9M22 Activity Indicators – Sustained high-quality revenue mix

KEY HIGHLIGHTS

9M22 key highlights

Revenues

Total revenues were up 2%1 driven by (i) Property & Casualty (+3%), with growth in Commercial lines Insurance2 revenues (+6%) from continued favorable price effects, partly offset by Nat Cat exposure reduction at AXA XL Reinsurance (-20%) while Personal lines revenues grew by +4% driven by improved pricing, notably in Europe, (ii) Health (+14%), with continued strong growth across all geographies, and (iii) Asset Management (+2%)4, with higher transaction fees. This was partly offset by (iv) Life & Savings(-6%), as the growth in Protection was more than offset by lower revenues in Unit-Linked, notably from the non-repeat of a large Group contract in France, and in G/A5 Savings mostly in France, Italy and Japan.

Solvency

Solvency II ratio3 was 225% as of September 30, 2022, down 2 points versus June 30, 2022, resulting mainly from

1. an operating returnnet of accrued dividends (+1 point) which includes the impact from elevated Nat Cats (-1 point), more than offset by (ii) negative financial market effects (-3 points) due to increased implied volatility and lower equity performance, partly compensated by higher interest rates.

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LINES OF BUSINESS

Property & Casualty

Total revenues were up 3% to Euro40.7 billion.

• Commercial lines Insurance revenues increased by 6% to Euro 24.4 billion driven by (i) Europe (+7%) andFrance (+8%), both from higher volumes and favorable price effects, (ii) AXA Assistance (+33%), primarily from strong volumes in Travel, and (iii) AXA XL Insurance (+1%), from favorable price effects, partly offset by lower exposure reflecting continued underwriting discipline.
• AXA XL Reinsurance revenues decreased by 20% to Euro 2.9 billion as a result of a strong reduction in Nat Cat exposure, in line with our strategy. This was partly offset by favorable price effects.
• Personal lines revenues were up 4% to Euro 13.3 billion, driven by both higher revenues in non-Motor (+4%), mainly from favorable price effects in particular in Europe, reflecting improved momentum in Belgium, UK & Ireland, and Spain, and Motor (+3%) across all geographies, mostly driven by improving pricing trends in Turkey and Europe.

Hurricane Ian made landfall in the United States on September 28, 2022, impacting the state of Florida and subsequently several Southeastestates of the United States. It is expected to be one of the costliest hurricanes to hit the United States in recent years. Management's preliminary estimate of claims from Hurricane Ian is ca. Euro 0.4 billion, gross of tax and net of reinsurance. This equates to a market share of around 0.7%8 based on a current estimated industry insured loss of ca. USD 60 billion8.

Life & Savings

Total revenues were down by 6% to Euro23.2 billion:

• Protection revenues grew by 3% to Euro 11.7 billion, driven by Asia (+6%), mostly from higher sales of Protection with Unit-Linked products in Japan, and by Europe (+2%), mainly from higher volumes of semi- autonomous Group Life products in Switzerland.
• Unit-Linked revenues were down 12% to Euro 4.8 billion, driven by France (-12%), following the non-repeat of a large Group contract in 1H21 and by Asia (-50%), mostly in Hong Kong, from lower sales due to mobility restrictions.
• G/A Savings revenues declined by 13% to Euro6.5 billion, mainly driven by (i) France (-13%), due to lower sales of traditional G/A products as well as the non-repeat of a large Group contract in 3Q21, partly offset by the continued success of Eurocroissance, (ii) Europe (-12%), mostly in Italy, reflecting lower sales through the banking channel in a continued challenging market environment, and (iii) Asia (-25%), mostly in Japan, following elevated sales of a capital-light G/A9 single premium whole-life product last year.

Net flows10 amounted to Euro +2.9 billion, driven by (i) Health10 (Euro +3.6 billion), with positive net flows across all geographies, (ii) Protection (Euro +3.0 billion), mostly in Asia and France, and (iii) Unit-Linked (Euro +1.6 billion), mostly in France, partly offset by (iv) G/A Savings (Euro -5.2 billion), driven by strong outflows in traditional G/A (Euro -5.3 billion) across geographies, in line with our strategy.

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LINES OF BUSINESS

New Business Value10,11was stable at Euro 1.9 billion, and Annual Premium Equivalent (new business volume)10,11was up 3% to Euro 4.6 billion, mostly driven by Switzerland, notably from higher sales ofsemi-autonomousGroup Life products, and by France, reflecting the expansion of international business in Group Health. NBV margin10,11was down 1.4 points to 41.3%, notably driven by a higher share of Group business in Health.

Health

Total revenues were up 14% to Euro 13.1 billion, with growth across all geographies.

• Group business was up 24% to Euro6.6 billion, mostly driven by strong growth in (i)France (+29%), from higher volumes in international business primarily through partnerships, (ii) Europe (+15%), driven by UK & Ireland from higher volumes and favorable price effects, and (iii) Mexico (+12%), primarily from favorable price effects.
• Individual business was up 5% to Euro 6.4 billion, mainly from (i) Europe (+4%) across all countries, notably in Germany from favorable price effects, (ii) International (+19%), mostly from positive price effects in Mexico and higher average premiums in Turkey, and (iii) France (+11%)from both higher volumes and positive price effects.

Asset Management

From January 1, 2022, the scope of the Asset Management segment also includes Architas.

Total Asset Management revenues increased by 2% to Euro 1.2 billion12, driven by higher transaction fees, partly offset by lower performance and management fees.

Asset Management net inflows amounted to Euro +18 billion, with continued strong inflows from third-party clients in both AXA IM Alts (Euro +5 billion) and AXA IM Core (Euro +5 billion), as well as from Asian JVs (Euro +8 billion).

Average assets under management13 amounted to Euro 760 billion, down-4%, with strong net inflows more than offset by unfavorable market effects in the last nine-month period.

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