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1、Universal Registration Document2022ANNUAL FINANCIAL REPORTChairmans Message4Chief Executive Off icers Message51.1Key figures141.2History191.3Business overview212.1Operating Highlights322.2Market Environment382.3Activity Report432.4Liquidity and capital resources842.5Events subsequent to December 31,

2、2022912.6Outlook923CORPORATE GOVERNANCE933.1Corporate governance structure943.2Executive compensation and share ownership1263.3Corporate Governance Code of Reference1593.4Related party transactions1604SUSTAINABILITY SNFP1635RISK FACTORS AND RISK MANAGEMENT2296CONSOLIDATED FINANCIAL STATEMENTS2897SHA

3、RES,SHARE CAPITAL AND GENERAL INFORMATION449AAPPENDICES4751THE AXA GROUP132ACTIVITY REPORT AND CAPITAL MANAGEMENT31CERTAIN PRELIMINARY INFORMATION ABOUT THIS ANNUAL REPORT 14.1AXA Groups sustainability strategy1644.2Employer responsibility1714.3Climate change and biodiversity1804.4Inclusive insurer1

4、994.5Business behavior2054.6Vigilance plan2094.7Transversal information2164.8Report by one of the Statutory Auditors,appointed as an independent third party,on the consolidated non-financial information statement included in the GroupManagement Report2255.1Risk factors2305.2Internal control and r is

5、k m anagement2555.3Market risks2695.4Credit risk2765.5Liquidity risk2805.6Insurance risks2815.7Operational risks2855.8Other material risks2866.1Consolidated statement of financial position2906.2Consolidated statement of income2926.3Consolidated statement of comprehensive income2936.4Consolidated sta

6、tement of changes in equity2946.5Consolidated statement of cash flows2986.6Notes to the Consolidated Financial Statements3006.7Report of the Statutory Auditors on the consolidated financial statements4427.1AXA shares4507.2Share capital4517.3General information457Appendix IManagements annual evaluati

7、on of internal control over financial reporting476Appendix IIStatement of the person responsible for the Universal Registration Document479Appendix IIIAXA parent C ompany financial statements480Appendix IVGroup Embedded Value and Solvency II Own Funds523Appendix VGlossary524Appendix VIBoard of Direc

8、tors Report Cross-reference table529Appendix VIICorporate governance R eport Cross-reference table530Appendix VIII Commission delegated regulation(EU)2019/980 of March 14,2019 Cross-reference table531Appendix IXAnnual Financial Report Cross-reference table535CONTENTSSNFP refers to the Statement of N

9、on-Financial Performance(Dclaration de performance extra-financire).1IUNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA IThis Universal Registration Document(which we also refer to as our“Annual Report”)includes(i)all the components of the Annual Financial Report(Rapport Financier Annuel)referr

10、ed to in paragraph I of Article L.451-1-2 of the French Monetary and Financial Code(Code montaire et financier)as well as in Article 222-3 of the AMF General Regulation(Rglement Gnral de lAMF)(please refer to the cross-reference table on page 535 of this Universal Registration Document which indicat

11、es the relevant sections of this Universal Registration Document corresponding to the items referred to in Article 222-3 of the AMF General Regulation),(ii)all information required to be included in the management report of the Board of Directors to AXAs Shareholders Meeting to be held on April 27,2

12、023,prepared pursuant to Articles L.225-100 et seq.and L.22-10-35 et seq.of the French Commercial Code(Code de commerce)(the relevant sections of this Universal Registration Document corresponding to such required information have been approved by AXAs Board of Directors and are referred to in the c

13、ross-reference table on page 529 of this Universal Registration Document);and(iii)all the elements required to be included in the corporate governance report established pursuant to Articles L.225-37 et seq.and L.22-10-8 et seq.of the French Commercial Code(Code de commerce)(the relevant sections of

14、 this Universal Registration Document corresponding to such required disclosures have been approved by AXAs Board of Directors and are referred to in thecross reference table on page 530 of this Universal Registration Document).The cross-reference table on page 531 ofthis Universal Registration Docu

15、ment indicates the items of Annexes 1 and 2 of Delegated Regulation(EU)2019/980 to which the information contained herein corresponds.UNIVERSAL REGISTRATION DOCUMENTANNUAL REPORT 2022This Universal Registration Document has been filed on March 21,2023,with the Autorit des Marchs Financiers(the“AMF”)

16、as the competent authority under Regulation(EU)2017/1129,without prior approval pursuant to Article 9 of Regulation(EU)2017/1129.This Universal Registration Document may be used for the purposes of an off er to the public of securities or admission of securities to trading on a regulated market if c

17、ompleted 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.CERTAIN PRELIMINARY INFORMATION ABOUT THIS ANNUAL REPORT In this Annual Report,unless provided o

18、therwise,(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 C ompany of the AXA Group,and(ii)the“AXA Group”,the“Group”and“we”refer to AXA SA together with its direct and indirect consolidated su

19、bsidiaries.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 market Euronext in Paris(Compartment A),which we refer to in this Annual Report as“Eur

20、onext 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 Euro(“Euro”,“euro”,“EUR”or“”).Unless otherwise stated,all amounts in this Annual Repor

21、t are(i)expressed in Euro,with applicable foreign exchange ratespresented on page 40 of this Annual Report,and(ii)presented in millions for convenience.Such amounts may have been rounded.Rounding diff erences may exist,including for percentages.Where reference is made to a website in this Universal

22、Registration Document,the contents of such website do not form part of this Universal Registration Document.No information,document or material from the website of the Company(Document.This is a translation into English of the Universal Registration Document of the Company issued in French in the xH

23、TML format,which includes the Annual Financial Report for the financial year ended December 31,2022,and is available on the AMFs website(www.amf-france.org)and on the Companys website()or any other source shall form part of this Universal Registration Document,unless such information,document or mat

24、erial is expressly incorporated by reference into this Universal Registration ).2I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA IThis page was intentionally left blank.3I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA ICautionary statement regarding forward-looking statements and t

25、he use of non-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.Forwar

26、d-looking statements 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 assu

27、mptions and,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 numb

28、er of factors including,without limitation,general economic and political conditions and competitive situation;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;mortali

29、ty and morbidity levels and trends;persistency levels;changes in laws,regulations and standards;the impact of acquisitions and disposal,including related integration issues,and reorganization measures;and general competitive factors,in each case on a local,regional,national and/or global basis.Many

30、of these factors may be more likely to occur,or more pronounced,as a result of catastrophicevents,including weather-related catastrophic events,pandemics,terrorist-related incidents or acts of war.Please refer to Part 5“Risk Factors and Risk Management”of this Annual Report for a description of cert

31、ain important 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 circumstances or otherwise,except as require

32、d by applicable 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

33、providing 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 res

34、ult,none of these non-GAAP financial measures should be considered in isolation from,or as a substitute for,the Consolidated Financial Statements included in Part 6“Consolidated Financial Statements”of this Annual Report.The non-GAAP financial measures used by the Group are defined in the Glossary s

35、et forth in Appendix V to this Annual Report.4I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA IChairmans Message It is likely that when we look back in a few years,the year 2022 will appear as a turning point and the beginning of a new era.Barely out of the COVID-19 crisis,the world has had

36、 to deal with the war in Ukraine,the energy crisis,the return of inflation,and rapidly rising interest rates,all of which were unanticipated.As our annual report on future risks has shown,this disruption has resulted in a sharp increase in the overall level of risk of all kinds,and as well in a shar

37、p increase in the perception of risk by decision-makers and public opinion around the world.In addition,2022 was once again a year of numerous,high-intensity natural disasters,reflecting the situation we face with climate change.Against this diff icult backdrop,AXA confirmed both the robustness of i

38、ts business model and the relevance of the strategic reorientation decided upon and implemented six years ago.Thanks to its reduced exposure to financial risks and its strengthening of its Property&Casualty insurance activities,notably in commercial insurance and health,the Group has seen further gr

39、owth in its business and earnings,while consolidating its solid positioning.This good financial health has enabled the Group to increase its return to shareholders while accelerating its development.Furthermore,at a time when the economic slowdown is further weakening the most vulnerable and climate

40、 change is threatening our planet,AXA has also become even more involved with those who are marginalized by these threats.The Group and all of its employees are strongly committed to translating our purpose,which is“to act for human progress by protecting what matters”,into action.In this respect,I

41、am proud that this year AXA received the highest rating in the insurance sector in the S&P Global Corporate Sustainability Assessment.In addition,the Group has accelerated the development of its inclusive insurance programs to off er accessible and aff ordable products topopulations on the margins o

42、f insurance coverage.In 2022,more than 11 million people benefited from these advantageous off ers,and we hope to extend this coverage to an additional 1 million beneficiaries in 2023.The Group has also continued to actively contribute to environmental matters,notably with the launch of the“AXA Fore

43、sts for Good”program to help restore forest ecosystems.The year 2022 also saw the transition of the chairmanship of your Board of Directors.Aft er six years in this position,Denis Duverne has passed the torch to me,having successfully supported the Group in its strategic reorientation.I would like t

44、o take this opportunity to warmly thank him for his work within the Group and then as Chairman of the Board.Since I took off ice in April 2022,I have set myself three main objectives.First,to further strengthen the cohesion of the Board of Directors and to deepen the dialogue with Thomas Buberl,the

45、CEO,and his team.Second,to ensure even closer monitoring of risks on the one hand,and of the sustainability strategy on the other.To this end,the Boards committees have been reorganized,with the transformation of the Finance Committee into a“Finance&Risk Committee”,and the Compensation&Governance Co

46、mmittee into a“Compensation,Governance&Sustainability Committee”.Finally,to support Thomas Buberl and his team in the development of the new strategic plan to be implemented from 2024.This new plan will be an opportunity for AXA to enter a new phase of its development based On growth,financial stren

47、gth and in service for the greater good.On behalf of the members of the Board of Directors,I would like to thank Thomas Buberl,his team and all the Groups employees for their boundless engagement and their strong mobilization for the company and its development.Antoine Gosset-Grainville Chairman of

48、the Board of Directors5IUNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA IChief Executive Offi cers Message In addition to a pandemic that is not yet over and severe climatic events in the United States and Europe,2022 has seen the world enter a new phase of instability fueled by the war in Uk

49、raine and its consequences.Against this diff icult backdrop,AXA once again demonstrated its strength,dynamism and the relevance of its mission:to act for human progress by protecting what matters.The Groups 2022 performance was remarkable,with revenues up 2%to 102 billion and a 12%increase in underl

50、ying earnings per share.This reflects the strong momentum of our operating entities,notably in France and Europe,and the successful repositioning of AXA XL,which despite natural catastrophes and the war in Ukraine,recorded an operating profit of more than 1.2 billion for the second year in a row.The

51、 quality of our results is also reflected in the trust placed in us by our 93 million customers.We have invested heavily to improve their experience,both in our agencies and online.These eff orts have paid off and I am proud that more than 80%of our business lines now have a satisfaction rate(NPS-Ne

52、t Promoter Score)that is greater than or equal to the market average,compared to 70%at the launch of the“Driving Progress 2023”plan.Our clients satisfaction is our first reward,and I would like to thank them for their loyalty.With a Solvency II ratio of 215%as of December 31,2022,the Group once agai

53、n demonstrates the strength of its balance sheet.This allows us to pursue an attractive capital management policy,accelerated this year with the successful transformation of AXA SA into an internal reinsurer,and which has enabled us to launch a share buyback program that positions the Groups payout

54、ratio to shareholders at a level similar to its major European competitors.This solid performance allows us to fully play our role towards our stakeholders.In 2022,we paid out nearly 50 billion in claims to our clients and 5.9 billion in interest to remunerate their savings.AXA also supported the gr

55、owth and transformation of the economy through more than 30 billion of reinvestments.In an increasingly complex and uncertain world,we are fully mobilized to help everyone move forward with peace of mind.We continued to deploy our sustainability strategy in each of the Environment,Social and Governa

56、nce areas,and were rewarded with the highest rating in the insurance sector in the S&P Global Corporate Sustainability Assessment.Our performance in 2022 therefore confirms our ability to achieve the objectives of our“Driving Progress 2023”plan,which is entering its final phase,and we have begun to

57、focus on an ambitious next strategic plan.Finally,2022 was marked by the appointment of Antoine Gosset-Grainville as Chairman of the Board of Directors.I am grateful for the relationship of trust that we have built up over the past months and for his support.In conclusion,I would like to salute the

58、exceptional work of our 145,000 employees,agents and partners,almost 30%of whom are also AXA shareholders.Their energy and commitment are our greatest strength and a tremendous source of pride for me.Thomas Buberl Chief Executive Off icer“AXA confi rms the strength of its model”Macroeconomic and geo

59、political environments:(i)Russia-Ukraine war increasing geopolitical tensions between blocks,thereby threatening global solidity and growth,(ii)surging energy prices in Europe,(iii)persistent and broadening inflation and instability on interest rates have triggered a rapid and synchronized tightenin

60、g of monetary conditions,(iv)impact from climate change,and(v)uncertainty on the Chinese economy with a recent reopening accompanied by lingering COVID-19 concerns,which all heavily impacted the outlook of the global economy;Increasing pressure on the insurance industry:(i)increasing complexity and

61、cost of regulation(e.g.,IFRS 17(1)coming into force from January 1,2023,together with government interventionism,especially for European players(e.g.,restrictions on foreign cloud providers),(ii)higher frequency and severity of emerging risks(e.g.,natural catastrophes,cyber risks),and(iii)inflation

62、challenging profitability even aft er raising prices;Growth opportunities:(i)new insurance needs that are triggered by the increase in the type of risks(e.g.,climate change,energy transition,and cyber security)as well as continued evolution of global GDPs main growth drivers towards more digital,ser

63、vice and capital-light industries,(ii)rising interest rates and downturn of equity markets drive new customers towards investments in Life and Savings products,(iii)rising demand for Health and Protection insurance,and(iv)tech&data becoming more and more critical to bringing value-for-money services

64、 to customers,diff erentiating from peers and optimizing operations.1)Expand Health and Protection:(i)solid growth in Health revenues of 16%in 2022,(ii)distinctive digital assets(e.g.,DHP(2)deployed in six European countries and value-added services(e.g.,teleconsulting and homecare service providing

65、 seamless end-to-end healthcare journeys),and(iii)d)development of more inclusive off ers and products for our customers;2)Simplify customer experience and accelerate efficiency:(i)outperformance in NPS(3)targets with 100%of LoBs(4)at or above average,out of which 81%of our LoBs in Health and Protec

66、tion are above average,(ii)digital platforms rolling out(e.g.,Emma app launched in six Asian countries,Angel.fr),(iii)the delivery of customer journey digitalization objectives and digitally-enabled agent experience are well on track for all the entities,and(iv)overall acceleration on eff iciency an

67、d product simplification(e.g.,via cloudification,IT legacy decommissioning,straight-through processing,organizational simplification);3)Strengthen underwriting performance:(i)technical excellence with 2022 Property&Casualty combined ratio at 94.6%,improved by a strong price increase strategy and suc

68、cessful re-underwriting measures at AXA XL(notably significant reduction of CAT exposure in reinsurance),and(ii)a strategic program launched to develop a Digital Commercial Platform to better serve commercial customers;6I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA IStrategic orientations

69、 Despite a gradual normalization of the COVID-19 crisis and its associated uncertainties,the Russia-Ukraine war then triggered additional supply-side disruptions,resulting in soaring inflation,energy prices,and interest rates,which consequently led to a volatile macroeconomic landscape.Nevertheless,

70、the challenging environment still poses various threats and opportunities for the insurance industry:In this environment,we believe that“Driving Progress 2023”and its underlying assumptions continue to support our business model resilience and help us grow our business sustainably.In 2022,AXA has be

71、en consistently executing its strategy with strong delivery across its five strategic priorities:7IUNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA I 4)Sustain our climate leadership position:(i)the variablepayout of market and operational entity heads is subject to sustainability qualitative

72、and quantitative criteria(investment portfolio carbon footprint reduction has been included as a key indicator for calculating AXA Groups STIC(5)to track and reduce the carbon intensity of our portfolio by 20%between 2019-2025),(ii)strengthening our engagement as a climate leader(co-founder and chai

73、r of Net Zero Insurance Alliance,among the first insurers of Net Zero Asset Owner Alliance,member of TNFD(6),(iii)AXA Forest for Good program has been launched to strengthen biodiversity preservation,and(iv)achieving 91/100 at the S&P Global ESG score 2022 inthe context of the Corporate Sustainabili

74、ty Assessment(CSA),positioning AXA Group in the top 1%of the insurance industry,and thus confirming our integration in the DowJones Sustainability Indices in 2022;5)Optimization of cash efficiency across the Group:(i)continuous focus on cash remittance of 5.5 billion achieved in 2022 above budget,(i

75、i)continued Group simplificationwith the closing of disposals of Singapore and Malaysia,transformation of AXA SA into the Groups internal reinsurer aft er its merger with AXA Global Re,integration of Architasinto a new business unit of AXA Investment Managers,(iii)increasing the scale in some of its

76、 core European markets by entering into exclusive negotiation stage for the acquisition of the Groupe Assurances du Crdit Mutuel Espaa in Spain to strengthen its presence in Property&Casualty and Health segments,(iv)Life&Savings in-force initiatives(sale of closed life pension portfolio in Germany)r

77、esulting in a 16 billion reduction of reserves,(v)strong solvency position,aboveambitions level,and(vi)implementation of several sharebuy-back programs executed by October 2022(1 billion),reflecting the strength of its balance sheet and demonstrating AXA Groups financial discipline.In 2023,AXA is re

78、solutely focused on delivering our“Driving Progress 2023”objectives as well as the preparation of our next strategic chapter.Our next plan will represent a continuation of our strategic plan.As expectations are rising on corporate responsibility,we continue to strengthen our leadership and engagemen

79、t on ESG topics,both in terms of target setting and impact measurement,continuing to put into practice our purpose“act for human progress by protecting what matters”.SNFP(1)IFRS 17=International Financial Reporting Standards 17:Accounting for insurance contracts.(2)DHP=Digital Health Platform.(3)NPS

80、=Net Promotion Score.(4)LoBs=Line of Businesses.(5)STIC=Short Term Incentive Compensation.(6)TNFD=Taskforce on Nature-related Financial Disclosures.Inclusive insurer:products and servicesfor vulnerable populations More than 50 Bn in paymentsmade to our customers 5.90 Bn in interest paid to our polic

81、yholders 11 million customers covered by an inclusive protection 8.3 Bn in wages and bonuses paid 16,000 recruitments globally eNPS:35 points/iNPS:40 points 3.5 Bn in dividends paidto close to 300,000 shareholders More than 30%employeeshareholders,holding morethan 4%of the capital More than 30 Bn in

82、vestedin the economy annually 11 Bn paid in taxes and socialsecurity contributions,40%of which paid in France 43 M of donations worldwide 56,600 volunteering acts 250 M cumulated since 2007to support scientific research throughthe AXA Research Fund 25.1 Bn in green investments 87%of employees upskil

83、ledon climate issuesFor our customers For our workforce For our shareholders For the economy and the societyFor the environmentOur resources Our value creation(2022 figures)Our strategic plan includes two components:business and sustainability.Sustainability strategyURD Chapter 4/“Sustainability”As

84、an insurer Green premiums:products and services that supportthe transition towards a more sustainable and lesscarbon-intensive economy Reduce the carbon footprintof AXAs portfolio(equity,corporate debt and real estate)As an investor Green investments:green assets(bonds,real estate,debt,infrastructur

85、e)and impact investments(protection of forests,ecosystems,etc.)Climate trainings:awareness initiatives and certificationof employees on climate issues(AXA Climate Academy)Reduce the carbon footprint of AXAs own operations(energy,car fleet,business travel,IT equipmentand services)As an exemplary comp

86、any P&CProtecting the tangible and intangible assets of individuals and companies.HealthSupporting patients throughout their care journey and being a key player in prevention.Life&SavingsHelping our customers to realize their projects by protecting and growing their assets.Asset managementDriving ec

87、onomic flows towards sustainable projects that are useful to society and the real economy.Business strategyOur strategic plan Our purpose D r i v i ng P r o g re s s 2 02 3Relational capital93 million customersWe serve both corporate and individual customers.Human capital145,000 employees Our workfo

88、rces diverse range of profiles and professions enables AXA to be effective,profitable and well managed.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 bondhol

89、ders.Stakeholder capital We work closely with external providers of products and services.Social and environmental capitalOur climate and biodiversity strategy help to reduce the Groups carbon footprint and to strengthen our commitments.Sustainableval u e c re a t i o nSNFP“A c t fo r h u m a n p ro

90、g re s s b y p ro t ec t i ng wh a t m a t t e rs”8I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA IUNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA I9I10I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA I2022 Full Year Earnings IGrowth across main lines of business PROTECTION

91、15%of revenues+3%HEALTH 17%of revenues+16%P&C COMMERCIAL34%of revenues+1%Underlying Earnings7.3 bnRevenues 102 bn+2%Profitability indicatorsPROTECTIONCombined ratio92.4%HEALTH Combined ratio96.5%P&CCombined ratio94.6%P&C 4.4bnL&S 2.6bnHEALTH 0.6bnASSET MANAGEMENT 0.4bnBANKING&HOLDINGS-0.8bn11I UNIVE

92、RSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA IShareholders equity In Euro billion Debt gearing Dividend In Euro per share Share buy-backs In Euro billion Solvency II ratio Financial strength and dividend2021 202245.4 71.12021 202227%26%2021 2022215%217%2021 20221.70(1)1.542021 20221.5(2)1.7(1)P

93、roposed dividend,submitted for approval at the annual Shareholders Meeting on April 27,2023.(2)Including 1.0 billion related to the share buy-back program announced on August 3,2022,and 0.5 billion announced on February 24,2022,to neutralizeearnings dilution from disposals.12I UNIVERSAL REGISTRATION

94、 DOCUMENT-ANNUAL REPORT 2022-AXA IUnderlying earnings per share(CAGR(1)2020-2022)Set to exceed the targeted range(3)+10%(2)+3%to+7%UEPS CAGR 20202023ECash remittance 5.5 bnSet to exceed the targeted range(3)14bncumulative 2021-2023EUnderlying Return on Equity14.5%13%to 15%2021-2023ESolvency II ratio

95、 215%190%Target capital level(1)Compound Annual Growth Rate.(2)Based on 2020 rebased Underlying earnings.(3)Assuming current operating conditions persist.“Dri ving Pr ogress 20 23”:2022 achievementsDividends and dividend policy16 Assets under management15 Activity and Earnings indicators15 IFRS indi

96、cators14 1.1KEY FIGURES1413I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA IRatingsSNFP17 1.2HISTORY19Transversal&Central Holdings29 International28 AXA XL26 Asia25 Europe23 France22 1.3BUSINESS OVERVIEW21THE AXA GROUP114I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA ITHE AXA GROU

97、P11.1 KEY FIGURESAXA SA is the holding company of AXA Group,a worldwide leader in insurance,with total assets of 697 billion for the year ended December 31,2022.AXA operates primarily in five hubs:France,Europe,Asia,AXA XL,and International(including Middle East,Latin America and Africa).AXA has fou

98、r main operating activities:Property&Casualty,Life&Savings,Health,and Asset Management.In addition,various holding companies within the Group conduct certain non-operating activities.1.1 KEY FIGURES IIFRS indicators IFRS indicators presented below are derived from the Consolidated Financial Statemen

99、ts for the year ended December 31,2022.The table set out below is only a summary.You should read it in conjunction with the Consolidated Financial Statements for the year ended December 31,2022 included in Part 6 “Consolidated Financial Statements”of this Annual Report.(in Euro million)2022 2021 202

100、0 Income Statement Data Revenues 102,345 99,931 96,723 Net consolidated income-Group Share 6,675 7,294 3,164(in Euro million except per share data)2022 2021 2020 Balance Sheet Data Total assets 696,697 775,491 804,589 Shareholders equity-Group share 45,353 71,135 71,610 Shareholders equity per share

101、(a)17.5 27.4 27.3 Dividend per share(b)1.70 1.54 1.43(a)Shareholders equity per share is calculated based on the actual number of outstanding shares at each period-end presented.Shares held by AXA and its subsidiaries(i.e.treasury shares)are deducted for the calculation of outstanding shares.Undated

102、 debt is excluded from shareholders equity for this calculation.(b)An annual dividend is generally paid each year in respect of the prior year aft er the Annual Shareholders Meeting(customarily held in April or May)and before Septemberof that year.Dividends are presented in this table in the year to

103、 which they relate and not in the year in which they are declared and paid.A dividend of 1.70 per share willbe proposed at AXAs Shareholders Meeting that will be held on April 27,2023.Subject to the Shareholders Meeting approval,the dividend will be paid out on May 10,2023,with an ex-dividend date o

104、f May 8,2023.15I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA ITHE AXA GROUP11.1 KEY FIGURES IActivity and Earnings indicators The table set out below presents the key activity and earnings indicators.You should read it in conjunction with Section 2.3“Activity report”and the Glossary set f

105、orth in Appendix V of this Annual Report.IAssets under management The table below sets forth the total assets managed by AXAs subsidiaries,including assets managed on behalf of third parties:For additional information on AXAs revenues by segment,see Section 6.6-Note 21“Information by segment”of this

106、 Annual Report.For additional information on AXAs segments,see Section 2.3“Activity report”and Section 6.6-Note 3“Consolidated statement of income by segment”of this Annual Report.(in Euro million,except percentages)2022 2021 2020 Property&Casualty Gross Revenues 51,581 49,339 48,729 Property&Casual

107、ty Combined Ratio(a)94.6%94.6%99.5%Health Gross Revenues 17,418 15,222 14,711 Health Combined Ratio(a)96.5%95.1%94.5%Life&Savings Gross Revenues 31,515 33,306 31,524 Annual Premium Equivalent(APE)6,036 5,911 5,336 New Business Value(NBV)2,225 2,593 2,480 Underlying earnings Group share(a)7,264 6,762

108、 4,264 At December 31,(in Euro million)2022 2021 2020 AXA General Account assets 477,513 574,412 597,259 Assets backing contracts with financial risk borne by policyholders(Unit-Linked)76,467 86,315 77,802 Subtotal 553,980 660,727 675,062 Managed on behalf of third parties(a)378,494 390,323 357,026

109、TOTAL ASSETS UNDER MANAGEMENT 932,474 1,051,050 1,032,087 (a)Alternative Performance Measures.For further information,refer to Section 2.3“Activity Report”and the Glossary set forth in Appendix V of this Annual Report.(a)Include assets managed on behalf of Mutuelles AXA.16I UNIVERSAL REGISTRATION DO

110、CUMENT-ANNUAL REPORT 2022-AXA ITHE AXA GROUP11.1 KEY FIGURESThe following table sets forth information on the dividends declared and paid in respect of the last five fiscal years:IDividends and dividend policy The Company pays dividends in Euro.Future dividends will depend on a variety of factors in

111、cluding AXAs earnings,financial condition,applicable capital and solvency requirements,prevailing financial market conditions and the general economic environment.Proposals for dividend payments are made at the discretion of the Board of Directors and are submitted for approval to the Shareholders M

112、eeting.AXAs dividend policy is based on underlying earnings per share.AXA targets to pay aggregate dividends in a general range of 55%-65%of Underlying Earnings per share.The dividendproposed by the Board of Directors in any particular year may vary considerably depending on a variety of factors(as

113、noted above)which may have an impact on this target from one year to another.In assessing the dividend to be paid in any given year,Management tries to strike the appropriate balance between(i)prudent capital management,(ii)reinvestment of previous results to support business development and(iii)an

114、attractive dividend for shareholders.A dividend of 1.70 per share for the 2022 fiscal year will be proposed to the Shareholders Meeting to be held on April 27,2023.Dividends not claimed within five years aft er the payout date become the property of the French Public Treasury.For further information

115、 on AXAs dividend,see Note 29.5“Other items:Restriction on dividend payments to shareholders”in Part 6“Consolidated Financial Statements”and Section 7.3“General Information Bylaws Rights,preferences and restrictions attached to the shares”of this Annual Report.For additional information regarding th

116、e 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 orreinsurance entities failure to meet their solvency and capital adequacy requirements could have a material adverse eff ect on our bu

117、siness,liquidity,ratings,results of operations and financial condition”,“We are dependent on our subsidiaries to cover our operating expenses and make dividend payments”,and“The Group and our businesses are subject to extensive regulation,regulatory supervision,adverse judicial decisions and emergin

118、g legal,regulatory and reputational risks in the various jurisdictions in which we operate”in Section 5.1“Risk Factors”of this Annual Report.Fiscal year Distribution(in Euro million)Number of shares (on December 31)Net dividend per share(in Euro)Dividend per share eligible for a tax relief(in Euro)G

119、ross dividend per share(in Euro)2018 3,249 2,424,916,626 1.34(b)1.34(b)1.34(b)2019 1,765 2,417,695,123 0.73(c)0.73(c)0.73(c)2020 3,458 2,418,389,408 1.43(d)1.43(d)1.43(d)2021 3,729 2,421,568,696 1.54(e)1.54(e)1.54(e)2022 3,998(a)2,351,770,945 1.70(f)1.70(f)1.70(f)(a)Amount based on the number of sha

120、res issued as of December 31,2022.Final Proposal to be submitted to the Shareholders Meeting to be held on April 27,2023.(b)The gross amount of dividends will be subject to a unique withholding tax liquidated at an overall rate of 30%,unless in case of express and irrevocable option for theprogressi

121、ve scale on income tax which would then apply to all capital income paid in 2019.The option for the progressive scale would give right to the 40%tax relief pursuantto paragraph 2 of article 158.3 of the French General Tax Code,i.e.,0.54 per share for fiscal year 2018.(c)The gross amount of dividends

122、 will be subject to a unique withholding tax liquidated at an overall rate of 30%,unless in case of express and irrevocable option for theprogressive scale on income tax which would then apply to all capital income paid in 2020.The option for the progressive scale would give right to the 40%tax reli

123、ef pursuantto paragraph 2 of article 158.3 of the French General Tax Code,i.e.,0.29 per share for fiscal year 2019.(d)The gross amount of dividends will be subject to a unique withholding tax liquidated at an overall rate of 30%,unless in case of express and irrevocable option for theprogressive sca

124、le on income tax which would then apply to all capital income paid in 2021.The option for the progressive scale would give right to the 40%tax relief pursuantto paragraph 2 of article 158.3 of the French General Tax Code,i.e.,0.57 per share for fiscal year 2020.(e)The gross amount of dividends will

125、be subject to a unique withholding tax liquidated at an overall rate of 30%,unless in case of express and irrevocable option for theprogressive scale on income tax which would then apply to all capital income paid in 2022.The option for the progressive scale would give right to the 40%tax relief pur

126、suantto paragraph 2 of article 158.3 of the French General Tax Code,i.e.,0.62 per share for fiscal year 2021.(f)Proposal to be submitted to the Shareholders Meeting to be held on April 27,2023.The gross amount of dividends will be subject to a unique withholding tax liquidated atan overall rate of 3

127、0%,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 progressive scale would give right to the 40%tax relief pursuant to paragraph 2 of article 158.3 of the French General Tax Code,i.e

128、.,0.68 per share forfiscal year 2022.17I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA ITHE AXA GROUP11.1 KEY FIGURES IRatingsThe Group is rated by recognized rating agencies which assess the financial strength and the creditworthiness of the Company and certain of its insurance subsidiarie

129、s.The ratings set forth below are subject to revision or withdrawal at any time by the assigning rating agency in its sole discretion.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 s

130、ecurities.A rating is not a recommendation to buy,sell or hold securities.None of these ratings should be construed as anindication 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 wit

131、h respect to any of the Companys securities.The Company does not undertake to maintain its ratings,nor in any event shall the Company 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

132、.INSURER FINANCIAL STRENGTH&COUNTERPARTY CREDIT RATINGS At the date of this Annual Report,the relevant ratings for the Company and its principal insurance subsidiaries were as follows:SOCIALLY RESPONSIBLE INVESTMENT(SRI)RATINGS SNFPDJSI World and DJSI Europe(based on S&P Globals study);Euronext Vige

133、o Eiris,World 120,Europe 120,France 20 and Eurozone 120(based on Vigeo Eiris research);FTSE4GOOD(based on FTSE Russell research).AXA Groups social,societal,environmental and governance performance is rated by a number of specialists,including investors,brokers and rating agencies that focus specific

134、ally on the SRI market,as well as specialist organizations focused on single sustainability themes.The Group generally ranks amongstthe top performers in its industry and is also included in the main international sustainability indices:The AXA Groups main SRI ratings are listed below(not all rating

135、s are updated annually):Agency/Organisation Scores&ratings S&P Global“Corporate Sustainability Assessment”(CSA)ranking(a)91/100 Percentile ranking:100th Vigeo Eiris 67/100 Sector leader FTSE ESG 3.7/5 Sustainalytics ESG Risk Rating:16.7 Low risk(b)CDP B MSCI AAA Insurer financial strength ratings Co

136、unterparty credit ratings Agency Date of last review AXA SA AXAs principal insurance subsidiaries Senior debt of the Company Short term debt of the Company S&P Global Ratings March 28,2022 A+AA-A-1+Moodys Investors Service July 1,2022 Aa3 Aa3 P-1 A.M.Best Rating Services July 8,2022 A+Superior-Outlo

137、ok-Stable A+Stable A1 Stable aa-Superior Outlook Stable Stable Stable(a)The results of the CSA are a reference performance indicator for AXA Group and is one of the performance metrics used to calculate long term incentives(AXA PerformanceShares)since 2016.(b)For the ESG Risk Rating ranking of AXA G

138、roup,please refer to Sustainalytics website:https:/ UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA ITHE AXA GROUP11.1 KEY FIGURESFURTHER INFORMATION REGARDING EXTRA-FINANCIAL RATINGS PROVIDERS S&P Global.Corporate Sustainability Assessment(CSA)evaluates each year over 7,500 companies using c

139、riteria that are both industry-specific and financially material.AXA is included in indices that use CSA data,including the Dow Jones Sustainability Indices.Vigeo Eiris is an ESG(Environmental,Social and Governance)rating agency.Its methodology leverages a number of sustainability criteria based on

140、international standards.AXA is included in indices that use Vigeo Eiris data,including Euronext Indices.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 issue

141、s.Sustainalytics is an ESG(Environmental,Social and Governance)rating agency covering more than 14,000 companies.The agency focuses on corporate governance,material ESG issues,and controversies.The CDP(formerly known as the Carbon Disclosure Project)runs a global disclosure system that enables compa

142、nies,cities,states and regions to report on their environmental impacts.The CDP also transforms this data into analysis on critical environmental risks,opportunities and impacts.MSCI is an independent provider of research and data for institutional investors.MSCIs research analysts assess thousands

143、of data points across 35 ESG issues,focusing on both risks and opportunities.https:/ https:/ https:/ UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA ITHE AXA GROUP11.2 HISTORY 1.2 HISTORYAXA originated from several French regional mutual insurance companies:“Les Mutuelles Unies”.1982Takeover

144、of Groupe Drouot.1988Transfer of the insurance businesses to Compagnie du Midi(which subsequently changed its name to AXA Midi and then AXA).1992Acquisition of a controlling interest in The Equitable Companies Incorporated(United States),which subsequently changed its name to AXA Financial,Inc.(“AXA

145、 Financial”).1995Acquisition of a majority interest in National Mutual Holdings(Australia),which subsequently changed its name to AXA Asia Pacific Holdings Ltd.(“AXA APH”).1997Merger with Compagnie UAP.2000Acquisition of(i)Sanford C.Bernstein(United States)by AXAs asset management subsidiary Allianc

146、e Capital,which subsequently changed its name to AllianceBernstein(now AB);(ii)the minority interest in AXA Financial;and(iii)Japanese Life insurance company,Nippon Danta Life Insurance Company;andSale of Donaldson,Lufkin&Jenrette(United States)to Credit Suisse Group.2004Acquisition of the American

147、Insurance Group MONY.2005FINAXA(AXAs principal shareholder at that date)merged into AXA.2006Acquisition of Winterthur Group.2008Acquisition of Seguros ING(Mexico).2010Voluntary delisting of AXA SA from the New York Stock Exchange and deregistration with the Securities and Exchange Commission(SEC);an

148、dSale by AXA UK of its traditional Life and Pensions businesses to Resolution Ltd.2011Sale 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.2012Launch of ICBC-AXA Life,

149、a Life insurance joint venture in China with ICBC;andAcquisition of HSBCs Property&Casualty operations in Hong Kong and Singapore.2013Acquisition of HSBCs Property&Casualty operations in Mexico.2014Acquisition of(i)50%of TianPing,a Chinese Property&Casualty insurance company;(ii)51%of Grupo Mercanti

150、l Colpatrias insurance operations in Colombia;and(iii)77%of Mansard Insurance plc in Nigeria.2015Acquisition of Genworth Lifestyle Protection Insurance;andLaunch of AXA Strategic Ventures,a venture capital fund dedicated to emerging strategic innovations in insurance and financial services.2016Sale

151、of AXAs UK(non-platform)investment and pensions businesses and its direct Protection businesses to Phoenix Group Holdings.2017Announcement of the intention to IPO AXA Equitable Holdings,Inc.in the US to create significant additional financial flexibility and accelerate AXAs transformation.20I UNIVER

152、SAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA ITHE AXA GROUP11.2 HISTORY2018Acquisition of the XL Group,creating the#1 global P&C Commercial lines insurance platform;andInitial public off ering(“IPO”)of the US subsidiary,Equitable Holdings,Inc.(1),on the New York Stock Exchange.2019Sale of AXAs r

153、emaining stake in Equitable Holdings,Inc.(EQH)(2);and Acquisition of the remaining 50%stake in AXA Tianping.2020Sale of AXAs Life&Savings,Property&Casualty and Pension businesses in Poland,Czech Republic and Slovakia to UNIQA Insurance Group AG.2021Sale of AXAs insurance operations in Greece to Gene

154、rali;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 Limited;andSale of AXAs Belgian banking operations(AXA Bank Belgium

155、)to Crelan Bank AXA and Crelan have entered into a long-term P&C and Protection insurance distribution partnership.2022Sale of AXAs insurance operations in Singapore to HSBC Insurance(Asia-Pacific)Holdings Ltd;AXA SA received regulatory approval from the Autorit de contrle prudentiel et de rsolution

156、(“ACPR”)to operate as a licensed reinsurer;Sale of AXAs insurance operations in Malaysia to Generali;and Exclusive negotiations to acquire Groupe Assurances du Crdit Mutuel Espaa and strengthen AXAs P&C and Health presence in Spain.For further information concerning Group subsidiaries(including the

157、Groups equity interest and voting rights percentages),please see Section 6.6-Note 2“Scope of consolidation”of this Annual Report.(1)Formerly known as AXA Equitable Holdings,Inc.(2)Excluding shares of common stock of EQH,primarily related to the EQH shares delivered on redemption of the AXA SA bonds

158、mandatorily exchangeableinto EQH shares,matured in May 2021.21I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA ITHE AXA GROUPsize,strength and quality of the distribution channels,in particular the quality of advisors;range of product lines and product quality,feature functionality and innov

159、ation;price;quality of service;investment 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.11.3 BUSINESS O

160、VERVIEW 1.3 BUSINESS OVERVIEW AXA operates in five hubs(France,Europe,Asia,AXA XL and International)and off ers a broad range of Property&Casualty,Life&Savings,Health,and Asset Management products and expertise.The nature and level of competition vary among the countries where AXA operates.AXA compe

161、tes with insurance companies along with banks,asset management companies,investment advisors and other financial institutions.The principal competitive factors are as follows:For additional information on markets,see Section 2.2“Market environment Market conditions”of this Annual Report.The table se

162、t out below presents AXAs Gross revenues(aft er intercompany eliminations)by line of business.Gross revenues(a)Property&Casualty Asset Management(b)Life&Savings Health Banking Total Years ended December 31,(in Euro million)2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021France 7,992 7,450

163、 13,972 15,264 7,131 5,4250 0 242 211 29,338 28,349 Europe 17,788 16,930 9,449 9,746 6,333 5,8860000 33,570 32,562 Asia 2,208 2,102 7,057 7,021 2,294 2,2060000 11,559 11,329 AXA XL 19,071 18,588 161 175 000000 19,232 18,763 International 2,952 2,990 649 853 1,431 1,4950003 30 5,033 5,668 Transversal

164、&Central Holdings 1,569 1,279 227 247 228 210 1,589 1,5230 0 3,613 3,259 TOTAL 51,581 49,339 31,515 33,306 17,418 15,222 1,589 1,523 242 541 102,345 99,931(a)Net of intercompany eliminations.(b)From January 1,2022,the scope of the Asset Management segment also includes Architas.22I UNIVERSAL REGISTR

165、ATION DOCUMENT-ANNUAL REPORT 2022-AXA ITHE AXA GROUP11.3 BUSINESS OVERVIEW IFrance GROSS REVENUES PRODUCTS AND SERVICES AXA off ers in France a full range of insurance products,including Life&Savings,Property&Casualty and Health.Its off ering covers a broad range of products including Motor,Househol

166、d,Property and general liability insurance,Banking,Savings Vehicles,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 on its product and

167、 distribution expertise,AXA France has developed an Employee Benefit off er internationally to individuals,corporates,and other institutions.NEW PRODUCT INITIATIVES In Life&Savings,AXA France has enriched its Unit-Linked off ering by adding green structured funds,by enabling customers to invest in s

168、ustainable and durable projects through corporate bonds.AXA France also has launched Mon coach pargne a teleconsultation platform that connects customers to wealth management advisors,to receive financial investments advice or have a better understanding of their pension plan.In Health and Protectio

169、n,the program Les bilans de Sant was launched to provide personalized health advice and medicalscreenings to employees.Two new other services Suivi de qualit de vie and Prvention Burn-out have been also launched to help customers and their relatives in their daily lives.In Property&Casualty,AXA Fran

170、ce and Stellantis launched the partnership Drive&Connect which allows customers who buy smart cars to get significant Motor insurance premium discounts according to their driving style.Lastly,within the Credit&Lifestyle Protection(CLP)business,AXA Partners has launched“Valentina”,a virtual agent tha

171、t manages the continuing claims payments for illness claims.Combining Optical Character Recognition with Robotic Process Automation,“Valentina”reads forms,validates customers eligibility,and processes the claim payment in the systems,without human intervention.Already available in Sweden,Norway,and

172、Finland on illness covers,“Valentina”will expand to off er other covers(such as unemployment)and in more countries.DISTRIBUTION CHANNELS In France,AXA distributes its insurance products throug h exclusive and non-ex clusive channels including exclusive agents,salaried sales forces,direct sales,banks

173、,as well as brokers,independent financial advisors,aligned distributors or wholesale distributors and partnerships.Gross revenues(a)Years ended December 31,(in Euro million)2022 2021 TOTAL 29,338 28,349 Of which:Gross written premiums 29,094 28,138 Other revenues(b)244 212(a)Net of intercompany elim

174、inations.(b)Include fees and charges related to investment contracts with no participating features and revenues from other activities.23I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA ITHE AXA GROUP11.3 BUSINESS OVERVIEW IEuropeThe European market includes AXAs operations in seven countrie

175、s(Switz erland,Germany,Belgium,the United Kingdom,Ireland,Spain and Italy).GROSS REVENUESIn Germany,AXA launched a new Unit-Linked regular premium pension product Greeninvest Fondsrente to off er individual customers a valuable product with investments in sustainable funds and portfolios grouping ec

176、ological,social and ethics considerations;In Belgium,several initiatives have been launched in Property&Casualty,with a consistent aspiration to keep enlarging product and service off ers.During the fourth quarter,AXA started a partnership in tripartite with Mazda allowing to further consolidate,alo

177、ng with its existing Motor partnerships,its leadership in the Belgian Motor market.Continuous improvements are also ongoing towards the self-employed and SME segments with the launch of an online off er called“AXA Business pack”.This new off er,awarded by the 2022 Belgium Insurance Sectorial DECAVI,

178、aims at helping policyholders in easily subscribing online comprehensive tailor-made insurance icovers;In the United Kingdom&Ireland,with a new digital-only Retail Motor product(“Moja”)that has been launched to off er additional flexibility and simplicity to suit customers evolving needs by providin

179、g services via smartphone or tablet at an aff ordable price;In Switzerland,besides the further development of several services and partnerships currently launched with the ambition to better assist customers,a new modular Motor insurance product applying sophisticated pricing techniques has been suc

180、cessfully introduced;In Spain,with developing the strategic partnership with Correos to better distribute AXAs products across all Spanish regions,benefitting from the extended network,particularly in rural areas.PRODUCTS AND SERVICES Except for the United Kingdom&Ireland(where AXA operates only in

181、Property&Casualty and Health),AXA off ers in Europe a full range of insurance products,including Life&Savings,Property&Casualty and Health.Its off ering covers a broad range of products including Motor,Household,Property and General Liability insurance,term life,whole life,universal life,endowment,d

182、eferred annuities,immediate annuities,and other investment-based products for both Personal/Individual and Commercial/Group customers.NEW PRODUCT INITIATIVES The transformation from Payer-to-Partner continues in European markets,with the objective of becoming a full-fledged and innovative partner fo

183、r their customers.In this context,AXA focuses on delivering high value-added services and insurance coverage in all lines of business.Gross revenues(a)Years ended December 31,(in Euro million,except percentages)2022 2021 Switzerland 5,560 17%5,060 16%Germany 11,550 34%11,344 35%Belgium 3,578 11%3,48

184、6 11%United Kingdom&Ireland 5,758 17%5,317 16%Spain 2,717 8%2,686 8%Italy 4,407 13%4,669 14%TOTAL 33,570 100%32,562 100%Of which:Gross written premiums 33,106 32,108 Other revenues(b)464 454(a)Net of intercompany eliminations.(b)Include fees and charges related to investment contracts with no partic

185、ipating features,net revenues from banking activities and revenues from other activities.24I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA ITHE AXA GROUP11.3 BUSINESS OVERVIEWDISTRIBUTION CHANNELS In Europe,AXA distributes its insurance products through exclusive and non-exclusive channels

186、that vary from country to country,including exclusive agents,salaried sales forces,direct sales,banksand other partnerships(e.g.,car dealers),brokers,independent financial advisors and aligned or wholesale distributors.25I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA ITHE AXA GROUP11.3 BUS

187、INESS OVERVIEW IAsiaThe Asian market includes AXAs operations in seven countries(Japan,Hong Kong,Thailand,Indonesia,China,the Philippines and South Korea).GROSS REVENUESAsia Emerging Markets includes(i)the Property&Casualty entity in Thailand,the non-bancassurance Life&Savings entity in Indonesia an

188、d the Property&Casualty entity in China(AXA Tianping)which are fully consolidated,and(ii)the joint ventures in China,the Philippines,Thailand,and Indonesia which are consolidated under the equity method and do not contribute to gross revenues.PRODUCTS AND SERVICES AXA operates in Asia primarily in t

189、he Protection and Health lines,but it also provides some complementary Savings products.It also has a comprehensive portfolio of Property&Casualty products,including Motor,for both Personal and Commercial customers.AXAs overarching focus is on delivering good value for its customers through the prov

190、ision of advice and solutions from health-related needs via critical illness products to managing balance sheet risks(e.g.,reducing shareholders exposure to the investment market risks such as General Account savings products).The product portfolio varies by market reflecting factors such as diff er

191、ing customer needs,market specific regulations and the competitive environment.In addition to its attractive product propositions,AXA also prioritizes superior service.For example,its portfolio includes Emma,the digital assistant that,in addition to making servicing requests simpler and more efficie

192、nt,provides access to a comprehensive range of related services including wellness advice and support.launching new products such as Health Unit-Linked in Japan,a new standalone critical illness endowment product in Indonesia,and new short-term Health products to drive the diversification of the Mot

193、or business in China;conducting Health&Productivity Management workshops with SMEs in Japan;renewing AXA multi-year agreement to provide general insurance products to HSBCs customers mainly in Hong Kong;developing a leadership position in the mental health space,e.g.,the Fit to Flourish and Make tim

194、e for Me time campaigns throughout the regions;supporting AXA Groups initiative to make insurance accessible to emerging customers,notably in China,Indonesia,the Philippines,and Thailand.NEW PRODUCT INITIATIVES AXA continues to strengthen its position in Asian markets and improve its customer propos

195、itions with initiatives including:DISTRIBUTION CHANNELSIn Asian markets,AXA deploys a multichannel distribution strategy to maximize its customer reach.It has an extensive intermediated distribution network of tied agents,bancassurance joint ventures leading domestic banks(China,Indonesia,the Philip

196、pines,and Thailand)and eff ective relationships with independent broker networks(Japan,China and Hong Kong).AXA also has successful direct distribution,particularly for Property&Casualty products in Japan and South Korea.Gross revenues(a)Years ended December 31,(in Euro million,except percentages)20

197、22 2021 Japan 5,450 47%5,670 50%Hong Kong 4,423 38%4,073 36%Asia Emerging Markets 1,048 9%941 8%South Korea 637 6%645 6%TOTAL 11,559 100%11,329 100%Of which:Gross written premiums 11,501 11,293 Other revenues(b)57 37(a)Net of intercompany eliminations.(b)Include fees and charges related to investmen

198、t contracts with no participating features,net revenues from banking activities and revenues from other activities.26I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA ITHE AXA GROUP11.3 BUSINESS OVERVIEW IAXA XL GROSS REVENUESinsurance,with a broad range of coverages,including property,primar

199、y 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 risks;reinsurance,with casualty,property risk,property catastrophe,speci

200、alty,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 solutions and consulting services to understand and quantify the risks

201、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.PRODUCTS AND SERVICES AXA XL,through its operating subsidiaries,is a leading provider of Property&Casualty insurance and reinsurance coverages to industrial

202、,commercial and professional firms,insurance companies and other enterprises on a worldwide basis.Through its main operations,AXA XL provides:supporting clients to adopt new technology solutions that manage business risks,AXA XLs North America Environmental team launched a tailored Environmental Eco

203、system.It is a suite of curated technology solutions,delivered through concierge tech advisory services.Using its Tech Library,Champions and Ambassadors network a team of deeply knowledgeable advisors AXA XL guides clients on their tech adoption journey;identifying and mitigating pollution and envir

204、onmental risks for companies sites in Europe and the UK,AXA XL launched a new risk assessment service.Available via its Risk Scanning service,it combines the expertise of AXA XLs risk consultants,machine learning and artificial intelligence applications to turn environmental and climatological data

205、from a variety of sources into actionable risk insights;helping companies pinpoint potential property exposures across their business locations,AXA XL enhanced its risk assessment services in the US and Canada.By leveraging the experience of AXA XLs consultants and new technologies,through its Risk

206、Scanning service,it allows for a more thorough,cost-eff ective assessment across all of a business properties in a fraction of the time.Via a digital application,based on both customer-and external-sourced data,the tool analyzes the risk of property location exposures and proposes actions and protec

207、tion recommendations to mitigate risks.NEW PRODUCT INITIATIVES AXA XL continues to be at the forefront of bringing innovative solutions to the market by:Gross revenues(a)Years ended December 31,(in Euro million)2022 2021 Property&Casualty Insurance 15,859 13,955 74%Property&Casualty Reinsurance 3,21

208、3 4,634 25%Life&Savings 161 175 1%TOTAL 19,232 18,763 100%18,698 64 82%17%1%100%Of which:Gross written premiums 19,150 Other revenues(b)82(a)Net of intercompany eliminations.(b)Include fees and charges related to investment contracts with no participating features and revenues from other activities.

209、27I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA ITHE AXA GROUP11.3 BUSINESS OVERVIEWDISTRIBUTION CHANNELS The majority of AXA XL business originates via a large number of international,national and regional producers,acting as the brokers representing current and prospective policyholders

210、.This channel is supported by client and country management teams,which include sales and distribution representatives in key markets throughout the world.Underwriting authority is also contractually delegated to selected third parties which are subject to a financial and operational due diligence r

211、eview 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 business operations.28I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA ITHE AXA GROUP11.3 BUSINESS OVERVIEW

212、 IInternational International markets include AXAs operations in more than 20 countries,including(i)Mexico,Colombia,Brazil,Turkey,Morocco,Nigeria and Luxembourg that are fully consolidated,combined with(ii)Russia(Reso)and India Life&Savings that areconsolidated under the equity method and do not con

213、tribute to gross revenues.Further details on the scope of market activities are defined in the Glossary set forth in Appendix V of this Annual Report.GROSS REVENUESPRODUCTS AND SERVICES In international markets,AXA off ers insurance products,including Property&Casualty,Health and Life&Savings.Types

214、and specificities of the 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

215、 and Commercial/Group customers.NEW PRODUCT INITIATIVES Continuing to accelerate digital Health services capabilities and covers,through the implementation of innovative tools,International markets leverage on an already existing vertical integration set-up.An integrated ecosystem between medical as

216、sets and the insurance off er is provided to customers,either through onsite services in clinics,remote teleconsultation and digital services or through home services in Colombia,Egypt(1)and Mexico.While teleconsultation is already in place(primary care and specialties including wellbeing and mental

217、 health)through their own network of clinics in Mexico,Egypt(1)and Colombia,or with external partners in Turkey,Luxembourg and Brazil,additionalinnovative Health products/services have been launched such as symptom checkers,triage and home services.New initiatives have also been launched to better s

218、upport the customer on their health,like in Morocco with the launch of a Health complementary product for individuals.In addition,International markets continue to accelerate the customer experience digitization throughout all customer interactions from sales to claims,with a holistic view covering

219、direct,agents and brokers digital capabilities.e.g.in Mexico(new portal with health providers network consultation in all channels,optimization of the pricing and actions to minimize the average cost increase due to the inflation context),in Brazil(digitalization of services for broker),in Egypt(1)(

220、health claims submission,Cancer&Shield online quotation or digital health card),and Morocco(full development of the digital ecosystem for claims process).DISTRIBUTION CHANNELS In International markets,AXA distributes its insurance products through exclusive and non-exclusive channels that vary from

221、country to country,including exclusive agents,salaried sales forces,direct sales,banks and other partnerships(e.g.,car dealers),as well as brokers,independent financial advisors,and aligned or wholesale distributors.Gross revenues(a)Years ended December 31,(in Euro million)2022 2021 TOTAL 5,033 5,66

222、8 Of which:Gross written premiums 5,005 5,305 Other revenues(b)28 363(a)Net of intercompany eliminations.(b)Include fees and charges related to investment contracts with no participating features and revenues from other activities.(1)The subsidiaries in Egypt are not consolidated in AXA Groups finan

223、cial statements.29I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA ITHE AXA GROUP11.3 BUSINESS OVERVIEW ITransversal&Central HoldingsThis segment includes operations from transversal entities and non-operating activities conducted by the central holding companies within the Group.GROSS REVEN

224、UEScontinued deployment of E-Care for Direct Assurance,AXA France,and AXA Belgium.E-Care is the new Case Management System(CMS)developed for Motor and Home,including bespoke functionalities like geo-localization,diagnostics,and automated processes to enhance and speed up the customer journey;a one-s

225、top-shop for travel customers,My Trip Companion,gives access to customers cover levels,FAQs and a digital claims solution should they a loss occur;via an application My Easy Sant Pro,AXA Assistance provides sophisticated employees health support.Through personalized health plans based on check-ups u

226、sing blood data analysis and expert consultations,employees receive an individual coaching and get access to motivational wellness resources;included in the renewal of the partnership with a major French energy company,Home Check-Up service provides a brand new remote diagnostic tool to check up on

227、electric and plumbing via a messaging application off ered to customers;extension of the partnerships with:by launching travel cancellation and medical insurance solutions in Germany,France,Spain,and the United Kingdom,Accor by providing bespoke travel insurance tailored to the type of travel,purpos

228、e,and equipment they need,and cover them before,during and aft er their stay.As a responsible investor,business and employer,AXA Investment Managers(“AXA IM”)actively invests for the long-term so that its clients,people and communities can move forward.Through its operating entities located across 1

229、9 countries,its high excellence-approach enables to provide the best global investment opportunities across both asset classes in alternative via AXA IM Alts and traditional through AXA IM Core.To further enhance its investment off ering in 2022,AXA IM created a new business unit to further develop

230、its off ering in private markets via AXA IM Prime,and an ETF platform with a focus on Active Management and Responsible Investment.Lastly,with the ambition to be the worlds leading responsible asset manager,in line with the Groups green investment target of 26 billion by 2023,AXA IM invests in green

231、,socially responsible and sustainable markets.Continuing the commitment to becoming net-zero by 2050,as disclosed in the May 2022 report of the Net Zero Asset Managers Initiative(NZAMI),AXA IM had 65%of total assets under management(“AUM”)as of the end of 2021 that are managed in line with the Net Z

232、ero standards that apply Environmental,Social and Governance(ESG)principles,from stock selection to corporate actions and culture.AXA Assistance,through its operating subsidiaries,provides its customers across the world with assistance services in emergencies and everyday situations.AXA Assistance o

233、perates through six business lines(vehicle,travel,health,home,consumer electronics and legal protection)to off er customer-focused services.In 2 022,AXA Assistance developed and launched several innovations and partnership extensions:Gross revenues(a)Years ended December 31,(in Euro million,except p

234、ercentages)2022 2021 AXA Investment Managers 1,589 44%1,523 47%AXA Assistance 1,725 48%1,414 43%Others(b)299 8%322 10%TOTAL 3,613 100%3,259 100%Of which:Gross written premiums 1,559 1,284 Other revenues(c)2,054 1,975(a)Net of intercompany eliminations.(b)Include AXA Liabilities Managers,AXA SA Reins

235、urance,AXA Life Europe.(c)Include fees and charges related to investment contracts with no participating features and revenues from other activities.T30I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA ITHE AXA GROUP1This page was intentionally left blank.2.1OPERATING HIGHLIGHTS32Market Condi

236、tions40 Financial Market Conditions38 2.2MARKET ENVIRONMENT38Segment information53 Shareholder value52 Solvency information 51 Shareholders equity Group share51 Commentary on Group Earnings49 Alternative Performance Measures48 Underlying Earnings and Net Income Group share46 Activity and Earnings In

237、dicators43 2.3ACTIVITY REPORT43Subsequent events aft er December 31,2022 impacting AXAs liquidity90 Impact of regulatory requirements88 Uses of funds88 Liquidity position86 Liquidity,sources and needs for Group operating entities85 2.4LIQUIDITY AND CAPITAL RESOURCES842.5EVENTS SUBSEQUENT TO DECEMBER

238、 31,2022912.6OUTLOOK9231I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA IACTIVITY REPORT AND CAPITAL MANAGEMENT232I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA IACTIVITY REPORT AND CAPITAL MANAGEMENT22.1 OPERATING HIGHLIGHTS2.1 OPERATING HIGHLIGHTS IGovernance Antoine Gosset-Grai

239、nville was appointed Chairman of AXA and Thomas Buberl was renewed as CEOOn April 28,2022,at the Annual Shareholders Meeting,AXAs shareholders approved all of the resolutions submitted to them by the Board of Directors.Thomas Buberl was reappointed by the shareholders as a member of the Board of Dir

240、ectors for a four-year term.The Board of Directors,which met aft er the Annual Shareholders Meeting,confirmed the renewal of Thomas Buberl as Chief Executive Off icerand the appointment of Antoine Gosset-Grainville as Chairman of the Board of Directors,replacing Denis Duverne,for the duration of the

241、ir term of off ice as directors.Alexander Vollert was appointed member of AXAs Management CommitteeOn July 19,2022,AXA announced the appointment of Alexander Vollert,AXAs Chief Operating Off icer and CEO of AXA Group Operations(AXA GO),as member of the Groups Management Committee,eff ective Septembe

242、r 1,2022.ISignificant transactions AXA Germany to sell a closed life and pensions portfolioOn July 14,2022,AXA announced that AXA Germany entered into an agreement with Athora Deutschland GmbH(“Athora Germany”),a licensed insurer in Germany,to sell a portfolio of 16 billion of life and pensions insu

243、rance reserves(1)in Germany.The portfolio has been closed to new business since 2013 and is mainly composed of traditional Savings policies,with an average guaranteed rate(2)of 3.2%.The reduction of guarantees on AXAs balance sheet resulting from the sale will further diminish the Groups exposure to

244、 financial market risk.Under the terms of the agreement,AXA Germany will sell the portfolio to Athora Germany for a consideration of 633 million(3),representing an implied multiple of 18x 2022E earnings(4).The sale is expected to result in estimated net cash proceeds of 0.4 billion to AXA SA.AXA int

245、ends to off set the earnings dilution from the disposal with a share buy-back to be launched following the closing of the transaction.As part of the transaction,AXA IM will enter into an agreement to provide asset management services to Athora until 2028.AXA and Athora are committed to ensuring a sm

246、ooth transfer of the portfolio and,as such,AXA Germany will provide administrative services to support Athora Germany until 2028.Thereaft er,Athora Germany will take over the management of the contracts with all guarantees,terms and conditions remaining unchanged.The transaction is subject to custom

247、ary closing conditions,including the receipt of regulatory approvals,and is currently expected to close in the fourth quarter of 2023.AXA has completed the sale of its insurance operations in Malaysia(5)On August 30,2022,AXA announced that it completed the sale to Generali of its 49.99%shareholding

248、in AXA Aff in General Insurance as well as its 49%shareholding in AXA Aff in Life Insurance.(1)General Account reserves,under IFRS,estimated as of half-year 2022.(2)Weighted-average guaranteed interest rate as of full-year 2021,based on local statutory reserves.(3)Consideration including contractual

249、 adjustments.(4)2022 estimated underlying earnings of the portfolio under IFRS standards.(5)Operations of AXA XL and AXA Partners in Malaysia are not within the scope of this transaction.33I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA IACTIVITY REPORT AND CAPITAL MANAGEMENT22.1 OPERATING

250、HIGHLIGHTSAXA entered into an agreement to acquire Groupe Assurances du Crdit Mutuel Espaa and strengthen its P&C and Health presence in SpainOn October 18,2022,AXA announced that AXA Spain entered into exclusive negotiations with Groupe des Assurances du Crdit Mutuel(“GACM SA”)for the acquisition o

251、f its subsidiary Groupe Assurances du Crdit Mutuel Espaa(“GACM Espaa”),a predominantly P&C and Health insurer in Spain.The definitive agreements were signed in December 2022 aft er completion of information requirements and consultation with the relevant works councils.Under the terms of the transac

252、tion,AXA would acquire GACM Espaa for a cash consideration(1)of 310 million,representing a price-to-own funds(2)multiple(3)of 1.0 x.The estimated price-to-earnings(4)multiple is ca.9x,aft er the implementation of expected capital and cost synergies.The transaction is subject to customary closing con

253、ditions,including the receipt of required regulatory approvals.The transaction is expected to close in the third quarter of 2023.PARTNERSHIPS AND INNOVATION AXA announced the launch of a strategic program to develop a Digital Commercial PlatformOn June 15,2022,AXA announced the launch of a strategic

254、 program to build a Digital Commercial Platform.This platform will aggregate diff erent services to transform AXAs value proposition to better serve its commercial customers,in line with AXAs“Driving Progress 2023”strategic plan.The ambition of the Digital Commercial Platform is to fully leverage th

255、e combination of real time data and analytics collected through satellites,drones and sensors,with AXAs expertise in risk prevention services and the Groups underwriting and claims capabilities.With this platform,AXA aims to build an ecosystem of new services to tackle the evolving protection needs

256、of corporate clients.CAPITAL/DEBT OPERATIONS AXA announced the successful placement of 1.25 billion dated subordinated notes due 2042On January 6,2022,AXA announced the successful placement of 1.25 billion of Reg S subordinated notes due 2042 to institutional investors,to be used for general corpora

257、te purposes including the refinancing of part of its outstanding debt(5).The initial fixed coupon was set at 1.875%per annum until the end of the six-month call window period(July 2032),when it will become a floating coupon based on 3-month EURIBOR plus a margin including a 100 basis points step up.

258、Investor demand was strong with a book subscribed more than two times.The notes are treated as capital from a regulatory and rating agencies perspective within applicable limits.The transaction has been structured for the notes to be eligible as Tier 2 capital under Solvency II.The notes are rated B

259、BB+/Stable by Standard&Poors,A3(hyb)/Stable by Moodys and BBB/Positive by Fitch.Settlement of the notes took place on January 10,2022.Execution of a share repurchase agreement in relation to AXAs share buy-back program of up to 0.5 billion as announced on February 24,2022On February 25,2022,AXA exec

260、uted a share repurchase agreement with an investment services provider,whereby AXA bought back its own shares for a maximum amount of 0.5 billion to neutralize earnings dilution from the disposals(6)announced aft er December 1,2020(7),as initially communicated on November 4,2021,and confirmed on Feb

261、ruary 24,2022.The share repurchase agreement was executed in accordance with the terms of the share repurchase program authorized by the Annual Shareholders Meeting of April 29,2021.Under the share repurchase agreement,shares were bought back commencing on February 28,2022,and ending at the latest o

262、n April 27,2022.On each day during the purchase period,the price per share to be paid by AXA(8)was determined on the basis of the volume-weighted average share price.AXA cancelled all repurchased shares related to the up to 0.5 billion share buy-back program.(1)Cash consideration subject to potentia

263、l contractual adjustment.(2)Own Funds is the surplus derived from the Solvency II balance sheet.(3)Consolidated figures for GACM Espaa which notably includes Agrupaci AMCI,Atlantis Vida and GACM Seguros Generales.(4)Based on 2021 Net income which excludes the earnings generated by the credit insuran

264、ce business that is out of the scope of this transaction and is adjustedfor expected cost synergies.(5)Includes the US$850 million 5.5%undated subordinated notes redeemed on January 22,2022,following the notice of early redemption published onJanuary 4,2022.(6)Disposals announced aft er December 1,2

265、020 and either closed(Greece on May 31,2021 and Singapore on February 11,2022)or expected to be closed in3Q22(Malaysia,subject to closing conditions).(7)As communicated during AXAs Investor Day on December 1,2020.(8)The purchase price did not exceed the maximum purchase price approved by the Annual

266、Shareholders Meeting of April 29,2021.34I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA IACTIVITY REPORT AND CAPITAL MANAGEMENT22.1 OPERATING HIGHLIGHTSAXA announced the successful placement of 1.25 billion dated subordinated notes due 2043On May 25,2022,AXA announced the successful placeme

267、nt of 1.25 billion of Reg S subordinated notes due 2043 with institutional investors.The notes will be used for general corporate purposes,including the refinancing of part of the Groups outstanding debt,comprising AXA XL US$500 million 4.45%subordinated notes due 2025 and AXA XL 500 million 3.25%su

268、bordinated notes due 2047(callable in 2027)(1).The initial fixed rate was set at 4.25%per annum until the end of the six-month call window period(March 2033),when the interest rate will become a floating rate based on three-month EURIBOR plus a margin including a 100 basis points step up.Investor de

269、mand was strong with a book subscribed close to two times.The notes are treated as capital from a regulatory and rating agencies perspective within applicable limits.The transaction has been structured for the notes to be eligible as Tier 2 capital under Solvency II.The notes are rated A-/Stable by

270、Standard&Poors,A3(hyb)/on Review for Upgrade by Moodys and A-/Positive by Fitch,which reflect notably the recent upgrade of AXA SAs long term issuer credit rating by S&P(2)and Fitch(3),as a result of the transformation of AXA SA into the Groups internal reinsurer.The settlement of the notes took pla

271、ce on May 31,2022.Completion of AXA SAs transformation into the Groups internal reinsurer following its merger with AXA Global ReOn July 1,2022,AXA announced that AXA SA,the holding company of AXA Group,completed its transformation into AXA Groups internal reinsurer(4).The transformation is the resu

272、lt of AXA SA being granted a reinsurance license from the Autorit de contrle prudentiel et de rsolution(“ACPR”the French Prudential Supervision and Resolution Authority)(5)as announced on May 10,2022,and its merger on December 31,2022 with its captive reinsurer AXA Global Re.AXA SA will reinsure for

273、 2022 certain of its European P&C carriers,through annually renewable 25%quota-share reinsurance treaties,with retroactive eff ect to January 1,2022.The transformation of AXA SA into the Groups internal reinsurer aims to enhance capital fungibility across AXA Group,in line with AXAs capital manageme

274、nt policy.Execution of a share repurchase agreement in relation to AXAs share buy-back program of up to 1 billion as announced on August 3,2022On August 4,2022,AXA executed a share repurchase agreement with an investment services provider,whereby AXA bought back its own shares for an amount of 1.0 b

275、illion as communicated on August 3,2022.The share repurchase agreement was executed in accordance with the terms of the share repurchase program authorized by the General Shareholders Meeting of April 28,2022.Under the share repurchase agreement,shares were bought back commencing on August 8,2022,an

276、d ending on October 3,2022.On each day during the purchase period,the price per share to be paid by AXA(6)was determined based on the volume-weighted average share price.AXA cancelled all repurchased shares related to the up to 1.0 billion share buy-back program.All information regarding transaction

277、s in own shares are disclosed on AXA Group(7)website.Shareplan 2022 On August 22,2022,the AXA Group announced that it would off er to its employees,in and outside of France,the opportunity to subscribe to shares issued by way of a capital increase reserved for employees(“Shareplan 2022”).This operat

278、ion,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 successes.Approximately 21,000 employees in 37 countries,representing nearly 19%of the eligible employees,subscribed to

279、 Shareplan 2022,enabling them to invest in AXA shares at preferred terms.The aggregate proceeds from the off ering amounted to nearly 297 million,for a total of approximately 14 million newly issued shares,subscribed to a price of 19.15 for the classic plan and 22.16 for the guarantee plus off er.Th

280、e new shares were created with full rights as of January 1,2022.This off ering increased the total number of outstanding AXA shares to 2,350,254,451 as of November 25,2022.Following Shareplan 2022,AXAs employees hold 4.2%of the AXA share capital and 5.8%of the voting rights.(1)Following the exercise

281、 of the respective make-whole option by AXA XL related to each such series of notes,redeemed on June 29,2022.(2)On May 11,2022,S&P upgraded its long-term Issuer Credit Rating of AXA SA by one notch to A+from A and removed it from CreditWatch with positiveimplications.The outlook is stable.(3)On May

282、16,2022,Fitch upgraded its long-term Issuer Default Rating on AXA SA by one notch to A+from A and removed it from Rating Watch Positive.Theoutlook is positive.(4)The completion of the merger with AXA Global Re followed the receipt of customary regulatory clearances.(5)The grant of AXA SAs reinsuranc

283、e license followed approval by the shareholders of necessary changes to AXA SAs Bylaws at the Annual Shareholders Meetingheld on April 28,2022.(6)The purchase price did not exceed the maximum purchase price approved by the General Shareholders Meeting of April 28,2022.(7)https:/ UNIVERSAL REGISTRATI

284、ON DOCUMENT-ANNUAL REPORT 2022-AXA IACTIVITY REPORT AND CAPITAL MANAGEMENTUS$1,250 million 8.60%Subordinated Notes due December 15,2030;US$750 million Series B Fixed to Floating Rate Undated Deeply Subordinated Notes(6.379%coupon until first call date in 2036).22.1 OPERATING HIGHLIGHTS AXA completed

285、 the execution of a cash tender off er for two series of subordinated notesOn August 29,2022,AXA announced a cash tender off er for each of the following two series of AXA SA subordinated notes:Each tender off er was subject to a maximum tender amount of US$500 million in respect of the 8.60%Subordi

286、nated Notes due December 15,2030,and a maximum tender amount of US$300 million in respect of the Series B Fixed to Floating Rate Undated Deeply Subordinated Notes.The tender off ers expired at 11:59 p.m.,New York City time,on September 26,2022.Each tender off er included an early tender period which

287、 terminated automatically on September 12,2022(1).Investors having participated in the tender off ers aft er this date have received a lower consideration for their notes.The cash tender off er on these two series of AXA SA subordinated notes was completed on September 26,2022,for a total debt amoun

288、t repurchased of US$616 million(2).The transaction is part of AXAs active management of its debt structure and allowed AXA to optimize its capital base.For further information concerning the tender off ers,please refer toand to AXA Group website(3).AXA announced the successful placement of 850 milli

289、on senior notes due 2030On October 6,2022,AXA announced the successful placement of 850 million of Reg S senior unsecured notes due 2030 with institutional investors.The notes will bear a fixed coupon of 3.75%per annum.Investor demand was strong with a book subscribed close to 3 times.The notes are

290、rated A+/Stable by Standard&Poors,A1/Stable by Moodys and A+/Positive by Fitch.The settlement of the notes took place on October 12,2022.This issuance is part of AXA Groups funding plan for 2022 and the proceeds will be used for general corporate purposes,including the refinancing of part of the Gro

291、ups outstanding debt.This issuance announced brings the total net debt issuance for the Group to ca.1 billion since January 1,2022.OTHER AXA published its Climate and Biodiversity Report 2022On June 30,2022,AXA announced the publication of the 7th edition of its climate report,renamed Climate and Bi

292、odiversity Report(4).This report responds to legal obligations in terms of extra-financial reporting,notably the first year of implementation of the new A rticle 29 of the French Climate Law,as well as to the voluntary approach of two initiatives in which AXA plays a leading role,the Task Force on C

293、limate-related Financial Disclosures(TCFD)and the Task Force on Nature-related Financial Disclosures(TNFD)launched in June 2021.In this report,AXA highlights the diff erent dimensions of its action to fight climate change and protect biodiversity:governance,strategy,risk management and quantitative

294、indicators of the impact of its actions.The reports key metric,the“warming potential”,which measures the impact of the Groups investments on global warming by 2050,continues to improve.As of December 31,2021,it stood at 2.6C,down 0.1C compared to December 31,2020,and below the market(2.9C).Its calcu

295、lation model has been strengthened since our 2020 Climate Report by integrating,for example,Scope 3(5)emissions when available.The report also indicates a clear improvement in the carbon footprint of AXAs investment portfolio,with a 29%decrease in 2021 compared to 2019.Finally,the amount of green in

296、vestments totaled 22.6 billion,close to the target of 26 billion by 2023.The report thus highlights the transition trajectory thus begun,but also underlines the eff orts that remain to be made to accelerate it.New this year,the report details AXAs action to preserve biodiversity and its support for

297、the creation of the TNFD.Today,more than 50%of the worlds economic output depends on nature.The objective of the TNFD is therefore to direct financial flows towards investments in the sector that are beneficial to ecosystems and to ensure that each player integrates this risk into its activities.AXA

298、 is leading the way and reports on its first initiatives in this area,both in terms of commitment(policy to combat deforestation through its investments and insurance activities)and the experimentation of new metrics(corporate biodiversity footprint).(1)At 5:00 p.m.,New York City time.(2)Details of

299、the terms of the cash tender off er available at https:/ Climate and Biodiversity Report 2022 is available on the AXA website at the following address:https:/ terms Scope 1,Scope 2 or Scope 3 are used in the context of a product or organisations greenhouse gas(GHG)emissions report.Scope 3 includes t

300、heindirect impacts of an entity,which do not result from its operations but from sources it does not own or control,upstream of its activities(purchase of ITequipment,off ice equipment,car fleet,catering,employee travel,etc.) UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA IACTIVITY REPORT AN

301、D CAPITAL MANAGEMENT2to study the impact of global warming and land artificialization on the loss of biodiversity thanks to the measurements of the consortiums experts who will visit the plots every quarter;restore the forest.Aft er testing several restoration options,the consortium will make recomm

302、endations for species that promote the multifunctionality of the forest,i.e.,the development of biodiversity,carbon capture and the production of biomaterials;strengthen AXAs leadership on climate and biodiversity issues.The practices developed through this program can then be applied at the Europea

303、n level and shared with the private and public forestry sector;contribute to a better understanding of the role of forests.Externally,the consortiums members will raise awareness of biodiversity issues in schools thanks to this project.Internally,AXA will propose actions through AXA Hearts in Action

304、 and awareness-raising operations to its partners and employees.2.1 OPERATING HIGHLIGHTSAXA strengthened its support for forest ecosystems by launching the AXA Forests for Good programOn September 14,2022,AXA announced the launch of the“AXA Forests for Good”program to help restore damaged forest eco

305、systems and make them more resilient to climate change.The 3-year program will be deployed on 600 of the 15,000 hectares of forest owned by AXA in France and managed by AXA IM.To carry out this project,AXA will be supported by a consortium of actors,led by ReforestAction,and including of France Natu

306、re Environnement,Inrae,Jura Nature Environnement,AgroParisTech and Socit Alpine de Protection de la Nature-France Nature Environnement Hautes-Alpes.They will combine their environmental,social,technical,and educational expertise.The“AXA Forests for Good”program will have 4 main objectives:With“AXA F

307、orests for Good”,the Group is strengthening its global forest protection plan.In 2021,AXA announced a 1.5 billion investment program to support the sustainable management of forest ecosystems and the protection of biodiversity.AXA released its 2022 Future Risks Report:Climate change is becoming the

308、number one concern around the worldOn October 24,2022,AXA released the ninth edition of its Future Risks Report.This global survey measures and ranks the evolution of perceptions of emerging risks.It is based on responses from a panel of 4,500 risk experts from 58 countries and a representative samp

309、le of 20,000 people from 15 countries.This report is produced in partnership with the IPSOS research institute and the geopolitical analysis consultancy Eurasia Group.In 2022,for the first time,climate risk tops the list of experts concerns in all regions of the world and became the main concern of

310、the general public in the United States.This replaces cyber risk that was identified as the leading concern in the United States in 2021 and the second highest concern in all other geographies.Geopolitical risks come in second place,overtaking cyber and pandemic risks.95%of the experts surveyed expe

311、ct geopolitical tensions to persist and spread throughout the world.As an indirect consequence,energy-related risks are now in fourth place,up from 17th place in 2021.Economic risks are increasing and fueling social tensions.For the first time,experts rank three economic risks in their top 10:financ

312、ial instability,macroeconomic deterioration,and monetary and fiscal stress.Inflation is becoming an important concern for both experts and the general public.In the general population,the feeling of vulnerability remains at a very high level(80%of respondents consider themselves more vulnerable than

313、 five years ago)and is even increasing in the face of certain risks such as climate change and the energy crisis.Furthermore,confidence in certain categories of decision-makers to find solutions is worsening,particularly regarding public authorities(58%versus.62%in 2021),private companies(45%versus

314、47%in 2021)and even scientists(66%versus 75%in 2021).This general trend can be explained by the fact that the public believes that the level of preparation of public authorities for certain risks such as climate change,cyber or geopolitical tensions is insuff icient.37I UNIVERSAL REGISTRATION DOCUME

315、NT-ANNUAL REPORT 2022-AXA IACTIVITY REPORT AND CAPITAL MANAGEMENTunderlying earnings power is expected to be unaff ected in aggregate post-transition;shareholders Equity(2)is expected to be broadly stable on transition;a Contractual Service Margin of ca.34 billion(3)is expected to be created on tran

316、sition;the implementation is expected to result in limited reporting changes,reflecting the Groups focus on technical lines;the new standards will have no impact on the Groups cash and capital management,its Solvency II ratio,or its strategy;and the Groups“Driving Progress 2023”key financial targets

317、(4)are re-aff irmed.22.1 OPERATING HIGHLIGHTS AXA published an Investor Presentation on its implementation of IFRS 17 and IFRS 9 On November 2,2022,AXA published a presentation for investors and analysts on its implementation of IFRS 17 and IFRS 9 accounting standards,which became eff ective on Janu

318、ary 1,2023.The key highlights of the presentation are the following(1):AXA achieved the highest rating in the insurance sector in the S&P Global Corporate Sustainability Assessment and confirms its place in the Dow Jones Sustainability Indices On December 14,2022,AXA received the highest score in th

319、e insurance industry in the 2022 edition of the Corporate Sustainability Assessment(CSA),an S&P Global assessment of corporate sustainability performance.With a score of 91/100(as of November 18,2022),up 4 points from 2021,AXA also achieved its highest score since the inception of the study.In detai

320、l,AXA has obtained a score of 94/100 on social,91/100 on governance&economy,and 82/100 on environment.In addition,for the 16th consecutive year,AXA is included in the Dow Jones Sustainability Indices(DJSI),an index used by investors to identify leading companies in the field of sustainable developme

321、nt.Only the highest-ranked companies in the CSA meeting several additional criteria set by S&P Global,are eligible for inclusion in the DJSI.Performance in the DJSI is one of the seven indicators of the AXA Progress Index,a tool launched in 2021 by the Group to track its progress on sustainable and

322、responsible development.Several KPIs included in this index are taken into account in the remuneration of the Groups executives and nearly 5,000 employees.(1)These key highlights and all information in the press release,dated November 2,2022 and the related presentation are expressly qualified by th

323、e cautionarystatements included therein.(2)Shareholders Equity excluding Other Comprehensive Income.(3)Contractual Service Margin refers to a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearnedprofit the entity will recognize as it

324、provides insurance contract services under the insurance contracts in the Group,the quantum of which is pre-tax in thepress release dated November 2,2022.(4)(i)Underlying earnings per share growth at the high end of the 3-7%CAGR target range between 2020E(rebased for COVID-19 and excess Natural Cata

325、strophelosses)and 2023E,(ii)Underlying return on equity between 13%and 15%between 2021E and 2023E,(iii)Solvency II ratio at approximately 190%,(iv)cumulativecash upstream in excess of 14 billion for 2021E-2023E.38I UNIVERSAL REGISTRATION DOCUMENT-ANNUAL REPORT 2022-AXA IACTIVITY REPORT AND CAPITAL M

326、ANAGEMENT22.2 MARKET ENVIRONMENT 2.2 MARKET ENVIRONMENT IFinancial Market Conditions In 2022,the recovery in the global economy was upended by the war in Ukraine.Energy prices surged as a result of sanctions and retaliatory measures on Russia,particularly on gas supply,triggering acceleration of inf

327、lation.In response,central banks accelerated their plans for tightening monetary policy by increasing interest rates.Even if GDP growth held up relatively well,the outlook deteriorated and the risk of recession in 2023 increased significantly.In Europe,inflation hit 9.2%at year-end,primarily from hi

328、gher energy prices.The economic activity,however,held up relatively well with GDP expanding in the first half(+0.6%in the first quarter and+0.8%in the second quarter)largely due to higher post COVID-19 demand.The European Central Bank(ECB)responded with policy rate hikes to alleviate the impacts of

329、inflation,while most Eurozone economies put in place measures to protect purchasing power.These two eff ects drove a slight slowdown of GDP growth in the second half of the year.It levelled at+0.3%in the third quarter and posted a limited+0.1%expansion in the fourth quarter leading to an annual GDP

330、growth of 3.5%versus 2021.The United Kingdom was also impacted by the acceleration of inflation with the surge in energy prices as a consequence of the war in Ukraine.Despite continued policy rate hikes by the Bank of England,inflation reached 9%in April,and peaked at 11%in October.This weighed on e

331、conomic activity with GDP down-0.1%in the second quarter(versus+0.6%in the first quarter).The resignation of Prime Minister Boris Johnson and social tensions contributed to a decline in GDP of-0.3%in the third quarter.Compared to the fourth quarter last year,GDP was stable in the fourth quarter of 2

332、022,and it reached a+4%annual growth by year-end.The United States also saw a sharp rise in inflation with a peak by the end of June(+9%),led by supply-chain disruptions as well as rising energy and commodity costs in the first semester.Thanks to government measures including eff orts to protect pur

333、chasing power and to narrow the trade deficit,and to the Federal Reserves action on its policy rate,inflation declined to 6.5%by year-end.As a result,aft er two quarters of negative evolution in the first semester of 2022,the United States GDP staged a rebound in the second semester of the year with+0.8%annualized in the third quarter and+2.9%in the fourth quarter,leading to a+2.1%annual GDP growt