AXA SA (OTCQX:AXAHY) Q1 2023 Earnings Conference Call May 15, 2023 5:00 AM ET Company Participants Anu Venkataraman - Head IR Alban de Mailly Nesle - Group Chief Financial Officer Grégoire de Montchalin - Group Chief Accounting and Reporting Officer Conference Call Participants Andrew Sinclair - Bank of America Peter Eliot - Kepler Cheuvreux William Hardcastle - UBS Farooq Hanif - JPMorgan William Hawkins - Keefe, Bruyette & Woods Henry Heathfield - Morningstar Inc. Michael Huttner - Joh. Berenberg, Goss ...

AXA SA (OTCQX:AXAHY) Q4 2022 Earnings Conference Call February 23, 2023 9:30 AM ET Company Participants Thomas Buberl - Group Chief Executive Officer Frederic de Courtois - Group Deputy Chief Executive Officer Alban de Mailly Nesle - Group Chief Financial Officer Patrick Cohen - Chief Executive Officer of AXA France Antimo Perretta - Chief Executive Officer of Europe & LATAM Scott Gunter - Chief Executive Officer of AXA XL Conference Call Participants Andrew Sinclair - Bank of America Operator Good afternoo ...

Financial Data and Key Metrics Changes - The company reported revenues of €38 billion, reflecting a 2% increase compared to the previous period, aligning with its strategic focus on growth in certain lines while reducing exposure in others [5][10] - The solvency ratio stands at 225%, indicating a robust balance sheet, although slightly down from the previous half-year [7][23] - The company completed a €1 billion share buyback program announced in August [9] Business Line Data and Key Metrics Changes - Property and Casualty (P&C) insurance grew by 3%, with Commercial lines in France and Europe increasing by 7% and 8% respectively [10] - Life insurance protection grew by 3%, primarily driven by Switzerland and Asia, while unit-linked products decreased by 12% due to the absence of a large corporate contract from the previous year [14][15] - Health insurance saw significant growth of 14%, driven by international business from AXA France [16] - Asset Management revenues increased by 2%, with net inflows of €18 billion from third parties [17] Market Data and Key Metrics Changes - Pricing momentum is strong across all regions, particularly in Commercial lines, with property insurance price increases at XL reaching 13% [20][21] - In Personal lines, pricing increases are noted, but inflation pressures are beginning to necessitate further adjustments, especially in the UK and France [22][39] Company Strategy and Development Direction - The company aims to maintain a flat cat load in euro terms while reducing exposure to natural catastrophes, indicating a strategic shift towards more balanced risk management [30][33] - The focus remains on profitable growth in preferred business lines, with a disciplined approach to pricing [34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to mitigate the impact of natural catastrophes through improved investment income and pricing strategies [29] - The company anticipates continued pricing momentum and growth in preferred lines, despite inflationary pressures [34] Other Important Information - The estimated cost of Hurricane Ian for the industry is around €60 billion, with the company's share being approximately €400 million [8][27] - The company is actively negotiating its reinsurance program for 2023, aiming to maintain current attachment points while accounting for inflation [67] Q&A Session Summary Question: Insights on lapsed momentum in France and Italy - Management noted no significant changes in lapses, with some corporate contracts lost being acceptable, and retail lapses transferring to unit-linked products [38] Question: Pricing momentum in Personal lines - Management indicated that most geographies are managing well, with the UK needing more pricing momentum and France reaching a tipping point for necessary price increases [39][40] Question: Nat cat exposure and combined ratio expectations - Management aims to keep cat load flat in euro terms, with no expected impact on the attritional loss ratio [43] Question: Gross loss from Hurricane Ian - The gross loss from Hurricane Ian is estimated at $670 million [48] Question: Nat cat budget for 2023 - Management did not provide specific percentage figures but indicated intentions to maintain the nat cat load in euro terms [48] Question: Commercial lines pricing renewals - Management noted a slight slowdown in pricing increases in Q3, primarily due to specific lines like U.S. professional liability [66] Question: Nat cat exposure reduction strategy - Management confirmed a desire to maintain a balanced portfolio and reduce exposure to natural catastrophes, despite better pricing conditions [76] Question: Market appetite for back book disposal - Management reported continued strong interest from professional buyers in various markets, including Belgium and Germany [93]

AXA SA (OTCQX:AXAHY) Q4 2021 Earnings Conference Call February 24, 2022 9:30 AM ET Company Participants Andrew Wallace-Barnett - Investor Relations Thomas Buberl - Group Chief Executive Officer Frederic de Courtois - Deputy Chief Executive Officer Alban de Mailly Nesle - Chief Financial Officer Patrick Cohen - Chief Executive Officer of AXA France Antimo Perretta - Chief Executive Officer of Europe & LATAM Conference Call Participants Michael Huttner - Berenberg Farooq Hanif - Credit Suisse Andrew Sinclair ...

AXA SA (OTCQX:AXAHY) Q2 2021 Earnings Conference Call August 2, 2021 5:00 AM ET Company Participants | --- | |------------------------------------| | | | Andrew Wallace-Barnett - IR | | Thomas Buberl - Group CEO | | Frédéric de Courtois - Deputy CEO | | Alban Nesle - CFO | | Patrick Cohen - CEO-AXA France | | Scott Gunter - CEO-AXA XL | | Gordon Watson - CEO-Asia | | Marco Morelli - CEO-AXA IM | | Conference Call Participants | | Andrew Sinclair - Bank of America | | Dominic OÂ'Mahony - Exane | | Louise Mil ...

AXA SA (OTCQX:AXAHF) Q4 2020 Earnings Conference Call February 25, 2021 5:00 AM ET Company Participants Andrew Wallace-Barnett - Head of Inventor Relations Thomas Buberl - Chief Executive Officer Etienne Bouas-Laurent - Chief Financial Officer Scott Gunter - Chief Executive Officer, AXA XL Alban de Mailly Nesle - Group Chief Risk Officer & Investment Officer Jacques de Peretti - Chief Executive Officer, France Conference Call Participants Andrew Crean - Autonomous Peter Eliot - Kepler Cheuvreux James Shuck ...

Full Year 2020 Earnings presentation February 25, 2021 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNINGFORWARD-LOOKING STATEMENTS ANDTHE USE OFNON-GAAP FINANCIAL MEASURES | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Data and Key Metrics Changes - Revenues decreased by 2% year-over-year, with a strong growth in Q1 offset by COVID-19 impacts in Q2 [8][14] - Underlying earnings for the half year were €1.9 billion, reflecting a 48% decrease compared to the previous year, but a 1% increase when excluding COVID-19 claims [9][15] - The solvency ratio stood at 180%, with expected upsides from disposals and integration of AXA XL [11][22] Business Line Data and Key Metrics Changes - Property & Casualty (P&C) revenues were slightly down, primarily due to confinement measures affecting customer activity [14] - Health business grew by 7%, reaffirming its strategic importance [30][42] - Life & Savings revenues decreased by 8%, with the majority of the decline attributed to general account business, while unit-linked and protection products performed well [14][39] Market Data and Key Metrics Changes - Most geographical markets showed resilience, with France, Europe, Asia, and International segments maintaining levels similar to the previous year [16] - AXA XL experienced a revenue growth of 9% excluding COVID-19 impacts, with significant price increases in the insurance sector [18][19] Company Strategy and Development Direction - The company is focused on a hardening pricing cycle in P&C commercial lines and aims to strengthen its health business [7][24] - AXA is leveraging the crisis to enhance digital interactions with customers and maintain leadership in climate transition [25] Management Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the balance sheet despite COVID-19 challenges, with strong cash remittance and reduced debt gearing [12][23] - Future expectations include continued growth in the health business and a favorable pricing environment in P&C [24][59] Other Important Information - The Board decided not to distribute the exceptional reserve to shareholders in alignment with regulatory guidance [13] - The company is actively managing its investment portfolio to mitigate risks associated with vulnerable sectors [53] Q&A Session Summary Question: Wage rises and claims inflation - Management indicated that rates are running ahead of loss trends, with expectations for continued pricing improvements [63][67] Question: Solvency roll forward and second half expectations - Management refrained from providing specific guidance but noted positive impacts from business disposals and internal model integration [64][69] Question: AXA Life Europe non-sale and reinsurance - Management confirmed that liquidity generated from reinsurance structures would be below the original €1 billion sale amount [65][76] Question: Appetite to grow AXA XL business - Management expressed a dual focus on improving portfolio quality while also seeking growth opportunities [81][84] Question: Solo balance sheet flexibility for AXA XL - Management clarified that flexibility to grow is more about underwriting decisions rather than balance sheet constraints [88] Question: Solvency II capital and market normalization - Management confirmed that normalization of markets would likely restore some Solvency points, depending on interest rates and spreads [92]

Half Year 2020 Earnings presentation August 6, 2020 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES 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. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown ...

Financial Data and Key Metrics Changes - AXA recorded a strong revenue growth of 4% at the group level in Q1 2020, with all business lines and segments contributing positively [2][10] - The Solvency II ratio was reported at 182% at the end of March, indicating resilience in the balance sheet despite volatile market conditions [4][10] - Debt gearing is now below 28% on a pro forma basis after the repayment of €1.3 billion subordinated debt [4][10] Business Line Data and Key Metrics Changes - Property & Casualty (P&C) revenues increased by 3%, driven by a 5% growth in commercial lines, with AXA XL growing by 8% [3] - Health revenues grew by 8%, with contributions from all countries [3] - Life and savings revenues increased by 4%, primarily from Unit-Linked and Protection products [3] - Asset management segment saw AXA IM revenues grow by 11%, supported by net inflows and positive market impact [3] Market Data and Key Metrics Changes - Initial trends indicated a revenue decline of around 12% in April due to COVID-19 impacts, with a more pronounced effect expected in life and savings segments [6][7] - Claims notifications related to COVID-19 were limited at the end of March, but a material impact on claims is anticipated, particularly in event cancellation and business interruption [8][9] Company Strategy and Development Direction - AXA remains confident in its strategy and execution, emphasizing the need for enhanced insurance coverage in preferred segments post-crisis [10] - The company has taken exceptional measures to support clients during COVID-19, including premium refunds for impacted SMEs in France [5] Management's Comments on Operating Environment and Future Outlook - Management expects COVID-19 to have a progressive impact on revenue growth, with a material effect on earnings anticipated for 2020 [9][10] - The company is focused on maintaining a strong balance sheet and managing expenses while navigating the challenges posed by the pandemic [10] Other Important Information - AXA is the largest private contributor to France's solidarity fund, demonstrating its commitment to social responsibility during the crisis [5] - The company has limited exposure to vulnerable sectors, with a high-quality asset portfolio primarily composed of AA-rated and A-rated corporate bonds [9] Q&A Session All Questions and Answers Question: Update on business interruption policies and claims costs - The majority of AXA's contracts are not exposed to COVID-19, with business interruption coverage typically requiring physical damage to trigger [12][13] - It is confirmed that the impact from business interruption will be an earnings event rather than a balance sheet event [13] Question: Context on travel claims and event cancellation exposure - Travel claims are expected to be mid-triple-digit millions, but not the largest hit [19][20] - For event cancellation, AXA anticipates a loss of 70% of exposure from March to September and 25% from September to March 2021 [19] Question: Update on debt redemptions and capital allocation - The two transactions related to AXA Belgium and CE disposals are progressing normally, with confidence that they will close this year [18] - There is no capital shortfall in businesses wanting to benefit from price hardening in the commercial lines [25] Question: Concerns regarding dividend payments and regulatory guidance - The Board proposed a dividend of €1.43 per share, but the decision is pending due to regulatory guidance urging companies to postpone dividends [49][50] Question: Insights on health claims and potential spikes in costs - Currently, there is no increase in health claims, but a potential spike is expected in Q3 as people return to medical services [42] Question: Clarification on business interruption claims and geographic exposure - Business interruption claims are a commercial lines issue, with discussions ongoing in various jurisdictions [59] Question: Concerns about solvency and local subsidiary performance - There are no breaches at the local subsidiary level, and liquidity remains strong at the holding level [72]