Press release 9M Activity Indicators(11/02/2023)

KEY HIGHLIGHTS

9M23 key highlights

Key figures (in Euro billion, unless otherwise noted)

Total gross written premiums and other revenues1were up 2%, driven by (i) Property & Casualty (+7%), with growth in Commercial lines2(+9%) from continued favorable price effects8across all geographies as well as higher volumes notably in Europe and AXA XL Insurance, and in Personal lines (+5%), driven by favorable price effects in Motor, partly offset by Natural Catastrophe exposure reduction at AXA XL Reinsurance(-3%).This was partly offset by (ii) Life & Health (-2%),with stable premiums in Life, as growth in Protection (+3%) and G/A4Savings (+5%), reflecting higher sales of G/Acapital-lightproducts, was offset by lower sales ofUnit-Linkedproducts(-13%),and lower premiums in Health(-7%)following the non- renewal of two large legacy international Group contracts, and (iii) Asset Management (-2%),from lower management fees, reflecting a lower average asset base due to unfavorable market conditions.

Solvency II ratio3 was 230% as of September 30, 2023, down 5 points versus June 30, 2023, mostly due to (i) the early redemption of subordinated debt9 (-4 points), and (ii) unfavorable impacts from financial markets (-3 points) mainly due to lower equity markets and higher implied volatility. This was partly offset by a strong operating retu(+7 points), net of accrued dividend for 3Q23 (-4 points).

Outlook10: The Group expects to maintain its good operating performance and affirms that it is on track to meet its 2023 underlying earnings target of above Euro 7.5 billion for the year. It also expects, however, some headwinds from higher health claims frequency in the UK, continued elevated lapses in Italy, and natural catastrophe activity in the third quarter.

Management does not expect any additional debt issuances for the remainder of the year, considering the strong capital position of the Group and current market conditions. Consequently, total debt at year-end is expected to remain broadly stable versus last year.

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LINES OF BUSINESS

Property & Casualty

Gross written premiums & other revenues were up 7% to Euro 41.8 billion.

• Commercial lines premiums increased by 9% to Euro 25.8 billion, driven by (i) AXA XL Insurance (+6%) reflecting disciplined growth in Property and Specialty lines, partly offset by challenging pricing conditions in North America Professional lines and a prudent underwriting stance on International Casualty, (ii) Europe (+8%) both from favorable price effects and higher volumes, (iii) Asia, Africa & EME-LATAM (+31%) mostly driven by Turkey, and (iv) France (+8%) mostly from favorable price effects.
• Personal lines premiums increased by 5% to Euro 13.9 billion, driven by Motor (+7%), reflecting favorable price effects with further improvement in the third quarter across all countries, with the exception of Switzerland where pricing was stable, and by Non-Motor (+3%), from favorable price effects, in particular in Europe, partly offset by lower volumes.
• AXA XL Reinsurance premiums decreased by 3% to Euro 2.1 billion, driven by lower premiums in Property Catastrophe reflecting a reduction in exposure, in line with the Group's strategy, partly offset by favorable pricing. Casualty and Specialty premiums were higher, mostly from favorable price effects.

As of the end of September, despite elevated natural catastrophe experience in the third quarter, the Group was still on track to be within its budget of 4 points of combined ratio11 for the year. The Group currently estimates its loss from Hurricane Otis which made landfall in Mexico in October, to be ca. Euro 0.2 billion12 before tax and net of reinsurance.

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LINES OF BUSINESS

Life & Health

Gross written premiums & other revenues were down 2% to Euro 35.7 billion.

• Life premiums were stable, with higher sales of capital-light G/A Savings products (+12%), driven by the continued success of Eurocroissance in France, as well as growth in Protection (+3%), notably in Japan and also in Hong Kong from higher sales to Mainland China visitors, offset by lower premiums in Unit-Linked(-13%) due to challenging market conditions, notably in France and Italy, albeit with some recovery in the third quarter, and lower sales of traditional G/A products (-13%), in line with the Group's strategy.
• Health premiums decreased by 7% following the non-renewal of two large legacy international Group contracts in France. Excluding the impact of those two large contracts, Health premiums increased by 7%, with continued growth across all geographies mostly from price effects.

Present value of expected premiums (PVEP)1,13,14 was down 8% to Euro 33.0 billion, driven by the impact of higher interest rates despite higher volumes, notably in Hong Kong and in France, as well as a favorable change in persistency assumptions in Health in France.

NBV(post-tax)1,13,14 was down 4% to Euro 1.7 billion. NB CSM(pre-tax)13,14,15 was up 2% to Euro 1.7 billion, driven by Health (+20%), mainly from Europe, and by G/A Savings (+8%), notably from a favorable change in business mix towards the Eurocroissance product in France, partly offset by Protection (-4%) mainly in Switzerland. Other NBV excluding NB CSM(pre-tax) was down 21% to Euro 0.5 billion, mainly driven by France due to lower volumes in Protection and by Switzerland from lower fees.

NBV margin1,13,14 increased by 0.2 point to 5.1%, mainly driven by favorable market conditions, partly offset by the impact of assumption changes.

Net flows14 amounted to Euro -2.9 billion, driven by (i) G/A Savings (Euro -6.8 billion) reflecting outflows in traditional G/A across all geographies, in line with the Group's strategy, as well as (ii) Unit-Linked (Euro -0.6 billion), primarily in Italy. This was partly offset by (iii) Protection (Euro +3.1 billion), mostly in Hong Kong and Japan, and (iv) Health (Euro +1.4 billion), mainly in Germany, Japan, and Hong Kong.

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LINES OF BUSINESS

Asset Management

Average assets under management16 decreased by 5% to Euro 736 billion, reflecting unfavorable market effects in 2022.

Asset Management net flows were negligible, with strong inflows from third-party clients (Euro +11 billion) in AXA IM Core (Euro +8 billion) and AXA IM Alts (Euro +4 billion), primarily in real estate funds, and from Asian JVs (Euro +1 billion), offset by outflows from AXA Insurance companies (Euro -13 billion).

Asset Management revenues decreased by 2% to Euro 1.2 billion, mainly driven by lower recurring fees due to a decrease in average assets under management.

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RATINGS AND GLOSSARY

Ratings

Glossary

• Asset Management net inflows: Net inflows represent inflows of client money less outflows of client money. Net inflows are used by the Management to measure the impact of sales efforts, product attractiveness (mainly dependent on performance and innovation), and the general market trend in investment allocation.
• Assets under management ("AUM"): the assets the management of which has been delegated by their owner to an asset management company such as AXA Investment Managers. AUM only includes funds and mandates which generate fees and exclude double counting.
• Average assets under management ("Average AUM"): a measure of assets during the period taking into account net flows, market effect and foreign exchange to compute the year-to-date average. It also excludes assets held in joint venture companies which are consolidated under the equity method.
• Capital-LightG/A Products: encompass all products with no guarantees, with guarantees at maturity only, or with guarantees equal to or lower than 0%.
• Contractual Service Margin ("CSM"): a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit to be recognized as services are provided to policyholders.
• Gross Written Premiums and Other Revenues: insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. services, asset management, and banking activities).
• New Business Contractual Service Margin ("NB CSM"):a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit to be recognized as insurance contract services are provided.
• New Business Value ("NBV"): the value of newly issued contracts during the current year. It consists of the sum of
  (i) the New Business Contractual Service Margin, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period, carried by Life entities, considering expected renewals, and (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes, and (vi) minority interests.

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RATINGS AND GLOSSARY

• New Business Value Margin ("NBV Margin"): the ratio of (i) New Business Value representing the value of newly issued contracts during the current year to (ii) PVEP.
• Present Value of Expected Premiums ("PVEP"): the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term. PVEP is net of reinsurance and presented group share.

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SCOPE AND EXCHANGE RATES

Scope

France: includes insurance activities, banking activities and holdings.

Europe: includes Switzerland (insurance activities), Germany (insurance activities and holding), Belgium (insurance activities and holding) and Luxembourg (insurance activities and holding), United Kingdom and Ireland (insurance activities and holding), Spain (insurance activities), Italy (insurance activities), and AXA Life Europe (insurance activities). AXA XL: includes insurance and reinsurance activities and holdings.

Asia, Africa &EME-LATAM: includes (i) insurance activities and holding in Japan, insurance activities in Hong Kong, Thailand P&C, Indonesia L&S (excluding the bancassurance entity), China P&C and Malaysia P&C (insurance activities until June 2022 as disposed on August 30 2022), South Korea, and Asia Holding which are fully consolidated, and China L&S, Thailand L&S, the Philippines L&S and P&C, Indonesian L&S and India (L&S insurance activities and holding) bancassurance businesses which are consolidated under the equity method and contribute only to NBV, PVEP, the underlying earnings and net income, (ii) Morocco (insurance activities and holding) and Nigeria (insurance activities and holding) which are fully consolidated, (iii) Mexico (insurance activities), Colombia (insurance activities), Turkey (insurance activities and holding) and Brazil (insurance activities and holding) which are fully consolidated, as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contribute only to the underlying earnings and net income, and (iv) AXA Mediterranean Holding.

Transversal & Central Holdings: includes AXA Assistance, AXA Liabilities Managers, AXA S.A. and other Central Holdings.

AXA Investment Managers: includes AXA Investment Managers, Architas, Capza, and Asian joint ventures accounted for under the equity method.

Exchange rates

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ABOUT THE AXA GROUP

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES

Certain statements contained herein may be forward-looking statements, including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations 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 and can be affected by other factors that could cause AXA's actual results to differ materially from those expressed or implied in such forward looking statements. Please refer to Part 5 - "Risk Factors and Risk Management" of AXA's Universal Registration Document for the year ended December 31, 2022 (the "2022 Universal Registration Document") and "Operating Highlights - Risk Factors" on page 11 of AXA's Half-Year Financial Report as of June 30, 2023 (the "Half-Year 2023 Financial 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, this press release refers to certain non-GAAP financial measures, or alternative performance measures ("APMs"), used by Management in analyzing AXA's operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA'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 Group's consolidated financial statements and related notes prepared in accordance with IFRS. Underlying Earnings and combined ratio are APMs as defined in ESMA's guidelines and the AMF's related position statement issued in 2015. A reconciliation from Underlying Earnings and combined ratio to the most directly reconcilable line item, subtotal or total in the financial statements of the corresponding period is provided on pages 18 and 19 of AXA's Half-Year 2023 Financial Report. The above mentioned and other non-GAAP financial measures used in this press release are defined in the Glossary set forth on pages 36 to 41 of AXA's Half-Year 2023 Financial Report. The treatment of certain non-GAAP financial measures for these purposes may change over time in connection with the development of IFRS 17/9 reporting practices.

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