| --- | --- | |-------|-------| | | | | | | IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES GIE_AXA_Confidential Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information. Forward-looking statements are generally identif ...

Financial Data and Key Metrics - The company reported organic growth of 7% in the first half of 2024, the highest in many years [3] - Underlying earnings per share increased by 4%, and the return on equity stood at 16.6% [3] - The Solvency II ratio was strong at 227%, reflecting robust capital generation capacity [3] - Earnings for the first half reached €4.2 billion, with a 7% growth across all business lines and geographies [6] - The company expects underlying earnings per share growth for 2024 to be within the target range of 6% to 8% [8] Business Line Performance - P&C (Property & Casualty) revenues grew by 7%, driven by strong pricing dynamics in both Commercial and Retail lines [13] - Life & Health revenues also increased by 7%, with strong momentum in Employee Benefits and Savings businesses [14] - Asset Management revenues grew by 5%, supported by higher management and performance fees [14] - AXA XL, the company's commercial lines business, delivered a combined ratio of 87.7%, indicating strong technical profitability [16] - Retail P&C margins improved by 1.7 points, driven by significant price increases in the UK and Germany [17] Market Performance - Asia and emerging markets showed strong performance, with a 13% growth in revenues [14] - AXA XL also performed well, with a 7% growth in revenues [14] - The UK and Germany saw significant price increases in Retail P&C, with the UK increasing prices by 55% and Germany by 13% [17] - Spain also experienced positive pricing conditions, with an 11% increase in prices [17] Strategic Direction and Industry Competition - The company sold AXA Investment Managers to BNP for €5.4 billion, aiming to focus more on its core insurance business [4] - The proceeds from the sale will be used for share buybacks to offset earnings dilution, in line with the company's capital management policy [5] - The company acquired Nobis Group for €0.5 billion to expand its P&C operations in Italy [5] - The company is investing in technology and data to support long-term growth initiatives [7] - The company aims to maintain a diversified business model, with 50% B2C and 50% B2B, to deliver predictable earnings growth [8] Management Commentary on Operating Environment and Future Outlook - The company is confident in achieving its 2024 targets, with strong organic growth and margin improvements across all business lines [8] - The company expects further margin improvements in the second half of the year, particularly in Retail P&C and Health [18] - The company remains disciplined in capital management, with a focus on maintaining a strong balance sheet [22] - The company reaffirmed its financial targets, including an EPS growth of 6% to 8% and a return on equity between 14% to 16% [22] Other Important Information - The company completed a €1.8 billion share buyback program and plans to launch another €3.8 billion buyback following the sale of AXA IM [20] - The company's debt gearing stood at 22.1%, but it expects to return to 20% by the end of the year [36] - The company reported a normalized capital generation of 16 points, at the upper end of its target range [38] Q&A Session Summary Question: P/E for Nobis Acquisition - The company defended the 11x P/E multiple for the Nobis acquisition, stating it aligns with their strategy to strengthen market position in Italy [44] - The company will continue to look for M&A opportunities in core markets to maintain scale [45] Question: Non-Life Reserving and Debt Management - The company is comfortable with its Casualty reserves at AXA XL, with no changes in reserve levels despite market adjustments [49] - The company plans to keep its debt stack flat and may use cash from the AXA IM sale to reduce debt [51] Question: Financial Lines Business and Share Buyback Timeline - The Financial Lines business at AXA XL remains selective, with margins performing at expectations [58] - The €3.8 billion share buyback is expected to take 5 to 8 months to complete [60] Question: Cash Profile and AXA IM Sale - The company is confident in achieving its €21 billion cash target, driven by strong performance and capital optimization [64] - The sale of AXA IM is expected to have a neutral impact on solvency, with a net cash gain of €1.3 billion [95] Question: Investment Income and Combined Ratio - The company reported better-than-expected investment income, driven by higher reinvestment yields and inflation-linked investments [68] - The combined ratio improved by 140 basis points in the first half, with further margin improvements expected [70] Question: Trade-off Between Margin Expansion and Competitiveness - The company believes it has achieved a good trade-off between margins and volumes, with disciplined pricing across all markets [77] - In the UK, the company accepted a 30% volume reduction but increased prices by 55%, leading to improved profitability [78] Question: Strategic Decision to Sell AXA IM - The company decided to sell AXA IM outright to focus on its core insurance business and reduce financial risk [82] - The sale allows the company to access a broader range of investment products through the partnership with BNP [101] Question: Investment Spend and Innovation - The company plans to invest €1.6 billion over three years in technology and growth initiatives, with investments spread across all markets [104] - The company will provide more details on the annual spend versus capitalized investments in future updates [105]

BNP PARIBAS ENTERS INTO EXCLUSIVE NEGOTIATIONS WITH AXA FOR THE ACQUISITION OF AXA INVESTMENT MANAGERS AND A LONG-TERM PARTNERSHIP IN ASSET MANAGEMENT Press Release Paris, 1 August 2024 The BNP Paribas Group announces today that it has entered into exclusive negotiations with AXA to acquire 100% of AXA Investment Managers (AXA IM), representing close to €850bn1 assets under management, together with an agreement for a long-term partnership to manage a large part of AXA's assets. BNP Paribas Cardif, the insu ...

Following our last publication, Unlock The Future, Buy Rating Confirmed, the European election results penalized AXA SA's stock price (OTCQX:AXAHY, OTCQX:AXAHF). Before going into the details, the French company is one of the world's largest insurers. AXA operates primarily in the life and health (L&H), property and casualty (P&C), and asset management business. After a brief comment on the Q1 results (we cover the EU insurance sector with regular updates on Zurich and Allianz and regional insurer players s ...

BOISE, Idaho and PARIS, June 12, 2024 /PRNewswire/ -- Clearwater Analytics (NYSE: CWAN), a leading worldwide provider of SaaS-based investment management, accounting, reporting, and analytics solutions, today announced that AXA XL's alternative capital team has selected Clearwater to provide strategic support for a portion of its investment portfolio. As one of the world's largest property and casualty re/insurers, AXA XL provides insurance and risk management products and services for mid-sized companies t ...

For those looking to find strong Finance stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Axa Sa (AXAHY) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Finance sector should help us answer this question.Axa Sa is a member of our Finance group, which includes 856 different companies and currently sits at #5 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector gro ...

Investors interested in stocks from the Insurance - Multi line sector have probably already heard of Axa Sa (AXAHY) and Zurich Insurance Group Ltd. (ZURVY) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our ...

Financial Data and Key Metrics Changes - Revenues have remained stable, increasing by 3%, while underlying earnings have grown by 34% and organic cash has increased by 75% [5][9] - The company plans to increase underlying earnings per share growth from 3%-7% to 6%-8% and cash remittance from €14 billion to €21 billion, a 50% increase [16][17] Business Line Data and Key Metrics Changes - The commercial insurance segment accounts for 50% of the business, with AXA being the largest global underwriter of corporate risks [5][6] - The health and employee benefits segment is the number one in Europe, with around €20 billion in premiums [22] - The retail insurance segment is expected to grow at a rate in line with GDP, focusing on proprietary distribution channels and productivity improvements [52][80] Market Data and Key Metrics Changes - The company has a strong presence in Europe, Japan, and 15 emerging markets, ranking among the top three in many regions [6] - The company aims for a growth rate of about 5% per year in the top line over the next three years, driven by organic growth initiatives [32] Company Strategy and Development Direction - The new strategic plan, "Unlock the Future," focuses on rigorous execution, organic growth, technical capabilities, and operational excellence [12][13] - The company aims to enhance its engagement in climate transition and inclusive insurance, targeting underserved markets in Europe [15] Management's Comments on Operating Environment and Future Outlook - Management believes the macro environment will remain challenging but sees opportunities in areas like retirement, healthcare, and generative AI [10][11] - The company has demonstrated resilience in a difficult environment and aims to continue delivering predictable earnings [11][99] Other Important Information - AXA has returned approximately €13 billion in dividends and share buybacks, representing about 30% of the market cap at the beginning of the previous plan [8] - Employee satisfaction has significantly improved, with the employee net promoter score rising from -5 in 2017 to +40 [14] Q&A Session Summary Question: What are the key initiatives for growth? - Management highlighted three main initiatives: driving organic growth, enhancing technical capabilities, and improving operational excellence [20][23] Question: How does AXA plan to manage its combined ratio? - The company aims to improve its combined ratio by 2 points over the plan period, with a focus on turning around underperforming segments [39][80] Question: What is the outlook for the commercial lines business? - The commercial lines business is expected to grow above GDP, particularly in the mid-market segment, with significant opportunities identified in Europe and selective expansion in the U.S. [41][42]

Earnings presentation February 22, 2024 Full Year 2023 GIE_AXA_Confidential AXA's 2023 Activity Report is current as of the date hereof. The final version of AXA's 2023 Activity Report will be published as part of AXA's Universal Registration Document for the year ended December 31, 2023, which is expected to be filed with the AMF by the end of March 2024. €6.5bn Cash remittance New capital management policy* IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE ...

ChristopherBernard/E+ via Getty Images Foreword This article is based on Bloomberg Business Week's The Year Ahead special edition published January 15-March 24, 2024. 50 stocks therein were touted as "Companies to Watch." This is a "global list of stocks that merit a closer look for better or for worst." Bloomberg Intelligence tracks some 2,000 companies from finance to food and this year its analysts have identified 50 that warrant a closer look based on BI's list of Focus Ideas. The analysis combines cont ...