AXA - 1Q 2011 Activity Indicators
By Axa, PRNEWednesday, May 4, 2011
Total Revenues were stable at Euro 28bn, down 2% on a comparable basis
PARIS, May 5, 2011 - "The first quarter reflected our continued focus on improving
the profitability of our operations, consistently with our priorities set out
early 2010", commented Denis Duverne, Deputy CEO of AXA.
"In Life & Savings, our ongoing initiatives to drive new
business sales towards selected profitable segments that address clients'
coverage needs continued to bear fruit, notably with a 16% growth in
Protection & Health sales and an 11% growth in Unit-Linked sales in
Continental Europe. This, combined with a greater contribution from high
growth markets and a seasonally favourable country mix effect, drove a
substantial increase in new business margin to 26%.
Property & Casualty revenues increased 2% benefiting from rate
increases in most countries alongside higher volumes in personal lines and
selective underwriting, particularly in commercial lines.
In Asset management, revenues increased by 1%. Outflows
continued in the first quarter but at a more moderate level than that of end
of last year, as investment performance improved."
Revenues : Key figures
Euro million, except 1Q10 1Q11 Change Change
when otherwise noted on a
reported
basis
Comp.(a) Scope FX
basis & impact(b)
Other
Life & Savings
revenues 16,540 15,918 -3.8% -4.9% -3.4% +4.5%
Net inflows (Euro
billion) 4.0 3.5
APE1 (Group share) 1,522(c) 1,556 +2.3% -2.7% +1.0% +3.9%
NBV2 (Group share) 311(c) (d) 401 +29.2% +18.8% +1.5% +8.9%
NBV to APE margin
(Group share) 20.4%(c) 25.8% +5.4 pts +4.5 pts
(d)
Property & Casualty
revenues 9,243 9,838 +6.4% +2.3% +0.5% +3.6%
International
Insurance revenues 1,212 1,209 -0.2% -0.5% -0.3% +0.7%
Asset Management
revenues 809 827 +2.2% +0.9% +0.0% +1.3%
Net inflows (Euro
billion) -11.9 -12.7
Total revenues 27,910 27,923 +0.0% -2.0% -2.0% +4.0%
(a) Change on a comparable basis was calculated at constant FX
and scope
(b) Mainly due to the depreciation of the Euro against major
currencies
(c) Restated of the partial sale of the UK Life & Savings
business, i.e. excluding volumes and margins related to the sold portion of
the business
(d) 1Q10 restated based on FY10 profitability factors
Numbers herein have not been audited. APE and NBV are both in
line with the Group's EEV disclosure. They are non-GAAP measures, which
Management uses as key indicators of performance in assessing AXA's Life &
Savings business and believes to provide useful and important information to
shareholders and investors.
All comments are on a comparable basis (constant Forex, scope
and methodology)
- Total Revenues were down 2% to Euro 27,923 million.
- Life & Savings revenues were down 5% to Euro 15,918 million.
Net inflows were positive at Euro 3.5 billion, vs. Euro 4.0
billion in 1Q10, mainly due to increased net inflows in General Account
("G/A") Protection & Health business, more than offset by net ouflows in the
G/A Savings business.
New Business Volume (APE1) was down 3% to Euro 1,556 million
mainly driven by a strong performance in G/A Protection & Health business up
16% and an 11% increase in Unit-Linked sales in Continental Europe3, more
than offset by a 27% decrease in G/A Savings business.
New Business Value (NBV2) was up 19% to Euro 401 million,
mainly driven by an improved business mix towards G/A Protection & Health and
Unit-Linked businesses.
As a result, and combined with a seasonally favourable country
mix effect, new business margin was up 5 pts to 26%, with high margin levels
in both G/A Protection & Health business at 46% and Unit-Linked business at
24%.
- Property & Casualty revenues were up 2% to Euro 9,838
million. Personal lines revenues grew 4% largely driven by a ca. 3.7% average
price increase. Commercial lines revenues remained stable as the ca. 2.0%
average price increase was offset by lower volumes with continuing focus on
selective underwriting.
Overall, prices increased by 3.0% on average.
- Asset Management revenues were up 1% to Euro 827 million,
with higher reported average assets under management, which increased from
Euro 846 billion during 1Q10 to Euro 861 billion during 1Q11. Net outflows
amounted to Euro 13 billion, mainly coming from the institutional clients of
AllianceBernstein.
- Exposure to selected European government bonds on March 31,
2011: AXA's exposure net of policyholders' participation and tax was
estimated at Euro 6.0 billion for Italy, Euro 4.2 billion for Spain, Euro 0.5
billion for Portugal, Euro 0.3 billion for Greece and Euro 0.3 billion for
Ireland.
Life & Savings
Change in scope
Following the partial sale of our Life & Savings business in
the UK in 2010, 1Q10 APE and NBV published figures were restated to exclude
volumes and margins related to the sold portion of the business, as follows:
Life & Savings: change in scope
Euro million 1Q10 1Q10 1Q11
published restated
APE (Group share) 1,631 1,522 1,556
of which the UK 270 161 138
NBV (Group 317 311 401
share)(a)
of which the UK 29 8 10
NBV margin(a) 19.4% 20.4% 25.8%
(a) 1Q10 restated based on FY10 profitability factors
The AXA APH transaction was completed on April 1, 2011 and will be
reflected in activity indicators figures starting 1H11.
New Business Volume (APE1) and margin by business
Life & Savings: analysis by business
NBV margin APE
Euro million 1Q11 1Q10(a) 1Q11 Change on a
comparable
basis
G/A Protection & 46% 508 626 +16%
Health
G/A Savings -2% 400 293 -27%
Unit-Linked 24% 440 455 -2%
o/w Continental 25% 114 128 +11%
Europe3
Mutual funds & 5% 174 182 -3%
Other
Total 26% 1,522 1,556 -3%
(a) Restated of the partial sale of the UK Life & Savings
business, i.e. excluding volumes and margins related to the sold portion of
the business
- G/A Protection & Health APE was up 16% to Euro 626 million,
mainly driven by Switzerland (strong sales in Group Life), Germany
(favourable change in regulation facilitating access to private Health
insurance) and France (success of the Family Protection product).
- G/A Savings APE was down 27% to Euro 293 million, mainly
driven by Italy (mostly non repeat of the 2010 fiscal amnesty and stronger
focus on Unit-Linked products), France (uncertainties in February and March
2011 on Life insurance tax regulation) and Belgium (as a result of a more
conservative offer in a low profitability environment).
- Unit-Linked APE was down 2% to Euro 455 million, mainly due
to the non-repeat of a large corporate pension scheme of Euro 41 million in
1Q10 in the UK, partly offset by an 11% increase in Continental Europe3
(mainly France up 25% driven by the launch of "Bonus Euro+" product and
Italy, mainly through the AXA MPS Joint-Venture up 58%), CEE up 19%
(strategic focus on Unit-Linked business following the new regulations on
Pension funds in Hungary and Poland) and the US up 5% (mainly increase in
"Retirement Cornerstone" sales partly offset by lower "Accumulator" sales).
- Mutual funds & Other APE was down 3% to Euro 182 million as
the strong performance of the wrap platform Elevate in the UK was more than
offset by lower sales in CEE and Australia / New Zealand.
As a result, new business value (NBV2) was up 19% to Euro 401
million, mainly driven by an improved business mix towards G/A Protection &
Health and Unit-Linked businesses, as well as a seasonally favourable country
mix effect.
In high growth markets, NBV was up 29% to Euro 73 million (18% of total
NBV) mainly as a result of volume increases and favourable country mix
effect. In mature markets, NBV was up 17% to Euro 328 million.
NBV margin was up 5 pts to 25.8%, with NBV margin at 23.7% in
mature markets and at 42.2% in high growth markets.
Actuarial and financial assumptions are not updated on a
quarterly basis, except for interest rates which are hedged at point of sale
for Variable Annuity products.
New Business Volume (APE1) and margin by country
- New Business Volume (APE1) was down 3% to Euro 1,556
million, as strong sales in Switzerland (+40%), Germany (+19%), the US (+5%),
Hong Kong (+36%) and SEA, China & India (+17%) were more than offset by
decreases in Italy (-44%), the UK (-17%), Australia/New Zealand (-36%) and
Belgium (-28%).
Annual Premium Equivalent by country/region
Euro million 1Q10 1Q11 Change on a Change on a
reported comparable
basis basis
France 346 329 -5% -4%
United States 231 245 +6% +5%
United Kingdom 161 138 -14% -17%
NORCEE (a) 382 483 +26% +20%
of which Germany 136 161 +19% +19%
of which Switzerland 128 204 +60% +40%
of which Belgium 68 49 -28% -28%
of which Central &
Eastern Europe 51 69 +35% -3%
Asia Pacific 231 250 +8% -3%
of which Japan 91 108 +18% -1%
of which Australia/
New Zealand 69 49 -29% -36%
of which Hong Kong 33 45 +37% +36%
of which South East
Asia, China & India 38 48 +27% +17%
MedLA(b) 171 112 -35% -35%
of which Spain 22 23 +5% +5%
of which Italy 121 67 -44% -44%
of which other 28 21 -24% -26%
Total Life & Savings
APE1 1,522 1,556 +2% -3%
of which mature
markets 1,381 1,384 +0% -4%
of which high growth
markets4 141 173 +23% +5%
(a) Northern Central and Eastern Europe: Germany, Belgium,
Switzerland and Central and Eastern Europe. Luxemburg's APE and NBV are not
modelled.
(b) Mediterranean and Latin American Region: Italy, Spain,
Portugal, Turkey, Mexico, Morocco and Greece.
The United States
New business APE increased by 5% to Euro 245 million, mainly
driven by both Life and Variable Annuity sales. In Variable Annuity, the
increase was driven by higher sales of "Retirement Cornerstone" and new
"Structured Capital Strategies" products partly offset by lower "Accumulator"
sales.
"Structured Capital Strategies" product was launched in
proprietary channels in October 2010 and rolled out within third party
channels since Q4 2010.
NBV margin was down 2 points to 11%, mainly driven by the
impact of lower interest rates.
France
New business APE was down 4% to Euro 329 million, mostly
driven by:
(i) in Individual lines:
- a decrease in G/A Savings sales (-13%) following the
negative impact from uncertainties around the Life insurance tax reform in
February and March 2011, partly offset by
- a strong increase in Unit-Linked sales (+27%) with
Unit-Linked share up to 21% from 15% in 1Q10 (above market average which was
14%), as well as in Protection sales (+64%) with the success of the Family
Protection product.
(ii) in Group lines, a slight decrease in both retirement and
protection products.
NBV margin was up 2 points to 13% mainly driven by improved
business mix, as a result of higher proportion of Protection products as well
as higher share of Unit-Linked savings products.
The United Kingdom
New business APE was down 17% to Euro 138 million mainly due
to lower corporate pension sales with the non repeat of a large scheme
underwritten in 2010, partly offset by a 37% increase in other businesses
with higher Mutual Funds sales through the Elevate wrap platform as well as
the launch of a Variable Annuity product sold through AXA Global
Distributors.
NBV margin was up 2 points to 7% mainly driven by the launch
of the Variable Annuity product.
Northern Central & Eastern Europe
- Germany new business APE was up 19% to Euro 161 million
mainly driven by strong sales in G/A Protection & Health supported by a
favourable change in regulation in Health facilitating access to private
Health insurance.
NBV margin was up 4 points to 25% mainly driven by the
repricing of a Twinstar Variable Annuity product in 3Q10, the impact of
higher interest rates and a decrease in unit costs reflecting higher volumes.
- Switzerland new business APE was up 40% to Euro 204 million
mainly driven by strong sales in Group Life.
NBV margin was up 4 points to 47% mainly benefiting from an
improved business mix reflecting the higher share of Group Life business with
high NBV margin.
- Belgium new business APE was down 28% to Euro 49 million
mostly due to a decrease in G/A Savings sales reflecting a more conservative
offer in a low profitability market environment.
NBV margin was down 4 points to 3% mainly due to increase in
unit costs following decrease in sales.
- Central & Eastern Europe new business APE was down 3% to
Euro 69 million as a result of the progressive closing of the new business in
Pension Funds following the new regulations in Hungary and Poland partly
compensated by the success of the strategic focus on Unit-Linked business (up
19%).
NBV margin was up 3 pts to 25% mainly driven by improved
business mix towards Unit-Linked.
Asia Pacific
- Japan new business APE was down 1% at Euro 108 million, as
the slight decrease in Health was offset by higher sales of Variable Annuity
products. As a reminder, AXA Japan closes its full year accounts at the end
of September; therefore 1Q11 information corresponds to the quarter ending
December 2010.
NBV margin was up 2 points to 76% mainly driven by an improved
business mix (notably due to focus on higher margin products in G/A
Protection & Health).
- Australia/New Zealand new business APE was down 36% to Euro
49 million, mainly due to a decrease in Mutual funds sales.
NBV margin was up 8 points to 20% reflecting improved business
mix.
- Hong Kong new business APE was up 36% to Euro 45 million,
driven by a strong performance in Unit-Linked, Protection & Health and Mutual
Funds businesses.
NBV margin was up 5 points to 71% as a result of lower unit
costs due to higher volumes.
- South East Asia, China & India new business APE was up 17%
to Euro 48 million mainly driven by strong sales of Unit-Linked products
across the board, in particular in Indonesia via the bancassurance agreement
with Mandiri.
NBV margin was up 3 points to 46%, mainly driven by a
favourable country mix effect.
Mediterranean and Latin America Region (MedLA)
- New business APE decreased by 35% to Euro 112 million,
mainly driven by lower G/A Investment & Savings sales in Italy with the non
repeat of 2010 fiscal amnesty, fewer large contracts in G/A Protection &
Health in Mexico, partly offset by stronger Unit-Linked sales mainly in
Italy, through the AXA MPS Joint-Venture (+58%).
- NBV margin was up 8 points to 21%, mainly driven by a
significant improvement in business mix.
Property & Casualty
Change in presentation
In order to improve visibility on P&C Direct activities,
Direct P&C will be reported as a separate business unit and no longer as part
of countries or regions. 1Q10 figures were restated in the table below to
reflect this change.
Property & Casualty revenues were up 2% to Euro 9,838 million.
Personal lines revenues grew 4% largely driven by a ca. 3.7% average price
increase. Commercial lines revenues remained stable as the ca. 2.0% average
price increase was offset by lower volumes with continuing focus on selective
underwriting.
Overall, prices increased by 3.0% on average.
Property & Casualty revenues increased strongly both in high
growth markets (+5%) mainly in Turkey and in the Gulf Region, and in Direct
(+10%).
Net new personal contracts in high growth markets and Direct
amounted to +158k and +58k respectively, representing 55% of total net new
personal contracts which amounted to +392k.
Property & Casualty : IFRS revenues by country
In Euro million 1Q10 1Q10 1Q11 Change on a Change on
published restated reported a
comparable
basis basis
NORCEE(a) 4,091 4,065 4,412 +9% +2%
of which Germany 1,584 1,584 1,659 +5% +3%
of which Belgium 634 617 636 +3% +3%
of which
Switzerland 1,808 1,808 2,061 +14% +0%
MedLA(b) 1,745 1,681 1,712 +2% +1%
of which Spain 678 627 597 -5% -5%
of which Italy 347 340 347 +2% +2%
of which other 719 714 769 +8% +6%
France 1,902 1,808 1,842 +2% +2%
United Kingdom &
Ireland 982 862 916 +6% +3%
Canada 281 281 324 +16% +8%
Asia 243 92 114 +24% -8%
Direct(c) - 455 517 +14% +10%
Total P&C revenues 9,243 9,243 9,838 +6% +2%
of which mature
markets 8,542 8,096 8,551 +6% +2%
of which high
growth markets4 701 692 770 +11% +5%
(a) Northern Central and Eastern Europe: Germany, Belgium,
Switzerland, Central an Eastern Europe and Luxembourg.
(b) Mediterranean and Latin American Region: Italy, Spain,
Portugal, Turkey, Mexico, Gulf region, Greece and Morocco.
(c) Direct: scope: AXA Global Direct (France, Belgium, Spain,
Portugal, Italy, Poland, Korea and Japan), UK Direct operations.
Personal lines revenues (57% of total P&C revenues) were up 4%
benefiting mainly from a ca. 3.7% average price increase.
- Personal Motor revenues (37% of total P&C revenues) were up
5% mainly driven by Germany (+8%), as a result of both (i) higher volumes
benefiting from a slowdown in price competition and (ii) price increases with
the launch of two new product ranges with higher tariffs, and MedLA (+5%)
driven by Turkey (+38%) thanks to the success of motor products in a context
of strong growth in car sales, partly compensated by Spain down 9%, mainly
due to both lower volumes as a result of severe price competition and lower
guarantees.
Direct was up 8% mainly driven by the UK as a result of tariff
increases.
Personal Motor net new contracts amounted to +270k.
Personal Non-Motor revenues (20% of total P&C revenues) increased by 3%
driven by France (+4%) largely attributable to price increases, and by
Germany (+2%) through volumes increase in Property with the success of the
"Box Plus" bundled product. This was partially offset by a decrease in the UK
(-4%) notably due to selective underwriting and lower sums insured, more than
offsetting strong tariff increases.
Household net new contracts amounted to +122k.
Commercial lines revenues (43% of total P&C revenues) were
stable as the ca. 2.0% average price increase was compensated by lower
volumes mainly from continued selective underwriting.
- Commercial Motor revenues (8% of total P&C revenues) were
down 0.4% as increases in the UK (+21%) and in Germany (+6%) were more that
offset by Mexico (-15%) and the Gulf region (-49%) due to the cancellation of
an unprofitable large fleet contract.
- Commercial Non-Motor revenues (35% of total P&C revenues)
were up 0.1% mainly driven by the Gulf Region (+31%) with a strong new
business in Health, and France (+2%) following strong tariff increase, partly
offset by Germany (-3%) mainly driven by Liability and Property.
Asset Management
- Asset Management revenues were up 1% to Euro 827 million,
with higher reported average assets under management, which increased from
Euro 846 billion during 1Q10 to Euro 861 billion during 1Q11.
- Assets Under Management were down Euro 26 billion versus Dec
31, 2010 to Euro 852 billion, mainly as a result of:
- Net inflows: Euro -13 billion (vs. ca Euro -23 billion in
4Q10) primarily driven by outflows at AllianceBernstein mainly coming from
the institutional clients segment. AXA Investment Managers outflows of Euro
-2 billion were due to AXA Rosenberg products (Euro -2 billion), the
voluntary exit from unprofitable Group retirement savings schemes (Euro -2
billion) and Money Market products (Euro -1 billion), partly compensated by
net inflows in other expertises, mainly Fixed Income (Euro +2 billion) and
AXA Framlington (Euro +1 billion).
- Market impact: Euro +13 billion due to equity market
recovery.
- Forex impact: Euro -26 billion as a result of the
depreciation of the USD versus the Euro.
Assets Under Management Roll-forward
In Euro billion Alliance AXA IM Total
Bernstein
AUM at December 31, 2010 362 516 878
Net inflows -11 -2 -13
Market impact +10 +3 +13
Scope & other impacts +0 +0
Forex impact -20 -6 -26
AUM at March 31, 2011 342 511 852
Average AUM over the period 358 504 861
(12/31/10 - 03/31/11)
Change of average AUM 1Q11 vs. 1Q10
On a reported basis +1% +2% +2%
On a comparable basis -0% +0% -0%
International Insurance
International Insurance revenues were down 1% to Euro 1,209
million.
International Insurance IFRS revenues
In Euro million 1Q10 1Q11 Change on Change on a
a comparable
reported basis
basis
AXA Corporate
Solutions Assurance 933 932 -0.0% -0.3%
AXA Assistance 204 207 +1.5% -0.8%
Other International
activities 76 70 -7.5% -7.8%
Total International
Insurance 1,212 1,209 -0.2% -0.5%
Notes
1 Annual Premium Equivalent (APE) represents 100% of new
business regular premiums + 10% of new business single premiums. APE is Group
share
2 New Business Value is Group Share
3 Continental Europe is France, Germany, Belgium, Switzerland,
Italy, Spain, Portugal and Greece
4 Life & Savings high growth markets are: Hong-Kong, Central &
Eastern Europe (Poland, Czech Republic, Slovakia and Hungary), South-East
Asia (Singapore, Indonesia, Philippine and Thailand), China, India, Morocco,
Mexico and Turkey
Property & Casualty high growth markets are: Morocco, Mexico,
Turkey, Gulf, Hong-Kong, Singapore, Malaysia, Russia, Ukraine and Poland
(exc. Direct)
Direct markets are: AXA Global Direct (France, Belgium, Spain,
Portugal, Italy, Poland, Korea and Japan) and UK Direct operations
About AXA
AXA Group is a worldwide leader in insurance and asset
management, with 214,000 employees serving 95 million clients. In 2010, IFRS
revenues amounted to Euro 91 billion and IFRS underlying earnings to Euro 3.9
billion.
AXA had Euro 1,104 billion in assets under management as of
December 31, 2010.
The AXA ordinary share is listed on compartment A of Euronext
Paris under the ticker symbol CS (ISN FR 0000120628 - Bloomberg: CS FP -
Reuters: AXAF.PA). AXA's American Depository Shares are also quoted on the
OTC QX platform under the ticker symbol AXAHY.
The Group is included in the main international SRI indexes,
such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
This press release is available on the AXA Group website
www.axa.com
IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING
FORWARD-LOOKING STATEMENTS
Certain statements contained herein are forward-looking
statements including, but not limited to, statements that are predictions of
or indicate future events, trends, plans or objectives. Undue reliance should
not be placed on such statements because, by their nature, they are subject
to known and unknown risks and uncertainties. Please refer to the section
"Cautionary statements" in page 2 of AXA's Document de Reference for the year
ended December 31, 2010, for a description of certain important factors,
risks and uncertainties that may affect AXA's business. AXA undertakes no
obligation to publicly update or revise any of these forward-looking
statements, whether to reflect new information, future events or
circumstances or otherwise.
APPENDIX 1: AXA Group IFRS revenues - 1Q11 vs. 1Q10 /
$_$_END_PRE AXA Group IFRS revenues - contributions & growth by
segment and country/region
In Euro million 1Q10 1Q11 IFRS revenues change
IFRS IFRS Reported Comp. basis
United States 2,229 2,478 +11.2% +9.9%
France 3,824 3,665 -4.2% -3.7%
NORCEE 5,527 6,125 +10.8% +2.8%
of which Germany 1,696 1,656 -2.3% -2.3%
of which Switzerland 2,956 3,648 +23.4% +8.6%
of which Belgium 731 655 -10.5% -10.5%
of which Central &
Eastern Europe 119 137 +14.9% +10.7%
United Kingdom 682 159 -76.7% +18.6%
Asia Pacific 1,888 2,187 +15.8% +1.7%
of which Japan 1,159 1,413 +21.9% +3.0%
of which Australia/
New-Zealand 365 352 -3.6% -14.6%
of which Hong Kong 314 354 +13.0% +20.0%
of which South East Asia 51 68 +33.6% +23.9%
MedLA 2,355 1,272 -46.0% -46.2%
of which Spain 220 182 -17.4% -17.4%
of which Italy 1,980 934 -52.8% -52.8%
of which other 155 156 +0.6% -2.2%
Canada 34 32 -5.0% -11.0%
Life & Savings 16,540 15,918 -3.8% -4.9%
of which Mature markets 15,969 15,270 -4.4% -5.6%
of which high growth
markets 572 648 +13.4% +1.9%
NORCEE 4,065 4,412 +8.5% +2.4%
of which Germany 1,584 1,659 +4.7% +3.5%
of which Belgium 617 636 +3.1% +3.1%
of which Switzerland 1,808 2,061 +14.0% +0.3%
France 1,808 1,842 +1.9% +1.9%
MedLA 1,681 1,712 +1.8% +1.1%
of which Spain 627 597 -4.8% -4.8%
of which Italy 340 347 +2.0% +2.0%
of which other 714 769 +7.6% +5.9%
United Kingdom & Ireland 862 916 +6.4% +2.9%
Canada 281 324 +15.6% +8.2%
Asia 92 114 +23.8% -8.4%
Direct 455 517 +13.6% +9.9%
Property & Casualty 9,243 9,838 +6.4% +2.3%
AXA Corporate Solutions
Assurance 933 932 -0.0% -0.3%
Others 279 277 -0.9% -2.7%
International Insurance 1,212 1,209 -0.2% -0.6%
AllianceBernstein 507 528 +4.2% +3.0%
AXA Investment Managers 302 299 -1.1% -2.8%
Asset Management 809 827 +2.2% +0.9%
Banking & Holding 105 130 +23.5% +22.8%
Total 27,910 27,923 +0.0% -2.0%
Breakdown of APE - 12 main countries, regions and modelled
businesses
in Euro million 1Q11 APE
G/A G/A Unit-Linked Mutual
Protection Savings Funds
& Health &
Other
France 126 151 52 0
United States 39 16 108 82
United Kingdom 8 0 86 44
Japan 83 0 25 0
Germany 96 28 28 9
Switzerland 194 3 7 0
Belgium 5 39 5 0
MedLA 22 51 36 2
Australia/New-Zealand 5 1 7 35
Hong Kong 20 1 20 5
Central & Eastern 4 3 56 5
Europe
South East Asia, 23 0 25 0
China & India
Total 626 293 455 182
in Euro million % Unit-Linked in % G/A Protection &
APE Health in APE
1Q10 1Q11 1Q10 1Q11
France 12% 16% 38% 38%
United States 44% 44% 14% 16%
United Kingdom 82% 63% 5% 6%
Japan 19% 23% 81% 77%
Germany 27% 17% 49% 60%
Switzerland 6% 3% 94% 95%
Belgium 8% 10% 10% 11%
MedLA 14% 33% 17% 20%
Australia/New-Zealand 10% 14% 7% 11%
Hong Kong 45% 43% 51% 45%
Central & Eastern 67% 82% 5% 6%
Europe
South East Asia, 52% 52% 48% 48%
China & India
Total 29% 29% 33% 40%
Net Inflows by country/region
Euro billion 1Q10 1Q11
France +0.8 +0.5
NORCEE(a) +2.4 +2.7
United States -0.2 -0.3
United Kingdom -0.5 +0.2
Asia Pacific(b) +0.2 +0.5
MedLA(c) +1.3 -0.2
Total L&S Net Inflows +4.0 +3.5
Of which mature +3.6 +3.0
markets
Of which high growth +0.4 +0.5
markets
(a) Northern Central and Eastern Europe: Germany, Belgium,
Switzerland, Central & Eastern Europe and Luxembourg
(b) Asia Pacific: Australia, New Zealand, Hong Kong, Japan and
South East Asia, China & India
(c) Mediterranean and Latin American Region: Italy, Spain,
Portugal, Turkey, Mexico, Greece and Morocco.
1Q10 2Q10 3Q10 4Q10 1Q11
APPENDIX 4: AXA Group IFRS Revenues in local currency - Discrete
quarters /
$_$_END_PRE (In million local currency except Japan in billion)
Life & Savings
United States 3,084 3,174 3,138 3,249 3,390
France 3,824 3,502 3,500 3,799 3,665
NORCEE
of which Germany 1,696 1,786 1,628 1,757 1,656
of which Switzerland 4,325 899 868 978 4,697
of which Belgium 731 605 549 618 655
of which Central & Eastern Europe 119 118 123 151 137
United Kingdom 605 612 417 123 136
Asia Pacific
of which Japan 154 210 154 158 158
of which Australia/New-Zealand 559 646 544 513 479
of which Hong Kong 3,368 3,493 3,659 3,196 3,774
MedLA 2,355 1,879 1,464 1,245 1,272
Property & Casualty
NORCEE
of which Germany 1,584 593 692 588 1,659
of which Switzerland 2,645 256 182 154 2,653
of which Belgium 634 504 479 482 654
France 1,902 1,279 1,375 1,293 1,943
MedLA 1,745 1,693 1,469 1,982 1,783
United Kingdom & Ireland 872 978 902 821 916
Asia 243 258 279 236 276
Canada 404 560 528 478 438
International Insurance
AXA Corporate Solutions Assurance 933 338 326 334 932
Other International activities 279 212 208 217 277
Asset Management
AllianceBernstein 701 712 685 722 723
AXA Investment Managers 302 303 263 350 299
Banking & Holdings 90 97 87 117 108
APPENDIX 5: 1Q11 Property & Casualty revenues contribution & growth
by business line /
Property & Casualty revenues - contribution & growth by business line
in % Personal Motor Personal
Non-Motor
% Gross Change % Gross Change
revenues on revenues on
comp. comp.
basis basis
France 25% 0% 27% 4%
United
Kingdom (a) 16% 13% 38% -4%
NORCEE 38% 5% 14% 7%
of which
Germany 39% 8% 19% 2%
of which
Belgium 24% 0% 18% 4%
of which
Switzerland 43% 1% 9% 2%
MedLA 41% 5% 22% 3%
of which
Spain 39% -9% 29% 1%
of which
Italy 61% 6% 29% -1%
of which
other(b) 32% 20% 14% 13%
Canada 38% 12% 19% 11%
Asia 34% -1% 11% 6%
Direct 90% 8% 10% -2%
Total 37% +5% 20% +3%
in % Commercial Motor Commercial Non-Motor
% Gross Change on % Gross Change on
revenues comp. basis revenues comp.
basis
France 9% 0% 40% 2%
United Kingdom (a) 8% 21% 40% 2%
NORCEE 7% 5% 39% -1%
of which Germany 7% 6% 31% -3%
of which Belgium 14% 7% 44% 1%
of which 5% 2% 44% -1%
Switzerland
MedLA 9% -17% 28% 2%
of which Spain 7% -13% 26% -2%
of which Italy 0% -113% 10% -9%
of which other(b) 15% -18% 39% 6%
Canada 8% 13% 40% 3%
Asia 11% -21% 51% -16%
Direct - - - -
Total 8% -0% 35% +0%
(a) Including Ireland.
(b) Portugal, Greece, Turkey, Mexico, Gulf and Morocco.
Property & Casualty price increases by country and business
line
In % Personal Commercial Total
France +4.0% +6.0% +5.0%
Germany +1.5% +0.5% +1.0%
United Kingdom & +10.4% +2.2% +6.8%
Ireland
Switzerland -0.8% -0.5% -0.7%
Belgium +3.9% +0.8% +2.1%
Canada +5.6% +1.8% +4.0%
MedLA +3.4% +2.2% +2.9%
Direct +9.7% - +9.7%
Total +3.7% +2.0% +3.0%
in Euro million 1Q10 1Q11 Change on a 1Q10 NBV
comparable
APE APE basis
United States 231 245 +4.9% 29
France 346 329 -4.0% 38
United Kingdom 161 138 -17.5% 8
NORCEE 382 483 +19.5% 100
Germany 136 161 +19.1% 29
Switzerland 128 204 +40.4% 55
Belgium 68 49 -28.2% 4
Central & Eastern Europe 51 69 -2.9% 11
ASIA PACIFIC 231 250 -2.7% 114
Japan 91 108 -0.7% 67
Australia/New-Zealand 69 49 -36.4% 9
Hong Kong 33 45 +35.6% 22
South East Asia, China & India 38 48 +17.1% 16
MedLA 171 112 -35.1% 22
Spain 22 23 +4.9% 2
Italy 121 67 -44.5% 15
other 28 21 -26.2% 4
TOTAL 1,522 1,556 -2.7% 311
Of which mature markets 1,381 1,384 -3.6% 260
Of which high growth markets 141 173 +4.8% 51
in Euro million 1Q11 NBV Change on a 1Q11 Change on a
comparable NBV/APE comparable
basis margin basis
United States 26 -9.2% 10.8% -1.7 pts
France 41 +10.3% 12.6% +1.6 pts
United Kingdom 10 +14.2% 6.9% +1.9 pts
NORCEE 154 +37.5% 32.0% +5.3 pts
Germany 41 +38.6% 25.3% +3.6 pts
Switzerland 96 +53.4% 46.8% +4.0 pts
Belgium 1 -71.0% 2.6% -3.8 pts
Central & Eastern Europe 17 +9.1% 24.5% +2.7 pts
ASIA PACIFIC 146 +14.2% 58.3% +8.8 pts
Japan 82 +2.2% 75.7% +2.2 pts
Australia/New-Zealand 10 +2.8% 20.4% +7.8 pts
Hong Kong 32 +46.4% 71.2% +5.3 pts
South East Asia, China & India 22 +26.3% 45.8% +3.3 pts
MedLA 24 +7.0% 21.1% +8.3 pts
Spain 3 +47.8% 14.8% +4.3 pts
Italy 16 +1.9% 23.2% +10.6 pts
other 4 +2.9% 21.2% +6.1 pts
TOTAL 401 +18.8% 25.8% +4.5 pts
Of which mature markets 328 +16.5% 23.7% +3.9 pts
Of which high growth markets 73 +29.2% 42.2% +8.0 pts
APPENDIX 8: 1Q11 Main Press Releases /
02/17/2011 - Full Year 2010 Earnings - Proposed dividend per share up 25%
- 03/11/2011 - AXA's sale of 15.6% stake in Taikang Life; main regulatory
hurdle cleared
- 03/23/2011 - AXA to close AXA APH transaction on April 1, 2011 / New
management structure in Asia
- 03/28/2011 - AXA organizes the Global Forum for Longevity
- 04/01/2011 - AXA has completed the AXA APH transaction
- 04/27/2011 - AXA Shareholders' Meeting convened today. AXA publishes
its 2010 Activity and Corporate Responsibility Report
Please refer to the following web site address for further
details: www.axa.com/en/press/pr/
APPENDIX 9: 1Q11 operations on AXA's shareholders' equity and debt /
Shareholders' Equity
No significant operations
Debt
No significant operations
APPENDIX 10: Next main investor events /
- 06/01/2011 Investor Day
- 08/04/2011 Half -Year 2011 Earnings
Contact: AXA Individual shareholder Relations: +33-1-40-75-48-43. AXA Investor Relations: Mattieu Rouot: +33-1-40-75-46-85, Gilbert Chahine: +33-1-40-75-56-07. Sylvie Gleises: +33-1-40-75-49-05, Thomas Hude: +33-1-40-75-97-24, Solange Brossollet: +33-1-40-75-73-60, Florian Bezault: +33-1-40-75-59-17, Jennifer Lawn: +1-212-314-28-68, AXA Media Relations:, Armelle Vercken: +33-1-40-75-46-42, Sara Gori: +33-1-40-75-48-17, Guillaume Borie: +33-1-40-75-49-98, Helene Caillet: +33-1-40-75-55-51, Brice Le Roux: +33-1-40-75-57-26
Tags: AXA, France, May 5, Paris
