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1、Our impact in 2023Impact Report 2023Who are we?Our purposeAXA worldwideAbout AXAAs one of the global leaders in insurance and asset management,AXA has always made protection its core business.Through its three business lines property and casualty insurance;life and health insurance;and asset managem

2、ent the Group helps individuals,companies and societies to thrive.AXA has been committed to the greater good since the beginning.Whether through AXA Hearts in Actions charity initiatives,the AXA Research Funds scientific support or AXAs action against climate change,the Group has always been committ

3、ed to better understanding and preventing risks.Created 39 years ago,the AXA brand positions the Group as a day-to-day partner and encourages people to confidently move forward in life.“Act for human progress by protecting what matters”94customers51countriesAn international leaderin employee benefit

4、s1European and#5 global real asset manager147,000employees and agents M#1global leader in P&C commercial lines2European insurer 2U n l o c k t h e F u t u r eCare&Dare Attracting and retaining talents,upskilling our teams and fostering our culture of excellenceStrong capital management Disciplined e

5、xecution and reinvestment for future growthOur 2024-2026 strategic plan at the service of shared valueA X A a t a g l a n c eOur 2023 performance1.Insurance premiums collected during the period.Other revenues represent premiums and fees collected on activities other than insurance (i.e.,banking,serv

6、ices and asset management activities).2.Subject to approval at the Shareholders Meeting on April 23,2024.Driving growth Promoting structural growth Expanding selectively Growing distributionScaling up excellence Boosting technical capabilities Enhancing operational excellence(new technologies and AI

7、)Expanding AXAs commitment to society Extending our inclusive insurance offers Pursuing our commitments for the climate transition Unlock the Future(+3%vs.2022 IFRS4)(+6%vs.2022 IFRS4)(+8%vs.2022 IFRS4)(+12pts vs.2022)(+16%vs.2022)Gross written premiums1Underlying earningsUnderlying earnings per sha

8、reSolvency II ratioDividend per share2CustomersMore than 50Bn in claims paid to our customers450M in climate-related claims paid in FranceEconomyMore than 30Bn invested in the economy each year 11.7Bn paid in tax and social contributions,of which 36%in FranceEmployees8.6Bn in salaries and bonuses pa

9、id to our employees17,000 recruitments globallyShareholders3.8Bn in dividends paid to about 300,000 shareholdersAlmost 30%of employees are AXA shareholders,holding 4.34%of the capital1037.63.31 2271.98 Bn Bn%3Relying on strong governanceAXA Board of Directors on December31,20231.Antoine Gosset-Grain

10、ville Chairman of AXAs Board of Directors2.Thomas Buberl Chief Executive Officer of AXA3.Martine Bivre Employee Representative4.Helen Browne Employee Shareholder Representative5.Bettina Cramm Employee Representativer6.Clotilde Delbos Director a7.Rachel Duan Director r8.Guillaume Faury Director r9.Ra

11、mon Fernandez Director a f10.Andr Franois-Poncet Director1 f r11.Grald Harlin Directorf12.Isabel Hudson Director a f13.Dr Angelien Kemna Director a14.Ramon de Oliveira Directorf15.Rachel Picard Director a16.Marie-France Tschudin Director r716491261038514151311211.Mr.Andr-Franois Poncet,whose mandate

12、 will expire at the close of the Shareholders Meeting on April 23,2024,will not be replaced.The composition of the committees will be reviewed during a meeting of the Board of Directors held after the Shareholders Meeting.afrIndependent DirectorAudit CommitteeFinance&Risk CommitteeCompensation,Gover

13、nance&Sustainability CommitteeDiscover the updated governance on our siteU n l o c k t h e F u t u r e4G o v e r n a n c eComposition of the Boarddirectorsindependent directors1women members2directors out of 16 are non-French nationals average age of directors1662.556859.51.76.92%of directors exclud

14、ing employee and employee shareholder representatives.2.46%of women excluding employee re and employee shareholder representatives.Committee rolesCompensation,Governance&Sustainability CommitteeEntirely composed of independent members(except the director representing the employees who sits on the Co

15、mmittee pursuant to the Afep-Medef recommendations),this Committee notably issues proposals on:the appointment or reappointment of members of the Board,the Chairman,the members of the Executive Management and the persons who effectively run the company,as well as on the composition of the Board Comm

16、ittees;the compensation of the Chairman of the Board of Directors,the CEO and the Board of Directors.The Committee also reviews(i)the principles and conditions for determining the compensation of the Groups executives and allocating performance shares to employees;(ii)the Groups sustainability strat

17、egy as well as any public material sustainability commitments.It also examines certain human resources topics,including AXAs policy with respect to professional equality and equal pay.In 2023 5 meetings 88%attendanceAudit Committee The main missions of this committee,comprised entirely of independen

18、t directors,are to:monitor the financial reporting process and the integrity of the publicly reported results;monitor the adequacy and effectiveness of internal control and risk management frameworks;form an opinion on the effectiveness,performance and independence of the Groups internal auditors;ma

19、ke a recommendation regarding the appointment of the statutory auditors and the independent third-party(ies)responsible for providing assurance on the Groups sustainability reporting;monitor the extra-financial reporting process and review the extra-financial performance statement.The Audit Committe

20、e receives presentations from the Group Chief Financial,Risk,Operating,Compliance and Security Officers as well as from the Group General Counsel and the Group Head of Internal Audit on financial and non-financial risks.In 2023 7 meetings 97%attendanceFinance&Risk CommitteeComprised of 60%of indepen

21、dent directors,the Finance&Risk Committee examines:significant disposals,acquisitions and strategic partnerships;granting of sureties,guarantees,endorsements or warrantees exceeding a certain amount in favor of third parties;securities issuances giving a claim to the companys share capital,repurchas

22、e programs and financing operations that could substantially change the companys financial structure;the impact of the main orientations and limits of the Asset Liability Management policy on the Groups capital and solvency.The Finance&Risk Committee reviews any subject relating to the Groups financ

23、ial management;the risk appetite framework developed by AXAs Executive Management for financial,extra-financial,insurance,reinsurance and operational exposures as well as AXAs risk strategy and appetite(especially in matters of reinsurance)and overall risk tolerance limits.In 2023 9 meetings 98%atte

24、ndance%yrs%5Building strategic momentumManagement Committee on December31,2023315713101412921611458161.Thomas Buberl Chief Executive Officer of AXA2.Frdric de Courtois Group Deputy Chief Executive Officer,Finance,Operations,Strategy,Risk,Underwriting3.George Stansfield Group Deputy Chief executive O

25、fficer General Secretary,oversight of AXA Japan,AXA Greater China(China and Hong Kong)4.Nancy Bewlay Group Chief Underwriting Officer5.Guillaume Borie Chief Executive Officer AXA France6.Helen Browne Group General Counsel7.Patrick Cohen Chief Executive Officer European Markets&Health8.Ulrike Decoene

26、 Group Chief Communication,Brand&Sustainability Officer9.Hassan El-Shabrawishi Chief Executive Officer International Markets110.Franoise Gilles Group Chief Risk Officer11.Scott Gunter Chief Executive Officer AXA XL12.Alban de Mailly Nesle Group Chief Financial Officer13.Marco Morelli Executive Chair

27、man AXA Investment Managers14.Karima Silvent Group Chief Human Resources Officer15.Anu Venkataraman Group Chief Strategy Officer,Head of Investor Relations16.Alexander Vollert Group Chief Operating Officer,Chief Executive Officer AXA Group Operations1.Including Africa,India,Turkey,the Middle East,La

28、tin America,Thailand,Indonesia and the Philippines.Discover the updated governance on our siteU n l o c k t h e F u t u r e6G o v e r n a n c eDevelop a strategy for the entire Group,integrating feedback from the fieldManagement CommitteePartners GroupPush the boundaries and widely explore opportuni

29、ties.Assist the Management Committee with the implementation of strategic action.40 Group leaders,including the 16 members of the Management Committee.Global Leadership NetworkAround 300 AXA Group senior executives,mostly members of entities Executive Committees.Share vision from the field and adapt

30、 the Groups strategic priorities to the divisions operational realities.Implement AXAs strategy,meeting the needs of customers as closely as possible in each division.Share priorities,explain and engage:create shared ownership of a strategy aligned with the needs of AXAs markets and stakeholdersEmpl

31、oyees and agentsThese professional experts share the objective of bringing the Groups strategy to life and making it tangible for all AXAs stakeholders.AXA has 147,000 employees and agents worldwide.7“Act for human progress by protecting what matters”AXAs purpose is both a compass for the strategic

32、decisions taken by the Group and its entities,and an everyday framework for our employees.Because we can only manage what we can measure,the Group has introduced a tool for monitoring our action and reinforcing our impact:the AXA for Progress Index.This index reflects the twofold ambition of AXAs su

33、stainability strategy:to be both a leader in the fight against climate change and an inclusive insurer.It is composed of seven commitments that the entities can refer to and the Group can provide data on to monitor the progress achieved.These commitments cover three fields in which AXA intends to se

34、t an example:Formulating our purposeManaging our progressAchieving our purposeAs an investor,we want to support the real economy in its transition toward a decarbonized economy.As an insurer,we want to protect populations,particularly the most vulnerable,from risks,as well as accelerate the creation

35、 of insurance solutions that support the transition towards a more sustainable and less carbon-intensive economy.As a responsible company,we want to act together to reduce our carbon footprint and increase our positive impact.8U n l o c k t h e F u t u r eE n a b l e r sMeasuring our steps forward:t

36、he AXA for Progress Index Maintain our leadership as a responsible company 1.2023 edition of the S&P Corporate Sustainability Assessment(CSA),which measures the sustainability performance of companies.Top performers can be included in the Dow Jones Sustainability Indices(DJSI).CSA/DJSI1 81/1002.0Bn1

37、4MReach at least 1.7Bn in premiums on green business products and services by 2023Bring the number of customers covered by inclusive protection to 12million by 2023 Act as an insurerTarget for 2023:1.7BnTarget for 2023:12MAchieved in 2023Achieved in 2023-34%96%As a part of our long-term goal of achi

38、eving carbon neutrality,reduce carbon emissions by 20%by 2025 from our operations(energy,travel and digital solutions)and offset residual emissionsTrain AXA employees in climate issues Act as a responsible companyTarget for 2019-2025:-20%Target for 2023:100%Achieved between 2019-2023Achieved in 2023

39、-47.6%29.9BnReduce the carbon intensity of AXAs general account assets by 50%by 2030 Reach 26Bn in green investments by 2023Act as an investorInitial target for 2019-2025:-20%Target for 2019-2030:-50%Target for 2023:26Bn Achieved between 2019-2023Achieved in 20239Events conflicting with the hypothes

40、es used to set the level of our reserves,develop our products or set prices could have repercussions on our results and performance indicators.Unsuitable or faulty processes,controls or systems,as well as human factors and external events could harm our profitability,reputation or performance.The Gr

41、oup and its activities are subject to extensive regulation,in-depth regulatory monitoring and potentially unfavorable legal decisions in the countries in which it operates.Unfavorable conditions on capital and credit markets could impact our ability to meet our liquidity needs and access capital,or

42、increase the cost of capital.A negative change in the economic climate and financial markets at a national,continental or global scale could have an adverse effect on our business and profitability.Managing current risksAnalyzing the risks associated with our activitiesIntegrating non-financial issu

43、esAXA must remain a preferred employer for its employees and adapt to evolving work styles.The Group must ensure employee training and growth,while introducing policies promoting diversity and inclusion to prepare for talent renewal.AXA organizes sponsorship and volunteering initiatives.The Group al

44、so takes positive action as an insurer by increasing the share of solutions accessible to vulnerable populations.AXA must reduce its carbon footprint and the emissions from its internal operations(digital solutions,travel and energy).The Group also commits to positively impacting the climate and pre

45、serving biodiversity through its activities as an investor and insurer.The Group has a code of conduct and organizes anti-corruption training and processes.It also takes measures to protect its customers data privacy and ensure the responsible and ethical use of data.Market risksEmployer responsibil

46、ityRegulatory risksInclusive protectionCredit risksClimate change and biodiversity lossInsurance risksOperational risksBuilding on five priorities to manage our risks1.Independenceand effective riskmanagement2.A common framework for risk appetite3.A systematic second opinion on key processes4.Extens

47、ive use of our internal model based on robust capital metrics5.Proactive riskmanagementBusiness ethicsSee our URD1 0U n l o c k t h e F u t u r eE n a b l e r sExperts ranking of top 5 risks since 2018Understanding future risksThe 10th edition of AXAs Future Risks Report surveyed 3,500 experts and 2

48、0,000 individuals worldwide.“Polycrisis”is the word that sums up best the last three years,when the global Covid-19 pandemic was followed by numerous critical events:the return of war in Europe and renewed tensions in the Middle East,and increasingly extreme weather events as climate change took hol

49、d.In 2023,a new source of uncertainty has demanded attention:the rapid development in artificial intelligence(AI),with the emergence of generative AI and ChatGPT in particular.60of people think that our society needs to take risks to make progress.Key figures from the 2023 Future Risks Report74of pe

50、ople think that insurers will have an important role to play in protecting society from these emerging risks.75of experts agree that risks are becoming increasingly interconnected.%201820192020202120222023 Climate change Climate change Pandemics and infectious diseases Climate change Climate change

51、Climate change Cyber security risks Cyber security risks Climate change Cyber security risks Geopolitical instability Cyber security risks Geopolitical instability Geopolitical instability Cyber security risks Pandemics and infectious diseases Cyber security risks Geopolitical instability Natural re

52、sources and biodiversity risk Social tensions and movements Geopolitical instability Geopolitical instability Energy risks Artificial intelligence and big data Social tensions and movements Natural resources and biodiversity risk Social tensions and movements Social tensions and movements Pandemics

53、and infectious diseases Energy risks123451234512345123451234512345AXAs 2023 Future Risks ReportDiscover our 2023 Future Risks Report1 1External stakeholdersInternal stakeholdersCustomers,investors,organizations,regulators,expertsOpening social dialogueAll around the world,AXA is building dialogue wi

54、th employee representatives,especially through the Groups European Works Council.Conducting internal surveys AXA develops internal surveys to understand employees needs and measure their physical and mental well-being.Surveying panels of experts and the general public Every year,AXA surveys 3,500 ex

55、perts and 20,000 members of the general public on their perceptions of emerging risks (Future Risks Report),and 30,000 people aged 18 to 74 to assess mental health in the population(Mind Health Report).Building the future togetherWith experts,business leaders,scientists,writers,artists,NGOs and orga

56、nizations,AXA Foresight explores ways to build a better future and overcome challenges with shared expertise and vision.This is the ambition of our“2024 reasons to love the future”program.Organizing specialist committees AXA organizes dialogue with groups of direct stakeholders to guide its decision

57、s on specific topics.Co-building internallyAXA organizes numerous forums for discussion and best-practice sharing across the Group.Employees,partnersOrganizing dialogue with our stakeholders Supporting the scientific communitySince 2008,the AXA Research Fund,AXAs scientific philanthropic initiative,

58、has supported the production and dissemination of academic research on the major challenges facing society.Read our 2023 Future Risks ReportRead our 2024 Mind Health ReportFind 2024 reasons to love the futureDiscover the AXA Research Fund1 2U n l o c k t h e F u t u r ewith our peersCo-build profess

59、ionalunderstanding ofto jointContributeImprovewith authoritiesEngage in A leading force against climate change E n a b l e r sEngaging in global and local initiatives for societyUN PRI Principles for Responsible InvestmentUN PSIPrinciples for Sustainable Insurance An inclusive insurer dialogueAct al

60、ongsidecivil societystandardsthe challengesinitiativesInsurance Development ForumWomens ForumCollectifdentreprisespour uneconomieplus inclusiveFinancial Alliance for Women Businessfor InclusiveGrowth UN Global CompactTask Force on Climate-Related Financial Disclosures(TCFD)Net-Zero Alliances:Glasgow

61、 Financial Alliance for Net Zero(GFANZ),Net-Zero Asset Owner Alliance(NZAOA),Net-Zero Asset Managers Initiative(NZAMI)Task Force on Nature-Related Financial Disclosures(TNFD)Act4natureSustainable Blue Economy Finance InitiativeOcean Risk and Resilience Action AllianceCirculRAct for human progress by

62、 protecting what matters1 3Our resources Relational capitalnel94million customers We serve both corporate and individual customers.Human capital147,000 employees and agents Our workforces diverse range of profiles and professions enables AXA to be effective and innovative.We also work closely with o

63、ur distributors:agents,brokers and bankers.Economic and financial capitalThe funds required for our business come from our equity,as well as our shareholders and bondholders.Stakeholder capitalWe work with external service providers and authorities.Social and environmental capitalWere putting financ

64、ial inclusion and the climate transition at the core of our strategy,with a commitment to bring value to all our stakeholders in the long term.Our sustainable value creationOur purpose “Act for human progress by protecting what matters”Our balanced position P&C Protecting the tangible and intangible

65、 assets of individuals and companies.Life&HealthProtecting our customers health and funding their projects.Asset managementFinancing the real economy and major transitions.Life&Health P&C P&C commercial lines Employee benefitsCompanies:50%Individuals:50%Breakdown of revenues from insurance premiums3

66、5%20%30%15%1 4U n l o c k t h e F u t u r eVa l u e c r e a t i o nOur strategy Our value creation and sharing in 2023 For our customers More than 50Bn in payments made to our customers 450Bn devoted to handling climate disasters in France 14M customers covered by inclusive protectionFor our workfor

67、ce 8.6Bn in wages and bonuses paid 17,000 recruitments worldwide eNPS:40 points For our shareholders 3.8Bn in dividends paid to close to 300,000 shareholders 30%employee shareholders(4.34%of the capital)For the economy and society More than 30Bn invested in the economy annually 11.7Bn paid in taxes

68、and social security contributions 36%en France 23.5Bn in donations worldwide 79,482 volunteer acts 256M allocated since 2008 to scientific research through the AXA Research FundOur financial targets Underlying earnings per share+6%to 8%annually between 2023 and 2026 Underlying return on equity 14%to

69、 16%from 2024 to 2026Cumulative cash remittance21Bn from 2024 to 2026Payout ratio75%of underlying earnings per share,including:60%from dividends(with dividend per share at least equal to previous year)and15%from an annual share buy-back programDriving higher growthScaling up our operational and tech

70、nical excellenceExpanding our commitment to societyPioneering social innovationRigorous capital managementUnlock the Future1 52023Variation vs.20221Driving Progress 2023 targetsGross written premiums and other revenues2102.7Bn+3%Of which P&C53.0Bn+7%Of which Life&Health48.1Bn-2%Of which Asset manage

71、ment1.6Bn-2%Underlying earnings7.6Bn+6%Underlying earnings per share3.31+8%3%to 7%average annual growthCash remittance6.3Bn+1.1Bn2021-2023 cumulative:16.4Bn vs.target of 14BnUnderlying return on equity14.9%+0.4ptTarget range:13%to 15%Solvency II ratio227%+12ptsTarget:190%Dividend proposed per share1

72、.98+16%2023Investments in the economy30BnTaxes and social charges paid11.7BnNumber of people benefiting from inclusive coverage14M Our financial indicatorsOur social impact1.2022 results were previously reported under the IFRS4 standard which was replaced by IFRS17 from January 1,2023.2.Insurance pr

73、emium collected during the period.Other revenues represent premiums and fees collected on activities other than insurance (i.e.,banking,services and asset management activities).Our 2023performanceSee our URDU n l o c k t h e F u t u r e1 62023Total workforce147,000Of which salaried employees113,696

74、Proportion of all professionals44.4%Average age of salaried workforce41.3yearsAverage length of service of salaried workforce10.3yearsExternal recruitments17,000%employees working remotely85.3%employees having received at least one training course100%women among AXA leaders35.3%Employee Net Promoter

75、 Score(eNPS)40pts Our role as an employerOur environmental impact2023TargetGreen investments29.9Bn26Bn in 2023Warming potential of the investment portfolio2C in 202211.5C by 2050CO2 emissions linked to AXA operations-34%2-20%between 2019 and 20251.The 2023 warming potential will be available in AXAs

76、 2024 Climate and Biodiversity Report.2.Between 2019 and 2023.P e r f o r m a n c eSee our Climate and Biodiversity Report1 7Recognized performanceFinancial ratingsSocial ratings and ethical indicesVigeoBloombergSustainalyticsSector leaderScore:68/100Included in the Bloomberg Gender-Equality Index in 2023ESG Risk Rating:16.3 Low riskOutlookS&PA+StableMoodysAa3StableAM BestA+SuperiorStableDJSIMSCICDPScore 81/100AAABSee our financial and non-financial ratingsU n l o c k t h e F u t u r e1