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1、ANNUAL FINANCIAL REPORTUniversal Registration Document 2023 1234567A143CERTAIN PRELIMINARY INFORMATION ABOUT THIS ANNUAL REPORT 1Chairman andChiefExecutiveOff icersMessage 3Strategic orientations 4THE AXA GROUP 111.1 Key figures 121.2 History 171.3 Business overview 19ACTIVITY REPORT AND CAPITAL MAN
2、AGEMENT 272.1 Operating Highlights 282.2 Market Environment 352.3 Activity report 412.4 Liquidity and capital resources 602.5 Events subsequent to December31,2023 672.6 Outlook 69CORPORATE GOVERNANCE 713.1 Corporate governance structure 723.2 Executive compensation and share ownership 1043.3 Corpora
3、te governance Code ofreference 1383.4 Related party transactions 139SUSTAINABILITY SNFP4.1 AXA Groups sustainability strategy 1444.2 Employer responsibility 1534.3 Climate change and biodiversity loss 1654.4 Inclusive insurer 1914.5 Business behavior 1984.6 Vigilance plan 2034.7 Transversal informat
4、ion 2144.8 Report by one of the Statutory Auditors,appointedas an independent third party,on the consolidated non-financial information statement included inthe Group Management Report 231236287RISK FACTORS AND RISK MANAGEMENT 2355.1 Risk factors SNFP5.2 Internal control and Risk Management 2585.3 M
5、arket risks 2725.4 Credit risk 2785.5 Liquidity risk 2825.6 Insurance risks 2835.7 Operational risks SNFP5.8 Other material risks 288CONSOLIDATED FINANCIAL STATEMENTS 2916.1 Consolidated statement offinancial position 2926.2 Consolidated statement of Profit orLoss 2946.3 Consolidated statement ofcom
6、prehensive income 2956.4 Consolidated statement of changes in equity 2966.5 Consolidated statement of cash flows 2986.6 Notes to the Consolidated Financial Statements 3006.7 Statutory auditors report ontheconsolidated financial statements 471SHARES,SHARE CAPITAL ANDGENERAL INFORMATION 4797.1 AXA sha
7、res 4807.2 Share capital 4817.3 General information 486APPENDICESPPE507AppendixI Managements annual evaluation ofinternal control over financial reporting 508AppendixII Statement of theperson responsible fortheUniversal Registration Document 511AppendixIII AXA parent company financial statements 512
8、AppendixIV Glossary 559AppendixV M anagement Report(Rapport de gestion)oftheBoard ofDirectors Crossreference table 563AppendixVI Corporate governance report cross reference table 564AppendixVII Commission delegated regulation(EU)2019/980 ofMarch14,2019 crossreference table 565AppendixVIII Annual Fin
9、ancial Report cross reference table 569CONTENTSSNFP refers to the Statement of Non-Financial Performance(Dclaration de performance extra-financire).I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I1UNIVERSAL REGISTRATION DOCUMENT ANNUAL REPORT 2023 This Universal Registration Document has b
10、een filed on March18,2024,with the Autorit des marchs financiers(the“AMF”)as the competent authority under Regulation(EU)2017/1129,without prior approval pursuant to Article9 of Regulation(EU)2017/1129.This Universal Registration Document may be used for the purposes of an off er to the public of se
11、curities or admission of securities to trading on a regulated market if completed by a securities note and,if applicable,a summary and all amendments to the Universal Registration Document.The combined document is approved by the AMF in accordance with Regulation(EU)2017/1129.This Universal Registra
12、tion Document(which we also refer to as our“Annual Report”)includes(i)all the components of the Annual Financial Report(Rapport Financier Annuel)referred to in paragraphI of ArticleL.451-1-2 of the French Monetary and Financial Code(Code montaire et financier)as well as in Article222-3 of the AMF Ge
13、neral Regulation(Rglement Gnral de lAMF)(please refer to the cross-reference table on page569 of this Universal Registration Document which indicates the relevant sections of this Universal Registration Document corresponding to the items referred to in Article222-3 of the AMF General Regulation),(i
14、i)all information required to be included in the management report of the Board of Directors to be presented at AXAs Shareholders Meeting to be held on April23,2024,prepared pursuant to ArticlesL.225-100 et seq.and L.22-10-35 et seq.of the French Commercial Code(Code de commerce)(the relevant sectio
15、ns of this Universal Registration Document corresponding to such required information have been approved by AXAs Board of Directors and are referred to in the cross-reference table on page563 of this Universal Registration Document);and(iii)all the elements required to be included in the corporate g
16、overnance report established pursuant to ArticlesL.225-37 et seq.and L.22-10-8 et seq.of the French Commercial Code(Code de commerce)(the relevant sections of this Universal Registration Document corresponding to such required disclosures have been approved by AXAs Board of Directors and are referre
17、d to in the cross reference table on page564 of this Universal Registration Document).The cross-reference table on page565 of this Universal Registration Document indicates the items of Annexes 1 and 2 of Delegated Regulation(EU)2019/980 to which the information contained herein corresponds.This is
18、a translation into English of the Universal Registration Document of the Company issued in French in the xHTML format,which includes the Annual Financial Report for the financial year ended December31,2023 and is available on the AMFs website(www.amf-france.org)and on the Companys website().CERTAIN
19、PRELIMINARY INFORMATION ABOUT THIS ANNUAL REPORT In this Annual Report,unless provided otherwise,(i)the“Company”,“AXA”and“AXA SA”refer to AXA,a socit anonyme(a public limited company)organized under the laws of France,which is the publicly traded parent company of the AXA Group,and(ii)the“AXA Group”
20、,the“Group”and“we”refer to AXA SA together with its direct and indirect consolidated subsidiaries.The Companys ordinary shares are referred to in this Annual Report as“shares”,“ordinary shares”,“AXA shares”or“AXA ordinary shares”.The principal trading market for AXAs ordinary shares is the regulated
21、 market Euronext in Paris(Compartment A),which we refer to in this Annual Report as“Euronext Paris”.The Groups consolidated financial statements and related notes are prepared in accordance with International Financial Reporting Standards(IFRS)(the“Consolidated Financial Statements”)and published in
22、 Euro(“Euro”,“euro”,“EUR”or“”).AXA has started applying IFRS17-Insurance Contracts and IFRS9-Financial Instruments eff ective January1,2023,as detailed in Section6.6 Note1.2.1.1“IFRS17-Insurance Contracts and IFRS9-Financial Instruments”of this Annual Report.In this Annual Report,unless provided oth
23、erwise,“restated”refers to the comparative period that was restated under IFRS17 and IFRS9.Unless otherwise stated,all amounts in this Annual Report are(i)expressed in Euro,with applicable foreign exchange rates presented on page36 of this Annual Report,and(ii)presented in millions for convenience.S
24、uch amounts may have been rounded.Rounding diff erences may exist,including for percentages.Where reference is made to a website in this Universal Registration Document,the contents of such website do not form part of this Universal Registration Document.No information,document or material from the
25、website of the Company()or any other source shall form part of this Universal Registration Document,unless such information,document or material is expressly incorporated by reference into this Universal Registration Document.Cautionary statement regarding forward-looking statementsand the use of no
26、n-gaap fi nancial measures This Annual Report may include statements with respect to future events,trends,plans,expectations or objectives and other forward-looking statements relating to the Groups future business,financial condition,results of operations,performance,and strategy.Forward-looking st
27、atements are not statements of historical fact and may contain the terms“may”,“will”,“should”,“continue”,“aims”,“estimates”,“projects”,“believes”,“intends”,“expects”,“plans”,“seeks”or“anticipates”,or words of similar meaning.Such statements are based on Managements current views and assumptions and,
28、by nature,involve known and unknown risks and uncertainties;therefore,undue reliance should not be placed on them.Actual financial condition,results of operations,performance or events may diff er materially from those expressed or implied in such forward-looking statements,due to a number of factor
29、s including,without limitation,general economic and political conditions and competitive situations;future financial market performance and conditions,including fluctuations in exchange and interest rates;frequency and severity of insured loss events,and increases in loss expenses;mortality and morb
30、idity levels and trends;persistency levels;changes in laws,regulations and standards;the impact of acquisitions and disposals,including related integration issues,and reorganization measures;and general competitive factors,in each case on a local,regional,national and/or global basis.Many of these f
31、actors may be more likely to occur,or more pronounced,as a result of catastrophic events,including weather-related catastrophic events,pandemics,terrorist-related incidents or acts of war.Please refer to Section5“Risk Factors and Risk Management”of this Annual Report for a description of certain imp
32、ortant factors,risks and uncertainties that may aff ect AXAs business and/or results of operations.AXA undertakes no obligation to publicly update or revise any of these forward-looking statements,whether to reflect new information,future events or circ*mstances or otherwise,except as required by ap
33、plicable laws and regulations.In addition to the Consolidated Financial Statements,this Annual Report refers to certain non-GAAP financial measures,or alternative performance measures,used by Management in analyzing the Groups operating trends,financial performance and financial position and providi
34、ng investors with additional information that Management believes to be useful and relevant regarding the Groups results.These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies.As a result,non
35、e of these non-GAAP financial measures should be considered in isolation from,or as a substitute for,the Consolidated Financial Statements included in Section6“Consolidated Financial Statements”of this Annual Report.The non-GAAP financial measures used by the Group are defined in the Glossary set fo
36、rth in AppendixIV to this Annual Report.I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I2IUNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I3“AXA is ready to unlock thefuture”Chairman andChiefExecutiveOffi cersMessage Despite the significant increase in overall risks,AXA once again d
37、emonstrated its strength,dynamism,and the relevance of its purpose in 2023:to“Act for human progress by protecting what matters”.2023 also marked the end of a strategic cycle for AXA with the closure of our“Driving Progress 2023”plan and the completion of an intense transformation.Over the past few
38、years,the Group has undergone a significant refocusing on technical risks,built its global leadership in large corporate risks through the acquisition of XL,and strengthened its positions in high-potential markets.This new,refocused,and simplified AXA is now perfectly positioned to engage in the nex
39、t phase of accelerating its development by combining technical excellence with proximity to its clients.This transformation has enabled us to achieve an excellent financial performance throughout the plan.The Group has achieved,or exceeded,its key objectives,with specifically an annual growth in ear
40、nings per share of 9%and a return on equity of nearly 15%.This performance is confirmed in the strength of our latest annual results with a 3%increase in activity to 103billion and a 6%increase in operating profit to 7.6billion despite a challenging environment.With a SolvencyII ratio of 227%as of D
41、ecember31,2023,the Group has once again demonstrated the strength of its balance sheet.This allows us to continue an attractive capital management policy for our shareholders,accelerated this year with the announcement of a new share buyback plan of 1.6billion.Building on these good results,we unvei
42、led our new“Unlock the Future”plan in early 2024,which sets AXAs strategic priorities for 2026.This will enable us to realize the full potential of our market positioning,with ambitions for organic growth in our key businesses,both for our corporate and individual clients.We will achieve this by fur
43、ther strengthening our technical excellence and through an ambitious digital transformation strategy.This plan will also confirm our longstanding commitments to sustainable development and corporate responsibility.In the face of the growing risks of climate change,we remain convinced of the crucial
44、role of our industry in helping our clients protect themselves,but also in supporting them in their own adaptation with a dedicated entity,AXA Climate.We will also continue to pay particular attention to the most vulnerable populations.In this spirit,our goal is to significantly develop our inclusiv
45、e insurance off erings to enable everyone to have access to insurance coverage.Wherever we are present,we will continue to act with conviction and responsibility to give everyone the means to protect themselves.Finally,we would like to acknowledge the exceptional work of our 147,000employees,agents,
46、and partners who once again this year demonstrated remarkable commitment to serving our clients.Their passion and dedication are our greatest strength and an immense source of pride for us.Antoine Gosset-Grainville Chairman of the Board of Directors Thomas Buberl Chief Executive Off icer Strategic o
47、rientations In 2023,the market context was characterized by a persistently high level of uncertainty.The emergence of a new crisis in the Middle East,along with the ongoing conflict between Russia and Ukraine,led to increased geopolitical tensions,resulting in volatility in energy prices and new dis
48、ruptions to supply chains.The financial sector,particularly the banking sector in the US and in Switzerland,faced unexpected turmoil(Credit Suisse,US regional banks).Additionally,natural catastrophes occurred with great frequency and severity on a global scale.Nevertheless,inflation stabilised in mo
49、st economies,and interest rates began to decrease during this period.In this context,the insurance industry demonstrated resilience but is still facing a range of both threats and opportunities:macroeconomic and geopolitical environments remainvolatile:(i)ongoing conflicts in Ukraine and the Middle
50、Eastas well as tensions between the US and China posing a threat to global stability,(ii)major general elections in the US,inthe European Union and other large economies(Indonesia,South Korea)which may accelerate global fragmentation,(iii)uncertain growth outlook in certain large economies(Europeand
51、 China),(iv)persistent inflation and tightened monetaryand credit conditions which may trigger risk of recession,and(v)impacts from climate change;continuing pressure on the insurance industry:(i)lowerpurchasing power for individual clients and deterioratinggrowth prospects impacting corporate clien
52、ts,(ii)rising claims frequency and cost,particularly medical inflation as well astransfer of spending from public to private(health sector)challenging profitability,even aft er raising prices,(iii)increased frequency and severity of global risks(natural events,cyber),and(iv)increasing complexity and
53、 cost associated with regulation;growth opportunities:(i)new insurance needs from customers(natural event coverage,cyber);(ii)higher interest rates and equity markets stability supporting competitiveness of Life&Saving off er versus banking products to attract investment cash flows,(iii)rising d
54、emand for Health and Protection insurance,accelerated by ageing population in mature countries and public sector disengagement,and(iv)technology&data,particularly Generative AI,driving diff erentiation across the business,from pricing,claims management,to customer service and optimizing operatio
55、ns.AXA faces this challenging context from a position of strength,having successfully delivered on its plan“Driving Progress 2023”across its strategic priorities:expand Health and Protection:(i)solid growth in Healthrevenues with an increase(1)of 5%over the plan,(ii)scale-up of our Health operations
56、 in Europe with the acquisition of Laya,leader of the Irish Health market with ca.28%market share,ca.800million of premiums and close to 700,000customers,and(iii)development of more inclusive off ers and products,particularly in Protection,for our customers;simplify customer experience and accelerat
57、e efficiency:(i)excellence in customer experience,surpassing NPS(2)targets across all lines of business,(ii)strong productivity gain achieved despite significant inflationary headwinds with Group Non-commission expenses ratio decreasing by-0.7pts over theplan,(iii)significant step forward on digital
58、isation of customer journeys with an increase of+30pts from 2020 to 2023,and(iv)deployment of AXA Secure GPT to enable enterprise-wide use of the Generative AI technologies;strengthen underwriting performance:(i)Property&Casualty combined ratio of 93.2%in 2023 down-4.4pts from 2022,seizing favou
59、rable pricing environment and improving technical excellence,(ii)successful technical strengthening of AXA XLwith 90.4%Property&Casualty combined ratio achieved in2023,and(iii)deployment of the Digital Commercial Platform,a data-driven and customer-centric platform that enables the Group to off
60、er innovative solutions to its clients;s ustain our leading climate position:(i)reaff irmation ofAXAs leading climate position and commitment to align itsbusiness with the COP21 Paris Agreement,(ii)announcement of new targets for 2030 to drive the decarbonization for bothits insurance and investment
61、s portfolios,and(iii)continue to support the climate transition,namely with the development of climate training(e.g.AXA Climate Academy),green investments of 29.9billion as of end of 2023 and the signing in 2023 of aten-year Virtual Power Purchase Agreement(VPPA)with IGNIS(3);optimization of cash ef
62、ficiency across the Group:(i)achievement of a cash remittance of 6.5billion in 2023,(ii)further in-force management initiatives with 10billiongeneral account reserve reduction in France through areinsurance agreement for an in-force Savings portfolio atAXA France,and(iii)successful execution of 1.1b
63、illion share buy-back program in 2023 reflecting the strength of AXA balance sheet and demonstrating its financial discipline.while meeting or exceeding its main financial objectives:underlying Earnings per share(4)average yearly growth at9%over 2020-2023(vs.3-7%target range);return on equity at 14.
64、9%in 2023(vs.13-15%target range);cumulated cash remittance of 16.4billion(vs.14billiontarget);SolvencyII ratio(5)at 227%at year-end 2023(vs.190%targetlevel).Following the successful completion of its“Driving Progress 2023”plan,the new strategic plan“Unlock the Future”will aim at strengthening and gr
65、owing the Groups core businesses:driving profitable organic growth through selective expansion in our core businesses and growing distribution;scaling technical excellence by using data analytics to improve pricing,claims,and risk selection,and expanding prevention services;delivering operational ex
66、cellence through automation,off shoring,and use of data and AI.Over the period 2024-2026,AXA will seek to deliver profitable organic growth and scale technical excellence across each of its businesses,Property&Casualty Commercial lines,Employee Benefits and individual Health,and Retail Property&
67、amp;Casualty and Life&Savings,while driving operational excellence across its entire organization.In P&C Commercial lines,AXA will aim to deliver above nominal GDP(6)revenue growth driven by structural portfolio growth reflecting continued demand from corporates,and leveraging its global sca
68、le,product capabilities,and diversified distribution.The Group will seek to expand in Property&Casualty mid-market,including in white spaces in Europe where the Group can grow its market share,and through selective initiatives in the US,and I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AX
69、A I4IUNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I5to address emerging risks such as Cyber and energy transition.The Group will focus on disciplined cycle management at AXA XL and leverage use of data analytics to strengthen SME and mid-market pricing and risk selection capabilities in or
70、der to sustain its technical excellence.The Group will also leverage proprietary risk consulting services to drive higher customer loyalty and margin,by integrating its Digital Commercial Platform across entities.In Employee Benefits and Individual Health,the Group has built a global franchise combi
71、ning strong local market positions and international businesses,with distinct,proven,and scalable capabilities,including global dataset,distribution,and comprehensive product off erings.The Group will target above nominal GDP revenue growth,focusing on growing its most profitable segments around its
72、 Employee Benefits off ering for SME,International Private Medical Insurance,and individual customers.The Group will also continue to drive technical excellence by scaling its proprietary assets across pricing and claims management while accelerating its innovative service proposition.In Retail Prop
73、erty&Casualty and Life&Savings,AXA is well-positioned to capture value,building on customer proximity,deep local expertise,and Group technology capabilities.The Group will target revenue growth in line with nominal GDP across its mature markets,with faster growth in Property&Casualty Non
74、-Motor and Retirement.Growth is expected to be driven by expanding distribution capabilities,including by increasing our agent network size selectively and improving agent productivity,and by increasing wallet share within our existing customer base,capitalizing on high customer satisfaction.In Prop
75、erty&Casualty,the Group expects profitability to improve,benefiting from pricing actions.The Group will leverage its dynamic pricing models,procurement initiatives,and computable contracts to further strengthen technical margin.In Life&Savings,AXA will focus on enhancing its high-quality mix
76、,through innovative capital-light savings products(7)in Europe,supported by AXA IM expertise.AXA will maintain its focus on operational excellence,by scaling existing capabilities across automation,shoring,and data and AI,building on productivity gains achieved through“Driving Progress 2023”.The Gro
77、up intends to take a systematic approach to automation with end-to-end straight-through processing and scale its well-established shoring capabilities;p roven high-value data&AI use cases will also be scaled,with additional business uplift through Generative AI.In addition,the new strategic plan
78、 includes the following main financial targets:underlying earnings per share compounded annual growthrate over 2023 to 2026 estimated between 6%and 8%;underlying return on equity between 14%and 16%over 2024 estimated to 2026 estimated;andover 21billion cumulative organic cash upstream over 2024 esti
79、mated to 2026 estimated.Underlying earnings growth is expected to be driven by strong operating performance across our lines of business as well as a recovery in UK Health and margin improvement in Property and Casualty Retail.Earnings growth is expected to be achieved even aft er taking into accoun
80、t headwinds from(i)the unwind of the discount(8)in Property and Casualty,(ii)lower interest rates compared to 2023 average levels,(iii)claims inflation only expected to normalize by 2025,(iv)moderation of Property and Casualty Commercial line pricing(v)a higher Nat Cat load(9),and(vi)the introductio
81、n of the OECD tax reform.The Group has increased its underlying return on equity target,reflecting the high quality of its businesses,which is expected to drive book value growth.The Group has significantly increased its ambition of cumulative cash upstream from 14billion between 2021 and 2023 to ab
82、ove 21billion over 2024 to 2026.The Group aims to achieve an organic cash remittance ratio(10)of approximately 80%over 2024 to 2026,with all businesses expected to deliver excellent remittance levels.The Group also expects to continue to operate with its SolvencyII ratio(11)at a high level,benefitin
83、g from 25 to 30points of normalized SolvencyII operating capital generation per annum,and limited sensitivity to interest rates and very adverse shocks(12).The Group intends to maintain a stable debt stock,with flexibility within its Debt Gearing target of 19 to 23points.Finally,as part of the new s
84、trategic plan,AXA formalized a new capital management policy in its press release entitled“AXA announces its 2024-2026strategy,setting ambitious new financial targets”,available on .(1)Compounded annual growth rate,2020-2023.(2)NPS refers to Net Promoter Score.(3)IGNIS is a Spanish integrated renewa
85、ble energy group.(4)Compounded annual growth rate over FY20 rebased-FY23.FY20 rebased includes underlying earnings restated for“COVID-19 claims”and natural catastrophes in excess of normalized level.AXA Group normalized level of natural catastrophe charges in 2020 at ca.3%of Gross Earned Premiums.Na
86、tural catastrophe charges include natural catastrophe losses regardless of event size.“COVID-19 claims”includes Property&Casualty,Life and Health net claims related to COVID-19,as well as the impacts from solidarity measures and from lower volumes net of expenses,linked to COVID-19.“COVID-19 cla
87、ims”does not include any financial market impacts(including impacts on investment margin,Unit-Linked and asset management fees,etc.)related to the COVID-19 crisis.(5)The SolvencyII ratio is estimated primarily using AXAs internal model calibrated based on an adverse 1/200years shock.For further info
88、rmation on AXAs internal model and SolvencyII disclosures,please refer to AXA Groups Solvency and Financial Condition Report(SFCR)as of December31,2022,available on AXAs website().The estimated SolvencyII ratio as of December31,2023 is adjusted to give eff ect to the full 1.6billion share buyback an
89、nounced on February22,2024.The AXA Groups SFCR for the year ended December31,2023 is expected to be published in May2024,on AXAs website.(6)Gross Domestic Product without adjustment for inflation.(7)Encompass all products with no guarantees,with guarantees at maturity only or with guarantees equal t
90、o or lower than 0%.(8)Insurance Finance Income and Expenses.(9)Nat Cat load of ca.4.5pts,defined as normalized natural catastrophes losses expected in a year expressed in percentage of gross earned premiums for the same year.Natural Catastrophe charges include natural catastrophe losses regardless o
91、f event size.(10)Defined as ordinary cash remittance from subsidiaries over prior year underlying earnings net of holding underlying earnings.(11)The SolvencyII ratio is estimated primarily using AXAs internal model calibrated based on an adverse 1/200years shock.For further information on AXAs inte
92、rnal model and SolvencyII disclosures,please refer to AXA Groups Solvency and Financial Condition Report(SFCR)as of December31,2022,available on AXAs website().The SolvencyII ratio as of December31,2023 is adjusted to give eff ect to the full 1.6billion share buy-back announced on February22,2024 in
93、 AXAs Full Year 2023 Earnings press release,available on Investors|AXA.(12)A decrease of 50bps in interest rates is expected to result in a-5-point impact on the SolvencyII ratio.A repeat of the 2008/2009 financial crisis is expected to result in a-32-point impact on the SolvencyII ratio(based on FY
94、22 SFCR).I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I6Our resources Relational capital nel 94 million custom mers We serve both corporate and individual customers.Human capital 147,000 employee es,agen nts andpartners Our workforces diverse range of profi les and professions enables AX
95、A to be eff ective and innovative.We also work closely with our distributors:agents,brokers and bankers.Economic and financial capital The funds required for our business come from our equity,as well as our shareholders and bondholders.Stakeholder capital We work with external service providers and
96、authorities.Social and environmental capital Were putting fi nancial inclusion and the climate transition at the core of our strategy,with a commitment to bringing value to all our stakeholders over the long term.Our purpose Our balanced position “Act for human progress by protecting what matters”P&
97、amp;C Protecting the tangible and intangible assets of individuals and companies.Life&Health Protecting our customers health and funding their projects.Asset management Financing the real economy and major transitions.35%20%30%15%Breakdown of revenuesfrom insurance premiumsCompanies-50%Individua
98、ls-50%P&C P&C Employee benefits Life&Health Our sustainable value creation I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I7Our value creation and sharing in 2023 Our strategy F For r o our r cu ust tome ers More than 50Bn in payments made to our customers 450Bn devoted to hand
99、ling climate disasters in France 14M customers covered by inclusive protection F For r o our r w workf for rce 8.6Bn in wages and bonuses paid 17,000 recruitments in the world eNPS:40 points For r ou ur s share eho olde ers 3.8Bn in dividends paid to close to 300,000 shareholders 30%employee shareho
100、lders(4.4%of the capital)For t the e econ nomy a and society y More than 30Bn invested in the economy annually 11.7Bn paid in taxes and social security contributions of which 36%paid in France 23.5Bn of donations worldwide 79,482 acts of volunteer work 256M allocated since 2008 to scientifi c resear
101、ch through the AXA Research Fund Our fi nancial targets Und derlyin ng earni ings per sha are e+6%to 8%per year between 2023 and 2026 U Und derlying g re etu urn n on e equ uity y 14%to 16%from 2024 to 2026 C Cum mu ulat tive e cash h rem mitt tan nce e 21Bn from 2024 to 2026 P Payo out rat tio o 75
102、%of underlying earnings per share,including:60%from dividends(with dividend per share at least equal to prior year)and 15%from an annual share buy-back program Driving higher growth Scaling our operational and technical excellence Expanding our role in society Care&Dare Rigorous management of ca
103、pital Unlock the FutureSuccessful delivery on“Driving Progress 2023”I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I8(1)Alternative performance measures(“APMs”)as defined on pages559 to 562 of this Annual Report.(2)2022 and prior years are based on IFRS4.(3)Compounded annual growth rate.(4
104、)Based on 2020 rebased underlying earnings.Underlying earnings per share(1)(2)+9%+3%to+7%UEPS CAGR(3)2020(4)-2023 Cash remittance 16.4 bn 14bn Cumulative 2021-2023 Underlying Return on Equity(1)14.9%13%to 15%20212023 Solvency II ratio 227%190%Target capital level 2023 Full Year Earnings IGrowth acro
105、ss main lines of business I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I9(1)Or+6%core business top line growth excluding businesses targeted for reduction,notably Property&Casualty Nat Cat Reinsurance,certain Traditional G/A and the two non-renewed large International Group contracts
106、 in France.(2)Or+7%excl.the two large non-renewed International Group contracts in France.(3)Alternative performance measures(“APMs”)as defined on pages559 to 562 of this Annual Report.Underlying Earnings(3)7.6 bn P&C 5.0bn LIFE 2.7bn HEALTH 0.6bn ASSET MANAGEMENT 0.4bn BANKING&HOLDINGS-1.0b
107、n Revenues 103 bn +3%(1)SAVINGS 16%of revenues -3%PROTECTION 15%of revenues +4%ASSET MANAGEMENT 2%of revenues -2%P&C 52%of revenues +7%HEALTH 16%of revenues -7%(2)LIFE&HEALTH RoE13.5%P&C RoE15.9%ASSET MANAGEMENT RoE24.9%Underlying RoE(3)14.9%I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPOR
108、T 2023-AXA I10Financial strength and dividend(1)Proposed dividend,submitted for approval at the annual shareholders me eting on April23,2024.DividendIn Euro per shareShare buy-backsIn Euro billionSolvency II ratio2022 2023IFRS 17/949.646.12022 2023IFRS 17/920%22%2022 2023227%215%2022 20231.98(1)1.70
109、2022 20231.11.5Shareholders equityIn Euro billionDebt gearing1.1 KEY FIGURES 12 IFRS indicators 12 Activity and Earnings indicators 13 Assets under management 13 Dividends and dividend policy 14 Ratings I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I11SNFPTHE AXA GROUP 15 1.2 HISTORY 17 1
110、.3 BUSINESS OVERVIEW 19 France 20 Europe 21 AXA XL 22 Asia,Africa&EME-LATAM 23 AXA Investment Managers 25 Transversal&Central Holdings 26 1THE AXA GROUP I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I1211.1KEY FIGURES AXA SA is the holding company of AXA Group,a worldwide leader i
111、n insurance,with total assets of 644billion at December31,2023.AXA operates primarily in five hubs:France,Europe,AXA XL,Asia,Africa&EME-LATAM,and AXA IM.AXA has three main operating activities:Property&Casualty,Life&Health,and Asset Management.In addition,various holding companies within
112、 the Group conduct certain non-operating activities.1.1 KEY FIGURES IIFRS indicators IFRS indicators presented below are derived from the Consolidated Financial Statements for the year ended December31,2023.The table set out below is only a summary.You should read it in conjunction with the Consolid
113、ated Financial Statements for the year ended December31,2023 included in Section6“Consolidated Financial Statements”of this Annual Report.(in Euro million)2023 2022 restated Income Statement Data Insurance Revenues 80,889 80,449 Net consolidated income-Group Share 7,189 5,061(in Euro million except
114、per share data)2023 2022 restated Balance Sheet Data Total assets 644,449 638,357 Shareholders equity-Group share 49,579 46,071 Book Value per share(a)22.7 21.7 Dividend per share(b)1.98 1.70(a)Book Value per share is calculated based on the actual number of outstanding shares at each period-end pre
115、sented.Shares held by AXA and its subsidiaries(i.e.treasury shares)are deducted for the calculation of outstanding shares.Shareholders equity excludes the other comprehensive income as well as the undated and deeply subordinated debt.(b)An annual dividend is generally paid each year in respect of th
116、e prior year aft er the Annual Shareholders Meeting(customarily held in April or May)and before September of that year.Dividends are presented in this table in the year to which they relate and not in the year in which they are declared and paid.A dividend of 1.98 per share will be proposed at AXAs
117、Shareholders Meeting that will be held on April23,2024.Subject to the Shareholders Meeting approval,the dividend will be paid out on May6,2024,with an ex-dividend date of April30,2024.THE AXA GROUP 1.1KEY FIGURESI UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I13 IActivity and Earnings indi
118、cators The table set out below presents the key activity and earnings indicators.You should read it in conjunction with Section2.3“Activity Report”and the Glossary set forth in Appendix IV of this Annual Report.1(in Euro million,except percentages)2023 2022 restated Property&Casualty Gross Writt
119、en Premiums 53,027 50,633 Property&Casualty Combined Ratio(a)93.2%97.6%Health Gross Written Premiums 16,068 17,254 Health Combined Ratio(a)99.8%98.6%Life Gross Written Premiums 31,990 32,231 New Business Value(NBV)2,281 2,288 Present Value of Expected Premiums(PVEP)45,856 43,320 NVB Margin 5.0%5
120、.3%Underlying earnings Group share(a)7,604 6,080(a)Alternative Performance Measures.For further information,refer to Section2.3“Activity report”and the Glossary set forth in Appendix IV of this Annual Report.IAssets under management The table below sets forth the total assets managed by AXAs subsidi
121、aries,including assets managed on behalf of third parties:(in Euro million)2023 2022 restated AXA General Account assets 478,101 475,432 Assets backing contracts with financial risk borne by policyholders(Unit-Linked)82,791 76,517 Subtotal 560,892 551,948 Managed on behalf of third parties(a)384,612
122、 378,494 TOTAL ASSETS UNDER MANAGEMENT 945,505 930,442(a)Include assets managed on behalf of Mutuelles AXA.For additional information on AXAs revenues by segment,see Section6.6 Note19“Information by segment”of this Annual Report.For additional information on AXAs segments,see Section2.3“Activity rep
123、ort”and Section6.6 Note3“Consolidated statement of profit or loss by segment”of this Annual Report.THE AXA GROUP 1.1KEY FIGURES I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I141The following table sets forth information on the dividends declared and paid in respect of the last five fisca
124、l years:IDividends and dividend policy The Company pays dividends in Euro.Proposals for dividend payments are made at the discretion of the Board of Directors and are submitted for approval at the Shareholders Meeting.AXAs dividend policy is based on underlying earnings per share.AXA targets,in line
125、 with its“Unlock the Future”strategic plan announced on February22,2024,to(i)pay aggregate dividends of 60%of the Groups Underlying Earnings per share,and(ii)adhere to a dividend per share floor whereby the proposed dividend per share in any given year is targeted to be at least equal to the dividen
126、d per share paid in the prior year(subject to the absence of a significant capital event,i.e.an event which significantly deteriorates the Groups solvency).The Board of Directors has full discretion to determine the dividend to be proposed at the applicable Shareholders Meeting,taking into account a
127、 variety of factors,including AXAs earnings,financial condition,applicable capital and solvency requirements,prevailing operating and financial market conditions and the general economic environment.A dividend of 1.98 per share for the 2023 fiscal year will be proposed to the Shareholders Meeting to
128、 be held on April23,2024.The Companys dividend policy is part of a wider capital management policy which targets an aggregate payout ratio(based on dividend payouts and share buy-backs)of 75%of the Groups Underlying Earnings per share.Fiscal year Distribution(inEuromillion)Number of shares(on Decemb
129、er31)Net dividend pershare(in Euro)Dividend per share eligible for a tax relief(in Euro)Gross dividend pershare(in Euro)2019 1,765 2,417,695,123 0.73(b)0.73(b)0.73(b)2020 3,458 2,418,389,408 1.43(c)1.43(c)1.43(c)2021 3,729 2,421,568,696 1.54(d)1.54(d)1.54(d)2022 3,998 2,351,770,945 1.70(e)1.70(e)1.7
130、0(e)2023 4,495(a)2,270,188,806 1.98(f)1.98(f)1.98(f)(a)Amount based on the number of shares issued as of December31,2023.Final proposal to be submitted to the Shareholders Meeting to be held on April23,2024.(b)The gross amount of dividends was subject to a unique withholding tax liquidated at an ove
131、rall rate of 30%,unless in case of express and irrevocable option for the progressive scale on income tax which would then apply to all capital income paid in 2020.The option for the progressive scale gave right to the 40%tax relief pursuant to paragraph2 of article158.3 of the French General Tax Co
132、de,i.e.,0.29 per share for fiscal year 2019.(c)The gross amount of dividends was subject to a unique withholding tax liquidated at an overall rate of 30%,unless in case of express and irrevocable option for the progressive scale on income tax which would then apply to all capital income paid in 2021
133、.The option for the progressive scale gave right to the 40%tax relief pursuant to paragraph2 of article158.3 of the French General Tax Code,i.e.,0.57 per share for fiscal year 2020.(d)The gross amount of dividends was subject to a unique withholding tax liquidated at an overall rate of 30%,unless in
134、 case of express and irrevocable option for the progressive scale on income tax which would then apply to all capital income paid in 2022.The option for the progressive scale gave right to the 40%tax relief pursuant to paragraph2 of article158.3 of the French General Tax Code,i.e.,0.62 per share for
135、 fiscal year 2021.(e)The gross amount of dividends was subject to a unique withholding tax liquidated at an overall rate of 30%,unless in case of express and irrevocable option for the progressive scale on income tax which would then apply to all capital income paid in 2023.The option for the progre
136、ssive scale gave right to the 40%tax relief pursuant to paragraph2 of article158.3 of the French General Tax Code,i.e.,0.68 per share for fiscal year 2022.(f)Proposal to be submitted to the Shareholders Meeting to be held on April23,2024.The gross amount of dividends will be subject to a unique with
137、holding tax liquidated at an overall rate of 30%,unless in case of express and irrevocable option for the progressive scale on income tax which would then apply to all capital income paid in 2024.The option for the progressive scale would give right to the 40%tax relief pursuant to paragraph2 of art
138、icle158.3 of the French General Tax Code,i.e.,0.792 per share for fiscal year 2023.Dividends not claimed within five years aft er the payout date become the property of the French Public Treasury.For further information on AXAs dividend,see Section2.4“Liquidity and capital resources Impact of regula
139、tory requirements Group Capital Management Objectives”,Note26.5“Other items:Restriction on dividend payments to shareholders”in Section6“Consolidated Financial Statements”and Section7.3“General Information Bylaws Rights,preferences and restrictions attached to the shares”of this Annual Report.For ad
140、ditional information regarding the factors and risks that may cause the proposed dividend amount to vary or otherwise impact our capacity to pay dividends,see paragraphs“The Groups or its insurance or reinsurance entities failure to meet their solvency and capital adequacy requirements could have a
141、material adverse eff ect on our business,liquidity,ratings,results of operations and financial condition”,“We are dependent on our subsidiaries to cover our operating expenses and shareholder distributions,including dividend payments”,and“The Group and our businesses are subject to extensive regulat
142、ion,regulatory supervision,adverse judicial decisions and emerging legal,regulatory,and reputational risks inthevarious jurisdictions in which weoperate”in Section5.1“Risk Factors”of this Annual Report.THE AXA GROUP I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I15 IRatings SNFP 1.1KEY FI
143、GURES1The Group is rated by recognized rating agencies which assess the financial strength and the creditworthiness of the Company and certain of its insurance subsidiaries.The ratings set forth below are subject to revision or withdrawal at any time by the assigning rating agency in its sole discre
144、tion.Credit ratings are intended to reflect the ability of AXA to meet its payment obligations and may not reflect the potential impact of all risks on the value of AXAs securities.A rating is not a recommendation to buy,sell or hold securities.None of these ratings should be construed as an indicat
145、ion or forecast of the historical or potential performance of AXAs securities nor should any such rating be relied upon for the purpose of making an investment decision with respect to any of the Companys securities.The Company does not undertake to maintain its ratings,nor in any event shall the Co
146、mpany be responsible for the accuracy or reliability of any of the ratings set forth below.The significance and the meaning of individual ratings vary from agency to agency.INSURER FINANCIAL STRENGTH&COUNTERPARTY CREDIT RATINGS At the date of this Annual Report,the relevant ratings for the Compa
147、ny and its principal insurance subsidiaries were as follows:Insurer financial strengthratings Counterparty credit ratings Agency Date of last review AXA SA AXAs principal insurance subsidiaries Outlook Senior debt of the Company Short term debt of the Company S&P Global Ratings March 7,2024 A+AA
148、-Stable A+A-1+Moodys Investors Service July1,2022 Aa3 Aa3 Stable A1 P-1 A.M.Best Rating Services September7,2023 A+Superior-Stable-Outlook aa-Superior Stable Stable Stable AXA Groups extra-financial performance is rated by a number of specialists on Environmental,Social and Governance(ESG)topics,inc
149、luding investors,brokers and rating agencies that focus specifically on the Socially Responsible Investing(SRI)market,as well as specialist organizations focused on single sustainability themes.The Group generally ranks amongst the top performers in its industry and is also included in the main inte
150、rnational sustainability indices:DJSI World and DJSI Europe(based on S&P Globals study);Euronext Vigeo Europe 120 Index based on Moodys ESG Solutions data;FTSE4GOOD(based on FTSE Russell research).The AXA Groups main SRI ratings are listed below(not all ratings are updated annually):Agency/Organ
151、isation Scores&ratings S&P Global“Corporate Sustainability Assessment”(CSA)ranking(a)81/100 Percentile ranking:98th Moodys Analytics 68/100 Sector average score:46 FTSE ESG 4.3/5 Sustainalytics ESG Risk Rating:16.3 Low risk(b)CDP B MSCI AAA(a)The result of the CSA is a reference performance
152、indicator for AXA Group and is one of the performance metrics used to calculate long term incentives(AXA Performance Shares)since 2016.(b)For the ESG Risk Rating ranking of AXA Group,please refer to Sustainalytics website:https:/ RESPONSIBLE INVESTMENT(SRI)RATINGS SNFPTHE AXA GROUP I UNIVERSAL REGIS
153、TRATION DOCUMENT-ANNUAL REPORT 2023-AXA I1611.1KEY FIGURES FURTHER INFORMATION REGARDING EXTRA-FINANCIAL RATINGS PROVIDERS S&P Global.Corporate Sustainability Assessment(CSA)evaluates each year over 7,500companies using criteria that are both industry-specific and financially material.AXA is inc
154、luded in indices that use CSA data,including the Dow Jones Sustainability Indices.https:/ Analytics.Formerly known as Vigeo Eiris,Moodys Analytics is an extra-financial rating agency.Its methodology leverages a number of sustainability criteria based on international standards.AXA is included in ind
155、ices that use Moodys Analytics data,including Euronext I FTSE Russell is a provider of benchmarks,analytics,and data solutions across asset classes.Each year FTSE Russell rates over 4,000 companies,measuring their exposure to and management of ESG issues.https:/www.ft Sustainalytics is an ESG(Enviro
156、nmental,Social and Governance)rating agency covering more than 16,000 companies.The agency focuses on corporate governance,material ESG issues,and controversies.https:/ CDP(formerly known as the Carbon Disclosure Project)runs a global disclosure system that enables companies,cities,states and region
157、s to report on their environmental impacts.The CDP also transforms this data into analysis on critical environmental risks,opportunities and impacts.https:/ MSCI is an independent provider of research and data for institutional investors.MSCIs research analysts assess thousands of data points across
158、 35 ESG issues,focusing on both risks and opportunities.https:/ AXA GROUP I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I171.2 HISTORY 1.2HISTORY 1AXA originated from several French regional mutual insurance companies:“Les Mutuelles Unies”.1982 Takeover of Groupe Drouot.1988 Transfer of t
159、he insurance businesses to Compagnie du Midi(which subsequently changed its name to AXA Midi and then AXA).1992 Acquisition of a controlling interest in The Equitable Companies Incorporated(United States),which subsequently changed its name to AXA Financial,Inc.(“AXA Financial”).1995 Acquisition of
160、a majority interest in National Mutual Holdings(Australia),which subsequently changed its name to AXA Asia Pacific HoldingsLtd.(“AXA APH”).1997 Merger with Compagnie UAP.2000 Acquisition of(i)Sanford C.Bernstein(United States)by AXAs asset management subsidiary Alliance Capital,which subsequently ch
161、anged its name to AllianceBernstein(nowAB);(ii)a minority interest in AXA Financial;and(iii)the Japanese Life insurance company,Nippon Danta Life Insurance Company;and Sale of Donaldson,Lufkin&Jenrette(United States)to Credit Suisse Group.2004 Acquisition of the American insurance group MONY.200
162、5 FINAXA(AXAs principal shareholder at that time)merged into AXA.2006 Acquisition of Winterthur Group.2008 Acquisition of Seguros ING(Mexico).2010 Voluntary delisting of AXA SA from the New York Stock Exchange and deregistration with the Securities and Exchange Commission(SEC);and Sale by AXA UK of
163、its traditional Life and Pensions businesses to ResolutionLtd.2011 Sale of(i)AXAs Australian and New Zealand Life&Savings operations and acquisition of the AXA APH Life&Savings operations in Asia;and(ii)AXA Canada to the Canadian insurance group Intact.2012 Launch of ICBC-AXA Life,a Life ins
164、urance joint venture in China with ICBC;and Acquisition of HSBCs Property&Casualty operations in Hong Kong and Singapore.2013 Acquisition of HSBCs Property&Casualty operations in Mexico.2014 Acquisition of(i)50%of TianPing,a Chinese Property&Casualty insurance company;(ii)51%of Grupo Mer
165、cantil Colpatrias insurance operations in Colombia;and(iii)77%of Mansard Insurance plc in Nigeria.2015 Acquisition of Genworth Lifestyle Protection Insurance;and Launch of AXA Strategic Ventures(renamed AXA Venture Partners in 2028),a venture capital fund dedicated to emerging strategic innovations
166、in insurance and financial services.2016 Sale of AXAs UK(non-platform)investment and pensions businesses and its direct protection businesses to Phoenix Group Holdings.2017 Announcement of the intention to Initial public off ering(“IPO”)AXA Equitable Holdings,Inc.in the US to create significant addi
167、tional financial flexibility and accelerate AXAs transformation.THE AXA GROUP I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I1811.2HISTORY 2018 Acquisition of the XL Group,creating the#1 global P&C Commercial lines insurance platform;and IPO of the US subsidiary,Equitable Holdings,Inc
168、.(1),on the New York Stock Exchange.2019 Sale of AXAs remaining stake in Equitable Holdings,Inc.(EQH)(2);and Acquisition of the remaining 50%stake in AXA Tianping.2020 Sale of AXAs Life&Savings,Property&Casualty and Pension businesses in Poland,Czech Republic and Slovakia to UNIQA Insurance
169、GroupAG.2021 Sale of AXAs insurance operations in Greece to Generali;Sale of AXAs insurance operations in the Gulf Region to Gulf Insurance Group;Combination of the non-Life insurance operations in India of Bharti AXA General Insurance Company Limited into ICICI Lombard General Insurance Company Lim
170、ited;and Sale of AXAs Belgian banking operations(AXA Bank Belgium)to Crelan Bank and entry with Crelan into a long-term P&C and Protection insurance distribution partnership.2022 Sale of AXAs insurance operations in Singapore to HSBC Insurance(Asia-Pacific)HoldingsLtd;Receipt by AXA SA of regula
171、tory approval from the Autorit de contrle prudentiel et de rsolution(“ACPR”)to operate as a licensed reinsurer;and Sale of AXAs insurance operations in Malaysia to Generali.2023 Acquisition of Groupe Assurances du Crdit Mutuel Espaa(“GACM Espaa”);and Acquisition of Laya Healthcare Limited(“Laya”).Fo
172、r further information concerning Group subsidiaries(including the Groups equity interest and voting rights percentages),please see Section6.6 Note2“Scope of consolidation”of this Annual Report.(1)Formerly known as AXA Equitable Holdings,Inc.(2)Excluding shares of common stock of EQH,primarily relate
173、d to the EQH shares delivered on redemption of the AXA SA bonds mandatorily exchangeable into EQH shares,matured in May2021.THE AXA GROUP I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I191.3 BUSINESS OVERVIEW AXA operates in five hubs(France,Europe,AXA XL,Asia,Africa&EME-LATAM,and AXA
174、 IM)and off ers a broad range of Property&Casualty,Life&Health,and Asset Management products and expertise.The nature and level of competition vary among the countries where AXA operates.AXA competes with insurance companies along with banks,asset management companies,investment advisors and
175、 other financial institutions.The principal competitive factors are as follows:size,strength and quality of the distribution channels,in particular the quality of advisors;1.3BUSINESS OVERVIEW range of product lines and product quality,feature functionality and innovation;price;quality of service;in
176、vestment management performance;historical level of bonuses with respect to participating contracts;crediting rates on General Account products;reputation,visibility and recognition of brand;and ratings for financial strength and claims-paying ability.For additional information on markets,see Sectio
177、n2.2“Market environment Market conditions”of this Annual Report.The table set out below presents AXAs Gross Written Premiums and Other Revenues(aft er intercompany eliminations)by line of business.1Gross Written Premium and Other Revenues(a)Property&Casualty Life&Health Life Health AM Bankin
178、g Total Years ended December,31 (in Euro million)2022 restated 2022 restated 2022 restated 2022 restated 2022 restated 2022 restated 2022 restated France 7,854 20,636 13,761 6,875-137 28,627 Europe 17,864 17,181 10,829 6,352-35,045 AXA XL 18,416 161 161-18,577 Asia,Africa w&EME-LATAM 4,978 11,24
179、8 7,481 3,766-16,225 AXA IM-1,589-1,589 Transversal&Central Holdings 1,521 260-260-2023-1,782 TOTAL 2023 2023 2023 2023 2023 2023 8,341 18,809 13,907 4,902-93 27,243 19,304 17,313 10,377 6,936-36,617 18,295 122 122-18,417 5,381 11,608 7,585 4,023-16,990-1,555-1,555 1,706 206-206-1,912 53,027 50,
180、633 48,058 49,485 31,990 32,231 16,068 17,254 1,555 1,589 93 137 102,733 101,844(a)Net of intercompany eliminations.THE AXA GROUP I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I2011.3BUSINESS OVERVIEW IFrance GROSS WRITTEN PREMIUMS AND OTHER REVENUES France Gross Written Premium and Other
181、 Revenues(a)Years ended December31(in Euro million)2023 2022 restated TOTAL 27,243 28,627(a)Net of intercompany eliminations.PRODUCTS AND SERVICES AXA off ers in France a full range of insurance products,including Life&Health,and Property&Casualty.Its off ering covers a broad range of produc
182、ts including Motor,Household,Property and general liability insurance,Banking,Savings,and other investment-based products for both Personal/Individual and Commercial/Group customers,as well as Health,Protection,and retirement products for individual and professional customers.In addition,leveraging
183、on its product and distribution expertise,AXA France has developed an Employee Benefit off er internationally to individuals,corporates,and other institutions.NEW PRODUCT INITIATIVES In Life,AXA France has enriched its Unit-Linked off ering.In the current interest rate environment,AXA France also ha
184、s integrated EMTNs“Euro Medium Term Notes”as part of its two major campaigns AXA Coupon Ambition and AXA Coupon Ambition Monde with the main purpose of off ering a flexible and short-term investment alternative to its clients.In addition,AXA France has launched a new innovative profile managed under
185、 mandate that is 100%invested in structured products as well as a new collective retirement digital off er distributed by Gdon.In Health and Protection,the partnership of AXA France and AGIPI off ers independent professionals with high-end solutions and services AGIPI Sant that guarantee health care
186、 costs that meet their specific needs.In Property&Casualty,AXA France launched,via its OSE platform,the Machinery Breakdown insurance contract which covers the clients machines and equipment during their operation or at rest.AXA France also introduced a new tool AdValo for transportation profess
187、ionals.Lastly,within the Credit&Lifestyle Protection(CLP)business,in AXA Partners,two new bots“Alex”and“Nicholas”were set to remove manual steps,and allow agents to focus on more complex cases and add true customer value.In addition,the Payment Instrument&Purchase Protection(PIPP)product has
188、 been approved for a 2-year pilot.DISTRIBUTION CHANNELS In France,AXA distributes its insurance products through exclusive and non-exclusive channels including exclusive agents,salaried sales forces,direct sales,banks,as well as brokers,independent financial advisors,aligned distributors or wholesal
189、e distributors and partnerships.THE AXA GROUP I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I21 IEurope 1.3BUSINESS OVERVIEWThe European market includes AXAs operations in eight countries(Switzerland,Germany,Belgium,Luxembourg,the United Kingdom,Ireland,Spain and Italy).1PRODUCTS AND SERV
190、ICES Except for the United Kingdom&Ireland(where AXA operates only in Property&Casualty and Health),AXA off ers in Europe a full range of insurance products,including Life&Health,and Property&Casualty.Its off ering covers a broad range of products including Motor,Household,Property a
191、nd General Liability insurance,term life,whole life,universal life,endowment,deferred annuities,immediate annuities,and other investment-based products for both Personal/Individual and Commercial/Group customers.NEW PRODUCT INITIATIVES In Europe,several initiatives were launched in a consistent aspi
192、ration to deliver high value-added services and insurance coverage in all lines of business:in Germany,AXA launched a new Liability and Household retail product Privat-Schutz designed for the broker market and providing simplicity and flexible cover for customers.In Health,AXA launched Krankengeld e
193、asy a supplementary insurance product aiming at securing their income in case of illness;in Belgium,AXA launched Confort Auto3.0 specifically targeting second hand cars insurance and pioneered the use of the“ECO Repair Score”,an accessible tool evaluating and assigning sustainability scores to vehic
194、le repairs.In Property,AXA Belgium released its new Simple Risks Home Fire general conditions for commercial business.In Health,AXA started a new partnership with Doctena,a leader in online appointment bookings,aiming at simplifying access to health care;in Spain,AXA developed a large savings off er
195、ing to meet the evolving demand in a high interest rate context ranging from structured notes to Rentbiliza,a new General Account product.DISTRIBUTION CHANNELS In Europe,AXA distributes its insurance products through exclusive and non-exclusive channels that vary from country to country,including ag
196、ents(exclusive or non-exclusive),salaried sales forces,direct sales,banks and other partnerships(e.g.,car dealers),brokers,independent financial advisors and aligned or wholesale distributors.GROSS WRITTEN PREMIUMS AND OTHER REVENUES Europe Gross Written Premium and Other Revenues(a)Years ended Dece
197、mber31(in Euro million)2023 2022 restated Switzerland 5,992 5,558 Germany 11,773 11,461 Belgium&Luxembourg 4,153 3,916 United Kingdom&Ireland 6,365 5,758 Spain 3,102 2,709 Italy 5,043 5,448 AXA Life Europe 188 195 TOTAL 36,617 35,045(a)Net of intercompany eliminations.THE AXA GROUP I UNIVERS
198、AL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I2211.3BUSINESS OVERVIEW IAXA XL GROSS WRITTEN PREMIUMS AND OTHER REVENUES AXA XL Gross Written Premium and Other Revenues(a)Years ended December31(in Euro million)2023 2022 restated TOTAL 18,417 18,577(a)Net of intercompany eliminations.PRODUCTS AND S
199、ERVICES AXA XL,through its operating subsidiaries,is a leading provider of Property&Casualty insurance and reinsurance coverages to industrial,commercial and professional firms,insurance companies and other enterprises on a worldwide basis.Through its main operations,AXA XL provides:insurance,wi
200、th a broad range of coverages,including property,primary and excess casualty,excess and surplus lines,environmental liability,professional liability,construction,marine,energy,aviation&satellite,fine art&specie,livestock&aquaculture,accident&health and crisis management,among other r
201、isks;reinsurance,with casualty,property risk,property catastrophe,specialty,and other reinsurance lines on a global basis with business being written on both a proportional and non-proportional treaty basis,as well as a facultative basis;risk consulting,as clients receive customized Risk Management
202、solutions and consulting services to understand and quantify the risks companies face or may face in the future.The objective is to help them avoid preventable losses and mitigate the impact of losses that do occur.NEW PRODUCT INVITIATIVES AXA XL continues to bring innovative solutions to the market
203、 by:supporting clients to adopt new technology solutions to better address their risk prevention needs,AXA XLs Risk Consulting team launched AXA Immersive Solutions a virtual reality(VR)training that utilizes digital twins technologies;helping Marine clients to manage their environmental footprint a
204、nd support action on carbon emission,AXA XL launched its Excess Emissions Insurance product in the UK leveraging the expertise of its in-house Carbon team and partnership with ClimateSeed;identifying and mitigating wildfire risks for companies sites in France,AXA XL launched a new risk assessment se
205、rvice.Available through AXAs Digital Commercial Platform,the solution combines the expertise of AXA XLs risk consultants,satellite imagery and artificial intelligence applications to turn environmental and climatological data from a variety of sources into actionable risk insights.DISTRIBUTION CHANN
206、ELS The majority of AXA XL business originates via a large number of international,national and regional brokers.This channel is supported by client and country management teams,which include sales and distribution representatives in key markets throughout the world.Underwriting authority may also b
207、e contractually delegated to selected third parties which are subject to a financial and operational due diligence review prior to any such delegation of authority,as well as ongoing reviews and audits as deemed necessary with the goal of assuring the continuing integrity of underwriting and related
208、 business operations.THE AXA GROUP I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I23 IAsia,Africa&EME-LATAM 1.3BUSINESS OVERVIEW1The Asia,Africa&EME-LATAM market includes AXAs operations in more than 15countries,notably in Japan,Hong Kong,China,Thailand,Indonesia,Mexico,Trkiye,Mor
209、occo,and Colombia.GROSS WRITTEN PREMIUMS AND OTHER REVENUES Asia,Africa&EME-LATAM Gross Written Premium andOther Revenues(a)Yearsended December31(in Euro million)2023 2022 restated Asia 11,438 11,535 of which Japan 5,302 5,456 of which Hong Kong 4,470 4,398 of which China 829 828 Africa&EME-
210、LATAM 5,552 4,691 of which Mexico 2,886 2,294 of which Trkiye 953 581 TOTAL 16,990 16,225(a)Net of intercompany eliminations.Asia includes(i)the subsidiaries in Japan,Hong Kong,China(AXA Tianping),and South Korea which are fully consolidated,(ii)the Property&Casualty entity in Thailand,and the n
211、on-bancassurance Life&Health entity in Indonesia,as well as(iii)the joint ventures in China(Life&Health),Philippines(Life&Health and Property&Casualty),Thailand(Life&Health),and Indonesia(Life&Health)which are consolidated under the equity method and do not contribute to gros
212、s revenues.Africa&EME-LATAM includes(i)Mexico,Colombia,Brazil,Trkiye,Morocco,and Nigeria which are fully consolidated,combined with(ii)Russia(Reso),India,and Malaysia(disposed on August30,2022)that are consolidated under the equity method and do not contribute to gross revenues.Further details o
213、n the scope of market activities are defined in the Glossary set forth in AppendixIV of this Annual Report.PRODUCTS AND SERVICES In Asia,Africa&EME-LATAM,AXA off ers insurance products,including Property&Casualty,Protection and Health as well as Savings products.Types and specificities of th
214、e products off ered by AXA vary depending on geographies and cover a broad range of products including Motor,Household,Property and General Liability insurance,Health,term life,whole life,universal life,endowment,and other investment-based products for both Personal/Individual and Commercial/Group c
215、ustomers.In addition to its product propositions,AXA also off ers services,for example its portfolio includes Emma,the digital assistant that,in addition to making servicing requests simpler and more eff icient,provides access to a comprehensive range of related services including wellness advice an
216、d support.Emma is available in Japan,Hong Kong,China,Thailand,Indonesia and the Philippines.NEW PRODUCT INITIATIVES AXA continues to strengthen its position in Asia,Africa and EME-LATAM markets,while improving its customer propositions with new initiatives.In Asia,AXA continues to further expand its
217、 customer propositions,in particular towards the emerging elderly segment in Hong Kong,while in China AXA is developing solutions specifically oriented to electric vehicles in line with market development.In Africa&EME-LATAM,an integrated ecosystem between medical assets and the insurance off er
218、 is provided to customers,either through onsite services in clinics in Colombia,Nigeria,Egypt,and Mexico,through remote teleconsultation and digital services or through home services in most markets.AXA also launched(i)in Trkiye the Digital Health FC product,covering outpatient services fully digita
219、lly through Tytocare devices,(ii)in Mexico the Cuidado Integral product to off er outpatient services through its THE AXA GROUP I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I2411.3BUSINESS OVERVIEW clinics as gate keeper for Individual business,and(iii)in several African countries the re
220、vamping of International Private Medical Insurance(IPMI)products.In Trkiye,new digital communication channels based on WhatsApp have been developed for Motor claims;in Morocco with the implementation of Assurance Maladie Complmentaire(AMC)Delegated Health Off er for agents;and in Egypt online paymen
221、ts for all types of businesses were implemented.DISTRIBUTION CHANNELS In Asia,Africa&EME-LATAM,AXA distributes its insurance products through exclusive and non-exclusive channels that vary from country to country,including exclusive and non-exclusive agents(notably in Japan,Hong Kong),salaried s
222、ales forces,direct sales(notably Property&Casualty in Japan and South Korea),bancassurance with leading domestic banks(China,Hong Kong,Indonesia,the Philippines,Thailand,and Egypt)and other partnerships(e.g.,car dealers),as well as brokers,independent financial advisors,aligned distributors or w
223、holesale distributors.In Asia,both Indonesia and the Philippines piloted their enhanced sales management tools to reflect the evolution of the bancassurance model for todays world.In addition,in Africa&EME-LATAM,AXA continues its strong traction on digitization with a focus on customer experienc
224、e and digital assets for agents and brokers.For example,in Mexico a new distributors management system has been implemented to reinforce distribution network engagement.THE AXA GROUP I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I25 IAXA Investment Managers AXA Investment Managers(“AXA IM
225、”)is a global diversified asset manager.Through its operating entities located across 18countries,its conviction-led approach embeds ESG at the heart of decision making to generate long term sustainable performance 1.3BUSINESS OVERVIEWon behalf of its clients.AXA IM invests across a broad range of a
226、sset classes,including fixed income,equities,multi-asset and alternatives,and since the integration of AXA IM Select(formerly Architas),it also provides multi-manager solutions.1GROSS WRITTEN PREMIUMS AND OTHER REVENUES AXA Investment Managers Gross Written Premium and Other Revenues(a)Years ended D
227、ecember31(in Euro million)2023 2022 restated TOTAL 1,555 1,589(a)Net of intercompany eliminations.In 2023,AXA IM concluded the process of bringing all the Groups asset management activities under one roof,to capitalise on combined strengths to drive growth,and off er new investment opportunities to
228、clients.AXA IM now comprises of four business units,each with distinct propositions and dedicated expertise to help clients meet their investment goals:AXA IM Core,brings together the Fixed Income,Equities,Multi-Asset platforms as well as theExchange Traded Funds(ETF)business;AXA IM Alts,off ers rea
229、l estate,infrastructure,alternative credit,natural capital and impact investments;AXA IM Prime,off ers global and diversified private market solutions through primaries,secondaries and co-investments across private equity,infrastructure equity,private debt and hedge funds;AXA IM Select,provides dive
230、rsified multi-management expertise and a dedicated off er for AXA clients and partners for Unit-Linked products and investment solutions,as well as wealth management for clients in Belgium.As a responsible asset manager,AXA IM launched the AXA IM for Progress Monitor in February2023.Its purpose is t
231、o track progress in a simpler,more transparent manner towards its goal of becoming a net zero business and investor by 2050.In the first edition of reporting,published in Q4,metrics show that despite turbulent markets and environments,for the most part,steady progress has been achieved.Notable highl
232、ights include increased capital committed to natural capital solutions and reductions in corporate carbon footprint.Engagement activities with investee companies remained robust and internally,continuous learning opportunities are available to further employees knowledge.At the end of 2022,65%of tot
233、al eligible assets under management was to be managed in line with a net zero pathway.THE AXA GROUP I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I2611.3BUSINESS OVERVIEW ITransversal&Central Holdings This segment includes operations from transversal entities and non-operating activit
234、ies conducted by the central holding companies within the Group.GROSS WRITTEN PREMIUMS AND OTHER REVENUES Transversal&Central Holdings Gross Written Premium and Other Revenues(a)Years ended December31(in Euro million)2023 2022 restated AXA Assistance AXA Liabilities ManagersAXA SA TOTAL 1,847 42
235、 61 1,912 1,715 65 1,782 (a)Net of intercompany eliminations.AXA Assistance,through its operating subsidiaries,provides its customers across the world with assistance services in emergencies and everyday situations.AXA Assistance operates through six business lines(vehicle,travel,health,home,consume
236、r electronics and legal protection)to off er customer-focused services.In 2023,AXA Assistance pursued its transformation focusing on its core business while launching several innovations and developing or extending partnerships:in Motor and Home business lines,on top of the extension of digital cust
237、omer journey to new countries in Europe and Latin America,a new holistic off er for electric vehicles covering installation,breakdown,and repair for charging stations was launched;in Travel business line,the use of AI enabled natural language chats with customers in United Kingdom,paving the way for
238、 Large Language Model global adoption in such interactions.In parallel,customer journeys optimization-including Travel digital claims-continue to favor straight through processing and digital adoption;the renewal of the partnership with a major French energy company for SME was the occasion to launc
239、h a new service aiming at compensating non-repairable goods.ACTIVITY REPORT AND CAPITAL MANAGEMENT2.1 OPERATING HIGHLIGHTS 28 Governance 28 Significant transactions 29 2.2 MARKET ENVIRONMENT 35 Financial Market Conditions 35 Market Conditions 37 2.3 ACTIVITY REPORT 41 Activity and Earnings Indicator
240、s 41 Underlying Earnings And Net Income Group Share 44 Alternative Performance Measures 48 Commentary on Group Earnings 48 Shareholders equity Group share 57 Solvency information 58 Shareholder value 58 2.4 LIQUIDITY AND CAPITAL RESOURCES 60 Liquidity,sources and needs for Group operating entities 6
241、1 Liquidity position 62 Uses of funds 63 Impact of regulatory requirements 64 Subsequent events aft er December31,2023 impactingAXAs liquidity 66 2.5 EVENTS SUBSEQUENT TO DECEMBER31,2023 67 2.6 OUTLOOK 69 I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I272ACTIVITY REPORT AND CAPITAL MANAGE
242、MENT I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I2822.1OPERATING HIGHLIGHTS 2.1 OPERATING HIGHLIGHTS IGovernance AXA announced evolutions withinitsleadership team to prepare thelaunch of its next strategic plan On June6,2023,the AXA Group announced evolutions within its Management Comm
243、ittee for the launch of its next strategic plan,which will be presented on February22,2024.CHANGES IN KEY GEOGRAPHIES OF THE GROUP Patrick Cohen,member of AXAs Management Committee and CEO of AXA France was appointedCEO European Markets and Health.In addition to supervising AXAs European entities,he
244、 was tasked with the creation and development of a new business unit which will gather and accelerate the Groups key international Health operations.He keeps reporting to Thomas Buberl.Guillaume Borie,Deputy CEO of AXA France was appointedCEO of AXA Franceand joined the Management Committee reportin
245、g to Thomas Buberl.Hassan El-Shabrawishi,CEO of AXA Africa was appointedCEO International Markets,and now oversees AXAs operations in Latin America,Africa,the Middle East,India,Trkiye,and South-East Asia.Hassan El-Shabrawishi joined AXAs Management Committee reporting to Thomas Buberl.AXA Japan and
246、AXA Greater China(Hong Kong and China)report directly toGeorge Stansfield,Group Deputy CEO and General Secretary.Gordon Watsonwas appointed non-executive Chairman for Asia.NEW MEMBERS OF THE MANAGEMENT COMMITTEE IN CENTRAL FUNCTIONS Nancy Bewlay,CEO of AXA XL Reinsurance,was appointedChief Underwrit
247、ing Off icerfor the Group and joined the Management Committee.She reports to Frdric de Courtois,Group Deputy CEO in charge of Finance,Operations,Strategy,Risk,Underwriting.Franoise Gilles,Chief Strategic Development Off icer for AXA Asia,was appointedChief Risk Off icerfor the Group and joined the M
248、anagement Committee,reporting to Frdric de Courtois.Anu Venkataramanwas appointedChief Strategy Off icerfor the Group in addition to her current role asGroup Head of Investor Relations.She joined the Management Committee reporting to Frdric de Courtois and Alban de Mailly Nesle,Group Chief Financial
249、 Off icer and member of the Management Committee.The new Management Committee around Thomas Buberl started working together asofJuly1 and is now composed of:Frdric de Courtois,Group Deputy CEO,Finance,Operations,Strategy,Risk,Underwriting.George Stansfield,Group Deputy CEO,General Secretary,oversigh
250、t of AXA Japan,AXAGreater China(China and Hong Kong).Nancy Bewlay,Group Chief Underwriting Off icer.Guillaume Borie,CEO AXA France.Helen Browne,Group General Counsel.Patrick Cohen,CEO European Markets&Health.Ulrike Decoene,Group Chief Communication,Brand&Sustainability Off icer.Hassan El-Sha
251、brawishi,CEO International Markets(1).Franoise Gilles,Group Chief Risk Off icer.Scott Gunter,CEO AXA XL.Alban de Mailly Nesle,Group Chief Financial Off icer.Marco Morelli,Executive Chairman AXA Investment Managers.Karima Silvent,Group Chief Human Resources Off icer.Anu Venkataraman,Group Chief Strat
252、egy Off icer,Head of Investor Relations.Alexander Vollert,Group Chief Operating Off icer,CEO AXA Group Operations.Renaud Guide was appointed CEO AXA XL Reinsurance Renaud Guide,who has held the role of Group Chief Risk Off icer since 2019 was appointed CEO of AXA XL Reinsurance,succeedingto Nancy Be
253、wlay.He reports toScott Gunter,CEO of AXA XL,and member of AXAs Management Committee.(1)Including Africa,India,Trkiye,Middle East,Latin America,Thailand,Indonesia,Philippines.ACTIVITY REPORT AND CAPITAL MANAGEMENT I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I29 ISignificant transactions
254、 AXA SA successfully completed the sale of shares in Banca Monte dei Paschi di SienaS.p.A.On February28,2023,AXA SA(“AXA”)announced the successful sale of 100,000,000shares in Banca Monte dei Paschi di SienaS.p.A.(the“Bank”),representing ca.7.94%of the Banks share capital,at a price of 2.33 per shar
255、e(i.e.,a total amount of 233million)in an accelerated book built off ering(the“Off ering”)reserved to institutional investors.Following the settlement and delivery of the Off ering,which occurred on March2,2023,AXA retained(directly or indirectly)0.0007%of the Banks share capital,which was subsequen
256、tly sold during the fourth quarter of 2023.AXA completed the acquisition of Groupe Assurances du Crdit Mutuel Espaa On July12,2023,AXA announced that it has completed the acquisition of Groupe Assurances du Crdit Mutuel Espaa(“GACM Espaa”).Under the terms of the transaction,AXA has acquired GACM Esp
257、aa for a total cash consideration of 310million,in line with the announcement made upon signing of the agreement.AXA completed the acquisition ofLayaHealthcare Limited On October31,2023,AXA announced that it has completed the acquisition of Laya Healthcare Limited(“Laya”)for a consideration of 650mi
258、llion,representing an expected price-to-earnings multiple of ca.11x,taking into account the planned re-capturing of underwriting margin currently earned by third parties.The completion of the transaction resulted in an impact of-3points on AXA Groups SolvencyII ratio(1).Laya has a leading position i
259、n the Irish health market with ca.28%market share,serving close to 700,000policyholders and generating ca.800million premiums(2)per annum.It operates as a Managing General Agent with a highly digitalized platform and a strong direct distribution network,which makes Laya the sole point of contact for
260、 its customers through their healthcare journey.With this transaction,AXA aff irmed its ambition to grow its European franchise,by expanding its operations in a buoyant,2.1OPERATING HIGHLIGHTS2fast-growing Health insurance market.AXA is already present in Ireland where it benefits from a number1 pos
261、ition in the Property and Casualty market.AXA announced that AXA France has entered into a reinsurance agreement for an in-force Savings portfolio On December20,2023,AXA Group announced that its subsidiary AXA France Vie has entered into a reinsurance agreement with AXA Rassurance Vie France(“ARVF”)
262、,a reinsurance company co-owned by AXA Assurances Vie Mutuelle(3)and AXA Assurances IARD Mutuelle.The reinsurance agreement(4)with ARVF will cover a total of 12billion of Savings reserves,including 10billion of traditional General Account Savings.The transaction is expected to result in a cash upstr
263、eam(5)to AXASA of 0.6billion and to have ca.2points favorable impact(6)on the AXA Groups SolvencyII ratio as of December31,2023.Additionally,the transaction is expected to result in a reduction in Underlying Earnings of ca.50million per annum from 2024 onwards.AXA intends to off set the resulting ea
264、rnings dilution with a 0.5billion share buy-back(7)to be launched following the release of the Groups full year 2023 results and new strategic plan.The transaction is expected to have an immaterial one-off impact on AXA Groups Net Income and to result in a reduction in AXA Groups net Contractual Ser
265、vice Margin of ca.0.4billion from 2024.CAPITAL/DEBT OPERATIONS AXA announced the successful placement of750million senior notes due 2033 On January4,2023,AXA announced the successful placement of 750million of Reg S senior unsecured notes due 2033 with institutional investors.The notes will be used
266、for general corporate purposes,including the refinancing of part of the Groups outstanding debt.The notes have a fixed annual coupon of 3.625%.Investor demand was strong with a book subscribed close to 3times.The notes are rated A+/Stable by Standard&Poors and A1/Stable by Moodys.The settlement
267、of the notes took place on January10,2023.(1)Impact eff ective on AXA Groups SolvencyII ratio at the time of closing of the transaction.(2)As of FY22.Premiums currently underwritten by a third-party insurer.(3)The Mutuelles AXA comprise two French mutual insurance companies,AXA Assurances Vie Mutuel
268、le and AXA Assurances IARD Mutuelle,that are respectively Life&Savings and Property&Casualty insurance undertakings.The Mutuelles AXA are neither part of the accounting consolidation scope of AXA Group nor its SolvencyII prudential scope.(4)The quota-share treaty covers both in-force and ass
269、ociated new business and is expected to be renewed annually until expiration of the last policies in scope.Reserves amount as of the end of 3Q23.(5)0.2billion remitted in 2023 and 0.4billion expected to be remitted in 2024.(6)Excluding the impact of the anti-dilutive share buyback to be launched fol
270、lowing the publication of the full year 2023 results.(7)Subject to market conditions.ACTIVITY REPORT AND CAPITAL MANAGEMENT I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I3022.1OPERATING HIGHLIGHTS Execution of a share repurchase agreement in relation to AXAs share buy-back program of up
271、to 1.1billion as announced on February23,2023 On February24,2023,AXA executed a share repurchase agreement with an investment services provider,whereby AXA bought back its own shares for an amount of 1.1billion(1),as communicated on February23,2023.The share repurchase agreement was executed in acco
272、rdance with the terms of the applicable Shareholders Annual General Meeting authorization(2).Under the share repurchase agreement announced on February23,2023,shares were bought back commencing on February27,2023,and ending on April4,2023.On each day during the purchase period,the price per share pa
273、id by AXA(3)was determined on the basis of the volume-weighted average share price.AXA cancelled all shares repurchased pursuant to this share buy-back program.Information regarding share buy-back programs is disclosed on the AXA Group(4)website.AXA announced the successful placement of 1billion dat
274、ed subordinated notes due 2043 On April5,2023,AXA announced the successful placement of 1billion of Reg S subordinated notes due 2043 with institutional investors.The initial fixed rate was set at 5.50%per annum until the end of the six-month call window period(July11,2033),when the interest rate wi
275、ll become a floating rate based on three-month EURIBOR plus a margin including a 100 basis points step up.Investor demand was strong with a book subscribed close to 5times.The notes are rated A-/Stable by Standard&Poors and A2(hyb)/Stable by Moodys.The notes are treated as capital from a regulat
276、ory and rating agencies perspective within applicable limits.The transaction has been structured for the notes to be eligible as Tier2 capital under SolvencyII.The settlement of the notes took place on April11,2023.This issuance is part of AXA Groups funding plan for 2023 and the proceeds are used f
277、or general corporate purposes,including the refinancing of part of the AXA Groups outstanding debt.In particular,it followed the completion of a cash tender off er(5)on AXA XL subordinated notes(6),resulting in the buy-back of US$248million debt.AXA announced a cash tender off er foroneseries of sub
278、ordinated notes On April19,2023,AXA announced an any-and-all cash tender off er for its GB750,000,000 5.625%Subordinated Tier2 Notes due January16,2054.The tender off er expired at 5:00 p.m.,Central European time,on April26,2023.The transaction was part of AXA Groups active management of its debt st
279、ructure and allowed AXA to further optimize its capital base.The Group has repurchased 81.40%of the total amount considered,resulting in a cash outflow of GB 615.6 million.Shareplan 2023 On August22,2023,the AXA Group announced that it would off er to its employees,in and outside of France,the oppor
280、tunity to subscribe to shares issued by way of a capital increase reserved for employees(“Shareplan 2023”).This operation,deeply rooted in AXAs culture,is a powerful lever to strengthen the existing links with its teams,by associating them even further with the Groups performance and its long-term s
281、uccesses.Approximately 23,000employees in 40countries,representing nearly 21%of eligible employees,subscribed to Shareplan 2023,enabling them to invest in AXA shares at preferred terms.The aggregate proceeds from the off ering amounted to nearly 348million,for a total of approximately 14million newl
282、y issued shares,subscribed to a price of 22.73 for the classic plan and 26.25 for the guarantee plus off er.The new shares were created with full rights as of January1,2023.This off ering increased the total number of outstanding AXA shares to 2,267,700,472 as of November24,2023.Following Shareplan
283、2023,AXAs employees held 4.4%of the AXA share capital and 5.9%of the voting rights.(1)AXA bought back its own shares for an exact amount of 1,099,999,998.(2)The Shareholders Annual General Meeting authorization granted on April28,2022,or the authorization granted by the Shareholders Annual General M
284、eeting on April27,2023,as applicable.(3)The purchase price did not exceed the maximum purchase price approved at the applicable Shareholders Annual General Meeting.(4)https:/ on March14,2023.Details of the terms of the cash tender off er available at XL GroupLtd Tender Off er Results Announcement|AX
285、A XL.(6)AXA XL US$500million 5.500%subordinated notes due 2045.As of 531,2022,these notes no longer contribute to the Group Eligible Own Funds under SolvencyII.ACTIVITY REPORT AND CAPITAL MANAGEMENT I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AXA I312.1OPERATING HIGHLIGHTS 2Share repurchase
286、 program in relation tocompensation schemes or employee shareoff erings In order to meet its obligation to deliver shares and to eliminate the dilutive eff ect of certain share-based compensation schemes(1)or employee share off erings(2),in the course of 2023,AXA had bought back 24,809,918shares.The
287、se shares will be delivered to the beneficiaries of share-based compensation schemes or cancelled,all in accordance with the share repurchase program(3).PARTNERSHIPS AND INNOVATION AXA renewed the mandate of the AXA Research Fund for five years On January12,2023,AXA announced that it renewed for fiv
288、e years the mandate of the AXA Research Fund,one of the largest scientific philanthropy initiatives in the private sector.The objectives of the AXA Research Fund are to reinforce the transdisciplinary exploration of emerging risks,to consolidate the links between academic experts,industry and the pu
289、blic sector.With a total budget of 250million since its launch in 2007,the AXA Research Fund has forged partnerships with more than 334 academic institutions in 38countries and has supported 708projects led by researchers of 60 nationalities,42%of whom are women.279projects funded by the AXA Researc
290、h Fund focus on health issues,such as data driven diabetes treatment(University of Edinburgh),242centers on climate and environmental subjects like the protection of biodiversity for coastal resilience(University of California,Santa Cruz)while 187programs explore socio-economic questions such as the
291、 eff ects of the energy transition(Paris School of Economics).AXA off ered secure Generative AI toemployees On July27,2023,AXA announced the deployment of AXA Secure GPT,an internal service built on Microsoft s Azure OpenAI Service.Developed in three months by AXAs in-house experts leveraging AXAs c
292、ollaboration with Microsoft ,AXA Secure GPT gives AXA employees access to a digital platform,in a secured and data-privacy compliant Cloud environment,and enables enterprise-wide use of the transformative technologies of Generative AI and Large Language Models.AXA employees will be able to use AXA S
293、ecure GPT to generate,summarize,translate,and correct texts,images,and codes.Since its launch,AXA Secure GPT has been made available to over 105,000AXA employees and will be fully deployed by the second quarter of 2024.A dedicated prompt training has also been launched to upskill all employees on th
294、e tool.OTHER AXA published the third edition ofitsMindHealth Report On February28,2023,AXA released the third edition of its Mind Health Report,a study aimed at identifying mental health and wellness issues in society in order to build solutions to mitigate them.The study was conducted in collaborat
295、ion with IPSOS involving surveys of 30,000people aged 18 to 74 from sixteen European,Asian,and American countries and territories.Over the past year,the rate of participants with poor mental health has decreased by 3points(13%compared to 16%),despite the diff icult geopolitical and economic context.
296、One in two respondents felt happy and confident about the future.The happiest people are in Mexico(64%),the Philippines(62%)and Thailand(61%).On the contrary,this feeling is lowest in Italy(36%),Hong Kong(38%)and Trkiye(42%).In France,the feeling of happiness has increased by 5%compared to last year
297、(44%against 39%).This years survey showed three main trends:24%fewer women than men feel fulfilled.40%feel that their skills have been questioned simply because of their gender;more than one in three 18-24year olds believe that addiction to technology and social networking has a negative impact on w
298、ell-being;employees are three times more likely to thrive if they work in a company that off ers mental health support.AXA published 1H22 and FY22 financial information under IFRS17 and IFRS9 accounting standards and provided 2023 Group Underlying Earnings Target(4)(5)On May15,2023,AXA published its
299、 financial supplement for both half-year 2022 and full-year 2022,restated under the IFRS17 and IFRS9 accounting standards that became eff ective on January1,2023.To enable analysts and investors to better assess the Groups Underlying Earnings trajectory in 2023 following the(1)Stock-options plans an
300、d performance shares plans.(2)Employee share off ering“Shareplan 2023”.(3)The AXA share repurchase program was authorized during the General Shareholders Meeting of April27,2023.(4)IFRS17 and IFRS9 financial figures and information published on May15,2023,were not audited.(5)The 2023 Group Underlyin
301、g Earnings Target(the“2023 Target”)set out managements then-current expectations of certain performance metrics following the implementation of IFRS17 and IFRS9 accounting standards,which became eff ective on January1,2023.Because the 2023 Target was provided exceptionally to enable analysts and inv
302、estors to better assess the Groups Underlying Earnings trajectory in 2023 in connection with the implementation of IFRS17 and IFRS9,it is not expected or intended that similar guidance will be issued in future periods beyond 2023.ACTIVITY REPORT AND CAPITAL MANAGEMENT I UNIVERSAL REGISTRATION DOCUME
303、NT-ANNUAL REPORT 2023-AXA I3222.1OPERATING HIGHLIGHTS implementation of IFRS17 and IFRS9,AXA exceptionally provided a 2023 Group Underlying Earnings Target,including a breakdown by main lines of business.AXA reaff irmed that Group Underlying Earnings power is unaff ected by the new accounting standa
304、rds.Group Underlying Earnings target was set above 7.5billion in 2023,including ca.-0.1billion impact from unfavorable foreign exchange movements.Cash and regulatory capital were unaff ected by accounting changes,with 5.5billion of net cash remittance in 2022 and SolvencyII ratio(1)of 215%at year-en
305、d 2022(217%as of 1Q23).The key financial targets of“Driving Progress 2023”were reaff irmed,with the Underlying Earnings per Share(UEPS)CAGR(2)expected to exceed+7%over the three-year period 2020(3)-2023 and cumulative cash remittance to exceed 14billion over the period 2021-2023.AXA announced new de
306、carbonization targets and published its 2023 Climate&Biodiversity Report On June29,2023,AXA published its 2023 Climate&Biodiversity Report and announced new decarbonization targets for both its insurance and investment portfolios(4).INSURANCE PORTFOLIO For the first time,AXA published target
307、s to drive the decarbonization of various of its Property&Casualty insurance portfolios and to develop its insurance activities dedicated to the transition.Specifically,AXA has set targets to:increase its business in the field of renewable energies,and more broadly across sectors transitioning t
308、o low carbon business models,as well as developing environmentally sustainable claims management for its Motor business by 2026;reduce the carbon intensity of the most material personal motor portfolios in the Group by 20%by 2030 compared with the 2019 baseline;reduce the absolute carbon emissions o
309、f the Groups largest commercial insurance clients by 30%and the carbon intensity of other corporate clients by 20%by 2030 compared with a 2021 baseline;strengthen dialogue with its customers,particularly its corporate customers,but also with its external stakeholders and partners to better support t
310、hem in the transition.These targets were based on new calculation methodologies developed and promoted by the sector.AXA expects these methodologies to evolve as data availability improves,but they are a first step to better steer the carbon impact of AXAs insurance portfolios.INVESTMENT PORTFOLIO A
311、XA also announced that it is continuing its eff orts to reduce the carbon footprint of its investment activities.Aft er setting a target of reducing the carbon footprint of AXAs general account assets by 20%between 2019 and 2025,AXA set a new target of a 50%reduction between 2019 and 2030.AXA also i
312、ntends to strengthen its engagement activities and its eff orts to finance the transition.Climate&Biodiversity Report 2023 AXA published the 8thedition of its Climate&Biodiversity Report.This report responds to legal obligations for extra-financial reporting,as well as to the voluntary recom
313、mendations of the Task Force on Climate-related Financial Disclosures(TCFD)and the Task Force on Nature-related Financial Disclosures(TNFD),to which AXA has been a long-standing contributor.In this report,AXA highlighted the diff erent dimensions of its action on climate and biodiversity:governance,
314、strategy,Risk Management and quantified indicators of the impact of its actions.One of the main indicators of the report,“the Group portfolios implied temperature rise”,measures the impact of the corporate bonds and equities held in the Groups general account portfolios on global warming by 2050.It
315、stood at 2.5C in 2022,down 0.1C on last year using the same methodology and remains below the market(2.7C).(1)The SolvencyII ratio included in the May15,2023 publication was estimated primarily using AXAs internal model calibrated based on an adverse 1/200years shock.It included a theoretical amount
316、 for dividends accrued for the first three months of 2023,based on the full-year dividend of 1.70 per share paid in 2023 for FY22.Dividends were proposed by the Board,at its discretion,based on a variety of factors described in AXAs 2022 Universal Registration Document,and were then submitted to AXA
317、s shareholders for approval.This estimate should not be considered in any way to be an indication of the actual dividend amount,if any,for the 2023 financial year.For further information on AXAs internal model and SolvencyII disclosures,please refer to AXA Groups Solvency and Financial Condition Rep
318、ort(SFCR)as of December31,2022,available on AXAs website().(2)Compounded annual growth rate.(3)Rebased.FY20 Underlying Earnings rebased included actual Underlying Earnings restated for“COVID-19 claims”and natural catastrophes in excess of the normalized level.The AXA Group normalized level of natura
319、l catastrophe charges for 2020 was expected to be at ca.3%of Gross Earned Premiums.Natural catastrophe charges included natural catastrophe losses regardless of event size.“COVID-19 claims”included Property&Casualty,Life and Health net claims related to COVID-19,as well as the impacts from solid
320、arity measures and from lower volumes net of expenses,linked to COVID-19.“COVID-19 claims”did not include any financial market impacts(including impacts on investment margin,Unit-Linked and asset management fees,etc.)related to the COVID-19 crisis.(4)For further information on these targets,the meth
321、odologies used to set and report on them,as well as key assumptions,risks and variables that may impact AXAs ability to meet the targets,please refer toAXA Net Zero strategy for investment&underwriting.ACTIVITY REPORT AND CAPITAL MANAGEMENT I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2023-AX
322、A I33AXA committed to the development ofrenewable energy in Europe On July3,2023,AXA announced that it has signed a ten-year Virtual Power Purchase Agreement(VPPA)with IGNIS,a Spanish integrated renewable energy group.A VPPA makes it possible both to contribute to the equivalent of all or part of a
323、consumers energy needs and to supply the grid with renewable electricity.The contract signed by AXA concerns a solar power plant in Spain,with the objective of being operational by May2025.Under the agreement,AXA undertook to purchase 90%of the renewable electricity produced by this future power pla
324、nt,i.e.84GWh per year.This is equivalent to the electricity consumption of the buildings and data centers of the Groups European entities.Schneider Electric,the leading advisor on global corporate renewable energy procurement,supported AXA in the selection of their projects and negotiations in the V
325、PPA.AXA launched“We Care”program for all employees worldwide On October3,2023,AXA went one step further in its global health and well-being off ering for its employees by announcing the launch of its“We Care”program,designed to provide support to AXAs workforce at diff erent life stages and during m
326、oments that matter.The program aims to provide AXAs 147,000 employees,agents and partners with the time,support,and resources to make personal and professional decisions with confidence.The new program reflects an important evolution in the existing off ering and enables AXA to progress further on i
327、ts long-term commitment towards an inclusive and supportive global workplace culture.The“We Care”program will be one of AXAs key milestones for its next strategic plan 2024-2026 and off ered to all AXAs employees across 51countries.It will be deployed across all AXA entities by the end of 2024(1)thr
328、ough four main pillars:caregiver policy:a new policy has been introduced to provide employees caring for immediate family members who require eldercare or care due to a serious health condition and/or disability with up to five days of fully paid leave;domestic and sexual violence policy:AXA stands
329、against domestic,intra-familial and sexual violence.For any employee impacted by such a situation,AXA is committed to providing access to psychological support,specialist support services,flexible working arrangements and five days of fully paid leave;2.1OPERATING HIGHLIGHTS parental policy:alongsid
330、e the existing 16weeks fully paid parent leave for the primary parent,the“We Care”program will also see the length of fully paid co-parent leave double,from 4weeks to 8weeks.Additional leave and flexible working arrangements will be off ered to support employees receiving and recovering from in-vitr
331、o fertilization,or in the case of pregnancy loss;“Healthy You”program:launched in 2020,this health and well-being program provides AXA employees with benefits such as psychological assistance,teleconsultation services,medical check-ups,a minimum financial coverage in the case of cancer and more.Sinc
332、e 2022,more than 34,000 in-person medical check-ups have been off ered to AXA employees over the age of 40.The program will now expand further to include a supportive working environment for employees experiencing menstrual health conditions,menopause,or andropause.AXA Future Risks Report 2023:a wor
333、ld inpolycrisis On October30,2023,AXA published the tenth edition of its Future Risks Report.Carried out among 3,500 experts in 50countries and a representative sample of 20,000members of the general population in 15countries,this study measures and ranks their perception of evolving and rising risk
334、s.Since 2020,this report has been produced in partnership with the IPSOS polling institute.The data is then analyzed by the AXA Groups in-house experts.This year,the study highlighted the concept of polycrisis.Geopolitical tensions,the exponential emergence of new technologies(such as generative AI),or the acceleration of global warming,no longer follow one another but are happening at the same time.The main findings of the 2023 edition of the Future Risks Report were as follows:the risks associated with artificial intelli
