Full Year 2015 Earnings

Successful delivery on Ambition AXA

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Paris — February 25, 2016

  • Underlying earnings per share up 10% and adjusted earnings per share up 9%
  • Dividend of Euro 1.10 per share, up 16% from FY14, to be proposed by the Board of Directors
  • Solvency II ratio of 205%, up 4 pts from FY14

On a comparable basis (at constant Forex):

  • Total revenues up 1% to Euro 99 billion
  • Life & Savings net inflows at Euro +9.6 billion
  • Underlying earnings up 2% to Euro 5.6 billion
  • Adjusted earnings up 2% to Euro 6.0 billion
  • Net income up 3% to Euro 5.6 billion

“We are pleased to have successfully delivered on Ambition AXA, which has made the Group more resilient, efficient and agile, from the balance sheet to the brand. It has been a collective achievement and I would like to warmly thank our clients for their trust and our teams and distributors for their unwavering commitment”, said Henri de Castries, Chairman and CEO of AXA.

“2015 was yet another year of strong earnings for AXA, with underlying earnings reaching their highest level ever at Euro 5.6 billion. In this context, the Board of Directors is proposing a dividend of Euro 1.10 per share, an increase of 16% versus last year, which corresponds to a payout ratio of 47%, in line with the new guidance of the Group.”

“In Life & Savings, we continued to grow our earnings, benefiting from our disciplined business mix, and notably we preserved our investment margin despite the low rate environment. In Property & Casualty, we maintained our underwriting discipline which translated into a strong technical result. We also continued to see strong positive net flows in Asset Management. Our gearing and solvency ratios remained well within our target range, underlining the strength of our balance sheet.”

“Following the successful completion of Ambition AXA, the Group comes out of the 2011-2015 period stronger than ever despite the headwinds encountered. We remained focused on protecting our clients and in successfully increasing their satisfaction. In order to achieve sustained growth and continue to deliver value for all of our stakeholders, we are actively engaged in multiple initiatives to transform and adapt the Group to the rapid pace of technological change and to the evolving expectations of our clients. This, combined with our financial strength, means we are well positioned to take up this challenge.”

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All comments are on a comparable basis for activity indicators (constant Forex, scope and methodology), and at constant Forex for earnings, unless otherwise specified. Non-GAAP measures such as underlying earnings and adjusted earnings are reconciled to net income on page 20 of this release. AXA’s FY15 financial statements have been examined by the Board of Directors on February 24, 2016 and are subject to completion of audit procedures by AXA’s statutory auditors.

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