AXA: 9M 2010 Activity Indicators
By Axa, PRNEWednesday, October 27, 2010
Total Revenues up 3% to EUR70.5 billion
PARIS, October 28, 2010 - On a comparable basis:
Life & Savings
- Revenues up 1% to EUR44.0 billion
- New Business Margin up 2.4 pts to 19.7%
- Net inflows up EUR 0.6 billion to EUR+7.8 billion
Property & Casualty
- Revenues up 1% to EUR21.4 billion
- Ca. 3% price increase
- Net personal new contracts: +940k
Asset management
- Revenues up 6% to EUR2.5 billion
- Assets under management up EUR32 billion to EUR877 billion
- Net inflows of EUR-41 billion
"Our top line trends for the first nine months are in line
with those observed in the first semester, with a continued focus on
disciplined growth. This will allow us in the short term to adapt to the
current environment, improve profitability where needed, and be prepared to
accelerate growth in the medium term", said Henri de Castries, Chairman and
CEO of AXA.
"Life & Savings continued to experience positive growth, with
a contrasted situation between countries. Our ongoing active measures to
improve margins in selected areas continued to bear fruit in the third
quarter with further improvements in new business profitability.
Nevertheless, the decline in interest rates is expected to affect new
business margins as measured at year end.
In Property & Casualty, price increases accelerated slightly
in the third quarter across the board. Combined with more selective
underwriting especially in Commercial lines, this led to an increase in
revenues of 1%.
Asset management revenue growth was driven by higher assets
under management, despite net outflows, mainly in the institutional client
segment of AllianceBernstein and AXA Rosenberg."
All comments are on a comparable basis (constant Forex, scope
and methodology for activity indicators).
The sale of part of our UK life operations has been completed
in September 2010. 9M10 reported figures include January to August
contributions of the disposed operations.
Revenues : Key figures
Euro million, except when 9M09 9M10 Change Change
otherwise noted on a
reported
basis
Comp.(a) Scope FX
basis & impact(b)
Other
Life & Savings revenues 42,706 43,970 +3.0% +0.9% -0.4 +2.5 pts
pt
Net inflows (Euro billion) 7.0 7.8
APE[1] (Group share) 4,508 4,632 +2.8% -0.5% -0.9 +4.2 pts
pt
NBV[2] (Group share) 775 911 +17.6% +13.0% -0.1 +4.7 pts
pt
NBV to APE margin (Group 17.2% 19.7% +2.5 pts +2.4 pts
share)
Property & Casualty 20,524 21,389 +4.2% +0.7% +0.4 +3.0 pts
revenues pt
International Insurance 2,308 2,296 -0.5% -2.2% -0.7 +2.4 pts
revenues pt
Asset Management revenues 2,253 2,463 +9.3% +6.2% +0.0 +3.1 pts
pt
Net inflows (Euro billion) -51 -41
Total revenues(c) 68,094 70,462 +3.5% +1.0% -0.1 +2.7 pts
pt
(a) Change on a comparable basis was calculated at constant FX
and scope.
(b) Mainly due to the depreciation of Euro against most
currencies.
(c) Including banking revenues up 13% to Euro 344 million in
9M10 (vs. Euro 302 million in 9M09).
Revenues
- Total Revenues were up 1.0% to Euro 70,462 million.
- Life & Savings revenues were up 0.9% to Euro 43,970 million.
APE1 was down 0.5% to Euro 4,632 million, with lower sales in
the US, France and Japan, partly offset by strong performance mainly in
MedLA, CEE, SEA & China, Hong Kong and the UK. High growth markets[3] APE was
up 28%.
Net inflows were positive at Euro +7.8 billion (up Euro 0.6
billion vs. 9M09), mainly driven by higher gross inflows.
New Business Value (NBV2) was up 13% to Euro 911 million,
primarily due to improved business mix benefiting from new products
introduced in the US and Japan.
As a result, New Business margin was up 2.4 points from 17.2%
to 19.7%, with protection at 40%, health at 45% and investment & savings at
9%.
- Property & Casualty revenues increased by 0.7% to Euro
21,389 million as the 3.9% growth in Individual lines (largely driven by a
3.4% average price increase), was partly offset by a 3.8% decrease in
Commercial lines where the 2.0% average price increase was more than
compensated by lower volumes from more selective underwriting and by reduced
sum insured. Overall, the average price increase was 2.8%.
- Asset Management revenues were up 6.2% to Euro 2,463
million, mostly due to higher average assets under management (+6%). Assets
under management reached Euro 877 billion, up Euro 32 billion vs. December
31, 2009 levels, benefiting from positive market and forex impacts partly
offset by net outflows mainly from institutional clients.
Life & Savings
- Life & Savings revenues were up 0.9% to Euro 43,970 million
with positive contribution from MedLA and NORCEE partly offset by France and
the US.
Net inflows were positive at Euro +7.8 billion (up Euro 0.6
billion vs. 9M09), mainly driven by higher gross inflows.
Net Inflows by
country/region
Euro billion 9M09 9M10
France +3.2 +2.2
NORCEE(a) +2.0 +3.2
United States +0.3 -0.8
United Kingdom(b) -0.6 -0.8
Asia Pacific(c) +0.9 +1.5
MedLA(d) +1.2 +2.4
Total L&S Net +7.0 +7.8
Inflows
(a) Northern Central and Eastern Europe: Germany, Belgium,
Switzerland, Central & Eastern Europe and Luxembourg
(b) UK net inflows, excluding with-profit funds, stood at Euro 110
million at September 30, 2010.
(c) Asia Pacific: Australia, New Zealand, Hong Kong, Japan and
South East Asia
(d) Mediterranean and Latin America Region: Italy, Spain,
Portugal, Turkey, Mexico, Greece and Morocco
- New Business Volume (APE1) was down 0.5% to Euro 4,632
million, with:
- lower sales in the US (mainly lower "Accumulator" sales
following product redesign partly compensated by new "Retirement
Cornerstone" product sales), France (decline in both Individual and
Group lines) and Japan (discontinuation of a lower margin tax-driven
protection product),
- partly offset by strong performance mainly in MedLA (notably
thanks to Italy in a context of low interest rate environment
limiting competition from banking products, and fiscal amnesty),
CEE, SEA & China and Hong-Kong (driven by higher sales of protection
with savings products), as well as the UK (driven by the success of
the "Elevate" wrap-platform).
High growth markets3 APE was up 28%.
Unit-linked share in APE was 38%, as clients continue to
remain cautious towards unit-linked products in still unstable market
environments.
Annual Premium Equivalent by country/region
Euro million 9M09 9M10 Change Change on
on a a
reported comparable
basis basis
United States 770 741 -3.7% -7.4%
France 1,120 996 -11.1% -11.1%
United Kingdom 711 737 +3.6% +5.9%
NORCEE (a) 841 938 +11.5% +4.0%
of which Germany 342 358 +4.7% -0.0%
of which 208 233 +12.2% +4.1%
Switzerland
of which Belgium 174 176 +1.7% +1.7%
of which Central & 118 171 +44.3% +17.7%
Eastern Europe
Asia Pacific 733 789 +7.6% -1.8%
of which Japan 380 335 -11.9% -13.3%
of which 198 223 +12.3% -10.4%
Australia/ New
Zealand
of which Hong Kong 89 111 +25.0% +20.0%
of which South 66 120 +82.7% +61.3%
East Asia & China
MedLA 332 431 +29.8% +30.0%
of which Spain 58 58 +1.1% +1.1%
of which Italy 208 294 +41.5% +41.5%
of which other(b) 67 79 +18.2% +18.6%
Total Life & 4,508 4,632 +2.8% -0.5%
Savings APE1
(a) Northern Central and Eastern Europe: Germany, Belgium,
Switzerland and Central and Eastern Europe. Luxemburg's APE and NBV are not
modelled.
(b) Portugal, Greece, Turkey, Mexico and Morocco.
- New Business Value (NBV2) was up 13% to Euro 911 million,
primarily due to improved business mix mainly benefiting from new products
introduced in the US and Japan.
As a result, New Business margin was 19.7%.
Actuarial and financial assumptions are not updated on a
quarterly basis, except for interest rates which are hedged for variable
annuity products. These assumptions will be updated at year-end 2010 and will
notably take into account the decline in interest rates.
Detail by country:
The United States
New business APE decreased by 7% to Euro 741 million,
primarily driven by lower variable annuity sales, mainly in third-party
channels, due to high level of sales in 1Q09 preceding the redesigned
"Accumulator" products, partly offset by higher mutual funds sales.
The new "Retirement Cornerstone" product represented 50% of
total variable annuity first year premiums in 3Q10.
NBV margin was up 6.8 points to 11.2%, primarily as a result
of strong improvement in business mix following the introduction of a
redesigned "Accumulator" product and the progressive launch of "Retirement
Cornerstone" in 2010, partly offset by higher unit costs.
France
New business APE was down 11% to Euro 996 million, mostly
driven by:
(i) in Individual lines, a decrease in savings products sales
(driven by lower sales from bank partnerships and fewer large contracts on
traditional business in a context of high competition on rates), partly
offset by an increase in unit-linked products sales (increased incentives to
both agents and clients) and protection products sales (success of family
protection product),
(ii) in Group lines, a decrease mostly due to lower large
premiums in retirement business (in both unit-linked and non unit-linked).
NBV margin was up 0.9 point to 9.3%, mainly as a result of
improvement in product mix in Individual lines with a shift towards
unit-linked products and an increase in protection products sales.
The United Kingdom
New business APE was up 6% to Euro 737 million, mainly as a
result of strong increase in mutual fund sales through the new "Elevate"
wrap-platform.
NBV margin was down 0.4 point to 10.3% as a result of a less
favorable business mix.
Northern Central & Eastern Europe
- Germany new business APE was stable at Euro 358 million with
higher sales in investment & savings products offset by lower sales in health
products following a legislative reform.
NBV margin was down 2.4 points to 11.9% primarily due to the
impact of lower interest rates on "Twinstar" variable annuity product
profitability.
- Switzerland new business APE was up 4% to Euro 233 million
mainly due to higher sales in group life due to higher single premiums
reflecting new business coming from pension foundations.
NBV margin was stable at 33.5%.
- Belgium new business APE was up 2% to Euro 176 million
mostly due to an increase in individual investment & savings products sales
partly offset by lower exceptional large contracts in group life.
NBV margin was down 0.5 point to 14.8%.
- Central & Eastern Europe new business APE was up 18% to Euro
171 million mostly driven by the success of pension products mainly in
Poland.
NBV margin was up 2.6 points to 23.5% driven by a better
business mix.
Asia Pacific
- Japan new business APE decreased by 13% to Euro 335 million,
mainly driven by the discontinuation of a lower margin tax-driven product.
NBV margin was up 11.8 points to 71.8% mainly driven by an
improved business mix (notably due to the variable annuity offer redesign and
the discontinuation of a lower margin tax-driven product).
- Australia/New Zealand new business APE was down 10% to Euro
223 million, mainly due to a decrease in mutual fund sales in a context of
flat equity markets in 3Q10.
NBV margin was down 0.1 point at 13.6%.
- Hong Kong new business APE was up 20% to Euro 111 million,
mainly due to an increase in protection with savings products.
NBV margin was up 4.9 points to 68.9% mainly as a result of an
improved business mix with a shift from investment & savings products towards
higher margin protection products.
- South East Asia & China new business APE was up 61% to Euro
120 million mainly driven by higher sales of protection with savings across
the board, notably through the bancassurance channel (mainly AXA Mandiri
Financial Services joint-venture in Indonesia).
NBV margin was down 12.3 points to 45.6% mainly due to a less favorable
business mix and expenses and lapses modeling refinement.
Mediterranean and Latin America Region (MedLA)
- New business APE increased by 30% to Euro 431 million,
driven by higher sales in non unit-linked investment & savings products in
Italy particularly at AXA MPS Italian Joint-Venture in a context of lower
competition from bank deposits, combined with strong sales in "Accumulator"
products (mainly in Spain) and in group protection in Mexico.
- NBV margin was up 1.3 points to 16.3%, as a result of lower
unit costs due to higher volumes and an improved business mix.
Property & Casualty
Property & Casualty revenues increased by 0.7% to Euro 21,389
million as the 3.9% growth in Individual lines (largely driven by a 3.4%
average price increase), was partly offset by a 3.8% decrease in Commercial
lines where the 2.0% average price increase was more than compensated notably
by lower volumes from more selective underwriting and by reduced sum insured.
Overall, the average price increase was 2.8%.
Net new personal contracts amounted to +940k.
Property & Casualty : IFRS revenues by country/region
In Euro million 9M09 9M10 Change on a Change on
reported a comp.
basis basis
NORCEE(a) 6,713 6,845 +2.0% -1.3%
of which Germany 2,905 2,869 -1.2% -1.5%
of which Belgium 1,651 1,617 -2.1% -2.1%
of which 2,058 2,201 +6.9% -0.8%
Switzerland
MedLA 4,806 4,906 +2.1% -0.7%
of which Spain 1,868 1,765 -5.5% -5.5%
of which Italy 1,019 1,036 +1.6% +1.6%
of which other(b) 1,919 2,105 +9.7% +2.8%
France 4,434 4,556 +2.7% +2.7%
United Kingdom & 3,071 3,208 +4.5% +1.4%
Ireland
Canada 877 1,095 +24.8% +6.7%
Asia 623 779 +25.2% +7.4%
Total P&C 20,524 21,389 +4.2% +0.7%
revenues
(a) Northern Central and Eastern Europe: Germany, Belgium,
Switzerland, Central and Eastern Europe, Luxembourg
(b) Portugal, Greece, Turkey, Mexico, Gulf region and Morocco.
Personal lines were up 3.9% mainly benefiting from a 3.4%
average price increase.
- Personal Motor revenues (36% of total P&C revenues) were up
5% mainly driven by the UK (+35%) following strong tariff increases and
higher volumes mostly as a result of the success of both Swiftcover and AXA
branded direct businesses. France was up 5% mostly driven by tariff increases
while Spain was down 7% mainly due to both lower volumes as a result of
severe price competition and lower guarantees.
Motor net new contracts amounted to +718k.
Personal Non-Motor revenues (25% of total P&C revenues) increased by 3%
driven by France (+5%) largely attributable to price increases in household,
and by Italy as AXA MPS household business benefited from the rebound of bank
mortgage loan activity. These positive impacts were partially offset by a
decrease in Germany (-3%) primarily due to the medical liability segment
restructuring with tariff increase and selective underwriting.
Household net new contracts amounted to +222k.
Commercial lines were down 3.8% as the 2.0% average price
increase was more than offset notably by lower volumes from more selective
underwriting and by reduced sum insured.
- Commercial Motor revenues (8% of total P&C revenues) were
stable as increases notably in the UK and Ireland (+7%), Mexico (+4%) and
Canada (+7%) were offset by negative contributions mostly from Spain (-22%)
reflecting tariff increases despite high competition.
- Commercial Non-Motor revenues (30% of total P&C revenues)
were down 5% notably due to the UK (-13%) following AXA's exit from certain
property accounts in a very competitive environment, Belgium (-8%) as a
consequence of selective underwriting in workers compensation, and
Switzerland (-3%) as a result of lower volumes mainly in the competitive
health market.
Asset Management
- Asset Management revenues were up 6.2% to Euro 2,463
million, mostly due to higher average assets under management (+6%).
- Assets Under Management were up Euro 32 billion versus
December 31, 2009 to Euro 877 billion mainly as a result of:
- Net inflows: Euro -41 billion primarily at AllianceBernstein
(Euro -23 billion) and AXA Rosenberg (Euro -26 billion), mainly in
the institutional client segment, partly offset by positive net
inflows from certain other AXA IM expertises,
- Market impact: Euro + 45 billion,
- Forex impact: Euro +29 billion mostly driven by the USD
appreciation versus the Euro.
Assets Under Management Roll-forward
In Euro billion Alliance AXA IM Total
Bernstein
AUM at FY09 346 499 845
Net inflows -23 -19 -41
Market appreciation +14 +31 +45
Scope & other impacts -0 -0
Forex impact +18 +12 +29
AUM at 9M10 355 522 877
Average AUM over the period 366 501 867
Change of average AUM on a +12% +5% +7%
reported basis
Change of average AUM on a +7% +4% +6%
comparable basis
International Insurance
International Insurance revenues decreased by 2% to Euro 2,296
million, mainly due to AXA Corporate Solutions Assurance.
International Insurance IFRS revenues
In Euro million 9M09 9M10 Change Change on
on a a
reported comparable
basis basis
AXA Corporate 1,598 1,597 -0.1% -2.3%
Solutions Assurance
AXA Assistance 573 575 +0.4% -0.4%
AXA Global Life & 57 49 -15.0% -15.5%
Global P&C(a)
Other International 79 76 -4.4% -2.4%
activities
Total International 2,308 2,296 -0.5% -2.2%
Insurance
(a) Formerly AXA Cessions. Combines both central teams from
Life & Savings and Property & Casualty global business lines in addition to
existing Group reinsurance operations.
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] High growth markets: Central & Eastern Europe, Hong Kong, South East
Asia & China, Turkey, Mexico, Gulf region and Morocco.
APPENDIX 1: AXA Group IFRS revenues - 9M10 vs. 9M09 /
AXA Group IFRS revenues - contributions & growth by segment and
country/region
In Euro million 9M09 9M10 IFRS revenues change
IFRS IFRS Reported Comp. basis
United States 7,405 7,142 -3.6% -7.2%
France 11,646 10,825 -7.0% -7.0%
NORCEE 10,811 11,765 +8.8% +5.8%
of which Germany 4,885 5,110 +4.6% +4.6%
of which Switzerland 3,880 4,349 +12.1% +4.0%
of which Belgium 1,651 1,886 +14.2% +14.2%
of which Central & Eastern Europe 344 360 +4.8% -0.4%
United Kingdom 2,002 1,905 -4.8% -0.4%
Asia Pacific 6,337 6,532 +3.1% -2.7%
of which Japan 4,156 4,134 -0.5% -2.1%
of which Australia/New-Zealand 1,158 1,192 +3.0% -17.5%
of which Hong Kong 905 1,029 +13.7% +9.6%
of which South East Asia 118 177 +50.3% +30.7%
MedLA 4,420 5,698 +28.9% +28.8%
of which Spain 488 531 +8.9% +8.9%
of which Italy 3,444 4,635 +34.6% +34.6%
of which other(a) 488 533 +9.2% +7.3%
Canada 85 102 +19.8% +2.4%
Life & Savings 42,706 43,970 +3.0% +0.9%
NORCEE 6,713 6,845 +2.0% -1.3%
of which Germany 2,905 2,869 -1.2% -1.5%
of which Belgium 1,651 1,617 -2.1% -2.1%
of which Switzerland 2,058 2,201 +6.9% -0.8%
France 4,434 4,556 +2.7% +2.7%
Mediterranean Region 4,806 4,906 +2.1% -0.7%
of which Spain 1,868 1,765 -5.5% -5.5%
of which Italy 1,019 1,036 +1.6% +1.6%
of which other(b) 1,919 2,105 +9.7% +2.8%
United Kingdom & Ireland 3,071 3,208 +4.5% +1.4%
Canada 877 1,095 +24.8% +6.7%
Asia 623 779 +25.2% +7.4%
Property & Casualty 20,524 21,389 +4.2% +0.7%
AXA Corporate Solutions Assurance 1,598 1,597 -0.1% -2.3%
Others 709 700 -1.4% -2.0%
International Insurance 2,308 2,296 -0.5% -2.2%
AllianceBernstein 1,390 1,595 +14.7% +10.4%
AXA Investment Managers 863 868 +0.7% -0.5%
Asset Management 2,253 2,463 +9.3% +6.2%
Banking & Holding 303 344 +13.5% +13.0%
Total 68,094 70,462 +3.5% +1.0%
(a) Portugal, Greece, Turkey, Mexico and Morocco.
(b) Portugal, Greece, Turkey, Mexico, Gulf region and Morocco.
APPENDIX 2: Life & Savings - breakdown of APE between
unit-linked non unit-linked and mutual funds /
Breakdown of APE - main countries, regions and modelled businesses
Group share 9M10 APE % UL in APE UL change
on
in Euro million (excl. mutual comparable
funds) basis
UL Non-UL Mutual 9M09 9M10
Funds
France 108 888 10% 11% -6%
United States 337 150 254 75% 69% -26%
United Kingdom 575 79 83 87% 88% -4%
NORCEE
Germany 101 257 28% 28% +4%
Switzerland 21 212 10% 9% -6%
Belgium 14 162 6% 8% +31%
Central & Eastern 114 19 37 66% 86%(a) +39%
Europe
ASIA PACIFIC
Japan 94 241 23% 28% +8%
Australia/New-Zealand 24 33 166 14% 41%(a) -33%
Hong Kong 40 71 35% 36% +25%
South East Asia & 64 56 59% 54% +58%
China
MedLA 79 347 6 17% 18% +43%
Spain 9 45 4 5% 17% +267%
Italy 65 227 2 24% 22% +32%
Other(b) 4 75 4% 5% +53%
Total 1,573 2,514 546 38% 38% -4%
(a) Reclassification of products.
(b)Portugal, Greece, Turkey, Mexico and Morocco.
APPENDIX 3: AXA Group IFRS Revenues in local currency - Discrete
quarters /
(In million local currency 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10
except Japan in billion)
Life & Savings
United States 4,197 3,257 2,670 2,962 3,084 3,174 3,138
France 4,012 4,012 3,623 4,694 3,824 3,502 3,500
NORCEE
of which Germany 1,516 1,540 1,829 1,810 1,696 1,786 1,628
of which Switzerland 4,188 922 749 838 4,325 899 868
of which Belgium 534 514 603 865 731 605 549
of which Central &
Eastern Europe 115 113 116 124 119 118 123
United Kingdom 556 599 620 705 605 612 417
Asia Pacific
of which Japan 174 188 167 176 154 210 154
of which Australia/New-Zealand 918 607 586 606 559 646 544
of which Hong Kong 3,178 3,099 3,317 3,407 3,368 3,493 3,659
MedLA 1,417 1,532 1,471 2,053 2,355 1,879 1,464
Property & Casualty
NORCEE
of which Germany 1,619 587 699 596 1,584 593 692
of which Switzerland 2,686 260 162 144 2,645 256 182
of which Belgium 648 513 491 479 634 504 479
France 1,864 1,224 1,346 1,250 1,902 1,279 1,375
MedLA 1,725 1,678 1,403 1,891 1,745 1,693 1,469
United Kingdom & Ireland 881 952 891 757 872 978 902
Asia 212 205 206 191 243 258 279
Canada 385 530 484 452 404 560 528
International Insurance
AXA Corporate Solutions Assurance 900 355 343 332 933 338 326
Others, including AXA RE 279 196 234 221 279 212 208
Asset Management
AllianceBernstein 610 624 667 731 701 712 685
AXA Investment Managers 295 284 284 325 302 303 263
Banking & Holdings 78 89 91 80 90 97 87
APPENDIX 4: 9M10 Property & Casualty revenues contribution &
growth by business line /
Property & Casualty revenues - contribution & growth by business line
in % Personal Motor Personal Non-Motor
% Gross Change on % Gross Change on
revenues comp. basis revenues comp. basis
France 33% +5% 28% +5%
United Kingdom (a) 26% +35% 35% +0%
NORCEE 33% +1% 24% -1%
Of which 31% -1% 34% -3%
Germany
Of which 30% +2% 21% +3%
Belgium
Of which 36% +1% 15% +2%
Switzerland
MedLA 45% -0% 21% +7%
Of which 51% -7% 25% +5%
Spain
Of which 60% +1% 29% +7%
Italy
Of which 32% +10% 13% +11%
other (b)
Canada 38% +5% 20% +10%
Asia 72% +5% 8% +22%
Total 36% +5% 25% +3%
APPENDIX 4. cont.
Property & Casualty revenues - contribution & growth by business line
in % Commercial Motor Commercial Non-Motor
% Gross Change on comp. % Gross Change on comp.
revenues basis revenues basis
France 8% +0% 31% -1%
United 7% +7% 33% -13%
Kingdom (a)
NORCEE 7% +1% 33% -4%
Of which 7% +2% 22% -2%
Germany
Of which 12% -1% 37% -8%
Belgium
Of which 4% +0% 45% -3%
Switzerland
MedLA 10% -5% 25% -6%
Of which 7% -22% 18% -7%
Spain
Of which 1% -27% 10% -3%
Italy
Of which 17% +4% 38% -6%
other (b)
Canada 7% +7% 36% +5%
Asia 5% +15% 17% +1%
Total 8% +0% 30% -5%
(a) Including Ireland.
(b) Portugal, Greece, Turkey, Mexico, Gulf region and Morocco.
APPENDIX 5: 9M10 Property & Casualty price increases /
Property & Casualty price increases by country and business line
In % Personal Commercial
France +4.0% +3.4%
Germany +0.1% -0.1%
United Kingdom & +9.8% +3.4%
Ireland
Switzerland -0.6% -1.1%
Belgium +2.0% 0.0%
Canada +5.5% +1.3%
MedLA +3.1% +2.9%
Total +3.4% +2.0%
APPENDIX 6: Life & Savings New Business Volume (APE), Value
(NBV) and NBV to APE margin /
APE, NBV & NBV margin - main countries, regions and modelled businesses
9M09 9M10 Change on a 9M09 9M10
APE APE comparable basis NBV NBV
in Euro million
United States 770 741 -7.4% 34 83
France 1,120 996 -11.1% 94 92
United Kingdom 711 737 +5.9% 80 76
NORCEE 841 938 +4.0% 167 187
Germany 342 358 -0.0% 47 43
Switzerland 208 233 +4.1% 69 78
Belgium 174 176 +1.7% 27 26
Central & Eastern Europe 118 171 +17.7% 24 40
ASIA PACIFIC 733 789 -1.8% 350 402
Japan 380 335 -13.3% 228 241
Australia/New-Zealand 198 223 -10.4% 27 30
Hong Kong 89 111 +20.0% 57 77
South East Asia & China 66 120 +61.3% 37 55
MedLA 332 431 +30.0% 50 70
Spain 58 58 +1.1% 7 10
Italy 208 294 +41.5% 33 47
Other(a) 67 79 +18.6% 10 13
TOTAL 4,508 4,632 -0.5% 775 911
APPENDIX 6 cont.
APE, NBV & NBV margin - main countries, regions and modelled businesses
Change on a 9M10 Change on a
comparable basis NBV/APE margin comparable
basis
in Euro million
United States +132.5% 11.2% +6.8 pts
France -2.0% 9.3% +0.9 pt
United Kingdom +1.8% 10.3% -0.4 pt
NORCEE +1.8% 19.9% -0.4 pt
Germany -16.8% 11.9% -2.4 pts
Switzerland +4.3% 33.5% +0.1 pt
Belgium -1.9% 14.8% -0.5 pt
Central & Eastern Europe +32.3% 23.5% +2.6 pts
ASIA PACIFIC +8.9% 51.0% +5.3 pts
Japan +3.8% 71.8% +11.8 pts
Australia/New-Zealand -11.3% 13.6% -0.1 pt
Hong Kong +29.2% 68.9% +4.9 pts
South East Asia & China +26.7% 45.6% -12.3 pts
MedLA +40.9% 16.3% +1.3 pts
Spain +56.9% 17.7% +6.3 pts
Italy +43.3% 15.9% +0.2 pt
Other(a) +23.6% 16.9% +0.7 pt
TOTAL +13.0% 19.7% +2.4 pts
(a)Portugal, Greece, Turkey, Mexico and Morocco.
APPENDIX 7: 3Q10 Main Press Releases /
- 08/04/2010 Half Year 2010 Earnings - Confirmation of AXA's
operating model strength
- 08/04/2010 Appointments (François Pierson, Nicolas Moreau,
Paul Evans)
- 08/06/2010 AXA and BNP Paribas to renew their 2005 agreement
- 08/09/2010 Update on the AXA APH transaction - ACCC to
conduct market enquiries
- 08/09/2010 Extension of AXA APH proposal following ACCC
announcement to conduct market enquiries
- 08/24/2010 AXA launches its 2010 employee share offering
(Shareplan 2010)
- 09/09/2010 AXA comments on ACCC decision
- 09/14/2010 AXA comments on NAB decision
- 09/15/2010 AXA has completed the sale of part of its UK life
& savings operations
- 10/13/2010 George Stansfield, AXA Group General Counsel, is
appointed Head of Group Human Resources in addition to his current
responsibilities and joins AXA's Executive Committee
Please refer to the following web site address for further
details:
www.axa.com/en/press/pr/
APPENDIX 8: 3Q10 operations on axa shareholders' equity and debt /
Shareholders' Equity
No significant operation.
Debt
No significant operation.
APPENDIX 9: next main investor events /
- 11/16/2010 Investor Day
- 02/17/2011 Full Year 2010 Earnings
About AXA
AXA Group is a worldwide leader in Financial Protection. AXA's
operations are diverse geographically, with major operations in Europe, North
America and the Asia/Pacific area. For full year 2009, IFRS revenues amounted
to Euro 90.1 billion and IFRS underlying earnings to Euro 3.9 billion. AXA
had Euro 1,015 billion in assets under management as of December 31, 2009.
The AXA ordinary share is listed on compartment A of Euronext
Paris under the ticker symbol CS (ISIN FR0000120628 - Bloomberg: CS FP -
Reuters: AXAF.PA). AXA's American Depositary Share is also quoted on the OTC
QX platform under the ticker symbol AXAHY.
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 Référence for the year ended
December 31, 2009, 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.
Relations investisseurs AXA : Relations presse AXA : Mattieu Rouot : +33-1-40-75-46-85 Emmanuel Touzeau: +33-1-40-75-46-74; Gilbert Chahine: +33-1-40-75-56-07 Armelle Vercken: +33-1-40-75-46-42; Sylvie Gleises: +33-1-40-75-49-05 Sara Gori: +33-1-40-75-58-06; Thomas Hude: +33-1-40-75-97-24 Guillaume Borie: + 33-1-40-75-49-98; Helene Caillet: +33-1-40-75-55-51; Solange Brossollet: +33-1-40-75-73-60; Actionnaires individuels AXA : +33-1-40-75-48-43
Tags: AXA, France, October 28, Paris
