Annual / Semi-annual report Annual Results(02/22/2024)

C O N T E N TS

	CERTAIN PRELIMINARY INFORMATION ABOUT THIS ANNUAL REPORT	1
	Chairman and Chief Executive Officer's Message	3
1	Strategic orientations	4
THE AXA GROUP	11
1.1	Key figures	12
1.2	History	17
1.3	Business overview	19
2	ACTIVITY REPORT AND CAPITAL MANAGEMENT	27
2.1	Operating Highlights	28
2.2	Market Environment	35
2.3	Activity report	41
	2.4	Liquidity and capital resources	60
	2.5	Events subsequent to December 31, 2023	67
3	2.6	Outlook	69
CORPORATE GOVERNANCE	71
3.1	Corporate governance structure	72
3.2	Executive compensation and share ownership	104
3.3	Corporate governance Code of reference	138
4	3.4	Related party transactions	139
SUSTAINABILITY			143
SNFP
4.1	AXA Group's sustainability strategy	144
4.2	Employer responsibility	153
4.3	Climate change and biodiversity loss	165
	4.4	Inclusive insurer	191
	4.5	Business behavior	198
	4.6	Vigilance plan	203
	4.7	Transversal information	214

4.8 Report by one of the Statutory Auditors, appointed as an independent third party, on the consolidated non-financial information statement included in the Group

SNFP

refers to the Statement of Non-Financial Performance (Déclaration de performanceextra-financière).

In this Annual Report, unless provided otherwise, (i) the "Company", "AXA" and "AXA SA" refer to AXA, a société anonyme (a public limited company) organized under the laws of France, which is the publicly traded parent company of the AXA Group, and (ii) the "AXA Group", the "Group" and "we" refer to AXA SA together with its direct and indirect consolidated subsidiaries.

The Company's ordinary shares are referred to in this Annual Report as "shares", "ordinary shares", "AXA shares" or "AXA ordinary shares". The principal trading market for AXA's ordinary shares is the regulated market Euronext in Paris (Compartment A), which we refer to in this Annual Report as "Euronext Paris".

The Group's 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 "€").

AXA has started applying IFRS 17 - Insurance Contracts and IFRS 9 - Financial Instruments effective January 1, 2023, as detailed in

Section 6.6 - Note 1.2.1.1 "IFRS 17 - Insurance Contracts and IFRS 9 - Financial Instruments" of this Annual Report. In this Annual Report, unless provided otherwise, "restated" refers to the comparative period that was restated under IFRS 17 and IFRS 9.

Unless otherwise stated, all amounts in this Annual Report are

1. expressed in Euro, with applicable foreign exchange rates presented on page 36 of this Annual Report, and(ii) presented in millions for convenience. Such amounts may have been rounded. Rounding differences may exist, including for percentages.

Where reference is made to a website in this Universal 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 (www.axa.com) or any other source shall form part of this Universal Registration Document, unless such information, document or material is expressly incorporated by reference into this Universal Registration Document.

This Annual Report may include statements with respect to future events, trends, plans, expectations or objectives and other forward- looking statements relating to the Group's future business, financial condition, results of operations, performance, and strategy. Forward-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 Management's current views and assumptions 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 differ materially from those expressed or implied in such forward-looking statements, due to a number of factors including, without limitation, general economic and political conditions and competitive situations; 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; mortality and morbidity levels and trends; persistency levels; changes in laws, regulations and standards; the impact of acquisitions and disposals, including related integration issues, and reorganization measures; and general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of catastrophic

events, including weather-related catastrophic events, pandemics, terrorist-related incidents or acts of war. Please refer to Section 5 "Risk Factors and Risk Management" of this Annual Report for a description of certain important factors, risks and uncertainties that may affect AXA's 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 required 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 Group's operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding the Group's 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 result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Consolidated Financial Statements included in Section 6 "Consolidated Financial Statements" of this Annual Report. The non-GAAP financial measures used by the Group are defined in the Glossary set forth in Appendix IV to this Annual Report.

Despite the significant increase in overall risks, AXA once again demonstrated its strength, dynamism, and the relevance of its purpose in 2023: to "Act for human progress by protecting what matters".

2023 also marked the end of a strategic cycle for AXA with the closure of our "Driving Progress 2023" plan and the completion of an intense transformation. Over the past few years, the Group has undergone a significant refocusing on technical risks, built its global leadership in large corporate risks through the acquisition of XL, and strengthened its positions in high-potential markets. This new, refocused, and simplified AXA is now perfectly positioned to engage in the next phase of accelerating its development by combining technical excellence with proximity to its clients.

This transformation has enabled us to achieve an excellent financial performance throughout the plan. The Group has achieved, or exceeded, its key objectives, with specifically an annual growth in earnings per share of 9% and a retuon equity of nearly 15%. This performance is confirmed in the strength of our latest annual results with a 3% increase in activity to €103 billion and a 6% increase in operating profit to €7.6 billion despite a challenging environment.

With a Solvency II ratio of 227% as of December 31, 2023, the Group has once again demonstrated the strength of its balance sheet. This allows us to continue an attractive capital management policy for our shareholders, accelerated this year with the announcement of a new share buyback plan of €1.6 billion.

Building on these good results, we unveiled our new "Unlock the Future" plan in early 2024, which sets AXA's strategic priorities for 2026. This will enable us to realize the full potential of our market positioning, with ambitions for organic growth in our key businesses, both for our corporate and individual clients. We will achieve this by further strengthening our technical excellence and through an ambitious digital transformation strategy.

This plan will also confirm our longstanding commitments to sustainable development and corporate responsibility. In the face of the growing risks of climate change, we remain convinced of the crucial role of our industry in helping our clients protect themselves, but also in supporting them in their own adaptation with a dedicated entity, AXA Climate. We will also continue to pay particular attention to the most vulnerable populations. In this spirit, our goal is to significantly develop our inclusive insurance offerings to enable everyone to have access to insurance coverage. Wherever we are present, we will continue to act with conviction and responsibility to give everyone the means to protect themselves.

Finally, we would like to acknowledge the exceptional work of our 147,000 employees, agents, and partners who once again this year demonstrated remarkable commitment to serving our clients. Their passion and dedication are our greatest strength and an immense source of pride for us.

Antoine Gosset-Grainville

Chairman of the Board of Directors

Thomas Buberl

Chief Executive Officer

In 2023, the market context was characterized by a persistently high level of uncertainty. The emergence of a new crisis in the Middle East, along with the ongoing conflict between Russia and Ukraine, led to increased geopolitical tensions, resulting in volatility in energy prices and new disruptions to supply chains. The financial sector, particularly the banking sector in the US and in Switzerland, faced unexpected turmoil (Credit Suisse, US regional banks). Additionally, natural catastrophes occurred with great frequency and severity on a global scale. Nevertheless, inflation stabilised in most economies, and interest rates began to decrease during this period. In this context, the insurance industry demonstrated resilience but is still facing a range of both threats and opportunities:

• macroeconomic and geopolitical environments remain volatile: (i)ongoing conflicts in Ukraine and the Middle East as well as tensions between the US and China posing a threat to global stability, (ii) major general elections in the US, in the European Union and other large economies (Indonesia, South Korea) which may accelerate global fragmentation,
• 1. uncertain growth outlook in certain large economies (Europe and China),(iv) persistent inflation and tightened monetary and credit conditions which may trigger risk of recession, and
  1. impacts from climate change;
• continuing pressure on the insurance industry: (i)lower purchasing power for individual clients and deteriorating growth prospects impacting corporate clients, (ii) rising claims frequency and cost, particularly medical inflation as well as transfer of spending from public to private (health sector) challenging profitability, even after raising prices, (iii) increased frequency and severity of global risks (natural events, cyber), and
• 1. increasing complexity and cost associated with regulation;
• growth opportunities: (i) new insurance needs from customers (natural event coverage, cyber); (ii) higher interest rates and equity markets stability supporting competitiveness of Life & Saving offer versus banking products to attract investment cash flows, (iii) rising demand for Health and Protection insurance, accelerated by ageing population in mature countries and public sector disengagement, and (iv) technology & data, particularly Generative AI, driving differentiation across the business, from pricing, claims management, to customer service and optimizing operations.

AXA faces this challenging context from a position of strength, having successfully delivered on its plan "Driving Progress

2023" across its strategic priorities:

• expand Health and Protection: (i) solid growth in Health revenues with an increase(1)of 5% over the plan, (ii) scale-upof our Health operations in Europe with the acquisition of Laya, leader of the Irish Health market with ca. 28% market share, ca. €800 million of premiums and close to 700,000 customers, and (iii) development of more inclusive offers and products, particularly in Protection, for our customers;
• simplify customer experience and accelerate efficiency:
• 1. excellence in customer experience, surpassing NPS(2) targets across all lines of business, (ii) strong productivity gain achieved despite significant inflationary headwinds with Group Non- commission expenses ratio decreasing by -0.7 pts over the plan, (iii) significant step forward on digitalisation of customer journeys with an increase of +30 pts from 2020 to 2023, and
  1. deployment of AXA Secure GPT to enable enterprise-wide use of the Generative AI technologies;

• strengthen underwriting performance: (i) Property & Casualty combined ratio of 93.2% in 2023 down-4.4pts from 2022, seizing favourable pricing environment and improving technical excellence, (ii) successful technical strengthening of AXA XL with 90.4% Property & Casualty combined ratio achieved in 2023, and (iii) deployment of the Digital Commercial Platform, adata-drivenandcustomer-centricplatform that enables the Group to offer innovative solutions to its clients;
• sustain our leading climate position: (i) reaffirmation of AXA's leading climate position and commitment to align its business with the COP21 Paris Agreement, (ii) announcement of new targets for 2030 to drive the decarbonization for both its insurance and investments portfolios, and (iii) continue to support the climate transition, namely with the development of climate training (e.g. AXA Climate Academy), green investments of €29.9 billion as of end of 2023 and the signing in 2023 of aten-yearVirtual Power Purchase Agreement (VPPA) with IGNIS(3);
• optimization of cash efficiency across the Group:
• 1. achievement of a cash remittance of €6.5 billion in 2023,
  2. further in-force management initiatives with €10 billion general account reserve reduction in France through a reinsurance agreement for an in-force Savings portfolio at AXA France, and (iii) successful execution of €1.1 billion share buy-back program in 2023 reflecting the strength of AXA balance sheet and demonstrating its financial discipline.

… while meeting or exceeding its main financial objectives:

• underlying Earnings per share(4)average yearly growth at 9% over2020-2023(vs.3-7%target range);
• retuon equity at 14.9% in 2023 (vs. 13-15% target range);
• cumulatedcash remittance of €16.4 billion (vs. €14 billion target);
• Solvency II ratio (5) at 227% at year-end 2023 (vs. 190% target level).

Following the successful completion of its "Driving Progress 2023" plan, the new strategic plan "Unlock the Future" will aim at strengthening and growing the Group's core businesses:

• driving profitable organic growththrough selective expansion in our core businesses and growing distribution;
• scaling technical excellenceby using data analytics to improve pricing, claims, and risk selection, and expanding prevention services;
• delivering operational excellencethrough automation, offshoring, and use of data and AI.

Over the period 2024-2026, AXA will seek to deliver profitable organic growth and scale technical excellence across each of its businesses, Property & Casualty Commercial lines, Employee Benefits and individual Health, and Retail Property & Casualty and Life & Savings, while driving operational excellence across its entire organization.

In P&C Commercial lines, AXA will aim to deliver above nominal GDP (6) revenue growth driven by structural portfolio growth reflecting continued demand from corporates, and leveraging its global scale, product capabilities, and diversified distribution. The Group will seek to expand in Property & Casualty mid-market, including in white spaces in Europe where the Group can grow its market share, and through selective initiatives in the US, and

to address emerging risks such as Cyber and energy transition. The Group will focus on disciplined cycle management at AXA XL and leverage use of data analytics to strengthen SME and mid- market pricing and risk selection capabilities in order to sustain its technical excellence. The Group will also leverage proprietary risk consulting services to drive higher customer loyalty and margin, by integrating its Digital Commercial Platform across entities.

In Employee Benefits and Individual Health, the Group has built a global franchise combining strong local market positions and international businesses, with distinct, proven, and scalable capabilities, including global dataset, distribution, and comprehensive product offerings. The Group will target above nominal GDP revenue growth, focusing on growing its most profitable segments around its Employee Benefits offering for SME, International Private Medical Insurance, and individual customers. The Group will also continue to drive technical excellence by scaling its proprietary assets across pricing and claims management while accelerating its innovative service proposition.

In Retail Property & Casualty and Life & Savings, AXA is well- positioned to capture value, building on customer proximity, deep local expertise, and Group technology capabilities. The Group will target revenue growth in line with nominal GDP across its mature markets, with faster growth in Property & CasualtyNon-Motorand Retirement. Growth is expected to be driven by expanding distribution capabilities, including by increasing our agent network size selectively and improving agent productivity, and by increasing wallet share within our existing customer base, capitalizing on high customer satisfaction. In Property & Casualty, the Group expects profitability to improve, benefiting from pricing actions. The Group will leverage its dynamic pricing models, procurement initiatives, and computable contracts to further strengthen technical margin. In Life & Savings, AXA will focus on enhancing itshigh-qualitymix, through innovativecapital-lightsavings products(7)in Europe, supported by AXA IM expertise.

AXA will maintain its focus on operational excellence, by scaling existing capabilities across automation, shoring, and data and AI, building on productivity gains achieved through "Driving Progress 2023". The Group intends to take a systematic approach to automation with end-to-endstraight-through processing and scale its well-established shoring capabilities; proven high-value

1. Compounded annual growth rate, 2020-2023.
2. NPS refers to Net Promoter Score.
3. IGNIS is a Spanish integrated renewable energy group.

data & AI use cases will also be scaled, with additional business uplift through Generative AI.

In addition, the new strategic plan includes the following main financial targets:

• underlying earnings per share compounded annual growth rate over 2023 to 2026 estimated between 6% and 8%;
• underlying retuon equity between 14% and 16% over 2024 estimated to 2026 estimated; and
• over €21 billion cumulative organic cash upstream over 2024 estimated to 2026 estimated.

Underlying earnings growth is expected to be driven by strong operating performance across our lines of business as well as a recovery in UK Health and margin improvement in Property and Casualty Retail. Earnings growth is expected to be achieved even after taking into account headwinds from (i) the unwind of the discount (8) in Property and Casualty, (ii) lower interest rates compared to 2023 average levels, (iii) claims inflation only expected to normalize by 2025, (iv) moderation of Property and Casualty Commercial line pricing (v) a higher Nat Cat load (9), and

1. the introduction of the OECD tax reform.

The Group has increased its underlying retuon equity target, reflecting the high quality of its businesses, which is expected to drive book value growth.

The Group has significantly increased its ambition of cumulative cash upstream from €14 billion between 2021 and 2023 to above €21 billion over 2024 to 2026. The Group aims to achieve an organic cash remittance ratio (10) of approximately 80% over 2024 to 2026, with all businesses expected to deliver excellent remittance levels.

The Group also expects to continue to operate with its Solvency II ratio (11)at a high level, benefiting from 25 to 30 points of normalized Solvency II operating capital generation per annum, and limited sensitivity to interest rates and very adverse shocks (12).

The Group intends to maintain a stable debt stock, with flexibility within its Debt Gearing target of 19 to 23 points.

Finally, as part of the new strategic plan, AXA formalized a new capital management policy in its press release entitled "AXA announces its 2024-2026 strategy, setting ambitious new financial targets", available on axa.com.

Our resources →

Relational capital

nel

94 millioncustomersWe serve both corporate and individual customers.

Our purpose →

"Actfor humanprogressbyprotectingwhatmatters"

147,000emmployees,agenntsandparrtners

Our workforce's diverse range

of profiles and professions enables AXA to be effective and innovative. 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 bondholders.

Stakeholder capital

We work with external service providers and authorities.

Social and environmental capital

We're putting financial inclusion and the climate transition at the core of our strategy, with a commitment to bringing value to all our stakeholders over the long term.

Our balanced position →

P&C

Protecting the tangible and intangible assets

of individuals and companies.

Life & Health

Protecting our customers' health and funding their projects.

B r e a k d o w n o f r e v e n u e s

f r o m i n s u r a n c e

p r e m i u m s

20%15%

Individuals - 50%Companies -50%

Asset management

Financing the real economy and major transitions.

Our value creation and sharing in 2023 →

Forour c ustomeers

• More than €50Bnin payments made to our customers
• €450Bn devoted to handling climate disasters in France
• 14M customers covered by inclusive protection

Forour w orrkforce

• €8.6Bn in wages and bonuses paid
• 17,000recruitments in the world
• eNPS:40 points

Forrouurshaareholdeers

• €3.8Bn in dividends paid to close to 300,000 shareholders
• ~30% employee shareholders (4.4 % of the capital)

Foor theeconommyandsocciety

• More than€30Bn invested in the economy annually
• €11.7Bn paid in taxes and social security contributions of which36%paid in France
• €23.5Bn of donations worldwide
• 79,482acts

of volunteer work

• €256M allocated since 2008 to scientific research through the AXA Research Fund

Our strategy →

Unlock

the Future

Drivinghigher

growth

Scalingouroperationalandtechnicalexcellence

Expanding

ourrole in society

Care & Dare

Rigorous

management

of capital

Our financial targets →

Undderlyingearnings persharee

+6% to 8%

per year between 2023 and 2026

Undderrlyiing retu rnonnequityy

14% to 16%

from 2024 to 2026

Cummulative cashhremittannce

>€21Bn

from 2024 to 2026

Paayyoutrati o

75%

of underlying earnings per share, including:

60%

from dividends (with dividend per share at least equal to prior year) and

15% from an annual share buy-back program