2 0 2 4 e d i t i o n

AXA
essentials
About AXA
Who are we?

As one of the global leaders in insurance and asset management, AXA has always made protection
its core business. Through its three business lines — property and casualty insurance; life and health
insurance; and asset management — the Group helps individuals, companies and societies to thrive.
AXA has been committed to the greater good since the beginning. Whether through AXA Hearts
in Action’s charity initiatives, the AXA Research Fund’s scientific support or AXA’s action against
climate change, the Group has always been committed to better understanding and preventing risks.
Created 39 years ago, the AXA brand positions the Group as a day-to-day partner and encourages
people to confidently move forward in life.

Our purpose

“Act for human

progress by
protecting
what matters”
AXA worldwide

147,000 94
employees and agents customers
M
51
countries
#
1
global leader in P&C
#
2
European
commercial lines insurer

An
international #
1
leader
in employee benefits
European and
#5 global real
asset manager

2
Our 2023 performance…

Gross written Underlying Underlying earnings

premiums 1 earnings per share

€103
(+3% vs. 2022 IFRS4)
Bn
€7.6
(+6% vs. 2022 IFRS4)
Bn €
3.31
(+8% vs. 2022 IFRS4)

Solvency II Dividend
ratio per share2

227
(+12 pts vs. 2022)
% €
1.98
(+16% vs. 2022)

… at the service of shared value

Customers Economy
More than €50Bn More than €30Bn
in claims paid to our customers invested in the economy
each year
€450M in
climate-related claims €11.7Bn paid in tax
paid in France and social contributions,
of which 36% in France

Employees Shareholders
€8.6Bn in salaries €3.8Bn in dividends paid to
and bonuses paid to our about 300,000 shareholders
employees
Almost 30%
17,000 recruitments of employees are
globally AXA shareholders, holding 4.34%
of the capital

1. Insurance premiums collected during the period. Other revenues represent premiums and fees collected
on activities other than insurance (i.e., banking, services and asset management activities).
2. Subject to approval at the Shareholders’ Meeting on April 23, 2024.

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“The future
should not
be a risk.”
Thomas Buberl,
Chief Executive Office
of AXA Group

Protecting
people
everywhere
2023 served as a good illustration of the
current global polycrisis with major natural
disasters, increasingly frequent climate
events, the emergence of artificial
intelligence, macroeconomic instability…
Our economies are constantly changing,
along with the balance in our societies.

The notion of risk is taking on a new

dimension. Given all these transformations
and challenges, insurers are at a crossroads.
Our role is to anticipate and analyze the
changes to create the best protection
solutions for our customers’ constantly
evolving needs. This context is also shifting

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 protection and health, and new trends like
cybersecurity and the energy transition.
the nature of our business: increasingly, The development of our distribution
our role will be to not only manage claims networks will also contribute to our
but help our customers prevent them and growth.
adapt to a world that’s undergoing radical
transformation. Finally, our role is to look Our second pillar will be reinforced
ahead to the future, to finance and insure technical and operational excellence.
the new technologies that will make it At the end of 2023, we created a Group
possible. Underwriting Office, which enables us to be
more agile in our responses to new risks,
We’re in this business convinced that the particularly cyber and climate threats,
future should not be a risk – a conviction as well as standardize our major entities’
featured in our latest brand campaign and underwriting best practices across the
at the heart of our Unlock the Future 2024- Group. We’ll also continue making major
2026 strategic plan. investments in data and new technologies,
especially artificial intelligence, which
plays a key role in the new plan.

Commitment is the third pillar of our

strategy. AXA will continue to play a
responsible role in society, showing

Unlock how insurance can contribute to human

progress. That means pursuing our

the Future commitments to the climate transition by

promoting risk prevention and helping
our customers adapt by accelerating our
Thanks to the success of our Driving investments and by insuring key players
Progress 2023 strategic plan, we’re exactly in the transition. Inclusive insurance will
where we want to be to face the challenges also be a major part of our plan to enable
of tomorrow. With a simpler organization, people everywhere to look to the future
a more balanced business model and with confidence.
improved profitability, AXA is now more
agile and resilient than ever. At the heart of these three pillars are
people. Actively innovating in the
Unlock the Future will enable us workplace to boost our employees’
to accelerate and build on these commitment and well-being, AXA will
achievements to become the most keep moving forward through training,
attractive insurer for our customers, employee development and inclusion,
markets and talents. That’s why we intend which are the makings of our strong
to build on three pillars. corporate culture.

Our first pillar will be accelerated growth, I’m very proud of this new plan, which
with a 6% to 8% annual increase in should enable AXA to reach its full potential
underlying earnings per share over the while continuing to act for progress and for
next three years, thanks to our focus society.
on very profitable markets. We still
have opportunities to seize in mid-
market property and casualty, group

5
 Our 2024-2026 strategic plan

Unlock
the Future
Driving growth Scaling up Expanding AXA’s
excellence commitment to
• Promoting
structural growth
society
• Boosting technical
• Expanding selectively capabilities • Extending our inclusive
• Growing distribution • Enhancing operational insurance offers
excellence (new • Pursuing our
technologies and AI) commitments for the
climate transition

Care & Dare

Attracting and retaining talents, upskilling our teams
and fostering our culture of excellence

Strong capital management

Disciplined execution and reinvestment
for future growth

Financial targets New capital

management policy
Underlying earnings per share

+6% to 8% 75%
total payout ratio1
annually between 2023 and 2026

Underlying return on equit y

14% to 16%
60%
dividends
from 2024 to 2026 and

Cumulative cash remittance 15%

share buy-backs 2

>€21Bn
from 2024 to 2026
with dividend per share at
least equal to previous year

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 management transactions, as well as the dilutive effect relating to employee share
offerings and the exercise of stock options.
“Unlock
the Future is not a Group specialists, who will lead cross-

revolution but
disciplinary projects with the support of
centers of expertise on topics such

an ambitious
as cybersecurity.

evolution.” How will you measure the success

Frédéric de Courtois, of Unlock the Future?
AXA Group Deputy Chief
E x e c u t i v e O f f i c e r, i n c h a r g e o f Our plan is organized around three
F i n a n c e , O p e r a t i o n s , S t r a t e g y,
financial targets complemented by an
Risk, Underwriting
ambitious profit-sharing policy for all
our stakeholders (see opposite page).
But our success will depend above all
on our ability to protect our customers
from evolving risks, as well as our social
responsibility. With this plan, we want to
reinvent protection to offer our customers
solid coverage in the face of new risks,
What observations have influenced
while helping them adapt to the global
the new strategic plan?
polycrisis.
The success of Driving Progress 2023 marks
the completion of our deep transformation
since 2016. Unlock the Future is not a
revolution but an ambitious evolution:
it’s a plan to use our strengths to tackle
an uncertain context and consider every
opportunity. It’s aimed at unleashing our
energy, widely applying our knowledge, and
pushing the boundaries of our expertise to
new risks and segments of the population.
So, it’s an investment plan: in technology,
but also employee training and network
development.

What methodology has AXA used to

build and implement this plan?

AXA is a decentralized Group but we can

create economies of scale: our whole must
be greater than the sum of our parts. Unlock
the Future has been designed with this in
mind. The main areas for progress have been
identified directly by the entities, who know
their markets and customer needs inside
out. Our communities of experts have moved
forward on key topics like cybersecurity,
technological transformation and distribution.
To implement this strategic plan, AXA entities
will be in the frontline working together with

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 Finding solutions
By identifying and anticipating new risks, we’re finding new solutions to
make life safer, fairer and more inclusive for as many people as possible.

Driving our growth

€450
“One growth driver will be a
continually improved customer
experience, in every sector, to

M
make AXA their insurer of choice.
We’ll target growth opportunities
in high-potential segments,
in claims paid to our customers focusing our expertise on ever-
affected by climate-related growing protection needs in
events in 2023
the face of risks such as climate
change and social fragmentation.” Guillaume Borie,
Chief Executive
Officer of AXA France

Scaling up our excellence

400
“AXA recognized the potential of
artificial intelligence to transform
the insurance industry very early
on and prepared by modernizing its
IT landscape and testing different
solutions. There are now more than
400 data-related and AI use cases
data-related and AI across the Group.”
use cases identified in
AXA entities N a n c y B e w l a y,
AXA Group Chief
Underwriting Officer

“In a context of critical

insurability, technical excellence
enables us to offer customers
the right solutions at the right
price. It’s a driver of sustainable
growth, which is at the heart of A l e x a n d e r Vo l l e r t ,
our strategy.” Group Chief Operating
Officer and CEO of AXA
Group Operations

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 Expanding our
commitment
to society

9,000+
“We’ve set two priorities for
our responsible strategy: the
climate transition, which
will be the most important
economic and social
climate adaptation solutions transformation of the coming
and services: an Unlock the
decades, and inclusive
Future objective
insurance to help people
everywhere look to the
future with confidence.” Ulrike Decoene,
AXA Group Chief
Communication,
Brand and
Sustainability
Officer

Pioneering
social

5
innovation
“Protection is in AXA’s
DNA and starts with our
employees. Healthy You is a
days program for protecting all
our teams worldwide. We
Care goes even further: it’s
of fully paid leave per a complete support system
year for AXA employees
providing care to immediate
for our employees at critical
family members times.”

Karima Silvent,
AXA Group Chief
Human Resources
Officer

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Our 2023 performance
Our financial indicators

2023 Variation Driving Progress

vs. 20221 2023 targets

Gross written premiums

€102.7Bn +3%
and other revenues2
Of which P&C €53.0Bn +7%

Of which Life & Health €48.1Bn -2%

Of which Asset management €1.6Bn -2%

Underlying earnings €7.6Bn +6%

Underlying earnings €3.31 +8% 3% to 7%

per share average annual growth

Cash remittance €6.3Bn +€1.1Bn 2021-2023 cumulative:

€16.4Bn vs. target
of €14Bn
Underlying return 14.9% +0.4 pt Target range:
on equity 13% to 15%

Solvency II ratio 227% +12 pts Target: 190%

Dividend proposed €1.98 +16%

per share

1. 2022 results were previously reported under the IFRS4 standard which was replaced by IFRS17 from January 1, 2023.
2. Insurance premium collected during the period. Other revenues represent premiums and fees collected on activities other than
insurance (i.e., banking, services and asset management activities).

Our social impact

2023

Investments in the economy €30Bn

Taxes and social charges paid €11.7Bn

Number of people benefiting 14M

from inclusive coverage

1 0
Our role as an employer

2023

Total workforce 147,000

of which salaried employees 113,696

Proportion of all professionals 44.4%

Average age of salaried workforce 41.3 years

Average length of service of salaried workforce 10.3 years

External recruitments 17,000

% employees working remotely 85.3%

% employees having received at least 100%

one training course
% women among AXA leaders 35.3%

Employee Net Promoter Score (eNPS) 40 pts

Our environmental impact

2023 Target

Green investments €29.9Bn €26Bn

in 2023

Warming potential 2°C in 2022 1 <1.5°C

of the investment portfolio by 2050

CO 2 emissions linked -34% 2 -20% between

to AXA operations 2019 and 2025

1. The 2023 warming potential will be available in AXA’s 2024 Climate and Biodiversity Report.
2. Between 2019 and 2023.

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Head of publication: AXA Group Communications Department. Discover

Photo credits: Chris Barber, Eric Bobrie, Paul Cooper, Getty the 2023
integrated
Images, James Hills, Franck Juéry, Julien Knaub, Mikael
report
Lafontan, Seignette Lafontan, all rights reserved. Translation:
Kate Moses. Design and production: ref: RAAX023. www.axa.com