AXA

2015
FULL YEAR EARNINGS
Press conference
Paris 25 February 2016
Certain statements contained herein are forward-looking statements including, but not limited
to, statements that are predictions of or indicate future events, trends, plans or objectives.
Undue reliance should not be placed on such statements because, by their nature, they are
subject to known and unknown risks and uncertainties.
Please refer to the section Cautionary statements in page 2 of AXAs Document de Rfrence
for the year ended December 31, 2014, for a description of certain important factors, risks and
uncertainties that may affect AXAs business. AXA undertakes no obligation to publicly update
or revise any of these forward-looking statements, whether to reflect new information, future
events or circumstances or otherwise.
 AXA at a glance in 2015
Regions
99
22%
EURO BN France
revenues1
14% 6%
United United Kingdom & Ireland
103 MILLION
States
5%
clients2 2% Insurance Mediterranean &
Direct Underlying Latin America Region

5.6 3% Earnings4
9%
EURO BN Intern.
Insurance
Asia excl. Japan
underlying
earnings1 31% 7%
Japan

1ST
Northern, Central
& Eastern Europe

insurance brand
worldwide3 Business lines
68.5 39%
EURO BN Property & Casualty
shareholders and International
Insurance
equity2

59 Underlying
countries2 Earnings5
36%
1,363 Savings &
Asset Management6
EURO BN 25%
assets under Protection & Health
management2

All notes are on page 37 of this document

3 | AXA |Full Year 2015 Earnings | February 25, 2016
 Agenda

1. INTRODUCTION
5. EARNINGS SUMMARY &
2. LIFE, SAVINGS & HEALTH
FINANCIAL STRENGTH
3. PROPERTY & CASUALTY
6. CONCLUDING REMARKS
4. ASSET MANAGEMENT

4 | AXA |Full Year 2015 Earnings | February 25, 2016

 1
Introduction

Henri de Castries
Chairman & Chief Executive Officer
 In 2015, AXA successfully delivered on Ambition AXA

99 bn
Revenues
EARNINGS GROWTH IN
2015
+7%1

5.6 bn
CONFIRMED FINANCIAL
STRENGTH
Underlying earnings
+10%1 SUCCESSFUL DELIVERY
ON AMBITION AXA

205 %
Solvency II ratio
THE GROUP IS
CONTINUING ITS

103
TRANSFORMATION
JOURNEY

million clients

All notes are on page 37 of this document

6 | AXA |Full Year 2015 Earnings | February 25, 2016
 Ambition AXA is a success

Ambition AXA priorities have led to:

High return on Equity

Selectivity
Strong balance sheet

Acceleration Resilient earnings

Diversified footprint

Efficiency
Digital momentum

7 | AXA |Full Year 2015 Earnings | February 25, 2016

 The financial objectives have been achieved

Underlying earnings per share Group operating free cash flows

In Euro per share Cumulative operating free cash flows: Euro 25.4 billion

5,8

Ambition 5,2 5,5 Ambition
AXA 2010- 4,7 AXA 2011-
2.16 4,2
1.95 2015 2015
1.85
1.69 CAGR cumulative
1.57 1.57
+5%
Euro
to
+10% 24 billion
FY10 FY11 FY12 FY13 FY14 FY15 FY11 FY12 FY13 FY14 FY15

Adjusted return on Equity2 Debt gearing

34.3
Average adjusted shareholders equity3

33.4 32.0
(in Euro billion)
33.0 35.8 40.3 28%
26% 26%

23-25%
24% 24% 23%
14.8% 14.5% 14.1% 13-15%
13.3%
12.0%
10.0%

FY10 FY11 FY12 FY13 FY14 FY15 Ambition FY10 FY11 FY12 FY13 FY14 FY15 Ambition
AXA 2015 AXA 2015

All notes are on page 37 of this document

8 | AXA |Full Year 2015 Earnings | February 25, 2016
 A selective and sustainable growth
Life, Savings & Health Property & Casualty

Improved business mix and increased Continued to grow the business while
margins improving profitability
In Euro billion In Euro billion
Revenues
APE NBV margin
7.4
+4%1
CAGR2 31,3
26,0
13% 5% 6%
5.8
Mutual funds & other 13%
38% FY103 FY15
23% 31%
Unit-Linked 31%
Combined ratio
13% -1% 19% -3.3 pts1
G/A Savings 25% 99.5% 96.2%

G/A Protection
36% 47% 52%
& Health
31%

FY10 FY15 FY103 FY15

22% 34%
2010 2015

All notes are on page 37 of this document

9 | AXA |Full Year 2015 Earnings | February 25, 2016
 A strengthened footprint in high growth markets

Strong footprint in 2015 Acquisitions since 2010

#1 P&C international insurer Euro

Asia
#3 Life & Savings international insurer 4.2 billion

Med. & #2 P&C insurer in Mexico

Euro
Latin #3 P&C insurer in Turkey 0.7 billion
America #3 insurer in Nigeria

Central & Euro

Eastern #3 direct motor insurer in Poland 0.2 billion
Europe

All notes and rankings sources are on page 37 of this document

10 | AXA |Full Year 2015 Earnings | February 25, 2016
 A rapid development in Asia

x2 Euro 2 billion
Asia (excl. Japan) Asia (excl. Japan)
Annual Premium Equivalent Cumulative Underlying Earnings
Life, Savings & Health 1,171 2011-2015
In Euro million In Euro million

584

551

FY101 FY15
461
402

China 362

273
New Business APE
Life, Savings & Health +60%
2015 vs. 2014

Revenues
P&C Direct +34%
2015 vs. 2014
FY11 FY12 FY13 FY14 FY15

All notes are on page 37 of this document

11 | AXA |Full Year 2015 Earnings | February 25, 2016
 Significant savings & investments for the future

Cost savings
In Euro billion

1.9 1.9
1.7
1.5 Savings net of

950 million
invested in digital since
2013

Initial target Updated Updated Actual

June 2011 February 2013 August 2014

12 | AXA |Full Year 2015 Earnings | February 25, 2016

 A digital transformation that is speeding up

Investing across the value chain

22% 30%
Distribution,
Customer analytics multichannel

SCOUT
Euro 950 million
2013-15

ENGAGE
34% 15%
Automation & process Offer design

Seeding the future

Euro 230 million in Euro 100 million in Euro 75 million in

KAMET
1

INVEST

All notes are on page 37 of this document

13 | AXA |Full Year 2015 Earnings | February 25, 2016
 Investing and partnering for the future

All notes are on page 37 of this document

14 | AXA |Full Year 2015 Earnings | February 25, 2016
 AXA is a leader in corporate responsibility

Divest from the companies most exposed to

coal related activities
Representing Euro 0.5 billion of divestment

Publication of 2015 carbon footprint

Signature of the Montreal Pledge

Achieved 96th percentile ranking among

insurers based on 2015 DJSI score
Up from 81st percentile in 2011

15 | AXA |Full Year 2015 Earnings | February 25, 2016

 2
Life, Savings & Health

Denis Duverne
Deputy CEO
 Life, Savings & Health

19billion
increase in the value of our customers Life
Insurance invested assets

12 billion 3 million
benefits paid to Protection & Health customers benefited from health
customers assistance services

17 | AXA |Full Year 2015 Earnings | February 25, 2016

 New business sales by activity
5% growth in new business

Protection Unit-Linked G/A Savings Mutual Funds

& Health & Other

+4% +12% +12% +22% -7% -6% +7% +20%

comp. reported comp. reported comp. reported comp. reported
2,811
2,681
2,395
2,298

999 943 941

786

FY14 FY15 FY14 FY15 FY14 FY15 FY14 FY15

in Euro million in Euro million in Euro million in Euro million

Net Flows New Business

+9.6
FY15 BN
Margin 34%
FY15
18 | AXA |Full Year 2015 Earnings | February 25, 2016
 Underlying earnings
Sustained growth
Underlying earnings by
business (pre-tax) Underlying earnings

+3% +12%
comp. reported
29% 3,503
Unit-Linked
3,132

2%
Mutual Funds
& Other
51%
Protection
& Health

18%
G/A Savings

2014 2015
in Euro million

Asset yield on the

3.6%
investment portfolio
19 | AXA |Full Year 2015 Earnings | February 25, 2016
2015
 3
Property & Casualty
 Property & Casualty

11billion
in claims paid to our individual
8 billion
in claims paid to our commercial
customers customers

4 million
customers taken care of by AXA Assistance
following a car breakdown

21 | AXA |Full Year 2015 Earnings | February 25, 2016

 Revenues by market segment
Good momentum in Asia and Direct

Mature Emerging Direct Total

markets markets1
+0% +4% +3% +9% +7% +16% +1% +6%
comp. reported comp. reported comp. reported comp. reported

29,460 31,265
o/w Asia
23,374 +8%
22,378

5,159
4,721
2,732

2,361

2014 2015 2014 2015 2014 2015 2014 2015

in Euro million in Euro million in Euro million in Euro million

Personal Commercial
2015 vs. 2014 comp. +2% 2015 vs. 2014 comp. +0%

All notes are on page 37 of this document

22 | AXA |Full Year 2015 Earnings | February 25, 2016
 Combined ratio & Underlying earnings
Improved combined ratio

Combined ratio Underlying earnings

-1% +3%
comp. reported

96.9% 96.2% 2,158 2,230

2014 2015 2014 2015

in Euro million

Asset yield on the

3.6%
investment portfolio
23 | AXA |Full Year 2015 Earnings | February 25, 2016
2015
 4
Asset Management
 Assets Under Management roll-forward
Up by 88 billion
Assets Under Management (AUM)
roll-forward
in Euro billion

31 1,124
Assets Under 2014 2015
12 Management in Euro billion in Euro billion
42 3
AXA IM
1,036 Assets managed for AXA 400 423

Third party 222 246

Total 623 669

AB
Assets managed for AXA 113 131

Third party 300 324

Total 413 455

Total AXA IM + AB 1,036 1,124

Other AXA companies 242 239
Total AXA Group 1,277 1,363
Opening AUM Net flows Net flows Market effect Forex, Scope Closing AUM
& other
01/01/2015 12/31/2015

25 | AXA |Full Year 2015 Earnings | February 25, 2016

 Underlying earnings
Strong growth in net flows

Net flows Underlying earnings

o/w 34 bn via JVs in

Asia vs. 15bn in 2014
42
+1% +14%
comp. reported

19
(incl. JVs1)
458
403
2014 2015
in Euro billion
234
211

193 224

3 3 2014 2015

2014 2015 in Euro million

in Euro billion

All notes are on page 37 of this document

26 | AXA |Full Year 2015 Earnings | February 25, 2016
 5
Earnings summary
& Financial strength
 Underlying earnings
Strong growth of underlying earnings per share
Underlying earnings by business
(pre-tax)1 Group Underlying Earnings

+2% +10%
39% comp. reported
Property & Casualty 5,574
and International Insurance
5,060

25% 36%
Protection &
Health Savings
& Asset Management2 2014 2015
in Euro million

Earnings per share growth

2014 - 2015
10%

All notes are on page 37 of this document

28 | AXA |Full Year 2015 Earnings | February 25, 2016
 Adjusted earnings & Net income
Growth driven by underlying earnings

Adjusted earnings Net income

+2% +9% +3% +12%

comp. reported comp. reported
6,008 5,617
5,503

5,024

2014 2015 2014 2015

in Euro million in Euro million

29 | AXA |Full Year 2015 Earnings | February 25, 2016

 Main financial strength indicators
A robust balance sheet

65.2 68.5

Shareholders Mainly reflects net income

equity contribution and favorable forex
in Euro billion movements.
2014 2015

201% 205%

Ratio is up, reflecting the strong

Solvency II ratio
operating return.

2014 2015

24%
23% Ratio is down, in line with Ambition
Debt gearing
AXA.

2014 2015

30 | AXA |Full Year 2015 Earnings | February 25, 2016

 General Account invested assets
Good diversification and quality of the investment portfolio

Allocation of invested assets New fixed income investments

(General Account insurance invested assets) 2015

~27%
34% Government bonds and
related
4% Corporate bonds ~12% Average rating: AA

Cash Below Investment

Grade credit *
4%
Listed equities

5% 522 bn
as of December
~5% New investments
Real Estate Asset-
31, 20151 Based 2015
3% Securities
Alternative
Investments2
41%
8% Government bonds
Other Fixed Income3
~57%
Investment Grade credit
* Mostly short duration high yield Average rating: A

Yield on new
investments 2,1%
2015

All notes are on page 37 of this document

31 | AXA |Full Year 2015 Earnings | February 25, 2016
 Dividend
Dividend and payout ratio are increasing

Dividend

in Euro per share

INCREASED ADJUSTED
EARNINGS 1.10
0.95

INCREASED OPERATING
FREE CASH-FLOWS

ROBUST BALANCE SHEET 2014 2015

Payout ratio1 47%

All notes are on page 37 of this document

32 | AXA |Full Year 2015 Earnings | February 25, 2016
 6
Concluding remarks

Henri de Castries
Chairman & Chief Executive Officer
 A very strong platform to pursue
the transformation of the Group

Balanced business mix Leading global brand3

39%
Property & Casualty
and International
Insurance

Underlying
earnings1
36%
25% Savings
& Asset
Protection & Health Management2

Strong balance sheet Top innovative insurance company

Solvency 2
2015
230%
N1 insurance company in the Top 50 Most
innovative companies4
205% Target range

170%

All notes are on page 37 of this document

34 | AXA |Full Year 2015 Earnings | February 25, 2016
Q&A Session

2015 Full Year Earnings

 SRI Ratings

2015 : Sector leader, Ranked A+ in the 2015 Included in the CDP Climate
ranked 1st out of 37. Assessment Report Disclosure Leadership
Included in Vigeo Euronext (Responsible Investment Index, with a score of
indices strategy) 98/100

General score: 87/100 General score: 83%

(vs. sector average at 55/100) (vs. sector average at 48%) Included in the FTSE4GOOD
in 2015, ranked 2nd out of 150 Included in DJSI Europe and index since 2008
insurance companies DJS World indices

As of February 25th 2016. Further details are available at: http://www.axa.com/en/responsibility/strategy-commitments/sri/

36 | AXA |Full Year 2015 Earnings | February 25, 2016

 Notes

Changes at comparable basis are constant Forex, scope and methodology for activity indicators, and at constant Forex for earnings, unless otherwise specified.
Page 3
1. 2015.
2. As of 12/31/2015.
3. Interbrand ranking 2015.
4. Underlying Earnings (Life & Savings; Property & Casualty; International Insurance).
5. Pre-tax Full Year 2015 underlying earnings, excluding holdings.
6. Including G/A Savings, Unit-Linked and Banking.
Page 6
1. Changes on a reported basis.
Page 7
1. Transaction pending, subject to customary closing conditions and required regulatory approvals.
Page 8
1. Compound annual growth rate, on a reported basis
2. Adjusted ROE: return corresponds to adjusted earnings net of interest charges on undated debt. Equity corresponds to average shareholders equity excluding undated debt and reserves related to change in fair value
3. Average shareholders equity excluding undated debt and reserves related to change in fair value
Page 9
1. Changes on a reported basis.
2. Compound annual growth rate.
3. Restated for the sale of Canadian operations.
Page 10
Ranking sources :
Asia Life and Savings : based on 2014 Asia ex-Japan life insurance premiums - Source: OCI, MAS, KLIA, TII, Plan for Life, ISI, CIRC, TLAA, LIAM, IRDA, BAPEPAMLK, PIC, IRI, company data, Credit Suisse estimates; As published in Credit Suisse, Asia Life
Insurance Sector, October 2, 2015;
Asia P&C: based on 2012 Asia ex-Japan P&C insurance premiums. Source: OCI, MAS, KIDI, TII, APRA, ISI, IRI, CIRC, OIC, Bank Negara, IRDA, BAPEPAMLK, PIC, AVI, company data, Credit Suisse estimates; As published in Credit Suisse, Asia P&C
Insurance Sector, November 13, 2013;
Mexico: AMIS (Asociacion Mexicana de instituciones de Seguros) as of September 2015.
Turkey: Turkish Association of Insurance Companies as of November 30, 2015;
Nigeria: Various NIA Digest and NAICOM website;
Poland (direct motor business): KNF, companies reports, AXA estimates;
Page 11
1. 2010 pro forma of the AXA APH transaction.
Page 13
1. Transaction pending, subject to customary closing conditions and required regulatory approvals.
Page 14
1. Transaction pending, subject to customary closing conditions and required regulatory approvals.
Page 22
1. Property & Casualty high growth markets or emerging countries are: Colombia, Gulf region, Hong Kong, Malaysia, Morocco, Mexico, Singapore, Thailand and Turkey.
Page 26
1. AXA IMs joint ventures in Asia (China, Korea and India) are included at 100% in net flows, opening and closing assets under management but are excluded from revenues and average assets under management as they are not fully consolidated
Page 28
1. Pre-tax Full Year 2015 underlying earnings, excluding holdings.
2. Including G/A Savings, Unit-Linked and Banking.
Page 31
1. FY15 invested assets referenced in page 57 of the financial supplement are Euro 779 billion, which include notably Euro 194 billion of Unit-Linked assets and Euro 37 billion related to the banking segment
2. Mainly Private Equity and Hedge Funds
3. Other fixed income include Asset backed securities (Euro 9 billion), residential loans (Euro 12 billion), commercial & agricultural loans (Euro 18 billion) and agency pools (Euro 1 billion)
Page 32
1. Based on Adjusted Earnings, net of undated debt interest charges.
Page 34
1. Pre-tax Full Year 2015 underlying earnings, excluding holdings.
2. Including G/A Savings, Unit-Linked and Banking.
3. Interbrand ranking 2015.
4. Ranked 22nd in the 2015 Most innovative companies tenth annual survey from the Boston Consulting Groups (BCG)

37 | AXA |Full Year 2015 Earnings | February 25, 2016