AXA : Earnings Results (AXA Full Year Results 2024)

Full Year 2024

Earnings Presentation

February 27, 2025

Table of contents

1.	FY24 Highlights	p.04
	Thomas Buberl, Group CEO
2.	FY24 Business Performance	p.12
	Frédéric de Courtois, Group Deputy CEO
3.	FY24 Financial Performance	p.18
	Alban de Mailly Nesle, Group CFO

3	Full Year 2024 Earnings

1

FY24 Highlights

Thomas Buberl, Group CEO

Full Year 2024 | Strong growth performance

+8%	+8%	15%	216%
Revenues	UEPS	ROE	Solvency II ratio
vs. FY23	vs. FY23	FY24	FY24
High organic	Consistent	Attractive	Strong
growth	results	return on equity	balance sheet

Delivering value for shareholders

+9% DPS1 growth and new €1.2bn annual share buy-back2

5Full Year 2024 Earnings

1. Based on the dividend proposed by AXA's Board of Directors on February 26, 2025 and subject to approval by the Shareholders' Annual General Meeting to be held on April 24, 2025.

2. Following AXA's Board of Directors' approval on February 26, 2025, and expected to commence as soon as reasonably practicable, subject to market conditions.

Simple model, built on leading insurance businesses at scale

Leading positions in our markets

SME & Mid-market			European
in Europe	50%	50%	multi-line insurer
Global Commercial &	Protection & Health in
Specialty lines with AXA XL	Commercial	Retail	Japan & Hong Kong
	Insurance	Insurance
Global Employee			Select Emerging markets
Benefits			in Asia, Africa & EME-LATAM

across P&C, Life, and Health

6	Full Year 2024 Earnings

Delivering high and balanced growth

In Euro billion

Gross written premiums and other revenues

100 102

+8%+8%

110

103

P&C +7%

Attractive positioning

in growing markets

High customer satisfaction

Life +9%

Health +8%

FY21	FY22	FY23	FY24
	Business transformed
+6%
CAGR from core businesses1
adjusting for disposals and
7	business rightsizing

driving improved retention

Investment in

growth initiatives

Full Year 2024 Earnings

1. Excluding businesses targeted for reduction, notably P&C Nat Cat Reinsurance, certain traditional G/A and two non-renewed large International Group Health contracts in France.

Proven track record of consistent earnings delivery

Underlying earnings per share

		+8% +8%
			€3.59
€3.08	€3.31	Disciplined execution, delivering on
			strategic priorities
€2.75
				Excellent technical profitability

Investing in technology, data & AI

FY21 FY22 FY23 FY24

Underlying €6.8bn €7.3bn €7.6bn €8.1bn

earnings

8	Full Year 2024 Earnings

Well positioned to sustain growth

Commercial Insurance

(P&C and EB1)

Mid-market growth

Energy transition

Demand for

Employee Benefits for talent retention

Catalysts

for near term

growth

Retail Insurance (P&C and L&H)

Personalized advice for Pension & Savings

Favorable environment

in Retail P&C

Overburdened public

health systems

9

Full Year 2024 Earnings

1. Employee Benefits.

Compounding value for shareholders

Attractive capital return

FY24 capital distribution

Growing book value

€2.15

€1.98

€1.70

€1.54

Dividend

per share

+9%

DPS

vs. FY23

€1.2bn

Share buy-back

~7%

€20.4

€24.5

€21.7 €22.7

Total	FY21	FY22	FY23	FY24
			75%
Pay-out 56%	70%	75%
ratio1

~40% of FY20 market capitalization

returned over 4 years

Total yield2

FY21 FY22 FY23 FY24

Book value per share

(excluding OCI and sub debt)

10	1. Calculated as dividends, discretionary buy-backs in 2022 and annual buy-backs in 2023 and 2024 (excluding anti-dilutive share buy-backs of €0.5bn in 2022 and €0.7bn in 2024).	Full Year 2024 Earnings
	2. Calculated as dividend and annual share buy-back as a percentage of market capitalization as of February 26, 2025.