AXA : 2022 Integrated Report

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2022 Integrated Report

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Lorem ipsum

J o i n t i n t e r v i e w w i t h A n t o i n e

G o s s e t - G r a i n v i l l e

P r o t e c t i o n

a n d T h o m a s B u b e r l

p . 4

F o u r l i n e s o f

b u s i n e s s t o e n s u r e b e t t e r p r o t e c t i o n

p. 10

• Property and casualty

Protecting our individual and professional customers' tangible and intangible assets

( p. 10 )

• Health

At AXA, "protecting what matters" is the mission that drives our 145,000 employees and agents worldwide. Across the Group's lines of business (property and casualty, health, life and savings, and asset management) they work to provide solutions day after day that help our customers face risks, improve their healthcare journeys, protect their wealth and meet their needs.

We wanted to tell you about these solutions and their "Protection effect" in this integrated report by looking back

over the essence of our business3 and the unique expertise

developed by the Group. By protecting individuals and companies every day, we support society as it experiences the major ecological, social and economic transitions of our times.

O u r

i m p a c t i n 2 0 2 2

p. 42

www.axa.com

Improving healthcare journeys and health for as many people as possible

( p. 18 )

• Life and savings

Protecting and growing our customers' assets

( p. 26 )

• Asset management

Driving economic flows towards sustainable and useful projects

( p. 34 )

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Discover more about

the 2022 Integrated Report

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A X A i s v e r y

w e l l p o s i t i o n e d

4

Antoine Gosset-

Grainville

Chairman of AXA's

Board of Directors

(left)

Thomas Buberl

Chief Executive

Officer of AXA

(right)

How would you describe 2022 and AXA's business environment?

Antoine Gosset-Grainville- 2022 was a turning point. The invasion of Ukraine severely disrupted geopolitical relations and provoked a major energy crisis. These shocks impacted economies and led to a return of steady inflation. The year was also marked by an exceptionally large number of high-impactnatural disasters.

"AXA has found the right balance between growth in its key businesses and markets, and operational profitability."

Thomas Buberl

Thomas Buberl - Operating in this kind of environment is a challenge. But AXA adapted thanks to its solidity, strong employee engagement and capacity for innovation. Our very strong performance in this context has nothing to do with luck. It is the result of the strategic transformations undertaken several years ago. AXA has found the right balance between growth in its key businesses and markets, and operational profitability to reinforce its solidity. In 2022, our revenues exceeded 100 billion euros and our underlying earnings per share,

Joint interview

one of the key indicators in our strategic plan, grew considerably, by 12%. Finally, our solvency II ratio rose to 215%, well above our target of 190%. The Group

is very robust and ready to pursue its development.

What strengths have enabled you to achieve these results?

Thomas Buberl - AXA now has strong positions in its key businesses and geographies. In 2022, our growth was driven by our technical business lines, starting with property and casualty (P&C) insurance. This represents half

of our business, and needs in this area will continue to grow as new risks multiply. In a few years, AXA has become the world's leading insurer in P&C commercial lines. The Group

has also posted excellent results in5 health and protection, with collective

insurance providing strong impetus. Finally, it is among the leaders in the asset management market. AXA's other major strength is its international scope and powerful, wide and diversified distribution network, which has made our Group a leader especially in Europe and Japan.

Antoine Gosset-Grainville-

AXA's overall performance in 2022 was remarkable, enabling the Group to pursue an active investment policy in line with its strategic priorities. At the same time, the Board of Directors will offer shareholders a 1.70 euro dividend per share, up 10% vs. 2021, along with a 1.1 billion euros share buyback program.

t o g e n e r a t e

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What are the main areas you're working on for AXA's next strategic plan?

Antoine Gosset-Grainville- Since the end of 2022, the Board of Directors has been working closely alongside Thomas and his team on our strategic priorities. We must think long term and define a strategy with a clear vision of the company's future, as well as its role in society. This is what the Group's purpose is all about.

Joint interview

What challenges will the Group need to face in the future?

Thomas Buberl - These last few years have shown us just how difficult it is to predict the future, but we know we will be in the frontline to meet two

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What were AXA's major investments in 2022?

Thomas Buberl - We invested in four main areas. First of all, innovation and technology. We allocated 1.2 billion euros to our digitalization and launched the Digital Commercial Platform to improve our support for professional customers and offer them new services. We also reinforced our core business, in particular through an acquisition in Spain. We continued to focus on our talents with the recruitment of 16,000 employees and a 10% increase in our training budget

in 2022. Finally, preparing for the future means an unwavering commitment to fighting climate change with clear targets.

These are defined in the AXA for Progress Index and include, in particular, a 20% reduction in our operations' carbon footprint by 2025 and 26 billion euros in green investments by the end of 2023.

Antoine Gosset-Grainville-

Investment is at the heart of our business model. It enables us to improve the service we provide to our clients, especially through the digitalization

of our offers. And we pay particular attention to human investment, which is the key to our competitivity and improved performance.

• P re p a r i ng fo r th e f ut u re m ea n s a n u nwa ve r i ng co m m i t m e n t t o
  f i gh t i ng cl i m a te ch a ng e w i th clea r t a rg e t s ."

Thomas Buberl

Your Driving Progress 2023 strategic plan runs until the end of the year. How much is left to do?

Thomas Buberl - We are very confident of our ability to reach our goals. If the current business environment is maintained, we hope to even exceed some of them, especially the average growth in revenues per share and

the size of our cashflow. Our strategic vision is perfectly suited to the current environment and our businesses are very well placed to take up every opportunity.

Thomas Buberl - We have just

started our work, but I can already say that AXA can count on three strengths. The first is its financial solidity, which is an absolute priority since it's the prerequisite for making progress in every area. The second is our business potential. In particular, I am thinking of property and casualty insurance, where demand is outpacing supply on certain risks; employee benefits to cover essential needs like health, where we are

a leader; and asset management, which is enabling us to play a key role in funding the energy transition for example. Our third strength is of course our international scope combined with our operational organization, which allows us to both address key markets and meet the needs of our customers worldwide.

major challenges. The first is the climate emergency, which is ever more urgent and transforming all our businesses. We are acting as an investor and insurer, as well as an exemplary company. AXA is fully committed to this combat and will continue reinforcing its action in this area. The second challenge is healthcare needs, which are going to grow exponentially with population aging and higher standards of living. Finally, we think that in the future, companies will be key to driving progress for their employees and therefore society. At AXA, for example, to improve our teams' health, we have offered a complete medical check-up free of charge to more than

20,000 employees over 40 as part of our health program launched in 2020.

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Antoine Gosset-Grainville-

I completely share Thomas' vision and would add that society expects companies to do even more to face the major economic and social challenges of our times. The companies that have business models capable of meeting these challenges will be the winners. AXA is facing these challenges from a position of strength, both in terms of its business as an insurer that protects people and pools risks, as well as in terms of its activities, which are in line with the major transitions of our times, and finally through its vision that

is firmly focused on the goal of economic development for all.

• Hu m a n i nve s t m e n t i s k e y t o o u r
  co m p e t i t i v i t y a n d i m p ro ved p e r fo r m a n ce ."

Antoine Gosset- Grainville

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A X A a t a g l a n c e

Our DNA ▼

Who are we?

As one of the global leaders in insurance and asset management, protection has always been AXA's core business. Through its four business lines - property and casualty insurance; health coverage; life and savings products; and asset management -

the Group helps individuals, companies and societies to thrive. AXA has been committed to the greater good since the beginning. Whether through AXA Hearts in Action's charity initiatives, the AXA Research Fund's scientific support or AXA's action against

climate change, the Group has always been committed to better understanding and preventing risks. Created 38 years ago, the AXA brand positions the Group

as a day-to-day partner and encourages people to confidently move forward in life.

Our purpose

Act for human progress by protecting what matters

Our strategic plan

Driving Progress 2023

Expand our		Simplify the		Strengthen		Sustain our
health and		customer		underwriting		climate
protection		experience		performance		leadership
businesses		and accelerate				position
		efficiency

Grow cash- flows across the Group

AXA worldwide ▼

8

145,000	51	93 million
employees	countries	clients

Our 2022 performance ▼
Revenues	Underlying earnings	Underlying earnings	Solvency II
		per share	ratio	9
€102.3Bn	€7.3Bn	€3.08	215%
(+2% vs. 20211)	(+4% vs. 20212)	(+12% vs. 2021)	(-1 pt vs. 2021)

1. At constant forex, scope and methodology.
2. Change at constant forex.

#1	#2	An international
leader
global leader	European	in employee benefits
in commercial	insurer
lines insurance

Revenue breakdown per business line ▼

17%

Health

31%

2%

Asset management

50%

Property and casualty

Life and savings