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AXA/2023/FY/Financial supplement

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< AXA
Document info
OrganizationAXA
Year2023
PeriodFY
Period labelFY23
Document categoryFinancial supplement
LanguageEnglish
SourceOriginal URL
Archive file.md file

AXA Full Year 2023 financial supplement.

Market Data

Exchange rate by currency
EUR December 31, 2022 December 31, 2023 Average December 31, 2022 Average December 31, 2023
USD 1.07 1.10 1.05 1.08
JPY 141 156 138 152
GBP 0.89 0.87 0.85 0.87
CHF 0.99 0.93 1.00 0.97
HKD 8.33 8.63 8.25 8.47
Discount rate 5Y by currency
% Average December 31,2021 Average December 31, 2022 Average December 31, 2023
EUR -0.22% 1.56% 3.48%
USD 1.19% 3.29% 4.61%
JPY -0.09% -0.02% 0.12%
GBP 0.78% 2.95% 4.84%
CHF -0.38% 0.85% 1.81%
HKD 0.93% 2.87% 4.15%
Discount rate 10Y by currency
% Closing December 31,2021 Closing December 31, 2022 Closing December 31, 2023
EUR 0.37% 3.42% 2.75%
USD 1.91% 4.43% 4.12%
JPY 0.07% 0.53% 0.62%
GBP 1.18% 4.19% 3.79%
CHF 0.20% 2.09% 1.16%
HKD 1.59% 3.97% 3.50%

UE by LOB and Net Income

Group underlying earnings build-up by line of business and net income
EUR million Asset Management
Group Property & Casualty Life & Health Asset Management Holdings (footnote: Includes Bank with Underlying Earnings Group Share of Euro -27 million as of December 31, 2022 and Euro -56 million in as of December 31, 2023.)
— December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023
Short-term Business — — — — — — — — — —
Revenues 66,647 67,134 50,798 52,326 15,849 14,809 — — — —
Combined Ratio — — 97.6% 93.2% 97.5% 98.9% — — — —
Technical Margin 1,609 3,701 1,213 3,534 396 168 — — — —
Long-term Business — — — — — — — — — —
CSM Release 3,013 2,861 — — 3,013 2,861 — — — —
Technical Experience -216 -148 — — -216 -148 — — — —
Financial Result & Other — — — — — — — — — —
Financial Result 3,839 4,022 2,504 2,721 1,103 889 1 39 230 374
Other Revenues 2,910 2,947 — — — — 1,916 1,880 994 1,067
Other Expenses -2,975 -3,238 — — — — -1,404 -1,457 -1,571 -1,781
Debt Financing Charges -759 -940 — — — — — — -759 -940
Underlying Earnings Before Tax 7,421 9,207 3,718 6,255 4,296 3,769 513 462 -1,107 -1,280
Tax -1,468 -1,762 -781 -1,249 -849 -669 -130 -125 292 280
Income from Affiliates & Other 288 337 74 109 185 193 30 35 0 0
Minority Interests -162 -177 -80 -103 -69 -62 -14 -12 0 0
Underlying Earnings Group Share 6,080 7,604 2,931 5,012 3,563 3,232 400 360 -814 -1,000
Underlying Earnings Growth Rate (constant FX) N/A 27% — — — — — — — —
Underlying ROE 12.1% 14.9% 9.5% 15.9% 14.8% 13.5% 27.9% 24.9% — —
Net Realized Capital Gains & Losses -293 179 — — — — — — — —
Change in Fair Value of Assets & Derivatives -124 -58 — — — — — — — —
Amortization of customer intangibles -280 -137 — — — — — — — —
Integration and Restructuring Costs -287 -303 — — — — — — — —
Exceptional Items -35 -96 — — — — — — — —
Net Income Group Share 5,061 7,189 — — — — — — — —
Deeply Subordinated and Undated Subordinated Debt Charges -182 -185 — — — — — — — —
Underlying Earnings for EPS calculation 5,898 7,419 — — — — — — — —
Net Income for EPS calculation 4,879 7,004 — — — — — — — —

UE by Geography

Underlying earnings build-up by geography
EUR million Group France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other
— December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023
Short-term Business — — — — — — — — — — — — — —
Revenues 66,647 67,134 18,462 17,377 20,512 22,153 18,777 17,903 6,950 7,601 — — 1,946 2,100
Combined Ratio — — — — — — — — — — — — — —
Technical Margin 1,609 3,701 -119 1,119 739 828 1,119 1,717 -46 15 — — -84 22
Long-term Business — — — — — — — — — — — — — —
CSM Release 3,013 2,861 944 847 940 956 3 1 1,126 1,057 — — 0 0
Technical Experience -216 -148 -74 -115 -7 -9 -3 -5 -132 -20 — — 0 0
Financial Result & Other — — — — — — — — — — — — — —
Financial Result 3,839 4,022 879 731 1,621 1,703 563 601 526 531 1 39 249 418
Other Revenues 2,910 2,947 137 86 -1 8 0 0 -6 1 1,916 1,880 863 972
Other Expenses -2,975 -3,238 -170 -158 49 1 0 0 -15 -16 -1,404 -1,457 -1,434 -1,609
Debt Financing Charges -759 -940 0 0 -3 -1 -67 -35 -13 -15 — — -676 -888
Underlying Earnings Before Tax 7,421 9,207 1,597 2,510 3,339 3,486 1,615 2,280 1,439 1,552 513 462 -1,083 -1,084
Tax -1,468 -1,762 -337 -514 -710 -621 -314 -385 -305 -337 -130 -125 327 220
Income from Affiliates & Other 288 337 13 10 0 -3 0 0 246 295 30 35 0 0
Minority Interests -162 -177 -3 0 -114 -115 0 0 -32 -50 -14 -12 0 0
Underlying Earnings Group share 6,080 7,604 1,270 2,006 2,514 2,747 1,302 1,895 1,349 1,460 400 360 -755 -865
Underlying earnings breakdown by line of business and geography
EUR million Group France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other
— December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023
Underlying Earnings by Line of Business — — — — — — — — — — — — — —
Property & Casualty 2,931 5,012 117 1,104 1,191 1,557 1,352 1,920 296 338 — — -26 92
Life & Health 3,563 3,232 1,180 957 1,266 1,089 17 9 1,095 1,163 — — 4 13
Asset Management 400 360 — — — — — — — — 400 360 — —
Holdings (footnote: Includes Bank with Underlying Earnings Group Share of Euro -27 million as of December 31, 2022 and Euro -56 million in as of December 31, 2023.) -814 -1,000 -27 -55 57 101 -67 -35 -43 -41 — — -734 -971

Shares & UEPS

Basic number of shares and fully diluted EPS build-up
million December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023
— Outstanding Shares Excluding Treasury Shares (footnote: Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares amounted to 87 million shares as at December 31, 2022 and 44 million shares as at December 31, 2023.) Weighted Average Number
Basic Number of Shares — — — —
As of Beginning of Period 2,355.5 2,264.5 2,355.5 2,264.5
Increase of Capital Dedicated to Employees 14.0 13.8 1.4 1.4
Exercice of Stock-options 2.1 2.5 0.8 1.0
Other Movement of Treasury Shares -21.2 43.2 14.2 56.1
Capital Increase / (Decrease) -85.9 -97.9 -81.7 -91.4
As at End of Period 2,264.5 2,226.2 — —
During the Period — — 2,290.3 2,231.7
Fully Diluted Number of Shares — — — —
Stock Options — — 0.8 1.0
Performance Shares — — 6.6 5.8
During the Period (A) — — 2,297.7 2,238.5
Earnings Group Share: — — — —
Net Income — — 5,061 7,189
Underlying Earnings — — 6,080 7,604
Impact of undated and deeply subordinated debts: — — — —
Undated and deeply subordinated debt charges — — -182 -185
Earnings for EPS Calculation: — — — —
Net Income for EPS Calculation (B) — — 4,879 7,004
Underlying Earnings for EPS Calculation (C) — — 5,898 7,419
Fully Diluted Euro per Share (EPS) — — — —
EPS (B/A) — — 2.12 3.13
Underlying EPS (C/A) — — 2.57 3.31

P&C UE by Sub LOB

Property & casualty underlying earnings build-up by line of business
EUR million December 31, 2022 December 31, 2023
— Total Commercial lines Personal lines AXA XL Reinsurance Intercompany eliminations Total Commercial lines Personal lines AXA XL Reinsurance Intercompany eliminations
Short-term Business — — — — — — — — — —
Revenues 50,798 33,606 16,687 2,968 -2,463 52,326 35,522 17,379 2,260 -2,835
Current Accident Year Loss Ratio 71.5% 71.5% 70.8% 94.4% — 69.6% 69.9% 73.0% 72.4% —
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) 68.9% 70.6% 68.0% 75.5% — 68.5% 69.8% 70.5% 69.1% —
Undiscounted Current Accident Year Nat Cats 5.0% 3.4% 4.5% 22.0% — 4.8% 3.8% 5.5% 9.8% —
Current Accident Year Discounting -2.4% -2.5% -1.7% -3.1% — -3.7% -3.6% -3.0% -6.5% —
Prior Year Reserve Development Ratio 1.7% 1.8% 1.7% -2.8% — -1.1% -1.0% -0.8% -1.2% —
Expense Ratio 24.4% 23.2% 26.1% 9.6% — 24.7% 23.3% 25.8% 10.3% —
Combined Ratio 97.6% 96.5% 98.7% 101.2% — 93.2% 92.2% 98.0% 81.5% —
Technical Margin 1,213 1,164 220 -35 -135 3,534 2,774 348 417 -6
Long-term Business — — — — — — — — — —
CSM Release — — — — — — — — — —
Technical Experience — — — — — — — — — —
Financial Result & Other — — — — — — — — — —
Financial Result 2,504 1,833 554 162 -45 2,721 1,895 639 193 -6
Investment Income 2,968 2,147 544 322 -45 3,344 2,326 696 328 -6
Insurance Finance Expenses -463 -314 10 -159 0 -623 -431 -57 -135 0
Other Revenues — — — — — — — — — —
Other Expenses — — — — — — — — — —
Debt Financing Charges — — — — — — — — — —
Underlying Earnings Before Tax 3,718 2,997 774 127 -180 6,255 4,669 987 611 -12
Tax -781 — — — — -1,249 — — — —
Income from Affiliates & Other 74 — — — — 109 — — — —
Minority Interests -80 — — — — -103 — — — —
Underlying Earnings Group share 2,931 — — — — 5,012 — — — —
Closing Invested Assets 105,761 — — — — 111,635 — — — —
o/w VFA 0 — — — — 0 — — — —
o/w Non VFA 105,761 — — — — 111,635 — — — —
For short-term business — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance 14,263 8,370 4,847 1,011 36 14,950 8,845 5,066 1,071 -31
Best Estimate for incurred Claims net of reinsurance 66,722 43,020 16,072 7,580 50 69,978 45,320 17,810 6,841 7

P&C UE by Geography

Property & casualty profitability analysis by geography
EUR million PROPERTY & CASUALTY PROFITABILITY ANALYSIS BY GEOGRAPHY
AXA Consolidated
Financial Statements
December 31, 2022 December 31, 2023
— Total France Europe AXA XL o/w AXA XL Insurance Asia, Africa & EME-LATAM Transversal & Other Total France Europe AXA XL o/w AXA XL Insurance Asia, Africa & EME-LATAM Transversal & Other
Short-term Business — — — — — — — — — — — — — —
Revenues 50,798 7,820 17,738 18,777 15,809 4,786 1,677 52,326 8,488 18,988 17,903 15,644 5,105 1,841
Current Accident Year Loss Ratio 71.5% 73.1% 68.7% 75.9% 72.4% 68.7% 53.8% 69.6% 70.3% 70.2% 70.2% 69.9% 70.3% 51.5%
Undiscounted Current Accident Year Loss Ratio (excl. Nat Cats) 68.9% 71.1% 66.7% 71.5% 70.7% 68.9% 53.6% 68.5% 70.2% 68.2% 69.4% 69.5% 69.9% 51.4%
Undiscounted Current Accident Year Nat Cats 5.0% 5.6% 3.9% 7.2% 4.4% 0.6% 1.0% 4.8% 5.3% 5.7% 4.9% 4.2% 2.0% 0.6%
Current Accident Year Discounting -2.4% -3.6% -1.9% -2.8% -2.7% -0.9% -0.7% -3.7% -5.1% -3.6% -4.2% -3.8% -1.5% -0.5%
Prior Year Reserve Development Ratio 1.7% 9.7% 1.5% -1.2% -1.0% 0.9% 1.5% -1.1% -3.3% -1.0% -0.1% 0.0% -0.8% -0.5%
Expense Ratio 24.4% 21.4% 26.9% 19.4% 21.2% 31.1% 49.9% 24.7% 21.8% 26.1% 20.3% 21.8% 31.1% 49.0%
Combined Ratio 97.6% 104.2% 97.0% 94.0% 92.7% 100.6% 105.2% 93.2% 88.8% 95.3% 90.4% 91.7% 100.5% 99.9%
Technical Margin 1,213 -327 537 1,119 1,154 -28 -88 3,534 954 888 1,717 1,300 -28 2
Long-term Business — — — — — — — — — — — — — —
CSM Release — — — — — — — — — — — — — —
Technical Experience — — — — — — — — — — — — — —
Financial Result & Other — — — — — — — — — — — — — —
Financial Result 2,504 498 1,049 543 381 360 53 2,721 506 1,129 586 401 390 111
Investment Income 2,968 475 1,074 979 658 386 53 3,344 542 1,222 1,046 726 412 122
Insurance Finance Expenses -463 23 -25 -436 -277 -25 0 -623 -36 -94 -460 -325 -22 -11
Other Revenues — — — — — — — — — — — — — —
Other Expenses — — — — — — — — — — — — — —
Debt Financing Charges — — — — — — — — — — — — — —
Underlying Earnings Before Tax 3,718 171 1,586 1,662 1,535 333 -34 6,255 1,460 2,017 2,303 1,701 362 113
Tax -781 -54 -343 -310 -279 -82 8 -1,249 -355 -397 -383 -270 -93 -20
Income from Affiliates & Other 74 0 0 0 0 74 0 109 0 -2 0 0 110 0
Minority Interests -80 0 -52 0 0 -28 0 -103 0 -61 0 0 -41 0
Underlying Earnings Group share 2,931 117 1,191 1,352 1,257 296 -26 5,012 1,104 1,557 1,920 1,431 338 92
For short-term business — — — — — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance 14,263 1,813 4,605 5,988 4,977 1,605 253 14,950 1,700 4,974 6,345 5,274 1,659 271
Best Estimate for incurred Claims net of reinsurance 66,722 12,679 23,008 25,405 17,870 2,939 2,691 69,978 13,338 24,886 25,147 18,351 3,339 3,268

L&H UE by LOB

Life & health underlying earnings by line of business
EUR million December 31, 2022 December 31, 2023
— Total Life Health Total Life Health
Short-term Business — — — — — —
Revenues 15,849 4,001 11,848 14,809 4,063 10,745
Combined Ratio 97.5% 94.2% 98.6% 98.9% 96.3% 99.8%
Technical Margin 396 233 163 168 149 19
Long-term Business — — — — — —
CSM Release 3,013 2,451 563 2,861 2,315 546
Technical Experience -216 -112 -104 -148 -158 11
Actual vs. Expected Cash Flows -186 -87 -100 -21 -46 25
Risk Adjustment Release 92 82 10 49 41 8
Changes in Onerous Contracts 4 -5 9 -49 -48 -2
Other Long-term -126 -102 -24 -126 -105 -20
Financial Result & Other — — — — — —
Financial Result 1,103 894 209 889 728 160
Investment Income 2,639 2,326 313 2,480 2,183 297
Insurance Finance Expenses -1,535 -1,432 -103 -1,592 -1,454 -137
Other Revenues — — — — — —
Other Expenses — — — — — —
Debt Financing Charges — — — — — —
Underlying Earnings Before Tax 4,296 3,466 830 3,769 3,034 736
Tax -849 -660 -189 -669 -523 -146
Income from Affiliates & Other 185 180 5 193 206 -13
Minority Interests -69 -65 -4 -62 -56 -6
Underlying Earnings Group share 3,563 2,920 643 3,232 2,661 570
Closing Invested Assets 338,496 — — 339,779 — —
o/w VFA 227,008 — — 227,634 — —
o/w Non VFA 111,488 — — 112,145 — —
For short-term business — — — — — —
Liabilities for remaining coverage net of reinsurance 1,619 143 1,477 2,008 154 1,854
Best Estimate for incurred Claims net of reinsurance 14,183 11,443 2,739 14,456 12,110 2,346
For long-term business — — — — — —
Best Estimate Liabilities net of reinsurance 304,362 285,500 18,863 312,129 291,952 20,177
o/w VFA Gross of reinsurance 258,706 239,515 19,191 266,805 245,954 20,850
o/w BBA Gross of reinsurance 53,277 53,518 -240 54,477 55,035 -558
o/w Reinsurance -7,621 -7,533 -88 -9,152 -9,037 -115

L&H UE by Geography

Life & health profitability analysis by geography
EUR million LIFE & HEALTH PROFITABILITY ANALYSIS BY GEOGRAPHY
AXA Consolidated
Financial Statements
December 31, 2022 December 31, 2023
— Total France Europe AXA XL Asia, Africa & EME-LATAM Transversal & Other Total France Europe AXA XL Asia, Africa & EME-LATAM Transversal & Other
Short-term Business — — — — — — — — — — — —
Revenues 15,849 10,642 2,774 0 2,164 269 14,809 8,889 3,165 0 2,496 259
Combined Ratio 97.5% 98.0% 92.7% 0.0% 100.9% 98.6% 98.9% 98.1% 101.9% 0.0% 98.3% 92.2%
Technical Margin 396 208 202 0 -18 4 168 165 -61 0 43 20
Long-term Business — — — — — — — — — — — —
CSM Release 3,013 944 940 3 1,126 0 2,861 847 956 1 1,057 0
Technical Experience -216 -74 -7 -3 -132 0 -148 -115 -9 -5 -20 0
Actual vs. Expected Cash Flows -186 1 -48 -4 -137 0 -21 -20 -22 1 21 0
Risk Adjustment Release 92 28 45 1 20 0 49 11 14 1 24 0
Changes in Onerous Contracts 4 0 -24 0 28 0 -49 0 -26 -6 -18 0
Other Long-term -126 -103 20 0 -43 0 -126 -105 26 0 -47 0
Financial Result & Other — — — — — — — — — — — —
Financial Result 1,103 380 527 20 176 0 889 223 504 16 146 0
Investment Income 2,639 746 994 24 874 0 2,480 717 907 22 833 0
Insurance Finance Expenses -1,535 -366 -467 -4 -698 0 -1,592 -494 -403 -7 -687 0
Other Revenues — — — — — — — — — — — —
Other Expenses — — — — — — — — — — — —
Debt Financing Charges — — — — — — — — — — — —
Underlying Earnings Before Tax 4,296 1,459 1,662 20 1,151 4 3,769 1,121 1,391 12 1,227 20
Tax -849 -289 -333 -3 -224 1 -669 -173 -247 -2 -240 -7
Income from Affiliates & Other 185 13 0 0 172 0 193 10 -2 0 185 0
Minority Interests -69 -3 -62 0 -4 0 -62 0 -53 0 -9 0
Underlying Earnings Group share 3,563 1,180 1,266 17 1,095 4 3,232 957 1,089 9 1,163 13
For short-term business — — — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance 1,619 25 801 0 786 8 2,008 33 957 0 1,012 6
Best Estimate for incurred Claims net of reinsurance 14,183 13,362 394 0 401 25 14,456 13,242 757 0 445 11
For long-term business — — — — — — — — — — — —
Best Estimate Liabilities net of reinsurance 304,362 127,114 133,016 330 43,902 0 312,129 125,937 138,040 334 47,818 0
o/w VFA Gross of reinsurance 258,706 118,408 119,844 0 20,454 0 266,805 118,614 124,312 0 23,879 0
o/w BBA Gross of reinsurance 53,277 9,789 13,435 1,905 28,148 0 54,477 10,114 14,035 1,791 28,537 0
o/w Reinsurance -7,621 -1,083 -262 -1,575 -4,700 0 -9,152 -2,790 -307 -1,457 -4,598 0

Life UE by Geography

Life underlying earnings by geography
EUR million December 31, 2022 December 31, 2023
— Total France Europe AXA XL Asia, Africa & EME-LATAM Transversal & Other Total France Europe AXA XL Asia, Africa & EME-LATAM Transversal & Other
Short-term Business — — — — — — — — — — — —
Revenues 4,001 3,639 93 0 269 0 4,063 3,682 103 0 278 0
Combined Ratio 94.2% 94.5% 77.6% 0.0% 95.6% 0.0% 96.3% 97.2% 86.4% 0.0% 88.7% 0.0%
Technical Margin 233 200 21 0 12 0 149 103 14 0 31 0
Long-term Business — — — — — — — — — — — —
CSM Release 2,451 944 796 3 707 0 2,315 847 803 1 664 0
Technical Experience -112 -74 -4 -3 -31 0 -158 -115 10 -5 -49 0
Actual vs. Expected Cash Flows -87 1 -47 -4 -37 0 -46 -20 -20 1 -7 0
Risk Adjustment Release 82 28 42 1 12 0 41 11 15 1 15 0
Changes in Onerous Contracts -5 0 -35 0 29 0 -48 0 -25 -6 -16 0
Other Long-term -102 -103 37 0 -36 0 -105 -105 40 0 -41 0
Financial Result & Other — — — — — — — — — — — —
Financial Result 894 311 467 20 96 0 728 200 437 16 76 0
Investment Income 2,326 677 937 24 689 0 2,183 663 836 22 662 0
Insurance Finance Expenses -1,432 -366 -469 -4 -593 0 -1,454 -463 -399 -7 -586 0
Other Revenues — — — — — — — — — — — —
Other Expenses — — — — — — — — — — — —
Debt Financing Charges — — — — — — — — — — — —
Underlying Earnings Before Tax 3,466 1,381 1,280 20 784 0 3,034 1,035 1,264 12 723 0
Tax -660 -274 -243 -3 -140 0 -523 -161 -234 -2 -126 0
Income from Affiliates & Other 180 13 0 0 167 0 206 10 0 0 196 0
Minority Interests -65 -3 -60 0 -2 0 -56 0 -52 0 -4 0
Underlying Earnings Group share 2,920 1,118 977 17 809 0 2,661 884 978 9 790 0
For short-term business — — — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance 143 20 -1 0 124 0 154 18 2 0 135 0
Best Estimate for incurred Claims net of reinsurance 11,443 11,241 34 0 169 0 12,110 11,872 73 0 164 0
For long-term business — — — — — — — — — — — —
Best Estimate Liabilities net of reinsurance 285,500 127,114 113,984 330 44,072 0 291,952 125,937 117,461 334 48,220 0
o/w VFA Gross of reinsurance 239,515 118,408 100,672 0 20,435 0 245,954 118,614 103,535 0 23,805 0
o/w BBA Gross of reinsurance 53,518 9,789 13,574 1,905 28,250 0 55,035 10,114 14,233 1,791 28,897 0
o/w Reinsurance -7,533 -1,083 -262 -1,575 -4,613 0 -9,037 -2,790 -307 -1,457 -4,483 0

Health UE by Geography

Health underlying earnings by geography
EUR million December 31, 2022 December 31, 2023
— Total France Europe AXA XL Asia, Africa & EME-LATAM Transversal & Other Total France Europe AXA XL Asia, Africa & EME-LATAM Transversal & Other
Short-term Business — — — — — — — — — — — —
Revenues 11,848 7,003 2,681 0.00 1,895 269 10,745 5,207 3,062 0.00 2,218 259
Combined Ratio 98.6% 99.9% 93.2% 0.0% 101.6% 98.6% 99.8% 98.8% 102.4% 0.0% 99.5% 92.2%
Technical Margin 163 8 181 0 -30 4 19 62 -75 0 11 20
Long-term Business — — — — — — — — — — — —
CSM Release 563 0 144 0 418 0 546 0 153 0 393 0
Technical Experience -104 0 -3 0 -101 0 11 0 -18 0 29 0
Actual vs. Expected Cash Flows -100 0 -1 0 -99 0 25 0 -2 0 27 0
Risk Adjustment Release 10 0 3 0 7 0 8 0 -1 0 9 0
Changes in Onerous Contracts 9 0 11 0 -1 0 -2 0 0 0 -1 0
Other Long-term -24 0 -17 0 -8 0 -20 0 -14 0 -6 0
Financial Result & Other — — — — — — — — — — — —
Financial Result 209 70 59 0 81 0 160 23 66 0 70 0
Investment Income 313 70 57 0 186 0 297 54 71 0 172 0
Insurance Finance Expenses -103 0 2 0 -105 0 -137 -31 -5 0 -101 0
Other Revenues — — — — — — — — — — — —
Other Expenses — — — — — — — — — — — —
Debt Financing Charges — — — — — — — — — — — —
Underlying Earnings Before Tax 830 77 382 0 368 4 736 86 127 0 503 20
Tax -189 -15 -90 0 -84 1 -146 -13 -13 0 -114 -7
Income from Affiliates & Other 5 0 0 0 5 0 -13 0 -2 0 -11 0
Minority Interests -4 0 -2 0 -2 0 -6 0 -1 0 -5 0
Underlying Earnings Group share 643 62 290 0 286 4 570 73 111 0 373 13
For short-term business — — — — — — — — — — — —
Liabilities for remaining coverage net of reinsurance 1,477 5 802 0 662 8 1,854 15 956 0 877 6
Best Estimate for incurred Claims net of reinsurance 2,739 2,121 360 0 233 25 2,346 1,370 684 0 281 11
For long-term business — — — — — — — — — — — —
Best Estimate Liabilities net of reinsurance 18,863 0 19,033 0 -170 0 20,177 0 20,579 0 -402 0
o/w VFA Gross of reinsurance 19,191 0 19,172 0 19 0 20,850 0 20,777 0 73 0
o/w BBA Gross of reinsurance -240 0 -139 0 -101 0 -558 0 -198 0 -360 0
o/w Reinsurance -88 0 0 0 -88 0 -115 0 0 0 -115 0

Asset Management

Opening AUM rollforward
EUR million December 31, 2022 December 31, 2023
— Total o/w Third Party Total o/w Third Party
Opening AUM (in Euro billion) 910 321 845 314
Net Inflows 18 18 -11 9
Scope & Other 20 -24 2 9
Market Effect -103 -24 13 9
Currency Impact 0 -24 -5 9
Closing AUM (in Euro billion) 845 314 843 332
Alternatives 218 87 218 85
Core & Other 521 227 528 247
Asian Joint Ventures 105 — 97 —
Gross Revenues - After Intercompany Elimination 1,589 — 1,555 —
Gross Revenues - Before Intercompany Elimination 1,916 — 1,880 —
Management Fees 1,382 797 1,334 743
Performance Fees 23 17 45 32
Distribution Fees 384 — 388 —
Other 128 — 113 —
General Expenses -1,404 — -1,457 —
Distribution Fees Retroceded -384 — -388 —
Financial Result 1 — 39 —
Underlying Earnings Before Tax 513 — 462 —
Tax -130 — -125 —
Income from Affiliates & Other 30 — 35 —
Minority Interests -14 — -12 —
Underlying Earnings Group Share 400 — 360 —
Average Assets under Management (€bn) 751 — 736 —
Asset Management Fee bps 18.2 bps — 18.0 bps —
Underlying Cost Income Ratio 66.6% — 71.6% —

Holdings

Holdings underlying earnings (footnote: • Includes Bank with Underlying Earnings Group Share of Euro -27 million as of December 31, 2022 and Euro -56 million in as of December 31, 2023. • Includes Euro 0.3 billion from the Belgium inforce transaction in 2022.)
EUR million December 31, 2022 December 31, 2023
Financial Result 230 374
Other Revenues (footnote: Includes liquid invested assets.) 994 1,067
Other Expenses -1,571 -1,781
Debt Financing Charges -759 -940
Underlying Earnings Before Tax -1,107 -1,280
Tax 292 280
Income from Affiliates & Other 0 0
Minority Interests 0 0
Underlying Earnings Group share -814 -1,000

Activity Indicators

Activity indicators by line of business
EUR million Period ended December 2022 Period ended December 2023
— Total P&C Life & Health Life Health Asset Management Bank Total P&C Life & Health Life Health Asset Management Bank
Gross Written Premiums & Other Revenues 101,844 50,633 49,485 32,231 17,254 1,589 137 102,733 53,027 48,058 31,990 16,068 1,555 93
IFRS17/9 New Business Value (NBV) (a) 2,288 — 2,288 1,830 459 — — 2,281 — 2,281 1,797 484 — —
New Business Contractual Service Margin (NB CSM) 2,355 — 2,355 1,935 420 — — 2,218 — 2,218 1,794 424 — —
Other NBV (footnote: Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.) 665 — 665 481 184 — — 806 — 806 584 222 — —
Tax -731 — -731 -586 -145 — — -744 — -744 -582 -162 — —
Present Value of Expected Premiums (PVEP) (b) 43,320 — 43,320 31,634 11,686 — — 45,856 — 45,856 33,819 12,036 — —
IFRS17/9 NBV Margin (a)/(b) 5.3% — 5.3% 5.8% 3.9% — — 5.0% — 5.0% 5.3% 4.0% — —
Activity indicators by geography
EUR million Period ended December 2022 Period ended December 2023
— Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other Total France Europe AXA XL Asia, Africa & EME-LATAM AXA IM Transversal & Other
Gross Written Premiums & Other Revenues 101,844 28,627 35,045 18,577 16,225 1,589 1,782 102,733 27,243 36,617 18,417 16,990 1,555 1,912
IFRS17/9 New Business Value (NBV) (a) 2,288 605 559 — 1,124 — — 2,281 658 566 — 1,057 — —
New Business Contractual Service Margin (NB CSM) 2,355 475 646 — 1,234 — — 2,218 400 682 — 1,137 — —
Other NBV (footnote: Includes expected profits from short term Life & Health business, carried by Life entities, Pure Investment Contracts, NBV from Equity method entities as well as New Business Loss Components and Margin ceded to reinsurers.) 665 318 84 — 263 — — 806 487 59 — 260 — —
Tax -731 -188 -170 — -373 — — -744 -229 -175 — -340 — —
Present Value of Expected Premiums (PVEP) (b) 43,320 19,809 10,079 — 13,432 — — 45,856 21,628 10,430 — 13,798 — —
IFRS17/9 NBV Margin (a)/(b) 5.3% 3.1% 5.5% — 8.4% — — 5.0% 3.0% 5.4% — 7.7% — —

Balance Sheet

Assets build-up
EUR billion December 31, 2022 December 31, 2023
Goodwill 17.8 17.9
Other intangible assets 4.7 4.6
Total Intangible assets 22.5 22.5
Investments in real estate properties 28.7 29.5
Financial investments 389.6 394.5
Unit-linked Assets 76.5 82.8
Total Investments from Insurance activities 494.8 506.8
Investments from Non-Insurance Activities 20.8 20.8
Equity Method investments 2.2 1.9
Assets Arising from Insurance and Reinsurance Contracts Held 24.4 25.2
Present Value of Future Cash Flows 23.2 24.1
Contractual Service Margin 0.7 0.7
Risk Adjustment 0.5 0.5
Receivables and Other Assets 34.1 29.1
Assets held for sale 13.5 13.2
Cash and cash equivalents 26.2 25.0
Total Assets 638.4 644.5
Liabilities, minority interests, and shareholders' equity build-up
EUR billion December 31, 2022 December 31, 2023
Shareholders' Equity group share 46.1 49.6
Minority Interests 3.0 2.8
Shareholders’ equity 49.1 52.4
Financing debt 13.7 13.4
Liabilities arising from insurance contracts and investment contracts with discretionary participation features contracts 444.8 456.9
Present Value of Future Cash Flows 407.5 419.2
Contractual Service Margin 34.2 34.7
Risk Adjustment 3.1 3.1
Other Investment Contract Liabilities 12.4 12.1
Liabilities arising from insurance, reinsurance and investment contracts 457.2 469.0
Liabilities Arising from Non-Insurance Activities 12.2 10.6
Provisions for risks and charges 6.5 5.4
Payables and Other liabilities 86.6 80.8
Liabilities held for sale 13.0 12.8
Total Liabilities, Minority Interests and Shareholders' Equity 638.4 644.5

CSM rollforward

Contractual Service Margin rollforward by business unit
EUR million December 31, 2021 New Business CSM Underlying Return on inforce CSM Release Economic Variance Operating Variance Other (footnote: Including scope changes and Fx.) December 31, 2022
Total Group (pre-tax) 33,589 2,355 734 -3,013 -1,501 1,436 -64 33,535
P&C 207 0 0 0 0 0 13 220
Life 24,569 1,935 552 -2,451 -558 1,311 174 25,532
Health 8,812 420 182 -563 -943 125 -251 7,783
Total Group (post-tax) 26,195 — — — — — — 26,315
Contractual Service Margin rollforward by business unit
EUR million December 31, 2022 New Business CSM Underlying Return on inforce CSM Release Economic Variance Operating Variance Other (footnote: Including scope changes and Fx.) December 31, 2023
Total Group (pre-tax) 33,535 2,218 1,629 -2,861 500 -243 -802 33,976
P&C 220 0 0 0 0 0 -14 206
Life 25,532 1,794 1,432 -2,315 304 -385 -373 25,989
Health 7,783 424 197 -546 196 142 -414 7,782
Total Group (post-tax) 26,315 — — — — — — 26,629

Invested Assets

General account invested assets build-up by asset class and rating
EUR billion Fair value Asset Allocation % o/w Participating Duration gap Fair Value by Rating
— Fair value Asset Allocation % o/w Participating Duration gap Average rating AAA AA A BBB Below Investment Grade Non Rated1 (footnote: Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA: Euro 0.3billion, AA: Euro 0.2 billion, A: Euro 1.2 billion, BBB: Euro 2.8 billion, Below investment grade: Euro 6.7 billion.)
General Account Invested Assets (footnote: Reflects the fair value of assets excluding the minority interest share in assets held in fully consolidated invested funds, hedging derivatives, Unit-linked assets and investments from non-insurance activities.) 454 — 59% 0 yr — — — — — — —
Fixed Income 343 76% 59% — — — — — — — —
Government Bonds 172 38% 66% — AA 21% 47% 18% 10% 1% 2%
Corporate Bonds 123 27% 55% — A 12% 10% 39% 31% 10% —
Other Fixed Income 48 11% 57% — — — — — — — —
Asset Backed Securities (footnote: Includes 96% of CLOs.) 18 4% — — — 59% 27% 10% 0% 3% 2%
Mortgage Loans (footnote: Residential loans (Euro 16 billion), commercial & agricultural loans (Euro 9 billion) and Agency Pools (Euro 5 billion).) 30 7% — — — — — — — — —
Real Estate (footnote: Includes Infrastructure Equities (Euro 9 billion).) 49 11% 64% — — — — — — — —
Listed Equities 12 3% 84% — — — — — — — —
Private Equity & Hedge Funds (footnote: Private Equity (Euro 18 billion), Hedge Funds (Euro 4 billion) and Non-listed Equities (Euro 1 billion), which excludes Group participations (Euro 6 billion) starting from FY23.) 23 5% 45% — — — — — — — —
Cash 25 5% 48% — — — — — — — —
Policy Loans 2 0% 46% — — — — — — — —

Supplementary Info on Asset

Government bonds breakdown by geographical exposure
EUR billion Fair Value Belgium France Germany Italy Japan Netherlands Spain Switzerland United States Other EU countries Supranational Rest of the World
Breakdown By Geographical Exposure 172 7% 19% 7% 6% 12% 3% 5% 9% 7% 6% 6% 11%
Corporate bonds breakdown by industry
EUR billion Fair Value Basic Materials Communications Consumer, Cyclical Consumer, Non-Cyclical Energy Financials Industrial Technology Utilities Other
Breakdown By Industry 123 2% 7% 5% 13% 4% 44% 8% 3% 7% 6%
Exposure to the financials breakdown by type
EUR billion Total Banks Non-Banks1 (footnote: Includes REITS corporate bonds (Euro 4 billion).)
Total 54 47 7
Covered and Senior Secured Bonds 20 20 0
Senior Unsecured Bonds 29 23 6
Subordinated Bonds (footnote: Includes AT1 (Euro 0.2 billion).) 4 4 0
Other 1 1 0
Listed equities breakdown by asset domiciliation
EUR billion Fair Value Belgium France Germany Japan Netherlands Switzerland United States Other EU countries Rest of the World
Breakdown By Asset Domiciliation 12 4% 12% 5% 4% 4% 6% 37% 7% 22%
Listed equities breakdown by industry
EUR billion Fair Value Basic Materials Communications Consumer, Cyclical Consumer, Non-Cyclical Diversified Energy Financials Funds Industrial Technology Utilities Other
Breakdown By Industry 12 5% 7% 14% 19% 3% 1% 16% 5% 10% 17% 2% 2%
Real estate breakdown by geographical exposure
EUR billion Fair Value Belgium France Germany Italy Japan Spain Switzerland United Kingdom United States Other EU countries Rest of the World
Breakdown By Geographical Exposure 49 4% 24% 10% 4% 6% 5% 11% 8% 13% 9% 5%
Real estate breakdown by type
EUR billion Fair Value Office Residential Infrastructure Equity (footnote: Includes Infrastructure Equities (Euro 9 billion).) Industrial-Logistic Retail Others
Breakdown By Type 49 28% 18% 18% 13% 9% 13%
Private equities breakdown by asset domiciliation
EUR billion Fair Value Europe Japan United States Other
Breakdown By Asset Domiciliation 18 49% 3% 40% 8%
Mortgage loans breakdown by type (footnote: • Excludes banking operations and Euro 5 billion of Agency pools (Mortgage-backed securities issues by US Government Sponsored Enterprises). • Loan to Value: 49%.)
EUR billion Fair Value Residential Commercial
Breakdown by Type 25 66% 34%

Shareholders Equity

Change in group share consolidated shareholders' equity rollforward
EUR billion December 31, 2023
Shareholders' Equity at Beginning of the Period 46.1
Paid-in Capital -2.0
Treasury Shares 0.8
Other Comprehensive Income Arising from Defined Benefit Plans 0.3
Fair Value Recorded in Shareholders' Equity 2.4
Other Comprehensive Income Related to Invested Assets 11.4
Other Comprehensive Income Related to (re) Insurance Contracts -9.0
Impact of Currency Fluctuations -0.8
Undated Subordinated Debt (including interest charges) -0.5
Realized Gains on Equity through Retained Earnings -0.4
Dividends -3.8
Net Income for the Period 7.2
Other 0.3
Shareholders' Equity at End of the Period 49.6
Group share consolidated shareholders' equity build-up
EUR billion December 31, 2022 December 31, 2023
Paid-in Capital 25.5 23.5
Treasury Shares -2.2 -1.4
Other Comprehensive Income -8.8 -6.3
Other Comprehensive Income Related to Invested Assets -22.8 -11.4
Other Comprehensive Income Related to (re) Insurance Contracts 14.1 5.1
Other Comprehensive Income Arising from Defined Benefit Plans -2.7 -2.4
Translation Reserves -1.6 -2.4
Undated Subordinated Debt 5.7 5.4
Retained Earnings 30.1 33.1
Total Shareholders' Equity at the End of the Period 46.1 49.6
Book value and shareholders' equity plus CSM per share
EUR December 31, 2022 December 31, 2023
Book Value per Share (footnote: Shareholders' equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.) 21.7 22.7
Shareholders' Equity + CSM per Share (footnote: Shareholders' equity excludes the undated and deeply subordinated debt. CSM is net of tax and Group Share.) 29.3 31.6
Unrealized gains and losses on invested assets net of tax build-up
EUR billion December 31, 2022 December 31, 2023
Government Bonds (recyclable) -8.3 -3.1
Corporate Bonds (recyclable) -9.5 -5.2
Cash Flow hedges (recyclable) -5.2 -4.3
Equities (non-recyclable) 0.1 1.8
Others (recyclable) 0.1 -0.6
Total Other Comprehensive Income Related to Invested Assets -22.8 -11.4
Real Estate 10.4 7.5
Other Invested Assets Not Included in Shareholders' Equity -1.9 -1.2
Total Unrealized Gains and Losses on Invested Assets at Cost (Net of Tax) 8.5 6.3
Total Unrealized Gains and Losses on Invested Assets (Net of Tax) -14.3 -5.1

RoE & Gearing

Return on equity reconciliation
EUR billion 'December 31, 2022 December 31, 2023 Change in % points
Net Income ROE 10.0% 14.1% 4.1 pt
Net Income (footnote: Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).) 4.9 7.0 —
Average Adjusted Shareholders' Equity (footnote: Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).) 48.7 49.8 —
Underlying ROE 12.1% 14.9% 2.8 pt
Underlying Earnings (footnote: Including adjustments to reflect net financial charges related to undated and deeply subordinated debt (recorded through shareholders' equity).) 5.9 7.4 —
Average Adjusted Shareholders' Equity (footnote: Excluding reserves for Other Comprehensive Income as well as undated and deeply subordinated debt (recorded through shareholders' equity).) 48.7 49.8 —
Debt gearing build-up
EUR billion 'December 31, 2022 December 31, 2023
Financing Debt 1.7 2.4
Financing Debt Instrument Issued 1.7 2.4
Financing Debt Owed to Credit Institutions 0.0 0.0
Dated Subordinated Debt 12.1 11.0
Reversal of mark-to-market of interest rates derivatives -0.1 -0.1
Total Gross Debt (A) 13.6 13.3
Undated Deeply Subordinated Notes (TSS) 3.5 3.5
Deeply Subordinated Notes (TSDI) 2.2 1.9
Total Gross Debt incl. Undated and Deeply Subordinated Notes (B) 19.3 18.8
Shareholders' Equity (Including Minority Interests) (a) (C) (footnote: Shareholders' equity includes undated and deeply subordinated debts.) 49.1 52.4
Contractual Service Margin net of tax (a) (D) 26.3 26.6
Shareholders' Equity + Contractual Service Margin + Gross Debt (E) = (C) + (D) + (A) 89.0 92.4
Debt Gearing (G) = (B) / (E) 21.7% 20.3%

Information on Solvency II

Solvency II rollforward by business unit
EUR billion December 31, 2022 Regulatory & model changes Normalized Capital Generation (footnote: Transitional measures on basic own funds apply on subordinated debts eligible under Solvency I regulation. These subordinated debts are also eligible under Solvency II until 2026.) Operating variance Economic variance (incl. FX) Dividend & share buy-backs Debt M&A, In-force and Other December 31, 2023
Eligible Own Fund (EOF) 58.5 0.2 8.4 -0.3 -1.1 -6.1 -1.0 -1.1 57.4
Property & Casualty — — 5.1 — — — — — —
Life & Savings — — 4.1 — — — — — —
Other (incl. Asset Management, Bank & Holdings) — — -0.8 — — — — — —
Solvency Capital Requirement (SCR) 27.2 0.9 0.1 -0.3 -0.2 0.0 0.0 -2.4 25.3
Solvency II Ratio 215% -6% 29% 1% -3% -22% -4% 16% 227%
EOF tiering by sector
EUR billion Total Unrestricted Tier 1 Restricted Tier 1 Tier 2 Tier 3
EOF as of Period Ended December 31, 2023 57.4 41.0 5.5 10.1 0.8
Insurance Sector 54.7 38.3 5.5 10.1 0.8
Ancillary — — — — —
Subject to Transitional Measures (footnote: Transitional measures on basic own funds apply on subordinated debts eligible under Solvency I regulation. These subordinated debts are also eligible under Solvency II until 2026.) 6.6 — 5.5 1.1 —
Other Financial Sectors 2.7 2.7 — — —
EOF as of Period Ended December 31, 2022 58.5 40.7 5.7 11.4 0.7
Insurance Sector 55.9 38.1 5.7 11.4 0.7
Ancillary — — — — —
Subject to Transitional Measures (footnote: Transitional measures on basic own funds apply on subordinated debts eligible under Solvency I regulation. These subordinated debts are also eligible under Solvency II until 2026.) 8.4 — 5.7 2.7 —
Other Financial Sectors 2.6 2.6 — — —
Solvency II key sensitivities
EUR billion December 31, 2022 December 31, 2023
Interest Rate +50bps +8 pts +4 pts
Interest Rate -50bps -10 pts -5 pts
Corporate Spread +50bps -4 pts -2 pts
Euro Sovereign Spreads +50bps -9 pts -8 pts
Credit Migration +20% -4 pts -4 pts
Equity Market +25bps +11 pts +13 pts
Equity Market -25bps -13 pts -15 pts

IFRS17 SHE to Group EOF

IFRS 17/9 shareholders' equity to Solvency II eligible own funds reconciliation
EUR billion December 31, 2023
IFRS SHAREHOLDERS' EQUITY 52.4
Contractual Service Margin (net of tax) 26.6
IFRS SHAREHOLDERS' EQUITY inc. CSM 79.0
Net URCG not included in Shareholders' Equity (footnote: Difference with IFRS17/9 off balance sheet net OCI on assets held at cost driven by differences in tax treatment.) 6.0
Elimination Undated Subordinated Debts -5.4
Elimination Intangibles -21.7
Goodwill -17.9
others -3.7
IFRS TANGIBLE NET ASSET VALUE 57.9
Foreseeable dividends and distribution -6.0
Technical provision adjustments -8.8
Risk Margin vs Risk Adjustment -6.5
BEL adjustment -2.3
Other adjustments -2.0
UNRESTRICTED TIER 1 41.0
Restricted Tier 1 + Tier 2 15.7
Tier 3 0.8
GROUP ELIGIBLE OWN FUNDS 57.4
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