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]

Financial Data and Key Metrics Changes - The company reported a 5% growth in revenue, reaching €104 billion, with all geographies contributing positively [6][7] - Underlying earnings per share increased by 5%, leading to a 6% adjusted earnings per share growth, with a proposed 7% increase in dividend to €1.43 per share [6][9] - Solvency improved by 5 percentage points, now at 198%, with a shift away from relying on equivalents [12][38] Business Line Data and Key Metrics Changes - AXA XL experienced a 10% growth in premiums, driven by strong price increases, particularly in the U.S. liability and excess casualty lines [13][55] - The P&C business showed solid performance with a combined ratio down to 91%, reflecting improved profitability [45][61] - Life & Savings business remained resilient despite a slight decrease, attributed to low interest rates and transformation efforts [64][66] Market Data and Key Metrics Changes - Growth in France was solid at 4%, driven by Health and Life & Savings, while P&C remained stable [43][44] - Europe also grew by 4%, with strong contributions from the U.K. and Germany [47][48] - Asia and international markets showed significant growth, particularly in Turkey and Mexico, with P&C driven by high pricing components [50][51] Company Strategy and Development Direction - The company is focused on increasing profitability and simplifying operations, with a clear strategy to reduce complexity in its geographical footprint [31][33] - The integration of AXA XL is progressing well, with a shift towards a new phase of acceleration in profitability [18][20] - The company aims to maintain a strong balance sheet, transitioning from financial risk to technical risk [32][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the adequacy of reserves and the ability to achieve €1.2 billion in underlying earnings for 2020, despite challenges [59][60] - The company remains committed to long-term growth in China, viewing demographic trends as favorable [30] - Management highlighted the importance of customer experience, with a Net Promoter Score of 75% indicating strong customer satisfaction [34] Other Important Information - The company has successfully reduced its temporary increased leverage from 32% to 29% [11] - AXA's cash at the holding level increased from €1.7 billion to €3 billion, with a significant reduction in gross financial debt [81][84] - The company is actively managing its exposure to natural catastrophes and large losses through strategic underwriting and reinsurance [58][59] Q&A Session Summary Question: Commentary on casualty reserves and specific factors considered - Management discussed the importance of litigation costs and systemic risks in setting reserves, noting that 98% of claims are settled before court [90][92] Question: Comfort level with exposure movements in casualty and financial lines - Management clarified that growth in casualty and financial lines is being managed carefully, with a shift in underwriting focus to safer segments [95] Question: Adequacy of reserve buffer at XL - Management confirmed that the €1.2 billion target does not include any release of provisions, indicating confidence in the existing reserve levels [97]

FY19 Earnings February 20, 2020 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNINGFORWARD-LOOKING STATEMENTS ANDTHE USE OFNON-GAAP FINANCIAL MEASURES | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| --- | --- | |------------|----------------| | | | | | | | | | | | | | | | | | Half Year 2019 | | Appendices | | | | | | | August 1, 2019 | IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNINGFORWARD-LOOKING STATEMENTS ANDTHE USE OFNON-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 shouldnot be place ...

Investor Day November 28, 2018 IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS 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 risks and uncertainties and can be affected by other factors tha ...