February 25, 2016
AXA
FULL YEAR 2015 EARNINGS
Presentation
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, 2014, 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.
A3 | Full Year 2015 Earnings | Presentation | February 25, 2016
TABLE OF CONTENTS
INTRODUCTION & HIGHLIGHTS
Henri de Castries, Chairman & CEO
FY15 FINANCIAL PERFORMANCE
Denis Duverne, Deputy CEO & Gérald Harlin, Group CFO
CONCLUDING REMARKS
Henri de Castries, Chairman & CEO
PAGE A4
PAGE A19
PAGE A48
Introduction & highlights
Henri de Castries, Chairman & CEO
A5 | Full Year 2015 Earnings | Presentation | February 25, 2016
FY15 RESULTS
Strong earnings and dividend per share
Successful delivery of Ambition AXA
Well prepared for the future
A6 | Full Year 2015 Earnings | Presentation | February 25, 2016
5.1
FY15 FY14
+2%
5.6
STRONG EARNINGS GROWTH IN 2015
+10%
Reported growth
Changes are at constant Forex unless otherwise specified
FY15 FY14
+2%
6.0
5.5
+9%
Reported growth
UNDERLYING EARNINGS In Euro billion
ADJUSTED EARNINGS In Euro billion
A7 | Full Year 2015 Earnings | Presentation | February 25, 2016
INCREASED DIVIDEND PER SHARE
+10%
FY15
2.16
FY14
1.95
+9%
FY15
2.34
FY14
2.14
FY14
+16%
0.95
FY15
1.10
45% 47%
Payout ratio range guidance
of adjusted earnings
net of undated debt interest charges
Payout
ratio
45–55%
Changes are on a reported basis
ADJUSTED EARNINGS PER SHARE In Euro
DIVIDEND PER SHARE In Euro
UNDERLYING EARNINGS PER SHARE In Euro
A8 | Full Year 2015 Earnings | Presentation | February 25, 2016
AMBITION AXA HAS SUCCESSFULLY TRANSFORMED THE GROUP
AMBITION AXA PRIORITIES… …HAVE LED TO...
High Return on Equity
Strong balance sheet
Resilient earnings
Diversified footprint
Digital momentum
Selectivity
Acceleration
Efficiency
A9 | Full Year 2015 Earnings | Presentation | February 25, 2016
ADJUSTED RETURN ON EQUITY2
In %
DEBT GEARING In %
UNDERLYING EARNINGS PER SHARE In Euro per share
GROUP OPERATING FREE CASH FLOWS In Euro billion
Ambition
AXA 2010-
2015
CAGR
+5%
to
+10%
Ambition
AXA 2011-
2015
cumulative
Euro
24 billion
Cumulative operating Free Cash Flows:
All notes are on pages A51 of this document
FY13
1.85
FY12
1.69
FY11
1.57
FY10
1.57
FY15
2.16
FY14
1.95
FY14
5.8
FY15
5.5
FY13
5.2
FY12
4.7
FY11
4.2
FY15 Ambition AXA 2015
13-15%
14.1%
FY14
14.5%
FY13
14.8%
FY12
13.3%
FY11
10.0%
FY10
12.0%
Average adjusted shareholders’ equity3
(in Euro billion)
34.3 33.4 32.0 33.0 35.8 40.3
Ambition AXA 2015
23-25%
FY15
23%
FY14
24%
FY13
24%
FY12
26%
FY11
26%
FY10
28%
Euro 25.4 billion
AXA DELIVERED ON ITS AMBITION AXA KEY OBJECTIVES
All numbers are as published
A10 | Full Year 2015 Earnings | Presentation | February 25, 2016
REDUCED DEBT GEARING
2011 financial crisis3 183%
2008/2009 financial crisis2 160%
Ratio as at Dec 31, 2015 205%
-45 pts
-22 pts
205%
FY15
23%
FY10
28% 230%
RESILIENCE TO EXTREME SCENARIOS
170%
Target range
AXA’S FINANCIAL POSITION HAS BEEN SIGNIFICANTLY STRENGTHENED
All notes are on pages A51 of this document
STRONG SOLVENCY II RATIO1
FY15
A11 | Full Year 2015 Earnings | Presentation | February 25, 2016
ca. 1 year €-0.2bn
AXA IS DISCIPLINED
€9bn €6bn
DISCLIPINED CAPITAL ALLOCATION Cumulative FY10-FY15
LOW SENSITIVITY TO INTEREST RATES Based on FY15
HIGH QUALITY ASSET PORTFOLIO
% of FY15 General Account invested assets
2% 1%
Average rating of government and related
bonds in the AA range
Average rating of corporate bonds
in the A range
All notes are on pages A51 of this document
A12 | Full Year 2015 Earnings | Presentation | February 25, 2016
In Euro billion
IMPROVED LIFE & SAVINGS BUSINESS MIX AND INCREASED MARGIN
APE
G/A Protection & Health
G/A1 Savings
Unit-Linked
Mutual funds & other
FY15
7.4
36%
13%
38%
13%
FY10
5.8
31%
25%
31%
13%
AXA IS GROWING AND WITH INCREASINGLY PROFITABLE BUSINESS
22% 34%
CONTINUED TO GROW THE P&C BUSINESS WHILE IMPROVING PROFITABILITY
6%
NBV margin
31%
19%
52%
FY15 FY102
99.5% 96.2%
-3.3 pts
FY102
31.3
FY15
CAGR +4%
26.0
Revenues
Combined ratio
5%
23%
-1%
47%
FY10 FY15
In Euro billion
All notes are on pages A51 of this document
Changes are on a reported basis
A13 | Full Year 2015 Earnings | Presentation | February 25, 2016
AXA STRENGHTENED ITS FOOTPRINT IN HIGH GROWTH MARKETS
#2 P&C insurer in Mexico
#3 P&C insurer in Turkey
#3 Life & Savings international insurer
#1 P&C international insurer
#3 direct motor insurer in Poland1
Euro
4.2 billion
Euro
0.7 billion
Euro
0.2 billion
#3 insurer in Nigeria
MedLA
Asia
CEE
Acquisitions since 2010 Strong footprint in 2015
All notes and sources for rankings are on pages A51 of this document
A14 | Full Year 2015 Earnings | Presentation | February 25, 2016
ASIA SIGNIFICANTLY CONTRIBUTES TO GROUP RESULTS
551
461
402
362
273
FY11 FY15 FY14 FY13 FY12
Euro 2.0 billion Cumulative total underlying earnings
x2 APE
In Euro million
x1.8 NBV
584
FY15
1,171
FY101
347
FY15
631
FY101
In Euro million
In Euro million
All notes are on pages A51 of this document
A15 | Full Year 2015 Earnings | Presentation | February 25, 2016
AXA HAS FOCUSED ON EFFICIENCY WHILE INVESTING IN DIGITAL
Euro 950 million
invested in digital since 2013
In Euro billion
Savings net of
1.9
Actual Updated
August 2014
1.9
Updated
February 2013
1.7
Initial target
June 2011
1.5
2011-2015 COST SAVINGS (in mature Life & Savings and Property & Casualty entities)
A16 | Full Year 2015 Earnings | Presentation | February 25, 2016
Customer
analytics
AXA’S DIGITAL TRANSFORMATION IS GATHERING MOMENTUM
Euro 950 million 2013-15
Distribution,
multichannel
Offer design
34%
INVESTING ACROSS THE VALUE CHAIN
SCOUT
ENGAGE
INVEST
30%
15%
Euro 230 million in Euro 100 million in
SEEDING THE FUTURE
KAMET
Automation
and process
22%
Euro 75 million in 1
All notes are on pages A51 of this document
A17 | Full Year 2015 Earnings | Presentation | February 25, 2016
AXA IS A LEADER IN RESPONSIBLE INVESTING AND SUSTAINABILITY
Achieved 96th percentile ranking among
insurers based on 2015 DJSI score Up from 81st percentile in 2011
Divest from the companies most exposed to
coal related activities Representing Euro 0.5 billion of divestment
Publication of 2015 carbon footprint
284 tons of CO2 per $ million of revenue1
All notes are on pages A51 of this document
A18 | Full Year 2015 Earnings | Presentation | February 25, 2016
AXA IS WELL SET FOR THE FUTURE
BALANCED BUSINESS MIX in % of FY15 Group pre-tax underlying earnings1
TOP INNOVATIVE INSURANCE COMPANY
TOP GLOBAL BRAND5
205%
230%
170%
Target range
36% Savings3 &
Asset Management
25% Protection & Health2
39% Property & Casualty4
N°1 insurance company in the
Top 50 Most innovative companies6
All notes are on pages A51 of this document
STRONG BALANCE SHEET
Solvency II ratio - FY15
FY15 Financial performance
Denis Duverne, Deputy CEO
&
Gérald Harlin, Group CFO
A20 | Full Year 2015 Earnings | Presentation | February 25, 2016
Property & Casualty
Group earnings
Life & Savings
Asset Management
Balance sheet
FY15 FINANCIAL PERFORMANCE
A21 | Full Year 2015 Earnings | Presentation | February 25, 2016
UNDERLYING EARNINGS
FY14
5,060
+2%
5,574
FY15
UNDERLYING EARNINGS In Euro million
UNDERLYING EARNINGS BY SEGMENT
Change is at constant Forex
In Euro million FY14 FY15Constant
Forex
Life & Savings 3,132 3,503 +3%
Property & Casualty 2,158 2,230 - 1%
Asset Management 403 458 +1%
International insurance 208 193 - 7%
Banking 106 97 - 9%
Holdings -947 -906 +5%
Underlying earnings 5,060 5,574 +2%
Change
A22 | Full Year 2015 Earnings | Presentation | February 25, 2016
ADJUSTED EARNINGS
+2%
FY15
6,008
FY14
5,503
ADJUSTED EARNINGS In Euro million
In Euro million FY14 FY15
Underlying earnings 5,060 5,574
Net realized capital gains/losses 442 433
o/w realized capital gains 760 725
o/w net impairments -296 -278
o/w hedging of equity portfolio -22 -14
Adjusted earnings 5,503 6,008
Change is at constant Forex
DETAILS OF ADJUSTED EARNINGS
A23 | Full Year 2015 Earnings | Presentation | February 25, 2016
NET INCOME
5,617
+3%
5,024
FY15 FY14
In Euro million FY14 FY15
Adjusted earnings 5,503 6,008
Change in fair value & forex 225 -229
o/w gains (losses) on interest rate economic hedges not
eligible for hedge accounting under IAS 39226 -158
o/w gains (losses) on Forex economic hedges not
eligible for hedge accounting under IAS 39182 141
o/w change in fair value of assets accounted for as fair
value option-183 -212
Exceptional & discontinued operations -188 91
Integration & restructuring costs -170 -178
Intangibles amortization & other -345 -74
Net income 5,024 5,617
Change is at constant Forex
NET INCOME In Euro million
DETAILS OF NET INCOME
A24 | Full Year 2015 Earnings | Presentation | February 25, 2016
Property & Casualty
Group earnings
Life & Savings
Asset Management
Balance sheet
FY15 FINANCIAL PERFORMANCE
A25 | Full Year 2015 Earnings | Presentation | February 25, 2016
L&S – NEW BUSINESS SALES AND MARGINS BY MARKET
New business
sales
(APE)
Total
In Euro million
+ =
New business
margin + =
+6%
FY15
6,075
FY14
5,341
+1%
FY15
1,301
FY14
1,136
+5%
FY15
7,376
FY14
6,477
+2 pts
FY15
51%
FY14
49% -1 pt
FY15
34%
FY14
34% -1 pt
FY15
30%
FY14
31%
High growth
markets Total Mature markets
o/w Hong Kong -12%
o/w other high growth +12%
Changes are on a comparable basis
A26 | Full Year 2015 Earnings | Presentation | February 25, 2016
L&S – NEW BUSINESS SALES AND MARGINS BY BUSINESS
NBV
margin
Business line FY15 change FY15 FY14 FY15
G/A Protection & Health 2,681 +4% 52% +5.2 +5.9
G/A Savings 943 -7% 19% -2.0 -2.4
Unit-Linked 2,811 +12% 31% +0.7 +5.7
Mutual Funds & Other 941 +7% 6% +0.1 +0.4
Total 7,376 +5% 34% +4.0 +9.6
APE
(Euro million)
Net Flows
(Euro billion)
Changes are on a comparable basis
A27 | Full Year 2015 Earnings | Presentation | February 25, 2016
Higher mortality margin in France
(Euro +0.1 billion) and the US
Accelerated amortization of
deferred premium loadings and
DAC in the US (Euro -0.1 billion)
Lower administrative expenses
Lower investment margin from
lower reinvestment yields
Annuitization assumption
changes in Japan
L&S – PRE-TAX UNDERLYING EARNINGS BY BUSINESS
Changes are on a comparable2 basis
TOTAL LIFE & SAVINGS1
In Euro million
G/A PROTECTION & HEALTH In Euro million
G/A SAVINGS In Euro million
UNIT-LINKED In Euro million
Full detail in appendix on pages B28 to B34
+2%
FY15
2,303
FY14
2,133
822840
FY14
-4%
FY15
+10%
FY15
1,296
FY14
1,048
FY15
+3%
4,518
FY14
4,105
+ + + Higher fees due to increased
sales and higher average asset
base
Higher result from US VA GMxB
as an improved hedge margin
and lower expenses more than
offset reserve strengthening
(Euro -0.1 billion) for policyholder
behavior
+
All notes are on pages A51 of this document
- -
-
A28 | Full Year 2015 Earnings | Presentation | February 25, 2016
Property & Casualty
Group earnings
Life & Savings
Asset Management
Balance sheet
FY15 FINANCIAL PERFORMANCE
A29 | Full Year 2015 Earnings | Presentation | February 25, 2016
P&C – REVENUES BY SEGMENT
• Average price effect of +3.2%
• Motor revenues up 3%
• Non-motor revenues up 1%
+1%
FY15
31,265
FY14
29,460
+2%
17,162 18,057
FY14 FY15
12,104
0%
FY15
13,005
FY14
• Average price effect of +2.4%
• Revenues’ evolution driven by tariff
increases, offset by lower volumes
due to selective underwriting
COMMERCIAL LINES In Euro million
PERSONAL LINES In Euro million
TOTAL In Euro million
Changes are on a comparable basis
A30 | Full Year 2015 Earnings | Presentation | February 25, 2016
Price
evolution1
Revenues
growth
Price
evolution1
Revenues
growth
France +2.3% +1.4% +4.4% -1.1%
Germany +3.3% +3.4% +0.8% +1.7%
UK & Ireland +5.5% +3.4% +0.5% +4.8%
Switzerland -1.2% -1.4% +0.4% -1.0%
Belgium +2.6% -0.2% +1.2% -1.9%
MedLA2 +4.4% -1.0% +4.2% -2.3%
Asia3 +0.8% +7.8% -0.4% +7.2%
Direct +3.8% +7.7%
FY15Personal Lines Commercial Lines
Total +3.2% +2.0% +2.4% +0.2%
P&C – PRICE EFFECT BY COUNTRY AND SEGMENT
Prices expected
to be stable
Prices expected
to decrease
2016 market pricing trends
Prices expected
to increase
Continued price softening in both Personal and
Commercial lines
Price softening for Motor in Italy
Signs of hardening in Spain
Hardening of the cycle in Motor Increasing competition in Commercial Lines
Expected slowdown in price increases from
increased competition
Price decreases in both Personal and
Commercial lines from increased competition
Early signs of hardening in Commercial lines
Stabilization in Personal lines
effect effect1
All notes are on pages A51 of this document
A31 | Full Year 2015 Earnings | Presentation | February 25, 2016
P&C – REVENUES AND MARGINS BY MARKET
+ + = Revenues
Current year
combined
ratio
=
-0.2pt
FY15
97.3%
FY14
97.6%
+1%
FY15
31,265
FY14
29,460
+7%
FY15
2,732
FY14
2,361
+3%
FY15
5,159
FY14
4,721
0%
FY15
23,374
FY14
22,378
+ +
High growth
markets Total
FY15
96.3%
FY14
97.1%
FY15
100.9%
FY14
98.7%
FY15
99.3%
FY14
99.7%
In Euro million
Direct Mature markets
99.4% excluding adverse
claims experience in Turkey
o/w Asia +8%
o/w Turkey 0%
Changes are on a comparable basis for revenues and at constant Forex for current year combined ratio
A32 | Full Year 2015 Earnings | Presentation | February 25, 2016
P&C – UNDERLYING EARNINGS
INVESTMENT INCOME (pre-tax)
In Euro million
COMBINED RATIO
P&C UNDERLYING EARNINGS In Euro million
-1%
FY15
2,230
FY14
2,158
Current year
combined ratio
Prior year reserve
developments
All-year
combined ratio
FY15
97.3% 0.6%
FY14
97.6%
1.9%
FY15
96.2%
FY14
96.9%
Lower Nat Cat
Price increases and lower frequency
Higher severity
+
-8%
FY15
2,019
FY14
2,133
Changes are at constant Forex Full detail in appendix on pages B37 to B41
• Investment yield of 3.6% vs. 3.9% in FY14
• Decrease mainly driven by non-repeat of
exceptional mutual funds dividends in France
in FY14 (Euro 71 million) and lower
reinvestment yields
Natural catastrophes
95.6% excluding Turkey
reserve strengthening and
with normalized Nat Cat level1
+ +
-0.6%
FY14 FY15
-1.0%
-
All notes are on pages A51 of this document
A33 | Full Year 2015 Earnings | Presentation | February 25, 2016
Property & Casualty
Group earnings
Life & Savings
Asset Management
Balance sheet
FY15 FINANCIAL PERFORMANCE
A34 | Full Year 2015 Earnings | Presentation | February 25, 2016
AM – ASSETS UNDER MANAGEMENT
Average AUM and net flows in Euro billion
Revenues in Euro million
Average AUM (excl. Joint Ventures)
618554
+7%
FY15 FY14
453371
+3%
FY15 FY14
Net flows (incl. Joint Ventures)1
Net flows
+3+3
FY15 FY14
Average AUM
Revenues (excl. Joint Ventures)
Revenues
FY15
+4%
1,242
FY14
1,151
FY15
+42
FY14
+19
Average AUM and net flows in Euro billion
Revenues in Euro million
2,175
0%
FY15
2,580
FY14
Euro 34 billion from Joint Ventures in Asia in
FY15 vs. Euro 15 billion in FY14
All notes are on pages A51 of this document
Changes are on a comparable basis
A35 | Full Year 2015 Earnings | Presentation | February 25, 2016
AM – UNDERLYING EARNINGS
ASSET MANAGEMENT In Euro million
458
403
+1%
FY15 FY14
224193
-2%
FY15 FY14
234211
FY15
+5%
FY14
In Euro million
In Euro million
Full detail in appendix on pages B43 to B44
Changes are at constant Forex
A36 | Full Year 2015 Earnings | Presentation | February 25, 2016
Property & Casualty
Group earnings
Life & Savings
Asset Management
Balance sheet
FY15 FINANCIAL PERFORMANCE
A37 | Full Year 2015 Earnings | Presentation | February 25, 2016
FY15
3.6%
FY14
3.7%
FY13
3.7%
FY12
3.8%
FY11
3.9%
FY10
4.0%
ASSET & LIABILITY MANAGEMENT (1/4) Diversified and resilient investment portfolio
FY15 Total General Account
invested assets 83% in Fixed income
Limited yield dilution
Govies
& related
Corporate
bonds
Fixed income Assets duration
as at December 31, 2015
Life & Savings 8.0 years
Property & Casualty 5.0 years
Long asset duration leading to a slow
yield dilution
Life & Savings
Property & Casualty
FY15
3.6%
FY14
3.9%
FY13
3.9%
FY12
3.9%
FY11
4.0%
FY10
4.0%
Real estate
5%
Listed equities
4%
Cash
4%
Other fixed income2
7%
Policy loans
1%
Alternative investments1
3%
41%
34%
Euro 552 billion3
Full detail in appendix on pages B47 to B62
All notes are on pages A51 of this document
Average rating of government and related bonds
maintained in the AA range
Average rating of corporate bonds
maintained in the A range
A38 | Full Year 2015 Earnings | Presentation | February 25, 2016
ASSET & LIABILITY MANAGEMENT (2/4) Diversified and resilient investment portfolio
Government and related bonds rating
41% of total General Account invested assets in FY15
15%
33%
A
BBB
33% AA
AAA
Corporate bonds rating1
34% of total General Account invested assets in FY15
14%
17%
A
BBB
42%
AAA
Non rated
3%
Below investment
grade
1%
11% Euro 225 billion Euro 190 billion
AA
22%
Below investment
grade
8%
Average rating of government and related bonds
maintained in the AA range
All notes are on pages A51 of this document
Average rating of corporate bonds
maintained in the A range
A39 | Full Year 2015 Earnings | Presentation | February 25, 2016
Investment Grade
credit
Average rating: A
ASSET & LIABILITY MANAGEMENT (3/4) Well diversified and high quality new investments
New fixed income investments in FY15 Resilient new investment yield
FY15 new
investments
ABS
Below Investment Grade credit1
Government bonds & related Average rating: AA
Yield on new investments in fixed income assets
for Life & Savings and Property & Casualty entities
FY15
Eurozone 2.0%
US 3.3%
Japan 1.4%
Switzerland 1.5%
Total 2.1%
Euro
65 billion Amount invested in Fixed income
in FY15
~12%
~27%
~5%
~57%
Focus on investment grade credit
~84%
Corporate bonds
~10%
Other loans
~5%
Commercial Real Estate loans
1. Mainly short duration high yield
A40 | Full Year 2015 Earnings | Presentation | February 25, 2016
Inforce business New business
Products sold in combination with higher
margin Unit-Linked business (hybrid2 sales)
FY15
L&S average guaranteed rate
Yield on total L&S asset base
Spread above
guaranteed rates
Spread above
guaranteed rate
FY15
L&S average guaranteed rate
Reinvestment yield on L&S fixed income assets
+160 bps
2.0%
3.6% +160bps
0.5%
2.1%
Guidance:
70-80 bps
Resilient investment
margin1
FY14
80 bps
FY15
79 bps
Significant buffer to cover guarantees and to manage crediting
rates to preserve investment margin
Average reserves of Euro 352 billion
ASSET & LIABILITY MANAGEMENT (4/4) Life & Savings General Account investment spreads and margin
All notes are on pages A51 of this document
A41 | Full Year 2015 Earnings | Presentation | February 25, 2016
SHAREHOLDERS’ EQUITY
In Euro billion
FY15
68.5
FY14
65.2
Shareholders’ equity Key drivers of change
In Euro billion
FY15 vs. FY14
Net income for the period +5.6
Undated Subordinated debt interest charges -0.3
Dividends -2.3
Change in net unrealized capital gains -2.6
Change in pension benefits -0.1
Forex movements net of hedging +3.4
Other -0.5
-
-
+
+
-
-
-
A42 | Full Year 2015 Earnings | Presentation | February 25, 2016
Interest
Cover2
Debt
Gearing
FY14
24%
9.9x
FY15 In Euro billion
DEBT & RATINGS
23%
10.7x
FY15
14.3
-2.8
0.6
6.9
9.5
FY14
13.5
-4.0
1.6
6.8
9.1
A+ positive
Aa3 stable
AA- stable
as of 29/10/2015
as of 20/01/2016
as of 06/10/2015
Financial debt Debt ratios
Ratings
Cash
Subordinated debt1
Senior debt
Undated subordinated debt
All notes are on pages A51 of this document
A43 | Full Year 2015 Earnings | Presentation | February 25, 2016
SOLVENCY II RATIO
Required capital
Available capital
FY15
28.8
59.2
FY14
27.0
54.3
Solvency II ratio 201% 205%
-1 pt
FY15
205%
Forex & other
-1 pt
Market impact
excl. forex
Dividend
-9 pts
Operating
return
+5 pts
9M15
212%
In Euro billion
Key sensitivities
Solvency II ratio roll-forward
199%
205%
Equity markets -25%
Equity markets +25% 208%
Corporate spreads +75bps
Ratio as of Dec 31, 2015
Interest rate -50bps 197%
Interest rate +50bps 207%
205%
+2 pts
-8 pts
0 pt
+3 pts
-6 pts
Solvency II ratio
A44 | Full Year 2015 Earnings | Presentation | February 25, 2016
FY15
+8.2
Forex & other
47.2
+0.3 51.2
Dividend paid
to shareholders
in 2015
Operating return
-2.3
FY14
-2.2
Economic & other
non-operating
variances
GROUP EMBEDDED VALUE
18% operating return on Group EV driven by strong performance across all business lines
Required capital definition aligned with Solvency II methodology for FY15
(Euro +0.5 billion included in Forex & other)
In Euro billion
A45 | Full Year 2015 Earnings | Presentation | February 25, 2016
Expected
inforce surplus
generation
3.1
-1.8
Operating
Free Cash
Flow
4.9
New business
investments
FY15
Solvency II pro-forma
2.5
Operating
Free Cash Flow
New business
investments
-2.0
Expected
inforce surplus
generation
4.5
FY14
Life & Savings Operating Free Cash Flows
Higher cash flow from Euro 0.5
billion lower cash requirement from
L&S new business in EEA entities
under Solvency II
Life & Savings Internal Rate of Return
10.9%
14.4%
FY15
17.5%
FY14
14.2%
FY13
14.2%
FY12
12.5%
FY11
11.5%
FY10
Incremental IRR
following lower cash
consumption from
L&S new business
in EEA entities
under Solvency II
L&S OPERATING FREE CASH FLOWS AND INTERNAL RATE OF RETURN
In Euro billion
A46 | Full Year 2015 Earnings | Presentation | February 25, 2016
STRONG CASH FLOW GENERATION & REMITTANCE
Remittance
ratio
In Euro billion
87%
FY14
4.7
5.5 5.1
5.8
Operating Free Cash Flows
Cash remitted from entities1
FY15
Additional cash flows following
lower cash consumption from
Life & Savings new business in
EEA entities under Solvency II
86%
5.8
6.3
0.5
FY15 Solvency II
pro-forma
+5% +7% FY15 vs. FY14
growth
All notes are on pages A51 of this document
Changes are on a comparable basis
Of which Euro
0.6 billion
repayment of
US loan in the
form of cash
up-streamed to
AXA SA
A47 | Full Year 2015 Earnings | Presentation | February 25, 2016
SENSITIVITIES TO MARKET CONDITIONS
LIMITED EQUITY SENSITIVITY
LIMITED INTEREST RATE SENSITIVITY
Assumed
reinvestment yield
Per annum cumulative impacts confirmed
2.4% 2.0%
ca.
€-0.1bn ca.
€-0.2bn
Estimated impact on
Underlying Earnings1
ca.
€-0.1bn
Underlying earnings impact through
separate account fees from a -10%
movement in equity markets2
RESILIENT SOLVENCY II RATIO
ca.
190%
Solvency II ratio estimated
as at February 24, 2016
All notes are on pages A51 of this document
Concluding remarks
Henri de Castries, Chairman & CEO
A49 | Full Year 2015 Earnings | Presentation | February 25, 2016
CONCLUDING REMARKS
Key takeaways Going forward
Successful Ambition AXA delivery
Strong and resilient Balance Sheet
Further improved business mix
High quality invested assets
Earnings and dividend growth
Well positioned for future growth
Accelerate transformation
Resilience to market conditions
Sustainable dividend
Next strategic plan reveal on
June 21, 2016
Q&A
FULL YEAR 2015 EARNINGS
A51 | Full Year 2015 Earnings | Presentation | February 25, 2016
NOTES (1/2) Page A9 1. Compound annual growth rate, on a reported basis 2. Adjusted ROE: return corresponds to adjusted earnings net of interest charges on undated debt. Equity corresponds to average shareholders’ equity
excluding undated debt and reserves related to change in fair value 3. Average shareholders’ equity excluding undated debt and reserves related to change in fair value Page A10 1. Solvency II ratio under AXA’s internal model which was approved by the ACPR (Autorité de Contrôle Prudentiel et de Résolution) on November 18, 2015 2. 2008/2009 financial crisis: impact of the evolution of markets between March 2008 and March 2009 combined with credit losses observed during this period 3. 2011 financial crisis: impact of the evolution of markets between January 2011 and January 2012 Page A11 1. Includes post tax impacts from interest rate movements mainly on P&C investment income and Life & Savings investment margin assuming a 2.0%
reinvestment yield in 2016 Page A12 1. General Account 2. Restated for the sale of Canadian operations Page A13 1. Transaction pending, subject to customary closing conditions
Ranking sources : Asia Life and Savings : based on 2014 Asia ex-Japan life insurance premiums - Source: OCI, MAS, KLIA, TII, Plan for Life, ISI, CIRC, TLAA, LIAM, IRDA, BAPEPAMLK, PIC, IRI, company data, Credit Suisse estimates; As published in Credit Suisse, Asia Life Insurance Sector, October 2, 2015; Asia P&C: based on 2012 Asia ex-Japan P&C insurance premiums. Source: OCI, MAS, KIDI, TII, APRA, ISI, IRI, CIRC, OIC, Bank Negara, IRDA, BAPEPAMLK, PIC, AVI, company data, Credit Suisse estimates; As published in Credit Suisse, Asia P&C Insurance Sector, November 13, 2013; Mexico: AMIS (Asociacion Mexicana de instituciones de Seguros) as of September 2015.Turkey: Turkish Association of Insurance Companies as of November 30, 2015; Nigeria: Various NIA Digest and NAICOM website; Poland (direct motor business): KNF, companies reports, AXA estimates;
Page A14 1. 2010 pro forma of the AXA APH transaction
Page A16 1. Transaction pending, subject to customary closing conditions Page A17 1. As measured on 75% of AXA’s General Account business
Page A18 1. Before holding costs 2. General Account Protection & Health 3. General Account Savings and Unit Linked businesses. Also includes Banking 4. Including International Insurance 5. Source: Interbrand – 2015 Best Global Brands ranking 6. Source: “2015 Most innovative companies” tenth annual survey from the Boston Consulting Group’s (BCG)
A52 | Full Year 2015 Earnings | Presentation | February 25, 2016
NOTES (2/2) Page A27
1. Including Mutual Funds & Other. Pre-tax Underlying Earnings for Mutual Funds & Other amounted to Euro 85 million for FY14 and Euro 97 million for FY15
2. Changes are adjusted for Forex and changes related to scope with the acquisition of Colpatria in Colombia in 2014
Page A30
1. Renewals only
Page A32
1. Assuming Natural catastrophes contributing 1 point of combined ratio in FY14 (vs. actual 1.9 points) and in FY15 (vs. 0.6 point)
Page A34
1. AXA IM’s joint ventures in Asia (China, Korea and India) are included at 100% in net flows, opening and closing assets under management but are excluded
from revenues and average assets under management as they are not fully consolidated
Page A37
1. Mainly Private Equity and Hedge Funds
2. Other fixed income include Asset backed securities (Euro 9 billion), residential loans (Euro 12 billion), commercial & agricultural loans (Euro 18 billion) and
agency pools (Euro 1 billion)
3. FY15 invested assets referenced in page 57 of the financial supplement are Euro 779 billion, which include notably Euro 195 billion of Unit-Linked assets and
Euro 36 billion related to the banking segment
Page A38
1. Non rated by external rating agencies corporate bonds reallocated under AXA’s internal ratings: AAA: Euro 0.4 billion / AA: Euro 1.6 billion / A : Euro 3.4
billion / BBB: Euro 4.4 billion / BIG: Euro 2.1 billion
Page A40
1. Group investment margin on total General Account business
2. Hybrid products are savings products allowing clients to invest in both Unit-Linked and General Account assets
Page A42
1. Including Euro -0.6 billion of reversal of mark-to-market on interest rates derivatives in FY15 vs. Euro -0.4 billion in FY14
2. Including undated debt interest charges
Page A46
1. Includes cash dividends from the operating entities, cash proceeds from the loan repayments to the Group and cash held at regional holding level to finance
acquisitions
Page A47
1. Includes post tax recurring cumulative impacts mainly on P&C investment income and Life & Savings investment margin
2. Assuming an upfront 10% drop in equity markets compared to 2015 average level
A53 | Full Year 2015 Earnings | Presentation | February 25, 2016
DEFINITIONS
AXA’s FY15 financial statements have been examined by the Board of Directors on February 24, 2016 and are subject to completion of audit procedures by
AXA’s statutory auditors.
AXA's FY15 results have been prepared in accordance with IFRS and interpretations applicable and endorsed by the European Commission as of December
31, 2015.
Underlying Earnings, Adjusted Earnings, APE, NBV and Group Operating Free Cash Flows are non-GAAP measures and as such are not audited, may not be
comparable to similarly titled measures reported by other companies and should be read together with our GAAP measures. Management uses these non-
GAAP measures as key indicators of performance in assessing AXA’s various businesses and believes that the presentation of these measures provides useful
and important information to shareholders and investors as measures of AXA’s financial performance. For a reconciliation of underlying and adjusted earnings
to net income see pages A22 and A23 of this presentation.
Life & Savings New Business Value (NBV) is the value of the new business sold during the reporting period. The new business value includes both the initial
cost (or strain) to sell new business and the future earnings and return of capital to the shareholder.
AXA Group Embedded Value is the sum of Life & Savings EEV and Shareholders’ Equity of other businesses.
Life & Savings high growth markets: APE and NBV: China, Czech Republic, Hong Kong, India, Indonesia, Mexico, Morocco, Philippines, Poland, Singapore,
Thailand and Turkey; Revenues: Colombia, Czech Republic, Hong Kong, Indonesia (excl. bancassurance entity), Mexico, Morocco, Poland, Singapore,
Slovakia and Turkey.
Property & Casualty high growth markets: Revenues: Colombia, the Gulf Region, Hong Kong, Malaysia, Mexico, Morocco, Singapore, Thailand, and Turkey.
CEE (Central and Eastern Europe – L&S and P&C): Poland (L&S only), Czech Republic and Slovakia and Russia (P&C only). Russia (RESO) is not included
in revenues due to consolidation under equity method.
South-East Asia, India and China (L&S): APE and NBV: China, India, Indonesia, Philippines, Singapore and Thailand; Revenues: Singapore and non-
bancassurance subsidiaries in Indonesia; China, India, Philippines, Thailand and bancassurance business in Indonesia are not included in revenues due to
consolidation under equity method; Malaysian operations are not consolidated.
MedLA (Mediterranean and Latin American Region – L&S and P&C): Colombia, Greece, the Gulf region (P&C only), Italy, Mexico, Morocco, Portugal,
Spain and Turkey. Lebanon and Nigeria are not included in revenues due to consolidation under equity method (P&C only).
Asia (P&C): Hong Kong, Malaysia, Singapore and Thailand. China and India are not included in revenues due to consolidation under equity method.
Indonesian operations are not consolidated.
Direct (P&C): AXA Global Direct (Belgium, France, Italy, Japan, Poland, Portugal, South Korea and Spain), UK Direct operations. In France, Natio is not
included in revenues due to consolidation under equity method.
February 25, 2016
AXA
FULL YEAR 2015 EARNINGS
Appendices
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, 2014, 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.
B3 | Full Year 2015 Earnings | Appendices | February 25, 2016
TABLE OF CONTENT
BUSINESS OVERVIEW
AMBITION AXA
GROUP
LIFE & SAVINGS
PROPERTY & CASUALTY
ASSET MANAGEMENT
BALANCE SHEET
CORPORATE RESPONSIBILITY
B4
B9
B15
B19
B35
B42
B45
B77
Business overview
B5 | Full Year 2015 Earnings | Appendices | February 25, 2016
LIFE & SAVINGS | Scope overview
FY15 APE by geography
Total APE: Euro 7,376 million
Global footprint
MedLA1
8%
NORCEE2
12%
UK
13%
France
24%
Asia (incl. Japan)
22%
US
22%
Well balanced business mix
Strong proprietary networks
Unit-Linked
38%
G/A Savings
13%
G/A Protection &
Health
36%
Mutual Funds &
other
13%
FY15 APE by business
FY15 APE by channel
Partnerships
18% Agents & salaried
sales force
48%
Brokers – IFAs & others
34%
1. Mediterranean and Latin American Region: Italy, Spain, Portugal, Greece, Turkey,
Mexico and Morocco
2. Northern, Central & Eastern Europe: Germany, Belgium, Switzerland, Poland, and
Czech Republic
Total APE
Euro 7,376 million
Total APE
Euro 7,376 million
B6 | Full Year 2015 Earnings | Appendices | February 25, 2016
Workers’
compensation
5%
Partnerships
5%
PROPERTY & CASUALTY | Scope overview
AXA Winterthur
Health
12%
Property
23%
Construction
2%
Brokers – IFAs &
other
47%
Direct3
12%
Agents
36%
FY15 Revenues by channel
FY15 Revenues by geography FY15 Revenues by business
1. Luxembourg
2. Mediterranean and Latin American Region: Italy, Spain, Portugal, Greece, Turkey,
Morocco, Gulf region, Mexico and Colombia
3. Sales recorded through the Direct channel include the sales of the Direct business
unit and Direct sales from other entities
Motor
42%
Other
10%
Germany
13%
Switzerland
10%
MedLA2
24%
France
19%
UK &
Ireland
15%
Belgium
6%
Direct
business unit
9%
Other1
0%
Asia
4%
Total: Euro 31.3 billion
Global footprint Strong presence in Motor
Strong proprietary networks
Liability
7%
Total
Euro 31.3 billion
Total
Euro 31.3 billion
B7 | Full Year 2015 Earnings | Appendices | February 25, 2016
AXA’S FOOTPRINT IN HIGH GROWTH MARKETS
#2
#19 India #14 China
FY15 APE by geography
Indonesia
10%
Thailand
15%
Philippines
3%
Hong Kong
40%
Mexico
2%
Total APE: Euro 1,301 million
China
13%
Singapore
6%
Czech Republic
3%
Poland
3% Other
4%
#2 Indonesia
Thailand
#7 Singapore
Hong Kong #3 #5
Key rankings1 2015
#5 Malaysia #1 Hong Kong
#4 Gulf region #2 Singapore
Mexico #3 #2
Philippines
Turkey
1. Source: AXA FY15 Activity report. 2014 ranking for Philippines Life & Savings and Gulf region Property & Casualty
2. Source: Superintendencia Financiera de Colombia (as at September 30, 2015)
Turkey
19%
Malaysia
6% Mexico
30%
Total Revenues: Euro 5,159 million
Hong Kong
8%
Colombia
8%
Singapore
5%
Gulf region
17%
FY15 Revenues by geography
Morocco
5%
#6 Colombia2
Life & Savings Property & Casualty
Thailand
2%
Key rankings1 2015
B8 | Full Year 2015 Earnings | Appendices | February 25, 2016
ASSET MANAGEMENT|Scope overview
Complementary business models
• Multi-expert model: structured by
“Expertise”
• Expertise in fixed income, equities,
quantitative equities
• Focus on alternative investments
(structured finance, real estate, funds of
hedge funds)
• Client centric business model across the
full value chain
• Risk-reducing, return-seeking, diversifying
strategies and customized solutions
• Expertise in actively managed equity and fixed
income strategies, as well as index strategies
• Growing platform of alternative and multi-asset
services and solutions
• Institutional research and trading
PRODUCT OFFER
• Separate distribution platforms for third
parties & AXA insurance companies
• Global and integrated distribution platforms
through Institutions, Retail and Private Client
channels
DISTRIBUTION
• Mainly Europe • US, Europe and Asia FOOTPRINT
• Euro 455 billion as at 31/12/2015 • Euro 669 billion as at 31/12/2015 AuM
Ambition AXA
B10 | Full Year 2015 Earnings | Appendices | February 25, 2016
AMBITION AXA: Adjusted return on equity
ASSET MANAGEMENT In %
LIFE & SAVINGS In %
All numbers are as published
9%
FY15
13%
Ambition
AXA 2015
FY10
9-11%
Ambition
AXA 2015
18-20%
FY15
18%
FY10
10%
PROPERTY & CASUALTY In %
GROUP In %
12%
15%
Ambition
AXA 2015
12-14%
FY15 FY10
Ambition
AXA 2015
FY15
13-15% 14%
FY10
12%
B11 | Full Year 2015 Earnings | Appendices | February 25, 2016
AMBITION AXA: Life & Savings
HIGHER INTERNAL RATE OF RETURN In %
IMPROVE NEW BUSINESS MARGIN NBV margin, in %
All numbers are as published
Ambition
AXA 2015
> 28%
FY15
34%
FY10
22%
Ambition
AXA 2015
> 9%
FY15
14%
FY10
11%
ACTIVELY GROW PROTECTION & HEALTH Protection & Health share in total APE, in %
RESHAPE SAVINGS BUSINESS Unit-Linked share in Continental Europe Savings APE, in %
Ambition
AXA 2015
36%
FY15
7,376
36%
FY10
5,780
31%
Ambition
AXA 2015
45%
FY15
1,601
50%
FY10
1,765
25%
based on actual
FY15 interest rates
In Euro million
In Euro million
B12 | Full Year 2015 Earnings | Appendices | February 25, 2016
AMBITION AXA: Property & Casualty
LOWER ALL YEAR COMBINED RATIO In %
REDUCE CURRENT YEAR COMBINED RATIO In %
All numbers are as published
Ambition
AXA 2015
< 97%
FY15
97.3%
FY10
102.6%
Ambition
AXA 2015
< 96%
FY15
96.2%
FY10
99.5%
ACTIVELY GROW DIRECT BUSINESS Revenues (in Euro billion)
MAINTAIN MARKET SHARE IN TRADITIONAL BUSINESSES
2.7
1.8
CAGR +8%
FY15 FY10
FY15 FY10
Switzerland
Germany
France
Belgium
UK
15% 15%
6% 6%
5% 8%
13% 13%
21% 18%
Sources: FY10 and FY15 AXA activity reports. 2009 and 2014 rankings for Germany and the UK
Ambition AXA
CAGR
+7%
to
+12%
B13 | Full Year 2015 Earnings | Appendices | February 25, 2016
AMBITION AXA: High growth markets
DOUBLE LIFE & SAVINGS ASIAN APE In Euro million
DOUBLE LIFE & SAVINGS NBV In Euro million
664
410
x 1.6
FY10* FY15
584
FY10*
x 2.0
FY15
1,171
BOOST UNDERLYING EARNINGS In Euro million
DOUBLE PROPERTY &CASUALTY REVENUES In Euro million
516
435
FY15
x 1.2
FY10*
5,159
2,990
FY10 FY15
x 1.7
*restated for the AXA APH transaction
Ambition AXA
x2
Ambition AXA
x2
~
Ambition AXA
x2
!
~
Lower performance than
expected in Turkey,
Mexico and CEE
Ambition AXA
x 2.5
B14 | Full Year 2015 Earnings | Appendices | February 25, 2016
AMBITION AXA: Efficiency
MAINTAIN L&S ADMINISTRATIVE COSTS In Euro billion
MAINTAIN P&C ADMINISTRATIVE COSTS In Euro billion
All numbers are as published
Ambition
AXA 2015
3.3
FY15
3.3
FY10
3.3
Ambition
AXA 2015
2.7
FY15
2.8
FY10
2.7
IMPROVE P&C ENLARGED EXPENSE RATIO In %
LIFE & SAVINGS COST INCOME RATIO In %
Ambition
AXA 2015
28.6%
FY15
30.4%
FY10*
32.6%
FY15
62.8%
FY10
68.1%
Ambition AXA
-5 pts
~
*restated for the sale of Canadian operations
Group
B16 | Full Year 2015 Earnings | Appendices | February 25, 2016
REVENUES
Revenues by segment
Life & Savings 55,345 59,211 +7% 0%
Property & Casualty 29,460 31,265 +6% +1%
Asset Management 3,326 3,822 +15% +1%
International Insurance 3,292 3,615 +10% +7%
Banking 564 621 +10% +10%
Revenues 91,988 98,534 +7% +1%
In Euro million FY14 FY15Reported
change
Comparable
change
B17 | Full Year 2015 Earnings | Appendices | February 25, 2016
UNDERLYING EARNINGS BY GEOGRAPHY
1. Northern, Central & Eastern Europe: Germany, Belgium, Switzerland, Luxembourg, Russia (P&C only) and Central & Eastern Europe (Poland (L&S only), Czech Republic and
Slovakia (L&S only)
2. Mediterranean and Latin American Region: Italy, Spain, Portugal, Greece, Turkey, Mexico, Morocco, Colombia, Gulf region (P&C only) and Lebanon (P&C only)
3. Other correspond to AXA Life Invest Services, Architas and Family Protect
Life & Savings 3,132 3,503 +12% +3%
United States 760 854 +12% -6%
France 768 824 +7% +7%
NORCEE1 672 695 +3% -2%
UK 28 75 +165% +139%
Asia-Pacific (incl. Japan) 763 910 +19% +8%
MedLA2 193 173 -10% -10%
Other3 -52 -28 +46% +46%
Property & Casualty 2,158 2,230 +3% -1%
NORCEE1 989 1,159 +17% +12%
France 471 507 +8% +8%
MedLA2 279 103 -63% -68%
UK & Ireland 234 273 +17% +6%
Asia 61 53 -13% -21%
Direct 124 135 +8% +3%
International Insurance 208 193 -8% -7%
Asset Management 403 458 +14% +1%
AllianceBernstein 193 224 +16% -+2%
AXA IM 211 234 +11% +5%
Banking 106 97 -9% -9%
Holdings & other -947 -906 +4% +5%
Total 5,060 5,574 +10% +2%
In Euro million
Underlying Earnings
FY14 FY15Reported
change
Change at
constant
Forex
B18 | Full Year 2015 Earnings | Appendices | February 25, 2016
FY15 KEY SENSITIVITIES
1. Consists of gains/losses on derivatives and forex economic hedges not eligible for hedge accounting under IAS 39, as well as the change in fair value of assets accounted for as fair
value option
Balance Sheet
+75 bps -0.2 -1.5
+100 bps -0.1 -8.3
-75 bps +0.3 +1.5
-0.1
+0.3
-0.2
+25% 0.0 +0.1 +1.7
-100 bps +0.1 +7.1
+0.1
+0.1
-25% -0.5 0.0 -1.2
In Euro billionImpairments net of
hedges through
Adjusted earnings
Change1
in fair value
and Forex through
Net income
Net unrealized capital
gains through
Shareholders' equity
Total impact in Net
Income (incl. Impact
through Adjusted
earnings)
-0.6
P&L
Equities
Interest rates
Corporatespreads
Life & Savings
B20 | Full Year 2015 Earnings | Appendices | February 25, 2016
LIFE & SAVINGS
REVENUES, NEW BUSINESS VOLUMES AND PROFITABILITY
UNDERLYING EARNINGS MARGIN ANALYSIS
UNDERLYING EARNINGS MARGIN ANALYSIS BY BUSINESS
FOCUS ON THE US
Page B21
Page B22
Page B28
Page B34
1
2
3
4
B21 | Full Year 2015 Earnings | Appendices | February 25, 2016
L&S | Revenues and net inflows
In Euro billion
Total: Euro 59.2 billion
0.7 7.2
5.7
16.0
16.0
13.6
FY15 L&S revenues by region
MedLA
-11%
NORCEE
-3%
France
+6%
UK
-1%
US
0%
L&S net inflows
Changes are on a comparable basis
Asia (incl. Japan)
+9%
1
In Euro billion FY14 FY15
France +2.5 +3.2
NORCEE +1.0 +0.9
United States -1.5 0.0
United Kingdom +0.4 +2.9
Asia Pacific (incl. Japan) +1.6 +2.6
MedLA +0.0 +0.1
Other 0.0 0.0
Total +4.0 +9.6
of which mature markets +2.0 +7.2
of which high growth markets +2.0 +2.5
In Euro billion FY14 FY15
G/A Protection & Health +5.2 +5.9
G/A Savings -2.0 -2.4
Unit-Linked +0.7 +5.7
Mutual funds & other +0.1 +0.4
Total +4.0 +9.6
Net flows by country/region
Net flows by business
B22 | Full Year 2015 Earnings | Appendices | February 25, 2016
FY15Comp.
Change1 FY15
Comp.
Change1
Underlying earnings+3%
Euro 3,503 million
Tax3 917 +1%
Minority interest 98 +9%
UE from associates 138 +13%
Pre-tax underlying earnings+3%
Euro 4,518 million
Technical margin 609 -12% VBI amortization 153 +21%
Margin on assets 5,990 +3% Admin. Expenses 3,036 -1%
+4%Margin on revenues2 5,180 +4% Acquisition expenses 4,210
+ - +
-
L&S | Underlying Earnings margin analysis
In Euro million
Gross Margin Expenses
In Euro million
1. Changes are adjusted for Forex and changes related to scope with the acquisition of Colpatria in Colombia in 2014
2. Life & Savings gross written premiums and mutual fund sales
3. Tax rate decreased from 22% in FY14 to 20% in FY15 mainly due to higher positive tax one-offs, which amounted to Euro 202 million in FY15 vs. Euro 184 million in FY14
4. Higher Unearned Revenues Reserves amortization, more than offset by higher DAC amortization, both due to a change in interest rates assumptions
2
4 4
B23 | Full Year 2015 Earnings | Appendices | February 25, 2016
+0.3 pt
+0.1pt business mix
Detail by product +0.2pt country mix
G/A Protection & Health: 14.2%
G/A Savings: 2.5%
Unit-Linked: 4.7%
Mutual funds & other: 6.9%
Euro 5,180 million +4%
0%
Life & Savings revenues1
Euro 59,211 million
Average margin on L&S revenues1
8.7%
Margin on revenues1
x
L&S | Margin Analysis
Details of margin on revenues
Margin on revenues
Changes are on a comparable basis
1. Life & Savings gross written premiums and mutual fund fees
2
B24 | Full Year 2015 Earnings | Appendices | February 25, 2016
149 bps
Euro 2,777 million +2%
Euro 5,990 million +3% +2%
Euro 2,784 million +2%
Average management fees on Unit-
Linked reserves
0 bp
Unit-Linked management
fees
0bp business mix
-1bp country mix
Margin on assets1 Unit-Linked average reserves
Euro 187 billion
General account investment
margin
In Euro billion
Reserves as of Jan. 1, 2015
Net flows
Market
Forex
Scope
Reserves as of Dec. 31, 2015
181
+6
-2
+13
-3
195
+
x
L&S | Margin Analysis
Details of margin on Unit-Linked assets
Unit-Linked management fees
1. Including other fees (mainly mutual
fund and brokers fees) of Euro 429
million (+11% vs. FY14)
Changes are on a comparable basis
2
B25 | Full Year 2015 Earnings | Appendices | February 25, 2016
Euro 2,777 million +2%
Euro 5,990 million +3% 79 bps
+3%
352
+4
+5
+16
0
376
Reserves as of Jan. 1, 2015
Net flows
Market
Forex
Scope
Reserves as of Dec. 31, 2015
Unit-Linked management fees
Margin on assets1 Average management fees on
general account reserves
0 bp
General account
investment margin
0bp business mix
0bp country mix
Euro 2,784 million +2% General account average reserves
Euro 352 billion
In Euro billion
+
x
L&S | Margin Analysis
Details of margin on General Account assets
Investment margin
Changes are on a comparable basis
2
1. Including other fees (mainly mutual
fund and brokers fees) of Euro 429
million (+11% vs. FY14)
B26 | Full Year 2015 Earnings | Appendices | February 25, 2016
Euro 1,667 million +19%
Euro 609 million -12%
Euro -1,058 million -61%
In Euro billion
o/w basis -100
o/w volatility (equity and interest rates) -29
o/w interest rate, credit spreads
and other-381
o/w reserve strengthening related to
policyholder behavior assumptions and
impact of inforce actions
-547
Mortality & morbidity margin and other1
Technical margin
GMxB Variable Annuity margin
+
L&S | Margin Analysis
Details of technical margin
Technical margin
Changes are on a comparable basis
1. Claims paid, maturities and surrenders
2
B27 | Full Year 2015 Earnings | Appendices | February 25, 2016
L&S | Margin Analysis
Focus on gross technical margin
In Euro million
In Euro million
FY15 GMxB VA technical margin (pre-tax, pre-DAC) evolution
mainly explained by:
• Improved US GMxB hedge margin (Euro +0.1 billion)
• Euro -0.4 billion in the US from reserve strengthening for lapses
and other policyholder behavior assumptions in the context of
GMxB buyouts
Gross GMxB Variable Annuity technical
margin (pre-tax, pre-DAC)
FY15
1,667
FY14
1,324
FY15 mortality, morbidity and surrender margin evolution
mainly explained by:
• Euro +0.2 billion in the US from an accounting reclassification,
fully offset in expenses, and an improved mortality margin
• Euro +0.1 billion in France due to higher positive prior year
reserve developments in Group Protection and a favorable
change in assumptions in Individual Protection
Euro -146 million net Underlying
Earnings impact
Gross mortality, morbidity & surrender
margin (pre-tax, pre-DAC)
2
-555
-1,058
FY14 FY15
B28 | Full Year 2015 Earnings | Appendices | February 25, 2016
L&S | Underlying Earnings by business
3
1. Changes are adjusted for Forex and changes related to scope with the acquisition of Colpatria in Colombia in 2014
Euro million FY14 FY15 % change on comp. basis
G/A Protection & Health 2,133 2,303 +2%
G/A Savings 840 822 -4%
Unit-Linked 1,048 1,296 +10%
Mutual funds & Other 85 97 +7%
Pre-tax Underlying Earnings 4,105 4,518 +3%
Tax and Minority interest -973 -1,015
Underlying Earnings 3,132 3,503 +3%
1
B29 | Full Year 2015 Earnings | Appendices | February 25, 2016
G/A Protection
& HealthG/A savings Unit-Linked
Mutual Funds
& Other
Margin on
revenues3,898 291 846 144
Investment
margin964 1,585 178 57
Management
fees0 0 2,777 0
Technical
Margin & Other1,358 58 -790 412
Gross margin 6,220 1,934 3,012 613 11,779
Admin. Exp. &
Other-1,291 -583 -1,025 -152 -3,051
Acquistion
expenses-2,625 -529 -692 -364 -4,210
Pre-tax UE 2,303 822 1,296 97 4,518
L&S | FY15 Margin analysis by business
Main profit drivers
3
In Euro million
149 bps of avg. UL reserves
9% of GWP
79 bps of avg. G/A reserves
1
1. Mainly other fees (mainly mutual fund and brokers fees)
B30 | Full Year 2015 Earnings | Appendices | February 25, 2016
FY15Comp.
ChangeFY15
Comp.
Change
UE from associates 86 +11%
Pre-tax underlying earnings+2%
Euro 2,303 million
964 +3%
Protection & Health
Combined ratio (in %)95.4% +0.1 pt
Protection & Health
investment spread57 bps -1 bp
Net technical result 1,254 0% Investment margin
+5%Protection & Health GWP 27,453 +1%Protection & Health average
reserves170,423
x x
+
In Euro million
Technical result Net investment margin
In Euro million
L&S | Margin Analysis by business
G/A Protection & Health
1. Changes are adjusted for Forex and changes related to scope with the acquisition of Colpatria in Colombia in 2014
1 1
3
B31 | Full Year 2015 Earnings | Appendices | February 25, 2016
Loss ratio improved by 0.3 point:
Higher mortality margin, notably due to
favorable reserve developments in France
and the US
Higher loadings on premiums in France in
line with business growth
Accelerated amortization of deferred
premium loadings in the US
Combined ratio
L&S | Margin Analysis by business
G/A Protection & Health – Details on Combined Ratio
1. Expense ratio includes VBI amortization
Expense
Ratio
Loss
Ratio
FY15
+0.1 pt
95.4%
80.9%
14.6%
FY14
95.3%
81.0%
14.4%
Expense ratio1
Loss ratio
3
Changes are adjusted for Forex and changes related to scope with the acquisition of Colpatria in Colombia in 2014
Expense ratio deteriorated by 0.4 point:
Higher commissions in France in line with
business growth
Higher VBI amortization in Switzerland
and Germany and higher DAC
amortization in the US, resulting from
updated assumptions related to the level
of interest rates
+
-
-
-
+
B32 | Full Year 2015 Earnings | Appendices | February 25, 2016
In Euro million
L&S | Margin Analysis by business
G/A Savings
3
1. Changes are adjusted for Forex and changes related to scope with the acquisition of Colpatria in Colombia in 2014
Higher Unearned Revenues Reserves
amortization, more than offset by higher
DAC amortization, both due to the
change in interest rates assumptions
(mainly in France)
Mainly in Japan due to unfavorable
assumption changes
1 1
1
FY15Comp.
ChangeFY15
Comp.
Change
FY15
-2 bps
G/A Savings
revenues11,612 -7%
G/A Savings
Average reserves181,459 +1%
Margin on
G/A Savings 2.5% +0.7 pt
G/A Savings
Investment spread87 bps
Comp.
Change
Margin on
revenues291 +27% Investment margin 1,585 -2%
Technical margin
& Other58 -47%
Gross margin-1%
Euro 1,934 million
Acquisition costs 529 +17%Administrative
expenses & Other583 -9%
Pre-tax underlying earnings-4%
Euro 822 million
x x
+
-
B33 | Full Year 2015 Earnings | Appendices | February 25, 2016
In Euro million
L&S | Margin Analysis by business
Unit-Linked
3
1. Changes are adjusted for Forex and changes related to scope with the acquisition of Colpatria in Colombia in 2014
1 1
1
FY15Comp.
changeFY15
Comp.
change
FY15
-1,058 -61%
0 bp
Unit-Linked
revenues18,039 +2%
Unit-Linked
Average reserves186,946 +2%
Average margin on
UL revenues4.7% +0.5 pt
UL average
Management fees149 bps
Gross margin0%
Euro 3,012 million
Comp.
change
Margin on
revenues846 +13%
Unit-Linked
Management fees2,777 +2%
Technical
margin & Other-790 -43%
Administrative
expenses & Other1,025 -1%
o/w GMxB VA margin
Investment
margin178 +48%
Pre-tax underlying earnings+10%
Euro 1,296 million
Acquisition costs 692 -13%
x x
+
-
B34 | Full Year 2015 Earnings | Appendices | February 25, 2016
L&S | Focus on the US
In Euro million, net of DAC and tax1 FY122 FY13 FY14 FY15
Total Variable Annuity base fees & other, less expenses 270 338 2963 381
GMxB hedge margin -156 -50 -74 -13
o/w Basis -16 -1 -26 -12
o/w Volatility -59 -15 -7 -3
o/w Interest rates, credit spreads & other -81 -33 -41 3
Total reserve strengthening -148 54 -4 -93
o/w lapse experience / assumptions -273 0 0 -52
o/w other policyholder behavior -217 0 0 -85
o/w management actions including premium suspension, buyout
program & model refinements/ assumptions
342 54 -4 45
Variable Annuity GMxB Underlying Earnings -34 342 2183 275
1. Notional tax rate of 35%.
2. Comparative information related to FY12 was retrospectively restated for the amendments to IAS 19.
3. Negatively affected by a new risk-based allocation of investment margin among products implemented in the US starting FY14, with zero impact on total US Life & Savings Underlying
Earnings. Based on this new methodology, the amount reallocated to other products would have been Euro -35 million in FY13.
4. New Non GMxB Variable Annuity includes: Investment Edge and Structured Capital Strategies.
In Euro million
854760
559492
FY15 FY14 FY13 FY12
FY15 31% 12% 19% 10% 25%
2%
22% 15% 15% 48% FY08
New Non-GMxB VA4
Floating rate GMxB VA
Employee Sponsored Non-GMxB VA
Life
Mutual Funds & Other
Fixed rate GMxB VA
US Variable Annuity GMxB Underlying Earnings
US Life & Savings Underlying Earnings US Life & Savings APE
4
Strengthening of
reserves related to
policyholder behavior
assumptions in the
context of GMxB
buy-outs
Positive impact of
inforce action related
to lump sum option
Property & Casualty
B36 | Full Year 2015 Earnings | Appendices | February 25, 2016
P&C | Revenues and net new contracts
FY15 P&C revenues by region FY15 P&C personal net new contracts
In thousands In Euro billion
UK & Ireland
+5%
Asia
+8%
France
0%
NORCEE
+1%
MedLA
-1%
Direct
+7%
Changes are on a comparable basis
Total: Euro 31.3 billion
2.7 1.1
7.5
9.1
4.8
6.0
-508
-392
+213+366
+311
FY14
-534
FY15
-18
+506
Direct
Mature markets
High growth markets
Selective underwriting in Turkey and Spain was partly offset
by business growth in Direct and continued momentum in
Malaysia
B37 | Full Year 2015 Earnings | Appendices | February 25, 2016
-0.5 pt
Revenues 31,265 +1% Average P&C assets 60,909 +6%
Combined ratio1 (in %) 96.2% - 0.6 pt Average Asset Yield3 3.3%
Net technical result2 1,175 +21% Net investment income 2,019 -8%
UE from associates 29 -10%
Pre-tax underlying earnings
Euro 3,223 million1%
Tax4 955 +6%
Minority interest 39 -24%
Underlying earnings
Euro 2,230 million-1%
P&C | Underlying Earnings analysis
Net technical result Net investment income
In Euro million In Euro million
Changes are on a comparable basis for activity indicators (constant Forex, scope and methodology). Changes
are on a constant exchange rate basis and excluding Colombia and Ukraine for earnings
FY15 Change FY15 Change
1. Combined ratio calculated based on gross earned premiums
2. Technical result net of expenses
3. Net of interests credited to P&C reserves relating to annuities. Gross asset yield was 3.6%
4. Tax rate increased to 30% in FY15 vs. 29% in FY14
(vs. Euro -50 million in FY14)
X X
+
-
+
B38 | Full Year 2015 Earnings | Appendices | February 25, 2016
P&C | Details on Combined Ratio
70.1% Loss
Ratio
Expense
Ratio 26.1%
FY14
96.9%
70.9%
26.0%
FY15
96.2%
Administrative
Expenses
26.1%
FY15
26.0%
FY14
-0.1pt
+0.2pt
Acquisition
Expenses
Combined ratio Expense ratio roll-forward
Loss ratio roll-forward
FY15
70.1%
Prior year
reserve
dev.
FY14
+1.0pt
-0.4pt
70.9%
Nat Cat
-1.3pts
Current
accident
year
+0.1 pt change on a comparable basis*
-0.7 pt change on a comparable basis*
*At a constant exchange rate basis and excluding Colombia and Ukraine for earnings
B39 | Full Year 2015 Earnings | Appendices | February 25, 2016
P&C | Details on current year loss ratios
FY15 CY
loss ratio
75.9%
Other1
+0.8pt
Frequency &
severity
+2.5pts
Price effect
-1.7pts
Nat Cat
-0.3pt
FY14 CY
loss ratio
74.6%
FY15 CY
loss ratio
62.1%
Other1
+0.6pt
Frequency &
severity
+0.3pt
Price effect
-1.5pts
Nat Cat
-0.5pt
FY14 CY
loss ratio
63.2%
FY15 CY
loss ratio
73.7%
Other1
+1.8pts
Frequency &
severity
+0.7pt
Price effect
-1.5pts
Nat Cat
-1.6pts
FY14 CY
loss ratio
74.4%
FY15 CY
loss ratio
71.2%
Other1
+1.2pts
Frequency &
severity
+1.2pts
Price effect
-1.5pts
Nat Cat
-1.3pts
FY14 CY
loss ratio
71.5%
Personal Motor Personal non Motor
Total P&C Total Commercial lines
incl. Construction & Work. Comp.
1. Other includes opening adjustments, changes in mix, claims handling costs, reinsurance impact excl. Nat Cat, other changes in reserves, Forex and scope
o/w Severity +2.1pts
o/w Frequency -0.8pt
o/w Turkey +0.7pt
B40 | Full Year 2015 Earnings | Appendices | February 25, 2016
P&C | Focus on reserve developments
Prior year reserve development level
(in % of gross earned premiums)
Reserving ratio
(Net technical reserves/Net earned premiums)
FY14
0.6%
FY13
1.2%
FY12
1.2%
FY11
1.7%
FY10
3.1%
FY09
5.4%
FY08
5.4%
FY07
2.7%
FY06
1.4%
FY05
0.9%
FY04
0.3%
FY15
1.0%
FY12
186%
FY11
187%
FY10
186%
FY09
187%
FY14
188%
FY13
185%
FY08
187%
FY07
194%
FY06
186%
FY05
193%
FY04
193%
FY15
189%
Information related to FY13 was restated for the retrospective application of the new IFRS standards on consolidation. FY04 to FY12 figures were not adjusted for this change
Note: FY04 to FY09 figures do not exclude Canadian operations
B41 | Full Year 2015 Earnings | Appendices | February 25, 2016
P&C | Focus AXA Turkey
Underlying Earnings
o/w FY15 effect of reserve strengthening: Euro 252 million
• Euro 57 million related to IBNR (current year)
• Euro 195 million in prior years (pending claims and IBNR)
Reserving reflecting 2015 evolutions in regulation and
jurisprudence on bodily and material claims in Motor Third Party
Liability
+11% excl.
Motor TPL
Revenues
* On constant exchange rate basis
** Proforma of a reclassification between personal and commercial lines performed in FY15
389
Volume,
mix & other
-58%
Price
effect
+45%
FY14**
465
FY15 Forex
Motor TPL revenues rollforward
In Euro million Group share, in Euro million
In Euro million
21 -236
FY14 FY15
Motor Casco revenues rollforward
In Euro million
305
FY15 Forex Volume,
mix & other
+1%
Price
effect
+5%
FY14**
299
984
0%*
FY15 FY14
1,019
Asset Management
B43 | Full Year 2015 Earnings | Appendices | February 25, 2016
ASSET MANAGEMENT | Underlying Earnings
Details of Asset Management margin analysis
Margin1 Expenses1
In Euro million In Euro million
FY15 Change2 FY15 Change2
+2%Asset Management fees 3,539 +2%Asset Management
expenses2,562
+6%
Distribution revenues 756 +5%
Investment result -11 -64% Distribution expenses 770
Pre-tax underlying earnings
Euro 952 million+4%
Tax4 +9%
Minority int.&
other220 +3%
Underlying earnings
Euro 458 million+1%
273
+ -
-
3
1. Margin and expenses are calculated gross of
intercompany eliminations to help reconcile with
disclosure on page 21 of FY15 Financial Supplement.
2. Changes are on a comparable basis for activity indicators
(constant Forex, scope and methodology), and at
constant Forex for earnings
3. Or Euro 3,328 million net of intercompany eliminations
4. Tax rate increased to 29% in FY15 vs. 28% at FY14
B44 | Full Year 2015 Earnings | Appendices | February 25, 2016
ASSET MANAGEMENT | Underlying Earnings
Details on Asset Management revenues
x
Changes are on a comparable basis
o/w perfomance fees ( -31% )
o/w research fees ( +2% )Euro 441 million
Asset Management fees
Euro 3,328 million +1%
Euro 71 million
Euro 1,071 billion +6%
In Euro billion
AUM at FY14 1,036
Net inflows +45
o/w AB +3
o/w AXA IM +42
Market & other +12
Forex +64
Scope -32
AUM at FY15 1,124
Average Assets under Management
31 bps -1 bp
Asset management fees on Average
Assets under Management
Balance Sheet
B46 | Full Year 2015 Earnings | Appendices | February 25, 2016
BALANCE SHEET
GENERAL ACCOUNT INVESTED ASSETS B47
1.0 Focus on Oil & Gas B48
1.0 Focus on Mining, Iron & Steel B49
1.1 Government bonds & related B50
1.1 Focus on exposure to Eurozone peripheral countries B51
1.2 Corporate bonds B52
1.2 Focus on banking corporate bonds B54
1.3 Focus on CDS B55
1.4 Asset backed securities B56
1.5 Equity B57
1.6 Real estate B59
1.7 Hedge Funds B60
1.8 Private Equity B61
1.9 Mortgage loans B62
FOCUS ON NET UNREALIZED CAPITAL GAINS B63
ASSET LIABILITY MANAGEMENT B64
NET FINANCIAL DEBT B66
SOLVENCY II B67
LIFE & SAVINGS EMBEDDED VALUE B70
LIFE & SAVINGS IRR AND OPERATING FREE CASH FLOWS B73
1
2
3
4
6
7
5
B47 | Full Year 2015 Earnings | Appendices | February 25, 2016
AXA Winterthur
Invested assets (100%) in Euro billion
FY14
Published %
FY14
Restated1 % FY15 %
Fixed income 437 84% 437 84% 457 83%
o/w Govies and related 246 47% 216 42% 225 41%
o/w Corporate bonds 154 29% 183 35% 190 34%
o/w Asset backed securities 9 2% 9 2% 10 2%
o/w Mortgage loans & other2 28 5% 28 5% 31 6%
Cash
21 4% 21 4% 24 4%
Listed equities
18 3% 18 3% 20 4%
Real Estate
26 5% 26 5% 28 5%
Alternative investments3
17 3% 17 3% 18 3%
Policy loans 5 1% 5 1% 6 1%
Total Insurance Invested
Assets4 523 100% 523 100% 552 100%
Changes in
asset mix
Forex: positive impact
from the strengthening
of USD, CHF, JPY,
GBP and HKD against
the Euro
Net inflows,
investment income
and maturities:
invested mostly in
corporate and
government bonds, as
well as real estate
1. Within the bonds issued by Government related entities, Euro 30 billion were identified as benefitting from a limited state support and have subsequently been reclassified to
Corporate bonds as an opening restatement. This reclassification has no impact on their respective ratings.
2. Mortgage loans & other include residential loans (Euro 12 billion), commercial & agricultural loans (Euro 18 billion) and Agency Pools (Euro 1 billion)
3. Mainly Private Equity and Hedge Funds
4. FY15 invested assets referenced in page 57 of the financial supplement are Euro 779 billion, which include notably Euro 195 billion of Unit-linked assets and Euro 36 billion related
to the banking segment
GENERAL ACCOUNT INVESTED ASSETS
B48 | Full Year 2015 Earnings | Appendices | February 25, 2016
FOCUS ON OIL & GAS As of December 31, 2015
Oil & Gas
Other
2%
Total assets
Euro 552 billion
BBB-
9%
Below investment
grade
8%
A- and above
54%
BBB+ and BBB
28%
Oil & Gas fixed income1
Euro 12.1 billion2
1. Oil & Gas corpoate bonds not rated by external rating agencies have been reallocated under AXA’s internal ratings: AAA: Euro 86 million / AA: Euro 47 million / A: Euro 23 million / BBB:
Euro 98 million / Below investment grade: Euro 41 million
2. Of which Euro 11.4 billion of corporate bonds and Euro 0.7 billion of government related bonds
Mainly invested in
(i) midstream companies less
exposed to oil prices
(ii) state-owned companies
+ Euro 0.4 billion of equity investments in Oil & Gas
Mainly invested in actively
managed short-duration high-
yield bonds
1.0
B49 | Full Year 2015 Earnings | Appendices | February 25, 2016
FOCUS ON MINING, METALS AND STEEL As of December 31, 2015
1%
Other
Mining
Below investment
grade
12%
BBB and BBB+
27%
BBB-
34%
Mining, metals
and steel
fixed income1
Euro 3.6 billion
A- and above
27%
Mainly invested in large
international corporations
More than 75% of exposure
maturing within 5 years
No significant exposure
beyond 10 years
1. Mining corpoate bonds not rated by external rating agencies have been reallocated under AXA’s internal ratings: A: Euro 77 million / BBB: Euro 42 million / Below investment grade: Euro -3
million
Total assets
Euro 552 billion
+ Euro 0.1 billion of equity investments in mining, metals and steel
1.0
B50 | Full Year 2015 Earnings | Appendices | February 25, 2016
GOVERNMENT BONDS AND RELATED 1.1
Supranational Institutions
3%
Switzerland
6%
Spain
7%
Other
7%
US
9%
Austria
3%
Italy
10%
P&C
10%
L&S
89%
Other2
1%
Japan
12%
France
20%
Total: Euro 225 billion As of December 31, 2015
Germany
11% Belgium
9%
Ireland
2%
In Euro billion
Netherlands
2%
FY15
37.4
FY14 published3
43.9
1. Gross of tax and policyholders’ participation
2. Other includes International Insurance and Holdings segments
3. Not restated for the reclassification explained in note 1 on page B47
Breakdown by geography Breakdown by segment
Gross1 unrealized capital
gains and losses
B51 | Full Year 2015 Earnings | Appendices | February 25, 2016
GOVERNMENT BONDS AND RELATED
FOCUS ON EXPOSURE TO EUROZONE PERIPHERAL COUNTRIES 1.1
in Euro billion Gross book value
December 31, 2014
Gross book value
June 30, 2015
Gross book value
December 31, 2015
Gross market value
December 31, 2015
Italy 19.4 18.9 18.5 22.6
Spain 11.3 12.1 12.1 14.6
Ireland 3.3 3.2 3.2 3.6
Portugal 0.6 0.6 0.4 0.5
Greece 0.0 0.0 0.0 0.0
TOTAL 34.6 34.8 34.1 41.4
Exposure by issuer
B52 | Full Year 2015 Earnings | Appendices | February 25, 2016
CORPORATE BONDS 1.2
Energy
6%
Consumer cyclical
6%
Utilities
9%
Basic materials
4%
Communications
8%
P&C
14%
L&S
84%
Other2
2%
Other financials
7%
Banks
36%
Total: Euro 190 billion As of December 31, 2015
Consumer
non-cyclical
12%
Other
2%
In Euro billion
Technology
2%
7.8
FY15 FY14 published3
8.9
1. Gross of tax and policyholders’ participation
2. Other includes International Insurance and Holdings segments
3. Not restated for the reclassification explained in note 1 on page B47
Breakdown by industry Breakdown by segment
Gross1 unrealized capital
gains and losses
Industrial
8%
B53 | Full Year 2015 Earnings | Appendices | February 25, 2016
CORPORATE BONDS BREAKDOWN BY ENTITY AND RATING (including CDS)
1.2
P = Participating NP = Non-participating
1. Including UK, MedLA, Asia Pacific (excl. Japan), CEE, Direct P&C excluding Direct Japan
2. Not rated by external rating agencies. Under AXA’s internal ratings: AAA: Euro 0.4 billion / AA: euro 1.6 billion / A: Euro 3.4 billion / BBB: Euro 4.4 billion / Below investment
grade: Euro 2.1 billion
in Euro billion France US Belgium Germany Switzerland Japan Other1 Total
As of December 31, 2015 P NP P NP P NP P NP P NP NP P NP P NP
AAA 2.2 1.0 0.2 0.4 0.1 0.1 7.7 1.0 6.0 0.9 0.5 0.3 0.4 16.5 4.3
AA 5.0 2.2 0.5 2.3 0.7 0.6 5.5 0.7 2.4 0.6 2.2 1.9 1.5 16.1 10.0
A 10.8 4.0 1.9 9.6 1.6 1.3 5.4 1.2 6.8 1.1 5.6 5.5 4.4 31.9 27.2
BBB 12.6 5.4 1.3 11.3 1.2 1.3 5.1 1.6 7.8 1.2 2.9 3.9 3.6 31.9 27.3
Below investment grade 2.7 1.3 0.1 0.7 0.1 1.0 1.8 0.7 2.6 0.6 0.5 0.4 0.6 7.8 5.4
Non rated2 0.9 0.6 0.0 0.1 0.1 0.9 2.3 0.3 2.8 0.3 0.6 1.2 1.8 7.2 4.6
Total 34.3 14.4 3.9 24.5 3.9 5.2 27.8 5.5 28.5 4.7 12.3 13.2 12.2 111.5 78.9
B54 | Full Year 2015 Earnings | Appendices | February 25, 2016
FOCUS ON BANKING CORPORATE BONDS 1.2
Gross market value
in Euro billion
Senior debt Subordinated debt
Total Secured
Non
secured
Lower
Tier 2
Upper
Tier 2 Tier 1 Preferred
By rating:
AAA 19.3 0.0 0.1 0.0 0.0 0.0 19.4
AA 9.1 6.2 0.2 0.0 0.0 0.0 15.4
A 3.7 17.4 1.6 0.0 0.0 0.0 22.6
BBB 0.7 5.7 2.8 0.2 0.1 0.0 9.5
BIG 0.0 0.5 0.5 0.2 0.1 0.0 1.3
Total 32.7 29.8 5.1 0.4 0.2 0.0 68.31
By country:
Germany 9.4 1.9 0.9 0.4 0.0 0.0 12.6
France 4.5 3.2 1.9 0.0 0.0 0.0 9.7
United States 0.2 8.7 0.6 0.0 0.1 0.0 9.5
Switzerland 6.7 1.5 0.0 0.0 0.0 0.0 8.2
UK 1.3 2.9 0.5 0.0 0.0 0.0 4.7
Australia 1.7 2.0 0.3 0.0 0.0 0.0 4.0
Netherlands 1.1 2.5 0.3 0.0 0.0 0.0 3.9
Spain 2.8 0.7 0.2 0.0 0.1 0.0 3.8
Italy 1.2 1.3 0.0 0.0 0.0 0.0 2.6
Sweden 0.4 1.5 0.2 0.0 0.0 0.0 2.1
Austria 0.5 0.4 0.0 0.0 0.0 0.0 0.9
Norway 0.5 0.2 0.0 0.0 0.0 0.0 0.8
Other2 2.4 3.0 0.1 0.0 0.0 0.0 5.5
Total 32.7 29.8 5.1 0.4 0.2 0.0 68.3
As of December 31, 2015
Total corporate bonds
Euro 190 billion
3%Subordinated
Senior non
secured
Senior secured
Other
16%
17%
Banks
36%
1. Banking corporate bonds not rated by external rating agencies have been reallocated under AXA’s
internal ratings: AAA: Euro 0.1 billion / AA: Euro 1.1 billion / A: Euro 1.4 billion / BBB: Euro 1.7 billion /
Below investment grade: Euro 0.4 billion
2. More than 30 countries (of which Euro 0.1 billion in China)
B55 | Full Year 2015 Earnings | Appendices | February 25, 2016
FOCUS ON CDS 1.3
Corporate bonds Government bonds
and related
in Euro billion
Net CDS exposure excl.
NBT strategy
Net notional as of
December 31, 2015
NBT strategy
Net notional as of
December 31, 2015
Total
Net notional as of
December 31, 2015
Total
Net notional as of
December 31, 2015
AAA - - - 2.4
AA 1.2 0.0 1.1 -1.4
A 2.1 -0.1 2.0 0.4
BBB 2.8 -1.5 1.3 -0.1
Below investment grade -0.1 -0.7 -0.9 0.0
Non rated 1.4 -0.5 0.9 0.0
Total 7.3 -2.9 4.4 1.2
Represents
total market value of
Euro -72 million
CDS mainly used as alternative to investment grade corporate bonds
• Net CDS exposure excluding NBT strategy mainly corresponds to an “overlay” strategy
(synthetically replicate corporate bonds by selling CDS on top of government bonds to enhance
return)
• NBT strategy: buy credit derivatives on corporate names to form negative basis trade
CDS also used to get liquid exposure to local sovereign risks
B56 | Full Year 2015 Earnings | Appendices | February 25, 2016
ASSET BACKED SECURITIES 1.4
Prime Residential
4%
Commercial MBS
8%
CDO
5%
Consumer ABS2
3%
CLO
74%
Total: Euro 10 billion
As of December 31, 2015
1. Including debt and equity tranches of ABS
2. Mainly consumer loan ABS (plus some leases and operating ABS assets)
Breakdown by asset type1 Breakdown by rating
Below
investment
grade
12%
BBB
3%
AA
20%
AAA
52%
A
8%
Non rated/Equity
5%
Mortgage-backed Other asset-backed
US Subprime,
Alt-A & NC
RMBS
7%
B57 | Full Year 2015 Earnings | Appendices | February 25, 2016
US
22%
LISTED EQUITY PORTFOLIO OVERVIEW 1.5
Other Eurozone
countries
9%
Japan
6%
UK
5%
Rest of the World
14%
Belgium
6%
P&C
22%
L&S
73%
Other2
4%
Switzerland
6%
France
23%
Total: Euro 20 billion
Germany
10%
In Euro billion
FY15
3.4
FY14
3.4
1. Gross of tax and policyholders’ participation
2. Other includes International Insurance and Holdings segments
Breakdown by geography Breakdown by segment
Gross1 unrealized capital
gains and losses
As of December 31, 2015
B58 | Full Year 2015 Earnings | Appendices | February 25, 2016
SHAREHOLDERS’ EXPOSURE TO LISTED EQUITY 1.5
FY14
7
18
Gross
nominal 100%
Group share
net of hedge,
tax & PB
FY15
8
20
Gross
nominal 100%
Group share
net of hedge,
tax & PB
Estimated shareholders’ exposure to listed equity
(in Euro billion)
B59 | Full Year 2015 Earnings | Appendices | February 25, 2016
US
1%
1.6
Other Eurozone
countries
6%
Belgium
10%
UK
5%
Japan
1%
Switzerland
38%
France
30%
Market value1: Euro 28 billion As of December 31, 2015
Germany
9%
Breakdown by geography
Breakdown by type
REAL ESTATE INVESTMENTS Defensive portfolio with good performance over the long term
1. Representing Euro 3.5 billion of unrealized gains off balance sheet, net of tax and PB
Portfolio Yield from Rental Income ~ 4.5%
France Switz. Belgium Germany Others
Office 38% 43% 74% 47% 64%
Residential 13% 48% 0% 6% 2%
Retail 34% 0% 21% 17% 22%
Other 15% 9% 5% 30% 13%
P&C
12%
L&S
88%
Other
2%
Breakdown by segment
B60 | Full Year 2015 Earnings | Appendices | February 25, 2016 Source: AXA IM
EQMN –
Discretionary
22%
EQMN -
Systematic
17%
Distressed &
credit
44%
Relative value &
multi-strategy
24%
Fixed income
arbitrage
13%
Global macro
12%
HEDGE FUND INVESTMENTS Diversified portfolio of hedge funds
1.7
AXA portfolio return drivers
Alternative Credit : 8 managers
Well diversified exposure
Market value: Euro 6 billion
Alternative Credit
programme
58%
Multi-Strategy
programme
42%
Multi-Strategy : 18 managers
Short dated carry
44%
Deep value credit
25%
Real asset
cash flow
12%
Relative value
credit
18%
• Alternative Credit programme: 2015 performance was positive despite the negative trend in high yield credit.
• Multi-Strategy programme: focus on low volatility and uncorrelated returns. Annualized performance for 2015 is above the benchmark of USD Libor3m + 500bps. Portfolio returns are well diversified by strategy and manager
As of December 31, 2015
B61 | Full Year 2015 Earnings | Appendices | February 25, 2016
Europe
57%
1.8
US
34%
Japan
2%
Market value: Euro 9 billion As of December 31, 2015
Breakdown by geography Breakdown by expertise
Diversified portfolio
PRIVATE EQUITY INVESTMENTS Diversified portfolio built over the long run
14% Infrastructure
12% Private debt
5% Venture
69% Buy-out
Other
7%
57% Funds of funds
43% Direct
B62 | Full Year 2015 Earnings | Appendices | February 25, 2016
MORTGAGE LOANS & OTHER Low risk mortgage loan portfolio
1.9
1. Excluding Banking operations
2. Excluding Euro 1 billion of Agency pools (Mortgage-backed securities issued by US Government Sponsored Enterprises)
23% Germany
23% United States
13%
87% Residential
Commercial
67%
33% 5%
95%
49%
51%
Commercial
Agricultural
Very secured portfolio:
FY15 default rate
FY15 loan to value
0.17%
55% Market value2: Euro 30 billion
10% France
Residential
Commercial
36% Switzerland
Residential
Commercial
FY15 market value by entity1
Germany
23% US
23%
France
10% Other
8%
Switzerland
36%
As of December 31, 2015
B63 | Full Year 2015 Earnings | Appendices | February 25, 2016
FOCUS ON NET UNREALIZED CAPITAL GAINS 2
1. Excluding Forex, minority interests and other
2. Including ABS, alternative investments and other assets
3. Excluding net unrealized gains on bank loans. Total off-balance sheet net unrealized gains, including net unrealized gains on bank loans, amounted to Euro 6.7 billion in FY15 vs. Euro 5.7
billion in FY14
4. Not restated for the reclassification explained in note 1 on page B47
Balance sheet net unrealized
capital gains1
Off balance sheet net unrealized
capital gains
In Euro billion In Euro billion
10.9
2.4
2.0
FY15
12.8
9.5
1.6 1.7
FY14 published4
15.3
Government bonds
and related
Corporate bonds
Equities & Other
FY15
5.3
FY14
4.1 Real Estate and loans 3
2
Net unrealized capital gains on Government bonds and related by issuer
Eurozone
peripheral
countries
Other (mainly Hong
Kong, the US
and Austria)
-0.1
1.9
Japan
2.1
Switzerland
0.2
Belgium
2.2
Germany
0.6
France
2.7
B64 | Full Year 2015 Earnings | Appendices | February 25, 2016
1. Group investment margin on total General Account business
3
Inforce business New business
Products sold to attract higher margin
Unit-Linked business
FY15
L&S average guaranteed rate
Yield on total L&S asset base
Spread above
guaranteed rates
Spread above
guaranteed rate
FY15
L&S average guaranteed rate
Reinvestment yield on L&S fixed income assets
+160 bps
2.0%
3.6% +160 bps
0.5%
2.1%
Guidance: 70-80 bps
Resilient investment
margin1
FY14
80 bps
FY15
79 bps
Significant buffer to cover guarantees and to manage crediting
rates to preserve investment margin
Average reserves of Euro 352 billion
ASSET & LIABILITY MANAGEMENT (1/2) L&S General Account investment spreads and margin
B65 | Full Year 2015 Earnings | Appendices | February 25, 2016
3 ASSET & LIABILITY MANAGEMENT (2/2) L&S General Account investment spreads for main entities
120bps
3.0% 4.2%
Belgium
AXA MPS
L&S average
guaranteed rate
Reinvestment yield on
L&S fixed income assets
• Average G/A reserves: Euro 25 billion
• Emphasizing new hybrid products, using
G/A to develop Unit-Linked
• Average G/A reserves: Euro 11 billion
• Emphasizing hybrid products and
Protection businesses
Yield on total L&S
asset base
0.7%
3.9%
0.0%
2.0%
40bps
3.3% 3.7% 130bps
1.1% 2.4%
FY15
80bps
1.2% 2.0%
FY15
FY15
130bps
1.7% 3.0%
1.8%
80bps
1.0%
FY15
Germany
• Average G/A reserves: Euro 59 billion
• Asset portfolio with long investment
horizon (average duration of 9 years)
and with limited reinvestments in Bunds
FY15 FY15
France
• Average G/A reserves: Euro 102 billion
• G/A Savings new business sales with
long term guarantees stopped in 1998
Switzerland • Average G/A reserves: Euro 58 billion
• Protection components making products
very profitable
FY15 FY15
90bps
2.3% 1.4%
0.8%
70bps
1.5%
FY15
320bps 200bps
New business Inforce
FY15
B66 | Full Year 2015 Earnings | Appendices | February 25, 2016
NET FINANCIAL DEBT - LONG-TERM MATURITIES
Net financial debt Contractual maturity breakdown
Economic maturity breakdown
Undated
6.6
3.0
2.2
2026-
2040
2.5
0.3
2021-
2025
0.3
2020
0.5
2019 2018 2017
1.7
2016
Undated
0.9
1.8
0.1
2026-
2040
2.1
0.2
2.2
0.3
2021-
2025
1.0 1.0
1.0
0.3
2020
1.8
2019
0.3
2018
0.7
2017
0.3 1.8
2016
1.3
TSDI = undated subordinated notes
Subordinated debt
Senior debt
TSS = undated deeply subordinated notes
4
1. Including Euro -0.6 billion of reversal of mark-to-market on interest rates derivatives in FY15 vs.
Euro -0.4 billion in FY14
In Euro billion
6.9
FY14
-4.0
13.5
9.5
6.8
1.6
9.1
FY15
14.3
-2.8
0.6
Cash Subordinated debt1
Senior debt Undated subordinated debt
Debt
gearing 24% 23%
In Euro billion
In Euro billion
B67 | Full Year 2015 Earnings | Appendices | February 25, 2016
SOLVENCY II RATIO
Required capital
Available capital
FY15
28.8
59.2
FY14
27.0
54.3
Solvency II ratio 201% 205%
In Euro billion
Solvency II ratio Key sensitivities
Solvency II ratio roll-forward
Equity markets -25% 199%
Equity markets +25% 208%
Corporate spreads +75bps 205%
Interest rate -50bps 197%
Interest rate +50bps 207%
Ratio as of Dec 31, 2015 205%
+2 pts
-8 pts
0 pt
+3 pts
-6 pts
FY15 Market impact
excl. forex
-1 pt
205%
-1 pt
Forex & other Dividend
-9 pts
Operating
return
+5 pts
9M15
212%
B68 | Full Year 2015 Earnings | Appendices | February 25, 2016
SOLVENCY II REQUIRED CAPITAL SPLIT BY RISK. GEOGRAPHY & BUSINESS
5
Life & Savings 54%
Asset
Management
& Banking 4%
Holdings & Other
18% Property &
Casualty 24%
21%
41%
23%
Operational
10%
Counterparty 5%
P&C
Life
Market
UK
Holdings & Other
US
25%
23%
France
MedLA NORCEE
Asia-Pacific
Asset Management & Banking
4%
11%
16%
5%
8%
8%
Required capital by risk
Required capital by geography
Required capital by business
B69 | Full Year 2015 Earnings | Appendices | February 25, 2016
SHAREHOLDERS’ EQUITY TO SOLVENCY II AFR
In Euro billion
5
68
Available Financial
Resources
(AFR)
59
Scope & others +1
Subordinated debt +7
Best Estimate Liabilities +9
Intangible assets -32
Full market value
of assets +5
IFRS
Shareholders’ Equity1
Move to full market value of assets
• Real estate (Euro +4.9 billion)
• Loans (Euro +0.3 billion)
Remove intangible assets
• Goodwill (Euro -17 billion)
• DAC (Euro -12 billion)
• VBI and other intangibles (Euro -4 billion)
Move to Best Estimate Liabilities
• Difference between IFRS reserves and Best
Estimate Liabilities (Euro +22 billion)
• Market Value Margin (Euro -13 billion)
B70 | Full Year 2015 Earnings | Appendices | February 25, 2016
FY15
54.2
Forex & other
1.2
Economic &
non-operating
variance
-1.6
Operational
variance1
1.0
New business
value
2.5
Existing
business
contribution
2.7
Modelling
changes &
opening
adjustment
-1.7
Transition
to Solvency
II in EEA
0.5
FY14
49.5
LIFE & SAVINGS EMBEDDED VALUE
6
1, Operational variances include actuarial and tax assumptions, expense and modeling of
participating and adjustable credited rates business
B71 | Full Year 2015 Earnings | Appendices | February 25, 2016
LIFE & SAVINGS EMBEDDED VALUE AND OPERATING FCF
6
Change
In EUR billion
L&S
EV = VIF +
ANAV
=
o/w
Required
capital
(included in
ANAV)
+
o/w
Free
Surplus (included in
ANAV)
Opening (Dec. 31, 2014)
49.5 25.3 24.3 16.4 7.9
Modeling adj.
and scope -1.2 -1.5 0.3 -3.0 3.3
Existing
business
contribution 2.7 -1.8 4.6 -0.3 4.9
New business
value 2.5 3.9 -1.4 0.4 -1.8
Operational
variance 1.0 2.0 -1.0 -1.0 0.0
Economic
variances -1.6 -1.1 -0.3 0.7 -1.0
Capital flows.
Forex and other 1.2 1.3 -0.1 1.0 -1.1
Closing
(Dec. 31, 2015) 54.2 = 28.0 + 26.2 = 14.2 + 12.0
FY15 Life & Savings Free Cash Flow
breakdown
In Euro billion
In-force capital
release
-1.4 New business
strain
Expected existing
business contribution 4.6
+0.3
-0.4
3.1
New business
required capital
FY15 L&S operating
Free Cash Flow
1. Operational variances include actuarial and tax assumptions, expense and modeling of
participating and adjustable credited rates business
B72 | Full Year 2015 Earnings | Appendices | February 25, 2016
LIFE & SAVINGS NBV & EV - KEY SENSITIVITIES
New Business Value (NBV) Sensitivities
Equity markets’ volatility +25% 2,446
2,326
Equity markets -10% 2,376
Equity markets +10% 2,595
Interest rate -100 bps 2,234
Interest rate +100 bps 2,551
L&S NBV as at Dec 31, 2015 2,490
Interest rates volatility +25%
Equity markets’ volatility +25% 53.6
52.1
Equity markets -10% 52.4
Equity markets +10% 56.1
Interest rate -100 bps 49.7
Interest rate +100 bps 56.1
L&S EV as at Dec 31, 2015 54.2
Interest rates volatility +25%
Embedded Value (EV) Sensitivities
6
In Euro billion In Euro million
+1.8 | +4%
-4.6 | -8%
+1.8 | +3%
-1.9 | -3%
-0.7 | -1%
-2.0 | -4%
+67 | +3%
-249 | -10%
+112 | +5%
-107 | -4%
-38 | -2%
-158 | -6%
B73 | Full Year 2015 Earnings | Appendices | February 25, 2016
LIFE & SAVINGS INTERNAL RATE OF RETURN (IRR) BY COUNTRY 7
US
In Euro million
France
APE
UK
NB IRR
Solvency I basis
Japan
MedLA
NORCEE
Total
o/w Germany
o/w Switzerland
o/w Belgium
FY14
APE NB IRR
Solvency I basis
FY15
1. New Business Internal Rate of Return based on Solvency II only for EEA entities
Asia excl. Japan
1,767 10.5%
1,656 17.3%
935 4.7%
418 12.9%
864 13.2%
373 12.5%
313 14.5%
100 12.4%
560 16.0%
1,171 25.9%
7,376 14.4%
1,584 9.7%
1,355 24.2%
704 6.3%
361 11.9%
909 11.4%
373 10.5%
329 11.8%
125 12.9%
570 16.7%
981 22.1%
6,477 14.2%
NB IRR
Solvency II flows1
18.4%
17.3%
4.7%
12.9%
17.0%
20.0%
14.5%
19.1%
33.2%
25.9%
17.5%
+3.1 points incremental
IRR following lower cash
consumption from L&S
new business in EEA
entities under Solvency II
B74 | Full Year 2015 Earnings | Appendices | February 25, 2016
US
In Euro million
France
Solvency I L&S operating free
cash flows
UK
Japan
MedLA
NORCEE
Total
o/w Germany
o/w Switzerland
o/w Belgium
FY14
Solvency II L&S operating free
cash flows1
FY15
Asia excl. Japan
855
657
18
279
800
217
328
211
211
280
3,100
750
542
(1)
215
824
180
345
241
123
36
2,489
1. L&S Operating Free Cash Flow based on Solvency II only for EEA entities
L&S OPERATING FREE CASH FLOW BY COUNTRY 7
B75 | Full Year 2015 Earnings | Appendices | February 25, 2016
Expected undiscounted cash
flows from 2015 inforce1 business
In Euro billion In Euro billion
30
25
20
15
10
5
0
35
>35 31-35 26-30 21-25 16-20 11-15 6-10 1-5
2.0
1.5
-0.5
1.0
0.5
0.0
-1.0
-1.5
-2.0
2015
1-5 6-10 11-15 16-20 21-25 26-30 31-35
Expected undiscounted cash flows
from 2015 New Business
LIFE & SAVINGS FREE CASH FLOW EMERGENCE FROM
INFORCE AND NEW BUSINESS 7
>35
Above cash flows are expected to be improved by inforce management initiatives of the company. in particular:
• Actions to improve value of the existing book
• Actions to release more capital from the existing book
Euro 22 billion undiscounted free cash flows expected to be released from 2015 inforce1 over 5 years
1. Including 2015 new business, to be released from January 1, 2016 onwards
B76 | Full Year 2015 Earnings | Appendices | February 25, 2016
Dividend accrual reflected in Solvency II ratio
Moving from net to gross Debt gearing
Starting 1Q16, Solvency II ratio will reflect dividend accrual on a quarterly basis (previously at year end only)
Starting 1H16, Debt gearing ratio will be calculated gross of holding company cash
Subordinated debt
0.6
6.9
-2.8
14.3
Undated
subordinated debt 9.5
Cash
Senior debt
Adjusted
Shareholders’ Equity1 48.8
23%
FY15
Current methodology (FY15)
New methodology (FY15)
Net Debt
Adjusted SHE + Net Debt =
Gross Debt: 17.0
Net Debt
In Euro billion
Gross Debt
Adjusted SHE + Gross Debt 26% =
DIVIDEND ACCRUAL AND DEBT GEARING: CHANGE IN
METHODOLOGY TO ALIGN WITH INDUSTRY PRACTICE
1. Shareholders’ equity excluding undated debt and reserves related to change in fair value
Corporate Responsibility
B78 | Full Year 2015 Earnings | Appendices | February 25, 2016
MAIN SRI RATINGS
Included in the CDP Climate
Disclosure Leadership
Index, with a score of
98/100
Ranked “A+” in the 2015
“Assessment Report”
(Responsible Investment
strategy)
Included in the FTSE4GOOD
index since 2008
General score: 87/100
Ranked 2/150 insurers
As of February 25, 2016. Further details are available at: https://www.axa.com/en/investor/sri-ratings-ethical-indexes
2014 Sector leader,
ranked 1st out of 37.
Included in Vigeo Euronext
indices
Score: 83/100
Percentile ranking: 96/100
Included in DJSI Europe and
DJS World indices
B79 | Full Year 2015 Earnings | Appendices | February 25, 2016
RESPONSIBLE INVESTMENT STRATEGY
“ESG + CARBON” INTEGRATION
Long-term ESG integration
process
Gradual and systematic integration
of tangible ESG factors in AXA’s
investment mandates
Development of specific
measurement tools
“Carbon Asset risk” strategy
Green investments: triple exposure
within General Accounts to Euro 3
billion by 2020.
Coal divestment: Euro 500 million,
coal mining and coal-based power
generation.
Carbon footprinting of our General
Account investments (“Montreal
Pledge” signatory)
SECTOR GUIDELINES
Implementation of investment
guidelines for sectors with acute
environmental or ethical
challenges
Current exclusions:
Controversial weapons
Coal-based energy
production & coal extraction
Palm oil production
Food commodity derivatives
IMPACT INVESTING
Euro 200 million “impact
investment” fund of funds
launched in 2013 seeking to create
both financial returns and positive
social or environmental impacts
that are actively measured
Capital allocated to organizations
that address key societal
challenges: healthcare,
microfinance, microinsurance,
education, agriculture & food, etc.
Fund now almost fully invested,
funded from General Account
Euro 155 million renewable
energy fund managed by Ardian
Investments