Plan 2024-2026

February 22, 2024
P&C Commercial lines

AXA Strategic Plan 2024-2026

February 22, 2024
 P&C Global and leading franchise from SME to Mid and
Large Corporates across European entities and AXA XL
Commercial
Lines Successful transformation of AXA XL, positioned
for sustained performance

Clear organic growth opportunities in Mid-Market

and emerging corporate risks

Scott Gunter
CEO of AXA XL Sustaining profitability, leveraging advanced data
& analytics and proprietary service proposition

35 AXA Group Investor Day | February 22, 2024

Global leader with unique positioning in key markets

P&C Commercial lines ranking

Based on FY22 Net Earned Premium1, in Euro billion

Global leader in large ▶ Leader in Specialty products & European property

AXA XL corporate risks ▶ Top US public D&O player with strong profitability
(€18.3bn2) with strong position ▶ Strong expertise in complex risks, top 3 Cyber insurer
across US and Europe in US

Local Strong position in €4bn €2bn

AXA P&C SMEs and Mid-Market
€1bn €2bn
Businesses across key European
(€17.0bn2) entities €2bn Rest of €6bn
the Group3
Peer 4 Peer 3 Peer 2 Peer 1 AXA
1. Scope includes P&C Commercial Lines and Reinsurance for comparability purposes. Source: company estimates.
2. GWP as of FY23.
36 3. Includes Spain, Italy, Asia, EME-LATAM & Africa, and AXA Assistance.
See Glossary for terminology and important qualifying information
 Global & diversified Commercial line franchise
SME / Mid-Market AXA XL
High performing franchise Successful transformation, quality portfolio
FY23 AY combined ratio1 FY23 AY combined ratio1
Specialty (17%) AXA XL
3.6 France & Europe 88.5% 91.7%
Property (26%) Insurance
FY23
Casualty (28%)
Mid Market 2.1
GWP AXA XL
1.9 1.8 Financial lines (17%) 81.5%
Reinsurance
Reinsurance (12%)
1.1
0.7 0.6
SME
✓ Portfolio repriced and repositioned
Euro 1.9 billion ✓ Casualty net limits per risk reduced (ca.-50%)
France Switz. Germany UK Belgium Italy Spain
FY23 underlying ✓ Nat Cat exposure reduced (-60%2 AXA XL Re)
FY23 Commercial line revenues earnings ✓ Reserving aligned with Group practice, ADC in place

▶ Scaled and diversified distribution ▶ Superior broker relationships

balanced between brokers and tied agents Leading market with top 3 global brokers, large regional broker partners
▶ Ability to pass pricing from strong market positions ▶ Extensive product portfolio offered on a global basis
▶ Best-in-class expertise, advice and products #2 provider of multinational insurance capabilities
AXA’s extensive data advantage ▶ Strong service proposition – 400+ risk consultants
Terms & conditions significantly tightened post Covid-19 ▶ Continuous improvement of the operating platform
Enhance performance & simplicity across tech & data capabilities
1. Discounted.
37 2. On a gross basis. AXA Group Investor Day | February 22, 2024
See Glossary for terminology and important qualifying information
Driving higher growth

Growth drivers Focus on Mid-Market

Growing
Structural growth driven ca. 35% of CL GWP All capabilities in place
European
by corporate demand by 2026
market ▪ Broad Product offering, similar to our
Large Corporate portfolio
Grow our United Kingdom ▪ Leveraging AXA XL’s multinational
white spaces Italy, Spain expertise
Grow P&C
Mid-Market ▪ Distribution with strong broker
relationships and tied agents
Expand France, Switzerland,
leadership Germany & Belgium ▪ Distinct prevention services
New risks ▪ Automated underwriting process
incl. cyber & Integrated go to market strategy
Selectively
energy transition US between local entities & AXA XL
build

38 AXA Group Investor Day | February 22, 2024

See Glossary for terminology and important qualifying information
Sustaining technical excellence across the portfolio
AXA XL cycle management1
Adjusting exposures reflecting pricing conditions vs loss trends
Restructured and sound portfolio allows for more agility
Plan assumes a moderation of pricing
✓ Cycle management
Balanced portfolio with SME less cycle sensitive 2023 2026E

CY Combined ratio
100% CY CoR
Disciplined AXA XL portfolio management, reflecting
different pricing trends by business lines Marine Intl Property
Intl Property Intl Casualty Marine
✓ Data analytics to improve SME pricing &
Intl Casualty
risk selection and enhanced Nat Cat Select Select
Specialty2
Professional Specialty
2
management Professional lines
e.g. Geospatial AI property underwriting to enhance lines NA Property NA Property

location data quality and identify risk exposures Pricing

Decreasing Increasing

✓ Risk Consulting & Mitigation services

integrating Digital Commercial Platform and AXA
Climate

Property Casualty Specialty Professional lines

€4.7bn GWP €5.2bn GWP €3.2bn GWP €3.1bn GWP
1. Bubble size based on FY23 and expected 2026 gross revenues. Reduce Maintain Grow
39 2. Including Fine Art, PRCB.
See Glossary for terminology and important qualifying information AXA Group Investor Day | February 22, 2024
Scaling Digital Commercial Platform to drive retention and margin

Digital Commercial Platform: a unique B2B asset

Integrated ecosystem to help clients better manage their risks

✓ Significant addressable market in select

customer segments
One stop shop for client risk management services ~55k companies, incl. ~25k upper Mid-Market companies
Focus on clients with global needs and complex portfolios
Allowing users to build their own tailored
experience using modular solutions ✓ Enhancing profitability & retention
Lower combined ratio benefiting from enriched data
Data-enabled tools & solutions, e.g. AXA Climate Improve customer retention from value added services
DCP solutions, AI-powered apps for exposure control,
cyber risk scenario assessment
of AXA XL insured Returning users
Real time monitoring & alerts and post-event 75% physical assets >10K by 2026
monitored by 2026
response
of AXA GI’s insured “One stop shop for
Access to an ecosystem of external partners 30% physical assets data” for all connected
to offer a comprehensive value proposition monitored by 2026 AXA entities by 2026

40 AXA Group Investor Day | February 22, 2024

See Glossary for terminology and important qualifying information
Employee Benefits &
Individual Health

AXA Strategic Plan 2024-2026

February 22, 2024
 Leading global franchise with distinct capabilities
Employee Benefits & in an attractive market
Individual Health
Focused strategy to accelerate growth across
most profitable Health segments

Confidence in delivery by scaling proven existing

Patrick Cohen pricing and claims management assets
CEO European Markets & Health

New dedicated Health governance, focused on

Hassan El-Shabrawishi execution and committed to ambitious targets
CEO International Markets

42 AXA Group Investor Day | February 22, 2024

Attractive and fast-growing market aligned to our strategy

Major global trends driving demand Full alignment to AXA strategy

Individual Health
▶ Capital-light business
✓ Growing population, ageing demographics with high cash generation
✓ Issues to finance social security in mature markets
✓ Protection gap in Emerging markets ▶ Align with Group’s business model
to cover retail & corporates
✓ Rise in chronic diseases and higher cost of treatments
▶ Frequent customer interactions
Employee Benefits driving loyalty and satisfaction

✓ Growing absenteeism ▶ Distinct capabilities

✓ Productivity improvement to differentiate through innovation,
✓ Employer branding, ESG values vis-a-vis employees tech & data, quality of service

43 AXA Group Investor Day | February 22, 2024

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A global franchise with a unique combination of assets

Leading market position… …driven by competitive advantages

#1 in Europe
#2 position in France, UK and Ireland Global Scale
Top 5 in all other European markets1 Larger datasets, broad distribution, servicing networks
€20bn Select leading position in Asia
FY23 GWP One-stop shop for all customer segments
and International Markets Comprehensive product and service range in Health,
#2 in Hong-Kong & Mexico Protection, Pensions for both retail and corporate
Health Productivity Management in Japan
A fast-growing platform in Africa & Colombia
Proprietary data and technology tools
€11bn Employee Benefits Enabling efficient sharing of data and technical
Leading player in Employee excellence tools across the Group
▪ €7bn Group Health
Benefits
▪ €4bn Group Protection Domestic leader in France, UK, Belgium,
Switzerland, Hong Kong Innovative services driving loyalty
#1 for multi-national programs Covering all needs, for retail and corporates
€9bn Individual Health
#4 in international private medical insurance

44 1. Except for Italy (#6). AXA Group Investor Day | February 22, 2024
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Foundation in place to accelerate profitable growth

Underlying earnings Clear strategy to sustain

In Euro million
earnings growth
+2%1
903
851 11. Focus growth on most
UK profitable segments
945
Excl. UK 749 +8%1

22. Drive technical excellence by

FY20 FY23
scaling proprietary assets

✓ Growth in earnings despite recent headwinds

33. Differentiate through
✓ One-off 2023 UK market issue addressed innovative services across the
Strong price increases
Reinforcement of claims management measures
healthcare value chain

✓ Continued disciplined portfolio management

45 1. CAGR. AXA Group Investor Day | February 22, 2024

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Focus growth on most profitable segments

Individual customers Employee Benefit for SMEs International Private Medical

Specialization of sales forces Underwriting automation Expanding our footprint

Increase share of agents selling Health Deployed in 10 countries to be rolled out New partnerships in Gulf and scaling
products by 25% across the Group, increasing in new Asian markets
productivity by >20%

Expansion of high-margin offerings EB Partners: fully digital HR service Pioneering a fully digital proposition
Launch of new products in more than platform Bringing digital payment solutions to
5 countries, with embedded services Drive greater customer loyalty and international health
increase new business by 10%

Leveraging established global technology and networks

46 AXA Group Investor Day | February 22, 2024

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Drive technical excellence by scaling proprietary assets

Strengthened fundamentals Proprietary assets to drive advantage

Pricing
Increased orientation Prediction
x2
Global datasets and pricing models accuracy2
Tighter medical network
Data-driven automated +2 to +3pts Retention
management by 2026
renewal pricing platform

High-frequency portfolio Claims management

management1 and claims forecasting -1 to -2pts
AXA specialist AI tools to detect fraud, Loss ratio
by 2026
waste and abuse
Faster and more sophisticated
pricing updates Proprietary claims protocols steering -1 to -2pts Loss ratio
patients to best treatment by 2026

Focused execution to deliver

Dedicated global Health business unit with accountability and decision-making power

1. Including identification of pruning actions and new business steering.

47 2. Number of correctly predicted instances as a percentage of total number of instances. AXA Group Investor Day | February 22, 2024
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Differentiate with analytics and services to expand margins
Integrated Health Workforce Health
Delivering end-to-end healthcare Leveraging unique data from >100 countries to fight
in 7 countries to 1.6m patients absenteeism and promote health at work

State of the art medical centres with up to Benchmark and detection of abnormal
60 specialities absenteeism or health cost per
unit/geography/department of the client
Seamless phygital experience with online
appointment booking, digital medical record Identification of specific main causes for
etc. absenteeism (e.g., mental health)

Tight scientific guidelines and service levels Tailored remediation and prevention plans
based on unique intellectual property (e.g., digital tool to protect mental health)

20 to 30 % cost advantage vs. non-AXA facilities Already in use by 1/3 of largest customers
88 NPS score - market leading satisfaction in 38 countries

48 AXA Group Investor Day | February 22, 2024

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P&C and L&S
Retail lines

AXA Strategic Plan 2024-2026

February 22, 2024
 Leading and scaled franchise across P&C and L&S
with strong distribution networks
P&C and L&S
Retail lines Well-positioned to capture value, building on
customer proximity, deep local expertise and Group
technology capabilities

Driving profitable growth by strengthening

distribution, P&C technical excellence and capital-
efficient L&S mix

Guillaume Borie
CEO of AXA France Disciplined execution to drive further earnings and
cash generation

50 AXA Group Investor Day | February 22, 2024

Franchise anchored in key markets with leading positions

Scale
Top 3 Retail insurer in Europe
€50bn Strong position in L&S in Japan and Hong Kong Profitability leader in P&C
Top 5 in most of our emerging markets Consistent 1st quartile combined ratio in France,
Switzerland, Italy and Ireland
Distribution & customer loyalty In line with market in Germany and Belgium
To be improved in the UK and in Spain
25,000+ proprietary distributors2
FY23 Retail revenues
with superior expertise and tailored advisory
€18bn P&C NPS at or above market average in 100% of Successful transition to capital-light
61% Motor markets Capital-light share in Savings GWP +6pts
39% non-Motor since 2020
Diversified franchise
Comprehensive and innovative Unit-Linked offering
with resilient performance
€24bn L&S FY23 revenues (€bn)
Proactive in-force management
59% Savings
13 19 10
41% Protection Customer journey transformation
ca. 80% customer journey redesigned & digitalized
€9bn Health
Discussed in section France Europe Asia & Int’l
on EB and Health P&C Protection Savings

51 1. In mature markets, including salaried sales networks. AXA Group Investor Day | February 22, 2024
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Unique opportunity to outperform in a reshaping Retail market

Reshaping Retail landscape AXA well-positioned to navigate the environment

Environment
Advisory expertise & P&C pricing actions
✓ Inflationary pressure
customer proximity to reflect change in inflation
✓ Financial markets volatility resulting in stable portfolio
✓ Climate change and increase of Cat perils despite higher interest rates +11.1%
+9.7%
✓ Ageing population
6.3%

→ Opportunity for scaled players with 5.7%

large data sets

Feb

Sep
Aug

Dec
Jan

Jun
Mar

May

Oct

Nov
Jul
Apr
Customer expectations
AXA - Avg 19-21 2023 adjusted1 2023 Jan-24
✓ Simple and flexible coverages
✓ Personalized digital journeys combined Surrender rate in AXA France France and Europe (excl. Switzerland)
with qualitative & tailored advice Individual G/A Savings price increases in Retail P&C

→ Opportunity for players with high Group-wide capabilities ranging from technology & data,
customer satisfaction & knowledge to common best practices and cross-entity cooperation

1. Excluding surrenders related to specific Wealth policies under corporate-income-tax regime (e.g. family office/”Personne Morale”) and transfers to other
52 AXA products. AXA Group Investor Day | February 22, 2024
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Driving the franchise forward

Our conviction on Retail Three strategic levers

Strong proprietary networks, fit to meet

increasing customer demand for tailored Upgrade & upscale distribution
advice and solutions

Disciplined approach to pricing, underwriting

Increased sophistication of pricing and
and claims management to sustain profitability
claims management in P&C
across cycles

Consistent capital-light strategy with successful

Further grow capital-light Savings and
bundling of Protection & Savings, focused on
Protection
customer long-term needs

53 AXA Group Investor Day | February 22, 2024

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Upgrade & upscale distribution

Distribution snapshot1
Proprietary networks Direct sales
Brokers & others Further grow network size and expertise Leverage Group assets
+400 tied distributors in France, +850 in Japan Technology edge to boost
France +20pts share of multi-experts in France commercial productivity

→ Enhance advisory and multi-

Expand customer base through activation of
equipment potential
new channels and new product launches
Switzerland
Phygital and Direct distribution, B2B2C partnerships + using customer data & AI for next best
action recommendations, lead
generation
Expand in retirement scaling Swiss 50+ year old pension
offering → Free-up commercial time
Automating and simplifying
Germany administrating tasks
Growth from expanding wallet share with
existing customer base +10% sales productivity in
mature markets by 2026
More systematic segmentation by customer and channel
Hong Kong
360° view of customer: multi-product, higher retention

54 1. Retail GWP for France, Switzerland and Germany, APE for Hong Kong. AXA Group Investor Day | February 22, 2024
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Increased sophistication of pricing and claims management in P&C

Pricing Claims management

Leverage Group assets
Scaling dynamic pricing model Procurement optimization
accelerating time-to-market of pricing leveraging central sourcing platform for Enhanced Group Cat Model
updates spare parts, currently used in 4 countries to improve pricing and risk management

From 8 weeks to -8% Use of Computable contracts

1 week price update average cost saving
+ to better adjust coverage & guarantees

Increase accuracy using Claims cycle-time & productivity

machine-learning deploying in-house AI-based claims Up to 80% 1%-2% -20%
assessment tool reduced reduction in claims
contract time claims handling
to issue leakage time
x3 data volume processed 1-2% savings on Motor
for pricing in Retail Motor damage claims

55 AXA Group Investor Day | February 22, 2024

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Further grow L&S capital-light Savings and Protection
Accelerate capital-light Focus on Protection,
Savings delivering attractive margins Leverage Group assets
Strengthening G/A at maturity Wealth pool activation
leveraging AXA France transformation1 to address age-related protection needs AXA IM co-construction model
Offers relevant to local market
65% 69%
56% appetite and distribution
48% Protection with ca. 75% of AXA Japan
Unit Linked in Japan Life new business
Distinctive UL for Retail Savings

FY20 FY21 FY22 FY23

+ Alternatives #1
by AuM
ESG: 75%
of AuM
Protection with ca. 70% of AXA Hong Kong in Europe
G/A at Maturity Unit-Linked Art. 8-9 (Core, Alts)
Savings in Hong Kong Life new business

Global investment steering

Push in Unit-Linked balance sheet resilience,
New products in Featuring Protection riders
Belgium, Switzerland, Germany capital fungibility
Switzerland for 50+ Market share target of
Germany: ca. +10pts UL share year old 12-15%2
in Individual Savings GWP by 2026
New offers, advisor training plan

1. Share of capital-light products (Unit-Linked and G/A at maturity) in Individual Savings GWP at AXA France.
56 2. For Single Premium Individual Life. AXA Group Investor Day | February 22, 2024
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Operational excellence

AXA Strategic Plan 2024-2026

February 22, 2024
 Converge to future-proof, unified technology
landscape for faster time-to-market and contained IT
Operational run costs
excellence
Continue execution of a systematic approach to
automation

Accelerate off-shoring with a focus on value-added

capabilities
Alexander Vollert
Group Chief Operating Officer,
CEO AXA Group Operations
Scale highest value-adding Data & AI use cases
across the Group

58 AXA Group Investor Day | February 22, 2024

Strong track record on operational excellence
Share of target
applications
80%
Convergence towards target application landscape +17pts over 2020-23

Digitized customer
journeys1

Significant step forward on automation by structuring 83%

+30pts over 2020-23
customer data
Share of Group headcount
off-shored

Accelerated adoption of off-shored services +2pts to 10%

2020-23

Number of
Data & AI use cases
400+
Data & AI use cases in place across the Group 2023

59 1. France & Europe on Retail scope. AXA Group Investor Day | February 22, 2024
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Scalability approach: leveraging Group scale while maintaining
flexibility to customize to local market needs
Main benefits

IT Unified and scalable IT infrastructure across the Group, ▪ Faster time-to-market

Foundations including full Cloudification, network and workplace ▪ Contained IT run costs

Application selection at entity-level from shortlist of ▪ Increased buying power

Business
providers, with common implementation guidelines to ▪ Reduced integration costs
Applications ensure re-usability and interchangeability ▪ Limited vendor risk

Harmonized data landscape enabling scalability while ▪ Reusable data & AI solutions
Data keeping insurance products local ▪ Ability to adapt to local needs

60 AXA Group Investor Day | February 22, 2024

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Scalability to drive further efficiency

Automation
▶ Systematic approach to accelerate automation towards +3pts productivity increase
end-to-end straight-through processing in operations1, per year

Off-shoring
▶ Scaling of proven capabilities (e.g., commercial,
claims, support functions) within existing shared
service centers in India, Morocco & Poland
+ 2pts to 12% ca. -0.5pt
Share of Group headcount
▶ Development of new value-adding capabilities in high- off-shored by 2026E non-commission
demand areas (e.g., data analytics, IT, automation) expense ratio
by 2026E

Data & AI
▶ Roll out of 17 highest-value adding use-cases across
the Group
Deployment to 6+ entities2
for each highest-value use-case
▶ Additional business uplift through Gen AI

1. Scope includes policy administration, claims and underwriting.

61 2. Out of ten largest AXA entities. AXA Group Investor Day | February 22, 2024
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Systematic approach to automation
Capitalizing on strong track record to drive further Automation framework: systematic approach to
process optimization across the Group enable end-to-end straight-through processing
Operations FTEs Selected examples ▶ Collect more structured data from our customers
2020-23 evolution Non-exhaustive
Favor web / app interfaces vs. emails and calls
Enhanced digital interfaces, call-center automation
P&C retail new business STP1
▶ Extract structured data from unstructured inputs
Mix of self-service, chatbots 88% 96%
Use technology to extract relevant fields from emails,
(400k conversations / year) scans and calls
-12% and Robotic Process
Automation (2.8m tasks
Document understanding, optical character recognition,
natural language processing
automated)
2020 2023 ▶ Automate processing of structured data
Limit human intervention across the value chain
Robotic process & back-end automation
Health claims STP1
31%
26%
AI-based outpatient invoice
-11% scoring to automate
processing and avoid invalid +3pts productivity
claims payouts increase
2020 2023 in operations2, per year
1. Straight-Through Processing.
62 2. Scope includes policy administration, claims and underwriting. AXA Group Investor Day | February 22, 2024
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Acceleration of off-shoring with a focus on higher value-added tasks

~10% of AXA’s global footprint

Ambition
located off-shore
✓ Further penetration of proven capabilities in P&C
commercial lines, claims and support functions
Warsaw ✓ Development of new capabilities, notably in data &
Wroclaw HOW?
analytics, IT and automation
~700 FTEs
✓ Increased focus and specialization of shared service
Rabat
Casablanca centers with stronger coordination to accelerate scaling
Bangalore
~4,400 FTEs Pune
Gurgaon
~6,200 FTEs Hiring needs of 4-5k per year in main EU-based entities1
WHY? Access to new talent pools to maintain high level of
technical expertise
AXA XL 33%
Ratio of entities
workforce AXA France 21%
off-shored
+ 2pts to 12%
AXA UK 14% Share of Group headcount
off-shored by 2026E

63 1. France, AXA XL, Germany, Italy, Spain, Belgium, Switzerland, UK & Ireland. AXA Group Investor Day | February 22, 2024
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 Scaling successful data & AI use cases across the value chain

Distribution &
Underwriting Claims Management Support Functions
Operations
Faster underwriting through Identification of online
Improved efficiency and client Better protection from systemic
extraction of data from tariff browsing on AXA sites for lead
satisfaction from AI-powered risks through analysis of policies
requests / reports in commercial generation and online
approval of eligible claims with natural language processing
lines personalization
Proven use
cases AI optimized pricing taking into Faster client authentication
Fraud detection suite with
Machine Learning-driven
Multiple machine-learning alert system
account customer lifetime value through automated voice automation of manual
entities and additional investigation
in motor insurance recognition & call triage reconciliation tasks in finance
capabilities

Additional Reduced leakage and higher call Faster coding, testing and
Improved exposure tracking Productivity gains from AI-
center efficiency from immediate quality assurance for developers
potential using geospatial and aerial augmented internal search Partners
claims coverage assessment and data scientists with Copilots
from Gen AI images engine through SmartGuide
through computable contracts (e.g. GitHub)

Deployment to 6+ entities1
For each highest-value use-case

64 1. Out of the ten largest AXA entities. AXA Group Investor Day | February 22, 2024
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Asset Management

AXA Strategic Plan 2024-2026

February 22, 2024
 Scaled player with distinct capabilities across asset
Asset classes

Management Resilient revenues from diversified product mix, solid

performance and strong third-party net flows notably
in Alts

Delivering tailored investment management

capabilities and product innovation for the Group

Marco Morelli
Executive Chairman AXA Investment Driving profitable growth through targeted initiatives
Managers
across strategies

66 AXA Group Investor Day | February 22, 2024

Scaled player with distinct capabilities

AXA IM Core AXA IM Core AXA IM Select

Traditional core assets covering Fixed Income, Equities and Multi-Assets €506bn Liquid
€30bn
focused on long-term and responsible investment

AXA IM Alts
€843bn1

Indirect
Global leader in Alternative investments, investing across the capital stack

Direct
in private and listed markets AuM
as of FY23

AXA IM Prime
Private Markets and Hedge Funds platform partnering with best-in-class
private managers to provide a comprehensive range of commingled and
AXA IM Alts Alternatives AXA IM Prime
tailor-made investment solutions
€183bn €35bn

AXA IM Select
Retail Multi Manager supporting Unit-Linked product design and
distribution for AXA Group propositions worldwide + Additional €97bn through JVs in Asia

67 1. Net of intercompany eliminations. AXA Group Investor Day | February 22, 2024
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Global player with leading position in Europe and proven track record

Sustained Resilient revenues from diversified product #6

performance mix and low reliance on performance fees asset manager
in Europe1

EUR 18 billion cum. net inflows

Strong over 2021-2023 from third-party clients #1
Alts franchise Strong overall performance, incl. in Real alternative asset
Estate despite challenging market context manager in Europe2

Supporting AXA AXA IM co-construction model ~90% of AXA Group

Group product building new offers for AXA entities reflecting AuM managed by
AXA IM
innovation local market appetite and distribution

1. As at 3Q23. Source: Company websites, quarterly reports.

68 2. As of FY22. Source: Company websites. AXA Group Investor Day | February 22, 2024
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Priorities for 2024-2026
Accelerate growth Expand third party
Invest responsibly
in illiquid assets business across platforms
Pursue expansion outside of Scale and enlarge range offer to Sustain innovation in
Europe meet client expectations Responsible Investing
Focus on organic expansion in the US, e.g. thematic equities, active ETFs and In Core
APAC and the Middle East Private Debt and Infrastructure by promoting the ACT1 range &
by reinforcing local set up and pushing developing green active ETFs
selected products Develop strategic distribution In Alts
partnerships by broadening our existing offering with
Develop Private Wealth & Retail Renewables, Natural Capital & Real Estate
Leveraging strong Unit-Linked offering decarbonization strategies
Leverage AXA Group long-term
with AXA France
capital In Prime
to expand to new geographies through
by developing a range of FoF2 ESG
AXA and external distribution networks
classified products
In Select
by adapting Unit-linked offering to meet
Group’s evolving needs

1. Thematic responsible investing (green bonds, biodiversity, etc.).

69 2. Fund of funds. AXA Group Investor Day | February 22, 2024
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Scope
▪ France: includes insurance activities, banking activities and holdings
▪ Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium (insurance activities and holding), Luxemburg (insurance
activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities), Italy (insurance activities) and AXA Life Europe
(insurance activities)
▪ AXA XL: includes insurance and reinsurance activities and holdings
▪ Asia, Africa & EME-LATAM: includes (i) insurance activities and holding in Japan, insurance activities in Hong Kong, Thailand P&C, Indonesia L&S (excluding the
bancassurance entity), China P&C and Malaysia P&C (insurance activities until June 2022 as disposed on August 30 2022), South Korea, and Asia Holdings which are
fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesian L&S and India (L&S insurance activities and holding) bancassurance
businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income, (ii) Morocco (insurance
activities and holding) and Nigeria (insurance activities and holding) which are fully consolidated, (iii) Mexico (insurance activities), Colombia (insurance activities),
Türkiye (insurance activities and holding) and Brazil (insurance activities and holding) which are fully consolidated, as well as Russia (Reso) (insurance activities)
which is consolidated under the equity method and contribute only to the underlying earnings and net income, (iv) AXA Mediterranean Holdings
▪ Transversal & Central Holdings: AXA Assistance, AXA Liabilities Managers, AXA SA (including Group’s internal reinsurance activity following the merger with AXA
Global Re on June 30, 2022) and other Central Holdings
▪ AXA Investment Managers: includes AXA Investment Managers (including Architas)

Unless otherwise specified all rankings herein are based on internal estimates and company data.

70 AXA Group Investor Day | February 22, 2024

Glossary (1/2)
▪ 2020 rebased: FY20 underlying earnings rebased includes actual underlying earnings restated for “Covid-19 claims” and natural catastrophes in excess of normalized level. AXA Group normalized
level of natural catastrophe charges in 2020 at ca. 3% of Gross Earned Premiums. Natural catastrophe charges include natural catastrophe losses regardless of event size. “Covid-19 claims”
includes P&C, Life and Health net claims related to Covid-19, as well as the impacts from solidarity measures and from lower volumes net of expenses, linked to Covid-19. “Covid-19 claims” does
not include any financial market impacts (including impacts on investment margin, unit-linked and asset management fees, etc.) related to the Covid-19 crisis
▪ Asset Management net flows: represent inflows of client money less outflows of client money. Net inflows are used by the Management to measure the impact of sales efforts, product
attractiveness (mainly dependent on performance and innovation), and the general market trend in investment allocation
▪ Asset Management cost income ratio: ratio of general expenses excluding distribution-related expenses to gross revenues excluding distribution fees received
▪ Assets under management (AUM): the assets the management of which has been delegated by their owner to an asset management company such as AXA Investment Managers. AUM only
include funds and mandates which generate fees and exclude double counting
▪ Average assets under management (Average AUM): an annual measure of the assets during the period, taking into account net flows, market effect and foreign exchange to compute the year-
to-date average. It also excludes assets held in joint venture companies which are consolidated under the equity method
▪ Building Block Approach (BBA): also referred to as ‘General Measurement Model’, compulsory measurement model for long-term non-participating business under IFRS17
▪ Cash remittance: reflects Euro 6.3 billion of ordinary cash remittance, as well as Euro 0.2 billion of cash resulting from reinsurance agreement for in-force Savings portfolio at AXA France
▪ Capital-light G/A products: encompass all products with no guarantees, with guarantees at maturity only or with guarantees equal to or lower than 0%
▪ Contractual Service Margin (CSM): a component of the carrying amount of asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are
provided to policyholders
▪ CSM release: a portion of CSM stock net of reinsurance at the end of the defined period flowing through profit and loss representing the estimated profit earned by the insurer for providing
insurance services during the reporting period
▪ CSM release ratio: ratio of (i) CSM release to (ii) sum of opening CSM stock and all the movements of the rollforward (excluding CSM release)
▪ Economic variance: corresponds to the variance of the year-end CSM arising from changes in market conditions, net of the underlying return on in-force
▪ Eligible Own Funds (“EOF”): represents the surplus derived from a Solvency II balance sheet. EOF is defined as the excess of market value of assets over best estimate liabilities and risk margin
as per Solvency II regulation
▪ Financial result: consists of investment income on assets backing BBA and PAA contracts as well as assets backing shareholder’s equity, net of the insurance finance expenses (IFE) defined as the
unwind of the present value of future cash flow
▪ G/A: General Account
▪ Gross Written Premiums and Other Revenues (GWP & Other Revenues): represent he insurance premiums collected during the period (including risk premiums, premiums from pure
investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees
collected on activities other than insurance (i.e. banking, services, and asset management activities)
▪ New Business Value (NBV): the value of newly issued contracts during the current year. It consists of the sum of (i) the new business contractual service margin, (ii) the present value of the future
profits of short-term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts
accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests

71 AXA Group Investor Day | February 22, 2024

Glossary (2/2)
▪ New Business Contractual Service Margin (NB CSM): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the
unearned profit to be recognized as insurance contract services are provided
▪ New Business Value margin (NBV margin): ratio of (i) NBV, representing the value of newly issued contracts during the current year, to (ii) PVEP
▪ New capital management policy: subject to annual Board and Shareholders’ Annual General Meeting approvals and absent (1) for share buy-backs, any significant earnings event (i.e., significant
deviation in the Group’s UE) and (2) for dividends, the occurrence of a significant capital event (i.e., an event that significantly deteriorates Group solvency). Board discretion includes taking into
account AXA’s earnings, financial condition, applicable capital and solvency requirements, prevailing operating and financial market conditions and the general economic environment
▪ Operating variance: the variation of the year-end CSM versus the expected at opening due to (i) the differences between realized and expected operational assumptions, (ii) changes in
assumptions such as mortality, longevity, lapses and expenses, and (iii) impact of model changes. Operating variance is net of reinsurance
▪ Premium Allocation Approach (PAA): optional measurement model for short-term business under IFRS17
▪ Price effect: a percentage of total gross written premiums in the prior year
▪ Price increases on renewals: a percentage of renewed premiums
▪ Present value of expected premiums (PVEP): represents the new business volume, equal to the present value at time of issue of the total premiums expected to be received over the policy term.
PVEP is net of reinsurance and presented Group share
▪ Remittance ratio: defined as cash remittance from subsidiaries divided by previous year Group Underlying Earnings excluding contribution from Holdings
▪ Solvency II ratio: is calculated as per Solvency II and is equal to EOF divided by SCR. It is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200 years shock. For
further information on AXA’s internal model and Solvency II disclosures, please refer to AXA Group’s Solvency and Financial Condition Report (SFCR) as of December 31, 2022, available on AXA’s
website (www.axa.com). The Solvency II ratio as of December 31, 2023 is adjusted to give effect to the full Euro 1.6 billion share buy-back announced today, reflecting Euro 1.1 billion ordinary
share buy-back announced today and Euro 0.5 billion share buy-back to offset earnings dilution from reinsurance agreement for in-force Savings portfolio at AXA France
▪ Solvency II sensitivities: are subject to important qualifications and assumptions. Please refer to Section C – Risk profile – Preliminary information - Sensitivity analyses of the AXA Group
Solvency II ratio of AXA’s Solvency and Financial Condition Report (SFCR) for the reporting period ended December 31, 2022 available on the AXA Group website (www.axa.com)
▪ Solvency Capital Requirement (SCR): the denominator of the Solvency II ratio, set at a level to ensure that insurers and reinsurers are able to meet their obligations towards policyholders and
beneficiaries over the next 12 months, with a 99.5% probability. It can be calculated either based on the standard formula or an internal model
▪ Technical experience: consists the impacts on the underlying earnings if (i) the difference between the expected and incurred cash-flows of the defined period, (ii) the risk adjustment release, (iii)
the changes in onerous contracts, and (iv) the other long-term elements which are mainly composed of non-attributable expenses
▪ Underlying earnings per share (UEPS) growth vs FY22 restated under IFRS17/9: underlying earnings 2022 P&C underlying earnings restated under IFRS17/9 reflects notably the non-
recognition of the release of excess reserves, which contributed to 2022 underlying earnings under IFRS4. The IFRS17/9 balance sheet is on a best estimate basis and does not recognize excess
reserves. The change to IFRS17/9 standards did not impact the count of outstanding shares used in the calculation of UEPS
▪ Underlying return on inforce: represents the release of Time Value of Options & Guarantees (TVOG) plus the unwind of CSM at the reference rate plus the underlying financial over-performance
▪ Variable Fee Approach (VFA): compulsory measurement model for long-term participating business under IFRS17

72 AXA Group Investor Day | February 22, 2024