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8/4/2019 AXA Financial Supplement 2010
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Full Year 2010 Earnings February 17, 2011
Financial Supplement
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FINANCIAL SUPPLEMENT - TABLE OF CONTENTS
4 Important notes for analysis of numbers6 Earnings summary7 From adjusted earnings to net income / Impact from certain operations8 Consolidated statement of income - AXA
10 Consolidated statement of income - Life & Savings12 Consolidated statement of income - Life & Savings - Other countries14 Consolidated statement of income - Property & Casualty16 Consolidated statement of income - International Insurance18 Consolidated statement of income - Asset Management and Banking20 Consolidated statement of income - Holdings and other companies22 Investment income - Life & Savings
24 Investment income - Life & Savings - Other countries26 Investment income - Property & Casualty28 Investment income - International Insurance30 Underlying operating income under margin analysis format and Expense ratios - Life & Savings32 Underlying operating income under margin analysis format and Expense ratios - Life & Savings - Other countries34 Underlying operating income under combined ratio analysis - Property & Casualty36 Underlying operating income under38 Number of shares (basic and diluted)39 Earnings per share (EPS) (basic and diluted)
40 Consolidated balance sheet: assets41 Consolidated balance sheet: liabilities42 Consolidated shareholders' equity43 Return on equity (ROE)44 Consolidated financial structure45 Intangible assets46 Deferred acquisition costs and equivalent - Life & Savings48 Value of business in force - Life & Savings combined ratio analysis - International insurance50 Invested assets - AXA52 Invested assets - Life & Savings54 Invested assets - Life & Savings - Other countries56 Invested assets - Property & Casualty58 Invested assets - International Insurance60 Unrealized Capital Gains and Losses61 Assets under Management62 AUM Rollforward - Asset Managers64 AUM Breakdown - Asset Managers66 Consolidated insurance reserves: Life & Savings68 Consolidated insurance reserves: P&C and International Insurance
70 P&C reserves ratios71 Internal Rate of Return PayBack Period (year)72 Free Cash Flow Generation73 Quarterly NBV, APE and NBV Margin
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Important notes for analysis of numbers
AXA's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU.Please refer to the glossary at the end of the Management Report for definitions of terms used in this document.
The main changes in the presentation of AXAs consolidated financial statements for the full year 2010 compared to full year 2009 are set out below:
RevenuesUnderlyingEarnings
Change in scope Change in consolidation method FY10 (Euro million)
* Consolidation starting in 1Q10 for Ukraine Property & Casualty (Vesko)that were not consolidated in FY09. 67 0
Changes in scope AcquisitionsFY10 (Euro million)
* On June 22, 2010, AXA completed the buyout of the minority interests held by the European Bank for Reconstruction andDevelopment (EBRD) for an amount of 147 million in Czech Republic and in Hungary (Life & Savings and Pensions Funds). Thoseentities are fully consolidated.
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* On April 30, 2010, AXA completed the acquisition of BHIs to 100% shares. BHI is fully consolidated. BH Insurance (M) Bhd. is a
wholly owned subsidiary of AXA Affin General Insurance (joint venture between AXA SA and Affin Holdings Berhad).44 2
Change in scope Disposals
FY09 (Euro million)
*On September 15, 2010 AXA completed the disposal to Resolution Ltd part of its UK Life operations including UK-based traditionallife and pensions businesses, its IFA protection and corporate pension businesses, and its annuity businesses for a consideration of2.8 billion (or ca. 3.3 billion).
-801 -20
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Closing FX rates Average FX rates
31/12/2009 31/12/2010 FY 2009 FY 2010
USD 1.433 1.342 1.394 1.337
JPY (100) 1.313 1.088 1.296 1.216
GBP 0.888 0.857 0.891 0.861CHF 1.483 1.250 1.510 1.391
HKD 11.112 10.429 10.810 10.384
AUD 1.596 1.309 1.774 1.458
CAD 1.499 1.333 1.586 1.380
TRY (Turkish Lira) 2.137 2.065 2.162 2.013
MXN 19.107 16.547 18.793 16.911
Exchange rates
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INCOME STATEMENT
INTERNATIONAL INSURANCEPeriod ended December 31, 2009
AXA Consolidated(Euro million) Financial Statements
AXA Corporate Solutions Assurance Others Total International
Gross written premiums 1,945 779 2,724
Fees and charges relating to investment contracts with no DPF - - -
Revenues from insurance activities 1,945 779 2,724
of which ceded premiums 848 67 915
Net revenues from banking activities - - -
Revenues from other activities 1 271 272
Gross revenues 1,946 1,050 2,996
Change in unearned premiums reserves net of unearned revenues and fees (2) 21 19
Underlying investment results 189 (53) 136
of which change in fair value of assets with financial risk borne by policyholders - - -
of which realized & unrealized gains & losses on UK with profit assets - - -
of which net investment income 189 (53) 136
of which others - (1) (1)
Total revenues 2,133 1,018 3,150
Claims and benefits (1,620) (319) (1,939)
Net result of reinsurance ceded (12) (72) (84)Banking operating expenses - - -
Insurance acquisition expenses (177) (139) (315)
Amortization of value of purchased life business in force - - -
Administrative expenses and other (116) (279) (395)
Total charges (1,925) (809) (2,733)
Income from operating activities gross of tax expenses 208 209 417
Net income from investments in affiliates and associated - 0 0
Financing activities (3) (1) (4)
Operating income, gross of tax expense 205 208 413
Income tax expense (71) (53) (124)
Minority interests in income or loss (2) (1) (3)
UNDERLYING EARNINGS 132 154 286
Net realized capital gains attributable to shareholders 12 7 19
ADJUSTED EARNINGS 144 161 306
Profit or loss (including change) on financial assets (under Fair Value option) & derivatives 16 5 20
Exceptional operations - 1 1
Goodwill and related intangibles - (1) (1)
Integration and Restructuring costs - - -
Income from discontinued operations - - -
Net income 160 166 326
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INCOME STATEMENT
INTERNATIONAL INSURANCE
Period ended December 31, 2010AXA Consolidated
(Euro million) Financial Statements
AXA Corporate Solutions Assurance Others Total International
Gross written premiums 1,947 789 2,736
Fees and charges relating to investment contracts with no DPF - - -
Revenues from insurance activities 1,947 789 2,736
of which ceded premiums 847 158 1,005
Net revenues from banking activities - - -
Revenues from other activities 3 286 289
Gross revenues 1,951 1,074 3,025
Change in unearned premiums reserves net of unearned revenues and fees 16 15 30
Underlying investment results 186 62 248
of which change in fair value of assets with financial risk borne by policyholders - - -
of which realized & unrealized gains & losses on UK with profit assets - - -
of which net investment income 186 62 248
of which others - - -
Total revenues 2,152 1,151 3,303
Claims and benefits (1,316) (705) (2,021)
Net result of reinsurance ceded (286) 4 (282)
Banking operating expenses - - -
Insurance acquisition expenses (180) (167) (348)
Amortization of value of purchased life business in force - - -
Administrative expenses and other (123) (92) (214)
Total charges (1,905) (960) (2,865)
Income from operating activities gross of tax expenses 247 191 438
Net income from investments in affiliates and associated - 0 0
Financing activities (3) (1) (3)
Operating income, gross of tax expense 245 190 435
Income tax expense (81) (61) (142)
Minority interests in income or loss (2) (1) (3)
UNDERLYING EARNINGS 161 129 290
Net realized capital gains attributable to shareholders 5 48 53
ADJUSTED EARNINGS 166 177 343
Profit or loss (including change) on financial assets (under Fair Value option) & derivatives 26 6 32
Exceptional operations - 3 3
Goodwill and related intangibles - - -
Integration and Restructuring costs - - -
Income from discontinued operations - - -
Net income 192 186 378
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INCOME STATEMENT
ASSET MANAGEMENT AND BANKING
Period ended December 31, 2009AXA Consolidated
(Euro million) Financial Statements
AllianceBernstein AXA Investment Managers Total Asset Management Banking
Gross written premiums - - - -
Fees and charges relating to investment contracts with no DPF - - - -
Revenues from insurance activities - - - -
of which ceded premiums - - - -
Net revenues from banking activities - - - 476
Revenues from other activities 1,973 1,445 3,419 8Gross revenues 1,973 1,445 3,419 484
Change in unearned premiums reserves net of unearned revenues and fees - - - -
Underlying investment results 42 9 50 (2)
of which change in fair value of assets with financial risk borne by policyholders - - - -
of which realized & unrealized gains & losses on UK with profit assets - - - -
of which net investment income 7 (2) 5 (2)
of which others 34 11 45 -
Total revenues 2,015 1,454 3,469 481
Claims and benefits - - - -
Net result of reinsurance ceded - - - -
Banking operating expenses - - - (102)
Insurance acquisition expenses - - - -Amortization of value of purchased life business in force - - - -
Administrative expenses and other (1,665) (1,156) (2,821) (368)
Total charges (1,665) (1,156) (2,821) (470)
Income from operating activities gross of tax expenses 350 298 648 12
Net income from investments in affiliates and associated - (2) (2) -
Financing activities (20) (12) (32) (21)
Operating income, gross of tax expense 331 284 615 (9)
Income tax expense (26) (87) (113) 9
Minority interests in income or loss (120) (26) (147) (2)
UNDERLYING EARNINGS 185 171 355 (2)
Net realized capital gains attributable to shareholders - - - (4)
ADJUSTED EARNINGS 185 171 355 (6)
Profit or loss (including change) on financial assets (under Fair Value option) & derivatives 20 29 49 (8)
Exceptional operations 0 5 5 -
Goodwill and related intangibles - - - (0)
Integration and Restructuring costs - - - (4)
Income from discontinued operations - - - -
Net income 205 204 409 (17)
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INCOME STATEMENT
ASSET MANAGEMENT AND BANKING
Period ended December 31, 2010AXA Consolidated
(Euro million) Financial Statements
AllianceBernstein AXA Investment Managers Total Asset Management Banking
Gross written premiums - - - -
Fees and charges relating to investment contracts with no DPF - - - -
Revenues from insurance activities - - - -
of which ceded premiums - - - -
Net revenues from banking activities - - - 487
Revenues from other activities 2,203 1,482 3,685 7
Gross revenues 2,203 1,482 3,685 494
Change in unearned premiums reserves net of unearned revenues and fees - - - -Underlying investment results 17 29 46 (1)
of which change in fair value of assets with financial risk borne by policyholders - - - -
of which realized & unrealized gains & losses on UK with profit assets - - - -
of which net investment income 6 24 30 (1)
of which others 11 5 16 -
Total revenues 2,220 1,510 3,731 493
Claims and benefits - - - -
Net result of reinsurance ceded - - - -
Banking operating expenses - - - (97)
Insurance acquisition expenses - - - -
Amortization of value of purchased life business in force - - - -
Administrative expenses and other (1,821) (1,374) (3,195) (402)Total charges (1,821) (1,374) (3,195) (499)
Income from operating activities gross of tax expenses 399 136 536 (6)
Net income from investments in affiliates and associated - (2) (2) -
Financing activities (21) (11) (31) (20)
Operating income, gross of tax expense 379 124 503 (25)
Income tax expense (93) (38) (131) 37
Minority interests in income or loss (142) 39 (103) (2)
UNDERLYING EARNINGS 143 125 269 9
Net realized capital gains attributable to shareholders - (5) (5) (3)
ADJUSTED EARNINGS 143 120 264 7
Profit or loss (including change) on financial assets (under Fair Value option) & derivatives 0 20 21 9
Exceptional operations 2 0 2 -
Goodwill and related intangibles - - - (0)
Integration and Restructuring costs (29) (2) (31) (6)
Income from discontinued operations - - - -
Net income 116 139 255 9
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INCOME STATEMENT
HOLDINGS & OTHER COMPANIES
Period ended December 31, 2009AXA Consolidated
(Euro million) Financial Statements
AXA Other French Holdings Foreign Holdings Other companies Total Holdings & Other Companies
Gross written premiums - - - - -
Fees and charges relating to investment contracts with no DPF - - - - -
Revenues from insurance activities - - - - -
of which ceded premiums - - - - -
Net revenues from banking activities - - - 1 1
Revenues from other activities - - - - -
Gross revenues - - - 1 1
Change in unearned premiums reserves net of unearned revenues and fees - - - - -
Underlying investment results 280 2 145 56 483
of which change in fair value of assets with financial risk borne by policyholders - - - - -
of which realized & unrealized gains & losses on UK with profit assets - - - - -
of which net investment income 367 5 146 56 574
of which others (87) (3) (1) (0) (91)
Total revenues 280 2 145 57 485
Claims and benefits - - - - -Net result of reinsurance ceded - - - - -
Banking operating expenses - - - 13 13
Insurance acquisition expenses - - - - -
Amortization of value of purchased life business in force - - - - -
Administrative expenses and other (385) (2) (57) (36) (480)
Total charges (385) (2) (57) (23) (467)
Income from operating activities gross of tax expenses (105) 0 88 34 17
Net income from investments in affiliates and associated - - - - -
Financing activities (840) (2) (480) (0) (1,322)
Operating income, gross of tax expense (944) (2) (392) 34 (1,305)
Income tax expense 342 (22) 188 (6) 503
Minority interests in income or loss 0 0 9 - 9UNDERLYING EARNINGS (602) (24) (194) 28 (793)
Net realized capital gains attributable to shareholders (30) (12) (22) - (64)
ADJUSTED EARNINGS (632) (36) (216) 28 (857)
Profit or loss (including change) on financial assets (under Fair Value option) & derivatives 221 (1) 69 - 288
Exceptional operations (131) - (5) - (136)
Goodwill and related intangibles - - - - -
Integration and Restructuring costs - - - - -
Income from discontinued operations - - 1 - 1
Net income (542) (38) (152) 28 (703)
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INVESTMENT INCOME
LIFE & SAVINGS
Period ended December 31, 2010
AXA Consolidated(Euro million) Financial Statements
FranceUnitedStates
UnitedKingdom
Japan Germany Switzerland Belgium
Mediterranean& Latin
AmericanRegion
OtherCountries
Total Lifeand
Savings
Investment in real estate properties
Net investment income 213 15 71 1 47 175 48 2 15 588
Debt instruments
Net investment income 3,586 1,703 579 726 1,822 828 987 1,078 431 11,741
Equity instrumentsNet investment income 136 (1) 138 12 29 36 60 23 55 488
Loans
Net investment income 96 565 3 38 287 200 32 14 29 1,263
Non controlled investment funds
Net investment income 17 76 0 10 13 46 66 16 4 249
Other investments
Net investment income (excluding unit linked revenues with related derivatives) 121 (614)(*) (32) (47) (40) (98) (33) (16) 38 (721)
Total invested assets
Net underlying investment income (excluding unit linked revenues with relatedderivatives)
4,170 1,744 760 740 2,157 1,187 1,160 1,116 573 13,607
Unit linked revenues with related derivatives (a) - - - - - - - - (0) (0)
Total net underlying investment income 4,170 1,744 760 740 2,157 1,187 1,160 1,116 573 13,607(a)Netofadjustmentonreservesinclaimsandbenefits
(*)ofwhich0.5bnlossfromderivativeshedgingvariableannuities
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INVESTMENT INCOME
LIFE & SAVINGS - OTHER COUNTRIES
Period ended December 31, 2009AXA Consolidated
(Euro million) Financial Statements
AustraliaNew Zealand
Hong-KongCentral & Eastern
EuropeOthers
Total OtherCountries Life
Investment in real estate properties
Net investment income 14 - 2 (0) 16
Debt instruments
Net investment income 110 141 49 44 344
Equity instruments
Net investment income 40 21 2 4 67
Loans
Net investment income 14 12 0 1 28
Non controlled investment funds
Net investment income - - - 1 1
Other investments
Net investment income (excluding unit linked revenues with related derivatives) 53 (13) 3 18 62
Total invested assets
Net underlying investment income (excluding unit linked revenues with related derivatives) 231 161 57 69 518
Unit linked revenues with related derivatives (a) - - - (0) (0)
Total net underlying investment income 231 161 57 69 518
(a)Netofadjustmentonreservesinclaimsandbenefits.
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INVESTMENT INCOME
PROPERTY & CASUALTY
Period ended December 31, 2009 AXA Consolidated(Euro million) Financial Statements
FranceUnited
Kingdom &Ireland
Germany Belgium
Mediterranean& Latin
AmericanRegion
SwitzerlandOther
CountriesTotal P&C
Investment in real estate properties
Net investment income 44 (9) 16 35 15 12 (0) 113
Debt instruments
Net investment income 523 186 288 237 329 157 82 1,802
Equity instruments
Net investment income 32 12 49 19 40 4 10 165
Loans
Net investment income 11 19 25 14 8 49 5 130
Non controlled investment funds
Net investment income 11 6 1 1 17 4 0 40
Other investments
Net investment income (excluding interest credited to P&C mathematical reserves relating toannuities) (5) 6 4 3 13 (18) 1 3
Total invested assets
Net underlying investment income (excluding interest credited to P&C mathematical reserves relatingto annuities) 616 220 381 309 422 208 98 2,253
Interests credited to P&C mathematical reserves relating to annuities (16) - (29) (113) (5) (22) - (186)
Total net underlying investment income 600 220 352 196 417 186 98 2,068
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INVESTMENT INCOME
PROPERTY & CASUALTY
Period ended December 31, 2010AXA Consolidated
(Euro million) Financial Statements
FranceUnited
Kingdom &Ireland
Germany Belgium
Mediterranean& Latin
AmericanRegion
SwitzerlandOther
CountriesTotal P&C
Investment in real estate properties
Net investment income 41 4 10 36 14 14 (0) 119
Debt instruments
Net investment income 539 193 291 239 316 173 100 1,850Equity instruments
Net investment income 29 11 71 13 33 5 11 174
Loans
Net investment income 6 16 17 13 5 38 5 100
Non controlled investment funds
Net investment income 9 10 1 19 22 2 0 63
Other investments
Net investment income (excluding interest credited to P&C mathematical reserves relating toannuities)
1 (14) 13 (20) 12 (15) 9 (14)
Total invested assets
Net underlying investment income (excluding interest credited to P&C mathematical reserves relatingto annuities)
625 220 402 300 402 217 125 2,293
Interests credited to P&C mathematical reserves relating to annuities (16) - (27) (100) (5) (22) - (171)
Total net underlying investment income 609 220 375 199 397 195 125 2,121
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INVESTMENT INCOMEINTERNATIONAL INSURANCE
Period ended December 31, 2009AXA Consolidated
(Euro million) Financial Statements
AXA Corporate SolutionsAssurance
Others Total International
Investment in real estate properties
Net investment income 8 5 13Debt instruments
Net investment income 184 95 279
Equity instruments
Net investment income 9 1 10
Loans
Net investment income 1 11 11
Non controlled investment funds
Net investment income 1 1 1
Other investments
Net investment income (excluding interest credited to P&C mathematical reserves relating to annuities) (13) -164(*) (177)
Total invested assets
Net underlying investment income (excluding interest credited to P&C mathematical reserves relating to annuities) 190 (53) 137
Interests credited to P&C mathematical reserves relating to annuities (1) (0) (1)
Total net underlying investment income 189 (53) 136
(*)ofwhich0.2bnlossfromderivativeshedgingvariableannuities
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INVESTMENT INCOME
INTERNATIONAL INSURANCE
Period ended December 31, 2010 AXA Consolidated(Euro million) Financial Statements
AXA Corporate SolutionsAssurance
Others Total International
Investment in real estate properties
Net investment income 8 5 13
Debt instruments
Net investment income 176 100 275
Equity instruments
Net investment income 9 2 10
Loans
Net investment income 1 (2) (2)
Non controlled investment funds
Net investment income 2 1 3
Other investments
Net investment income (excluding interest credited to P&C mathematical reserves relating to annuities) (7) -43(*) (51)
Total invested assets
Net underlying investment income (excluding interest credited to P&C mathematical reserves relating to annuities) 187 62 249Interests credited to P&C mathematical reserves relating to annuities (1) (0) (1)
Total net underlying investment income 186 62 248
(*)ofwhich0.1bnlossfromderivativeshedgingvariableannuities
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UNDERLYING OPERATING INCOME UNDER MARGIN FORMAT AND EXPENSE RATIOSLIFE & SAVINGS
Period ended December 31, 2009
(Euro million) Axa ConsolidatedFinancial statements
Margin Analysis France United StatesUnited
Kingdom (1)Japan Germany Switzerland Belgium
Mediterranean& Latin
AmericanRegion
OtherCountries
TotalLife andSavings
Underlying Investment Margin 884 450 133 (0) 118 92 228 225 50 2,179
Fees and revenues 1,430 1,554 609 1,326 302 208 159 303 1,135 7,024of which loading on premiums and revenues on mutual funds
sales1,149 293 223 1,297 294 210 145 278 682 4,569
of which fees on UL account balances 276 1,082 308 29 8 3 16 24 76 1,822
of which other fees and revenues 4 179 78 - - (6) (2) 1 378 633
Net technical Margin 762 500 243 16 37 163 95 98 91 2,003
Expenses (net of DAC capitalisation & amortisation) (2,318) (1,735) (754) (851) (228) (179) (256) (406) (915) (7,642)
Amortisation of Value of Business in Force (gross of tax expense) (77) (39) (5) (178) (11) (28) (0) (30) 5 (363)
Underlying earnings arising from investment in associates (2) (0) - - (2) - - - - 1 (1)
Underlying operating income 680 729 225 311 218 256 225 189 368 3,201
Underlying Cost income ratio 77.9% 70.9% 77.1% 76.7% 52.3% 44.6% 53.3% 69.7% 71.3% 71.4%
Expense Ratios
% of technical reserves (3) (4) 2.2% 1.7% 1.2% 2.7% 0.6% 0.6% 1.0% 1.3% 5.2% 1.7%
(1)IntheUnitedKingdom,VBIamortizationispresentednetofpolicyholdertax.
(2)Alsoincludesunderlyingoperatingincomeforcountriesforwhichnomarginanalysiswasperformed:SouthEastAsia.
(3)Excludesallintangibles(VBIandDAC)
(4)Forconsistencyreasons,theratioswerecalculatedtakingintoaccountthereservesclassifiedasheldforsaleinAustralia/NZ.
.
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UNDERLYING OPERATING INCOME UNDER MARGIN FORMAT AND EXPENSE RATIOSLIFE & SAVINGS
Period ended December 31, 2010
(Euro million)
Axa Consolidated
Financial statements
Margin Analysis France United StatesUnited
Kingdom (1)Japan Germany Switzerland Belgium
Mediterranean& Latin
AmericanRegion
OtherCountries
TotalLife andSavings
Underlying Investment Margin 1,105 505 122 0 84 113 262 253 91 2,536
Fees and revenues 1,513 1,804 506 1,356 306 231 153 332 1,415 7,615of which loading on premiums and revenues on mutual funds
sales1,217 290 163 1,318 296 229 139 296 832 4,781
of which fees on UL account balances 292 1,284 272 38 11 5 15 36 105 2,056of which other fees and revenues 3 230 71 - - (3) (2) 0 478 778
Net technical Margin 561 (426) 65 43 98 169 67 108 81 767
Expenses (net of DAC capitalisation & amortisation) (2,296) (1,278) (577) (782) (225) (194) (250) (455) (1,132) (7,190)
Amortisation of Value of Business in Force (gross of tax expense) (13) (52) (3) (66) (14) (43) (4) (21) (32) (250)
Underlying earnings arising from investment in associates (2) 6 - - - - - - - 14 21
Underlying operating income 875 553 113 550 249 275 227 217 438 3,500
Underlying Cost income ratio 72.7% 70.6% 83.6% 60.6% 49.0% 46.4% 52.8% 68.7% 73.3% 68.1%
Expense Ratios
% of technical reserves (3) (4) 2.1% 1.6% 4.0% 2.4% 0.5% 0.6% 1.0% 1.3% 5.5% 1.8%
(1)IntheUnitedKingdom,VBIamortizationispresentednetofpolicyholdertax.
(2)Alsoincludesunderlyingoperatingincomeforcountriesforwhichnomarginanalysiswasperformed:Thailand, Philippines,India,China,partnershipwithBankMandiriinIndonesiaandArchitasEurope.
(3)Excludesallintangibles(VBIandDAC)
(4)Forconsistencyreasons,theratioswerecalculatedtakingintoaccountthereservesclassifiedasheldforsaleinAustralia/NZ
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UNDERLYING OPERATING INCOME UNDER MARGIN FORMAT AND EXPENSE RATIOSLIFE & SAVINGS - OTHER COUNTRIES
Period ended December 31, 2009
(Euro million)
Axa Consolidated
Financial statements
Margin AnalysisAustralia
New ZealandHong-Kong Central Eastern Europe Others Countries Total Other Countries Life
Underlying Investment Margin (9) 21 26 13 50
Fees and revenues 652 280 95 109 1,135
of which loading on premiums and revenues on mutual funds sales 290 249 49 95 682
of which fees on UL account balances 17 35 19 5 76
of which other fees and revenues 345 (3) 27 9 378
Net technical Margin (2) 49 22 22 91
Expenses (net of DAC capitalisation & amortisation) (546) (113) (120) (136) (915)
Amortisation of Value of Business in Force (gross of tax expense) (11) 18 (2) (0) 5
Underlying earnings arising from investment in associates (1) - - - 1 0
Underlying operating income 84 254 21 9 368
Underlying Cost income ratio 87.0% 27.3% 85.2% 94.6% 71.3%
Expense Ratios
% of technical reserves (2) (3) 6.0% 3.3% 5.1% 8.2% 5.2%
(1)Alsoincludesunderlyingoperatingincomeforcountriesforwhichnomarginanalysiswasperformed:SouthEastAsia.
(2)Excludesallintangibles(VBIandDAC)
(3)Forconsistencyreasons,theratioswerecalculatedtakingintoaccountthereservesclassifiedasheldforsaleinAustralia/NZ.
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UNDERLYING OPERATING INCOME UNDER MARGIN FORMAT AND EXPENSE RATIOSLIFE & SAVINGS - OTHER COUNTRIES
Period ended December 31, 2010
(Euro million)
Axa Consolidated
Financial statements
Margin AnalysisAustralia
New ZealandHong-Kong Central Eastern Europe Others Countries Total Other Countries Life
Underlying Investment Margin 32 24 25 10 91
Fees and revenues 840 332 115 127 1,415
of which loading on premiums and revenues on mutual funds sales 378 289 60 106 832
of which fees on UL account balances 22 45 28 10 105
of which other fees and revenues 440 (2) 28 11 478
Net technical Margin (25) 53 27 26 81
Expenses (net of DAC capitalisation & amortisation) (690) (128) (152) (163) (1,132)
Amortisation of Value of Business in Force (gross of tax expense) (22) (8) (2) (0) (32)
Underlying earnings arising from investment in associates (1) - - - 14 21
Underlying operating income 136 274 14 15 438
Underlying Cost income ratio 83.9% 33.3% 91.8% 99.8% 73.3%
Expense Ratios
% of technical reserves (2) (3) 6.5% 3.8% 4.8% 8.5% 5.5%
(1)Alsoincludesunderlyingoperatingincomeforcountriesforwhichnomarginanalysiswasperformed:Thailand, Philippines,India,China,partnershipwithBankMandiriinIndonesiaandArchitasEurope.
(2)Excludesallintangibles(VBIandDAC).
(3)Forconsistencyreasons,theratioswerecalculatedtakingintoaccountthereservesclassifiedasheldforsaleinAustralia/NZ.
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UNDERLYING OPERATING INCOME UNDER COMBINED RATIO ANALYSIS
PROPERTY & CASUALTYPeriod ended December 31, 2009
AXA Consolidated
(Euro million) Financial Statements
FranceUnited Kingdom
& IrelandGermany Belgium
Mediterranean &Latin American
RegionSwitzerland Other Countries Total P&C
Earned revenues (gross) 5,702 4,001 3,518 2,148 6,723 2,157 2,017 26,266
Current accident year loss ratio (i) 81.5% 74.1% 72.1% 78.4% 77.7% 73.2% 70.5% 76.4%
All accident year loss ratio 74.2% 70.0% 67.4% 69.7% 73.3% 66.3% 67.4% 70.9%Expense ratio 24.9% 32.3% 31.4% 30.1% 25.7% 27.6% 29.6% 28.1%
Net technical result 52 (89) 45 1 66 130 61 267
Underlying Net investment income 600 220 352 196 417 186 98 2,068
Underlying earnings from investments in affiliates and associates - - (0) - - - 19 18
Financing activities - (4) 0 - (1) - (0) (5)
Operating income Underlying 652 127 396 197 482 316 177 2,347
Combined ratio 99.1% 102.2% 98.7% 99.8% 99.0% 94.0% 96.9% 99.0%
Nat Cat impact 3.1 pts 3.7 pts 0.5 pts 1.7 pts 1.1 pts 1.7 pts 0.7 pts 1.8 pts
Net New Contracts (thous. policy count)
Motor 68 306 (9) (5) 372 15 241 989
Household 58 8 11 (7) 14 14 48 146
(i) The presentation of the allocation between current and prior year loss ratio have been harmonized throughout the Group. 2009 current year loss ratios by country presented hereafter incorporate such change * to ensure sufficient comparability. The all accident yearloss ratio, combined ratio, earnings and reserves are not impacted by this change in presentation. * Mainly current year loss ratios in Germany, Belgium, Switzerland and Mediterranean & Latin American Region.
Current accident year loss ratio published 81.5% 74.1% 76.4% 82.1% 79.2% 76.8% 73.2% 78.1%
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UNDERLYING OPERATING INCOME UNDER COMBINED RATIO ANALYSIS
PROPERTY & CASUALTYPeriod ended December 31, 2010
AXA Consolidated
(Euro million) Financial Statements
FranceUnited
Kingdom &Ireland
Germany BelgiumMediterranean &Latin American
RegionSwitzerland Other Countries Total P&C
Earned revenues (gross) 5,865 4,186 3,490 2,120 6,867 2,340 2,579 27,447
Current accident year loss ratio 76.5% 74.4% 74.3% 77.2% 75.2% 68.5% 70.4% 74.4%
All accident year loss ratio 74.0% 73.0% 73.3% 67.2% 72.0% 61.9% 67.5% 71.1%
Expense ratio 25.1% 30.9% 31.3% 31.3% 25.7% 26.9% 29.9% 28.0%
Net technical result 52 (164) (161) 30 157 262 67 242
Underlying Net investment income 609 220 375 199 397 195 126 2,121
Underlying earnings from investments in affiliates and associates - - 2 - - - 31 33Financing activities - (3) - - (1) - (3) (6)
Operating income Underlying 661 54 215 229 553 457 221 2,390
Combined ratio 99.1% 103.9% 104.6% 98.5% 97.7% 88.8% 97.4% 99.1%
Nat Cat impact 1.6 pts 4.4 pts 1.1 pts 3.8 pts 0.6 pts 0.0 pts 0.5 pts 1.7 pts
Net New Contracts (thous. policy count)
Motor (75) 333 15 (2) 590 16 98 974
Household 13 314 23 (10) 55 12 34 441
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UNDERLYING OPERATING INCOME UNDER COMBINED RATIO ANALYSISINTERNATIONAL INSURANCE
Period ended December 31, 2009
AXA Consolidated(Euro million) Financial Statements
AXA Corporate Solutions Assurance
Earned revenues (gross) 1,944
Current accident year loss ratio (net) (1) 87.2%
All accident year loss ratio (net) 84.0%
Expense ratio 15.0%
Net technical result 19
Underlying Net investment income 189
Financing activities (3)
Operating income Underlying 205
Combined ratio 99.0%
Nat Cat impact 2.8 pts
(1)Currentaccidentyearclaimscharges(includingclaimshandlingexpenses)/Currentaccidentyearearnedrevenues(excludingpremiumadjustmentsonpreviousyears).
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UNDERLYING OPERATING INCOME UNDER COMBINED RATIO ANALYSISINTERNATIONAL INSURANCE
Period ended December 31, 2010
AXA Consolidated(Euro million) Financial Statements
AXA Corporate Solutions Assurance
Earned revenues (gross) 1,966
Current accident year loss ratio (net) (1) 85.6%
All accident year loss ratio (net) 81.5%
Expense ratio 15.4%
Net technical result 61
Underlying Net investment income 186
Financing activities (3)
Operating income Underlying 245
Combined ratio 96.9%
Nat Cat impact 2.3 pts
(1)Currentaccidentyearclaimscharges(includingclaimshandlingexpenses)/Currentaccidentyearearnedrevenues(excludingpremiumadjustmentsonpreviousyears).
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NUMBER OF SHARESAXA Consolidated
(million shares) Financial Statements
Period ended December 31, 2009 Period ended December 31, 2010
Outstanding shares excludingtreasury shares *
Weighted average numberOutstanding shares excluding
treasury shares *Weighted average number
BASIC
As of January 1st 2,060.0 2,060.0 2,263.6 2,263.6Increase of capital dedicated to employees 26.4 2.2 30.1 2.3Adjustment linked to capital increase (a) - 48.4 - -Exercice of stock-options 0.3 0.1 0.1 -AXA shares purchase (dilution control) - - - -Other movement of treasury shares 2.8 1.9 0.7 0.4Conversion of Convertible Bonds / BSA 0.0 0.0 - -Capital increase 174.1 14.5 - -
As at end of period 2,263.6 2,294.5
During the period 2,127.0 2,266.3
FULLY DILUTED
Stock options 2.4 2.7Performance shares 3.8 5.5Equity Warrants (Germany) - -
During the period 2,133.3 2,274.6
* Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares excluded from the IFRS outstanding shares amounted to 26 million shares at December 31, 2010 and 26 million shares at December 31, 2009.(a) Following AXAs rights issue in 4Q09, the average number of shares has been adjusted to take into account an adjustment factor of 1.023. In the average number of shares calculation, the adjustment factor has been applied on outstanding shares prior to the dateof the capital increase leading to an adjustment on average number of shares of 48.4 million shares as at December 31, 2009.
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EARNINGS PER SHAREFinancial Statements
(Euro million) AXA Consolidated
Period ended December 31, 2009 (weighted averagenumber of shares restated) (b)
Period ended December 31, 2010
EARNINGS
Net income 3,606 2,749
Adjusted earnings 3,468 4,317
Underlying earnings 3,854 3,880
IMPACT OF UNDATED SUBORDINATED DEBT ON:
Net income -288 -300
Adjusted earnings -288 -300Underlying earnings -288 -300
BASIC
Weighted average number of outstanding shares during the period (million shares) 2,127 2,266
Net income 3,318 2,449
EPS (euro per share) (a) 1.56 1.08
Adjusted earnings 3,180 4,018
Adjusted EPS (euro per share) 1.50 1.77
Underlying earnings 3,566 3,580
Underlying EPS (euro per share) 1.68 1.58
DILUTION IMPACTS
On earnings - -
On weighted average number of shares (million shares) 6.2 8.3
FULLY DILUTED
Weighted average number of outstanding shares during the period (million shares) 2,133 2,275
Net income 3,318 2,449
EPS (euro per share) (a) 1.56 1.08
Adjusted earnings 3,180 4,018
Adjusted EPS (euro per share) 1.49 1.77
Underlying earnings 3,566 3,580
Underlying EPS (euro per share) 1.67 1.57
(a) Revised net income EPS takes into account interest payments related to undated subordinated debts classified in equity, excluding FOREX impacts. Previously disclosed EPS included FOREX adjustments and, as at December 31, 2009, basic net income EPSamounted to 1.51 and fully diluted net income EPS to 1.51. Excluding FOREX reflects implemented hedges which would qualify as net investment hedges with related changes in fair value recognised through translation reserves.(b) Following AXAs rights issue in 4Q09, the average number of shares has been adjusted to take into account an adjustment factor of 1.023. In the average number of shares calculation, the adjustment factor has been applied on outstanding shares prior to the date ofthe capital increase leading to an adjustment on average number of shares of 48.4 million shares as at December 31, 2009.
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BALANCE SHEETASSETS
AXA Consolidated(Euro million) Financial Statements
Period ended December 31, 2009 Period ended December 31, 2010 - provisional
Goodwill (a) 16,469 16,741Value of purchased Life business in force 3,617 3,105Deferred acquisition costs and equivalent 18,789 19,642Other intangible assets 3,143 3,647Total intangible assets (b) 42,019 43,135
General account investments - Group share 398,295 420,360Controlled investments funds - Minority interests assets (c) 6,275 4,781Assets backing contracts where the financial risk is borne by policyholders 155,457 137,739Investments from insurance activities 560,027 562,880
Investments from non-insurance activities (d) 30,018 31,857
Reinsurers'share in insurance and investment contracts liabilities 11,320 11,096
Assets held for sale and relating to discontinued operations (e) 11,559 22,848Other assets and receivables 33,744 37,987Cash and cash equivalents 19,565 22,065
TOTAL ASSETS 708,252 731,868
(a)UnderIFRS,Goodwillisbookedinthecurrencyoftheacquiredcompany,andthereforeisimpactedbycurrencyfluctuations.
(b)GrossofURR,MinorityInterests,PB&Tax.
(c)ReflectsMinorityinterestshareinassetsheldincontrolledinvestmentfundsfullyconsolidated,including2,815millionrelatingtodebtinstruments,1,768milliononequityinstruments,and1,692milliononotherassetsasofDecember31,2009,and1,316millionrelatingtodebt
instruments,1,486milliononequityinstruments,and2,073milliononotherassetsasofDecember31,2010.
(d)Inordertoimprovetheconsolidatedfinancialstatementspresentationconsistencyacrosssegments,balancesofrecievablesarisingfrombankingoperationsdisclosedsofarinthe"Otherassetsandreceivables"aggregatehavebeenreclassifiedtothe"Investmentsfromnon insurance
activities"aggregate.
(e)AssetsandliabilitiesrelatedtotheAustralianandNewZealandoperations,andsomeUKLife&Savingsportfoliosforwhichthedisposalprocessisnotyetfinalizedareclassifiedasheldforsale.ThisclassificationalreadyappliedforAustralianandNewZealandoperationsasatDecember31,
2009.
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CONSOLIDATED SHAREHOLDERS' EQUITY
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CONSOLIDATED SHAREHOLDERS' EQUITYAXA Consolidated
(Euro million) Financial Statements
Change in consolidated shareholders' equity Euro million
Shareholders' equity as of period ended N-1 46,229
Share Capital 69
Capital in excess of nominal value 247
Equity - share based compensation 59
Treasury shares sold (bought) in open market 10
Deeply subordinated debt (including accrued interests) (333)
Fair value recorded in shareholders' equity 1,463
Impact of currency fluctuations 1,000
Payment of N-1 dividend (1,259)
Other (85)
Net income for the period 2,749Actuarial gains and losses on pension benefits (450)
Shareholders' equity as of the end of the period 49,698
Consolidated shareholders' equity at the end of the period Period ended December 31, 2009 Period ended December 31, 2010
Share Capital and capital in excess of nominal value 25,130 25,505
Treasury shares (505) (495)
Other reserves 10,963 12,426
- of which equity component of compound financial instruments 95 95
- of which deeply subordinated debt (including accrued interests) (a) 6,114 6,114- of which fair value recorded in shareholders' equity (b) 4,755 6,218
Translation reserve (2,742) (2,074)
Retained earnings brought forward 9,777 11,588
Net income for the period 3,606 2,749
Total shareholders' equity at the end of the period 46,229 49,698
(a) Includes nominal values of deeply subordinated debt of +7,656 million and -1,543 million at December 31, 2010 (7,656-1,543=6,114) and +7,357 million and accrued interests of -1,243 million at December 31, 2009 ( 7,357-1,243 =6,114 ).(b) Includes impact of changes in fair value of derivatives for -40 million and -32 million as of December 31, 2009 and December 31, 2010 respectively.
RETURN ON EQUITY
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RETURN ON EQUITYAXA Consolidated
(Euro million) Financial Statements
Period ended December 31, 2009 Period ended December 31, 2010 Change in % points
ROE 9.3% 5.9% -3.3%
Net income 3,606 2,749
Average shareholders' equity 38,857 46,225
Adjusted ROE 11.0% 12.0% 1.0%
Adjusted earnings (a) 3,180 4,018
Average shareholders' equity (b) 28,887 33,552
Underlying ROE 12.3% 10.7% -1.7%
Underlying earnings (a) 3,566 3,580
Average shareholders' equity (b) 28,887 33,552
(a)Includingadjustmenttoreflectfinancialchargesrelatedtoundatedsubordinateddebt(recordedthroughshareholders'equity).
(b)Excludingunrealizedcapitalgains&lossesofinvestedassetsandderivatives(recordedthroughshareholders'equity),andnominalvalueofundatedsubordinateddebt(recordedthroughshareholders'equity).
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CONSOLIDATED FINANCIAL STRUCTUREAXA Consolidated
(Euro billion) Financial Statements
Period ended December 31,2009
Period ended December 31,2010
Financial interest treatment
Financing debt instrument issued 2.9 2.5
Financing debt owed to credit institutions 0.9 0.9
Financing debt (A) 3.9 3.4
Dated subordinated debt (B) 6.4 7.1
Reversal of marked-to-market of interest rates derivatives (C) (0.3) (0.4)
Cash available at AXA SA level and its other holdings (D) 3.7 2.5
Total net debt (A) + (B) + (C) - (D) 6.1 7.6 P&L
Undated subordinated notes ("TSDI") (E) 1.5 1.6 Equity (a)
Undated deeply subordinated notes ("TSS") (F) 5.9 6.1 Equity (a)
Total Minority interests and shareholders' equity (including (E) and (F)) 49.9 53.9
o/w Minority interests 3.7 4.2
o/w Reserves relating to the change in FV of financial instruments AFS and of hedge accounting derivatives 4.8 6.2
(a) Financial interests net of tax on Undated Subordinated notes "TSDI" and Super Subordinated Notes "TSS" : Euro 288 milion in 2009 and Euro 300 million in 2010.
INTANGIBLE ASSETS
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INTANGIBLE ASSETSAXA Consolidated
(Euro million) Financial Statements
Period ended December 31, 2009 Period ended December 31, 2010
100%Group share, net of URR, URF, PB &
tax when applicable100%
Group share, net of URR, URF, PB &tax when applicable
Goodwill (a) (b) 16,469 15,299 16,741 15,511
Goodwill by activity
Life & Savings 7,799 7,494 7,557 7,305
Property & Casualty 4,524 4,524 4,745 4,721
International Insurance 31 31 33 33
Asset Management 3,987 3,122 4,279 3,325
Banks & Holdings and other companies 127 127 127 127
Deferred acquisition cost and equivalent (Life & Savings) 17,050 8,374 17,846 8,823
France 2,084 617 2,199 705
United States 7,043 4,673 7,861 5,263
United Kingdom 1,899 971 730 273
Japan 1,399 835 1,690 977
Germany 2,852 405 3,068 435
Switzerland 139 89 207 129
Belgium 211 122 231 134
Mediterranean & Latin American Region 330 137 399 159
Others 1,094 525 1,463 747
Value of Business In force (VBI) acquired (Life & Savings) 3,617 2,432 3,105 2,044France 50 33 42 27
United States 313 204 290 188
United Kingdom 410 274 - -
Japan 551 346 392 247
Germany 629 427 615 418
Switzerland 881 696 979 774
Belgium 37 25 39 26
Mediterranean & Latin American Region 151 86 135 79
Others 593 342 613 285
Other intangible assets 3,143 2,037 3,647 2,373
of which Life & Savings activities 1,178 646 1,622 941of which Property & Casualty activities 1,278 814 1,295 817
(a)UnderIFRS,Goodwillisbookedinthecurrencyoftheacquiredcompanyandthereforeisimpactedbycurrencyfluctuations.
(b)Goodwillgroupshareexcludesgoodwillrelatedtoputs(asatDecember31,200965millionforCentralEasternEuropeand1millionasatDecember31,2010).
DEFERRED ACQUISITION COSTS AND EQUIVALENT
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DEFERRED ACQUISITION COSTS AND EQUIVALENTLIFE AND SAVINGS (GROSS OF TAXES AND PB)
Period ended December 31, 2009AXA Consolidated
(Euro million) Financial Statements
Period ended N-1Capitalization for the
periodAmortization for the
periodShadow DAC
Other changes(including currency
changes)Changes in scope (a) Period ended N
Total 17,026 2,576 (1,648) (465) (117) (322) 17,050
France 2,058 288 (232) 5 (36) - 2,084
United States 7,550 721 (619) (419) (191) 0 7,043
United Kingdom 1,614 387 (231) - 128 - 1,899
Japan 1,435 346 (305) (26) (49) - 1,399
Germany 2,613 361 (122) - - - 2,852
Switzerland 103 40 (7) 1 1 - 139
Belgium 213 30 (26) (5) - - 211
Mediterranean & Latin American Region 305 103 (42) (20) (15) - 330
Other Countries 1,135 300 (64) (1) 45 (322) 1,094
Australia & New Zealand 241 48 (27) - 61 (322) -
Hong Kong 664 131 (17) (1) (20) - 757
Central & Eastern Europe 185 106 (14) (0) 5 - 282
Others 46 16 (6) 0 (0) 0 55
Unearned revenue reserve and Unearned fees reserve (URR& URF)
2,454 2,610
DEFERRED ACQUISITION COSTS AND EQUIVALENT (Net ofURR & URF) 14,572 14,440
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DEFERRED ACQUISITION COSTS AND EQUIVALENTLIFE AND SAVINGS (GROSS OF TAXES AND PB)
Period ended December 31, 2010AXA Consolidated
(Euro million) Financial Statements
Period ended N-1Capitalization for the
periodAmortization for the
periodShadow DAC
Other changes(including currency
changes)Changes in scope (a) Period ended N
Total 17,050 2,502 (1,073) (224) 953 (1,361) 17,846
France 2,084 266 (159) (18) 26 0 2,199
United States 7,043 708 (231) (138) 479 (0) 7,861
United Kingdom 1,899 314 (182) - 60 (1,362) 730
Japan 1,399 312 (236) (75) 290 - 1,690
Germany 2,852 372 (156) - - - 3,068
Switzerland 139 48 (8) (2) 30 - 207
Belgium 211 28 (8) 1 - - 231
Mediterranean & Latin American Region 330 116 (59) 10 1 - 399
Other Countries 1,094 339 (35) (1) 66 0 1,463
Australia & New Zealand 0 0 - - (0) - -
Hong Kong 757 190 (10) (1) 49 - 985
Central & Eastern Europe 282 120 (9) - 8 0 401
Others 55 29 (17) 0 10 0 77
Unearned revenue reserve and Unearned fees reserve (URR& URF)
2,610 2,757
DEFERRED ACQUISITION COSTS AND EQUIVALENT (Net ofURR & URF)
14,440 15,090
(a) Of which -549 million of impairments net of tax following the disposal of some UK Life and Saving portfolio.
VALUE OF BUSINESS IN FORCE
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LIFE AND SAVINGS (GROSS OF TAXES)
Period ended December 31, 2009AXA Consolidated
(Euro billion) Financial Statements
Period ended N-1 Amortization for the period Shadow VBIOther changes (including
currency changes)Changes in scope Period ended N Restated
Total 4,405 (394) (231) 25 (188) 3,617
France 132 (91) 9 - - 50
United States 480 (33) (126) (8) - 313
United Kingdom 386 (7) - 30 - 410
Japan 866 (192) (97) (26) - 551
Germany 640 (11) - - - 629
Switzerland 919 (28) (16) 6 - 881
Belgium 48 (6) (4) - - 37
Mediterranean & Latin American Region 183 (32) - 0 - 151Other Countries 750 5 3 23 (188) 593
Australia / New Zealand 161 (11) - 38 (188) -
Hong-Kong 562 18 3 (15) - 568
Central & Eastern Europe 26 (2) - (0) - 24
Others 1 (0) (0) (0) - 1
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VALUE OF BUSINESS IN FORCELIFE AND SAVINGS (GROSS OF TAXES)
Period ended December 31, 2010AXA Consolidated
(Euro billion) Financial Statements
Period ended N-1 Amortization for the period Shadow VBIOther changes (including
currency changes)Changes in scope (a) Period ended N
Total 3,617 (234) (178) 278 (377) 3,105
France 50 (14) 5 - - 42
United States 313 (48) 3 22 - 290
United Kingdom 410 (4) - (30) (377) -
Japan 551 (73) (171) 85 - 392
Germany 629 (14) - - - 615
Switzerland 881 (43) (16) 157 - 979Belgium 37 (0) 2 - - 39
Mediterranean & Latin American Region 151 (21) - 5 - 135
Other Countries 593 (16) (3) 38 - 613
Australia / New Zealand (0) - - 0 - -
Hong-Kong 568 (14) (3) 37 - 589
Central & Eastern Europe 24 (2) - 0 - 23
Others 1 (0) 0 0 - 1
(a) Of which -128 million of impairments net of tax following the disposal of some UK Life and Saving portfolio.
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INVESTED ASSETS
INTERNATIONAL INSURANCE
Period ended December 31, 2009 AXA Consolidated(Euro million) Financial Statements
Net of minority interests on controlled investment funds AXA Corporate Solutions Assurance Other countries International Insurance
Debt instruments Carrying value 3,613 3,461 7,075
Fair value 3,613 3,461 7,075
Equity instruments (a) 251 131 382
Non controlled investment funds available for sale 59 59 118
Non controlled investment funds under fair value option - 46 46Non controlled investment funds Trading - - -
Total non controlled investment funds 59 105 164
Carrying value 27 87 114Investment in real estate properties (b)
Fair value 24 87 111
Carrying value 34 205 239Mortgage loans and other loans
Fair value 31 205 236
Other investments 232 15 247
Assets allocated to UK with-profits contracts
o/w debt instruments
o/w equity investments and mutual funds
o/w investment in real estate properties
o/w loans
Assets backing contracts where the financial risk is borne by policyholders - - -
Cash and cash equivalents 337 898 1,235
Carrying value 4,553 4,902 9,456Invested assets
Fair value 4,547 4,902 9,449
Unrealized capital gains and losses on assets at cost (A) (c) (6) (0) (6)
Unrealized capital gains and losses recorded through shareholders' equity (Gross)
Debt instruments 198 20 218
Equity instruments (a) 46 26 72Non controlled investment funds available for sale 6 2 8
Loans - - -
Total unrealized capital gains recorded through shareholders' equity (B) 250 48 297
Total unrealized capital gains and losses (A) + (B) 243 48 291
(a) Including investments in listed equities, participating interests, hedge funds and private equities.(b) Excluding unrealized gains and losses on assets held for sale.(c) Includes share of minority interests from consolidated real estate funds.
INVESTED ASSETS
INTERNATIONAL INSURANCE
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INTERNATIONAL INSURANCEPeriod ended December 31, 2010
AXA Consolidated
(Euro million) Financial Statements
Net of minority interests on controlled investment funds AXA Corporate Solutions Assurance Other countries International Insurance
Debt instruments Carrying value 4,009 3,647 7,656
Fair value 4,009 3,647 7,656
Equity instruments (a) 276 94 370
Non controlled investment funds available for sale 137 51 188
Non controlled investment funds under fair value option - - -
Non controlled investment funds Trading - - -
Total non controlled investment funds 137 51 188
Carrying value 26 83 108Investment in real estate properties (c)
Fair value 25 83 107
Carrying value 32 22 55Mortgage loans and other loans
Fair value 31 22 53
Other investments 160 10 170
Assets allocated to UK with-profits contracts
o/w debt instruments
o/w equity investments and mutual funds
o/w investment in real estate properties
o/w loans
Assets backing contracts where the financial risk is borne by policyholders - - -Cash and cash equivalents 173 1,099 1,272
Carrying value 4,813 5,006 9,819Invested assets
Fair value 4,810 5,006 9,816
Unrealized capital gains and losses on assets at cost (A) (b) (2) - (2)
Unrealized capital gains and losses recorded through shareholders' equity (Gross)
Debt instruments 203 71 274
Equity instruments (a) 66 22 88
Non controlled investment funds available for sale 7 3 10
Loans - - -
Total unrealized capital gains recorded through shareholders' equity (B) 275 96 371
Total unrealized capital gains and losses (A) + (B) 273 96 369
(a) Including investments in listed equities, participating interests, hedge funds and private equities.(b) Excluding unrealized gains and losses on assets held for sale.(c) Includes share of minority interests from consolidated real estate funds.
NET UNREALIZED CAPITAL GAINS AND LOSSES
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NET UNREALIZED CAPITAL GAINS AND LOSSES
(Euro billion)
AXA ConsolidatedFinancial Statements
Period ended December 31, 2009 Period ended December 31, 2010
Net unrealized capital gains and losses on invested assets recorded through shareholders'equity 4,691 6,186
of which debt instruments 1,733 3,187
of which equity instruments 2,740 3,101
Net unrealized capital gains and losses on invested assets not included in shareholders'equity (a) 2,335 2,541
Net unrealized capital gains and losses on owner occupied properties 141 160
Net unrealized capital gains and losses on held for sale assets 86 155
TOTAL 7,252 9,042
(a) Excluding unrealized gains and losses on banking loans.
ASSETS UNDER MANAGEMENT
(Euro billion)AXA Consolidated
Financial Statements
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Period ended December 31,2009 (1) (2)
Period ended December 31,2010
Breakdown as of Period endedN
Change since Period N-1
General account assets 461 494 45% 7.2%
of which managed by AllianceBernstein 36 41 12.8%
of which managed by AXA Investment Managers 314 324 3.2%
of which managed by other AXA companies 111 130 16.9%
Life Insurance Separate Accounts 155 149 14% -4.1%
of which managed by AllianceBernstein 33 37 12.8%
of which managed by AXA Investment Managers 40 16 -59.3%
of which managed by other AXA companies 83 95 15.6%
Third Party 418 461 42% 10.3%
of which managed by AllianceBernstein 270 284 5.0%
of which managed by AXA Investment Managers 145 176 21.0%
of which managed by other AXA companies 2 1 -57.6%
Total 1,034 1,104 6.8%
of which managed by AllianceBernstein 340 362 6.6%
of which managed by AXA Investment Managers 499 516 3.4%
of which managed by other AXA companies 195 226 15.7%
(1) Reclassification of AUM ANZ from "managed by AllianceBernstein" to "managed by other AXA companies" (GA: 4.4bn; UL: 1.7bn)(2) In order to improve the consolidated financial statements presentation consistency across segments, balances of receivables arising from banking operations disclosed so far in the "Other assets and receivables" aggregate have been reclassified to the "Investmentsfrom non- insurance activities" aggregate.
ASSET MANAGERS - AUM ROLLFORWARD
Period ended December 31, 2009
(Euro billion) AXA Consolidated
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(Euro billion)Financial Statements
Institutional Retail Private clients Total
AllianceBernstein
AUM as of Period ended N-1 209 73 49 331
Gross sales 11 17 5 33
Redemptions (40) (19) (6) (65)
Others (12) (4) (5) (21)
Net sales (41) (6) (5) (53)
Change in scope 0 (0) (0) -
Market effect 47 20 9 77
Currency impact (6) (2) (1) (9)
AUM as of the end of the period 209 84 52 346
AXA Investment Managers
AUM as of Period ended N-1 410 75 485
Gross sales 68 14 82
Redemptions (82) (19) (100)
Others - - -
Net sales (14) (5) (18)
Change in scope (1) (1) (1)
Market effect 25 6 31
Currency impact 3 2 5
AUM as of the end of the period 420 79 499
Total (AllianceBernstein + AXA Investment Managers)
AUM as of Period ended N-1 618 148 49 816
Gross sales 78 31 5 114Redemptions (122) (37) (6) (165)
Others (12) (4) (5) (21)
Net sales (55) (11) (5) (71)
Change in scope (3) (1) (0) (4)
Market effect 72 27 9 108
Currency impact (2) (0) (1) (4)
AUM as of the end of the period 629 163 52 845
ASSET MANAGERS - AUM ROLLFORWARD
Period ended December 31, 2010
(Euro billion) AXA ConsolidatedFi i lS
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(Euro billion)Financial Statements
Institutional Retail Private clients Total
AllianceBernstein
AUM as of Period ended N-1 209 84 52 346
Gross sales 14 25 6 45
Redemptions (39) (24) (4) (68)
Others (6) (6) (3) (15)
Net sales (31) (6) (1) (38)
Change in scope (0) - 0 -
Market effect 17 10 4 31
Currency impact 14 6 4 24
AUM as of the end of the period 209 95 58 362
AXA Investment ManagersAUM as of Period ended N-1 420 79 499
Gross sales 73 20 93
Redemptions (94) (21) (115)
Others 26 (26) (0)
Net sales 4 (27) (23)
Change in scope - - -
Market effect 18 4 22
Currency impact 26 (8) 18
AUM as of the end of the period 468 47 516
Total (AllianceBernstein + AXA Investment Managers)
AUM as of Period ended N-1 629 163 52 845
Gross sales 88 45 6 138Redemptions (133) (45) (4) (183)
Others 19 (32) (3) (15)
Net sales (26) (33) (1) (61)
Change in scope (0) - 0 -
Market effect 35 14 4 53
Currency impact 40 (3) 4 41
AUM as of the end of the period 678 142 58 878
ASSET MANAGERS - AUM BREAKDOWNPeriod ended December 31, 2009
(Euro billion) AXA ConsolidatedFinancial Statements
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Institutional Retail Private clients Total
AllianceBernstein 209 84 52 346
of which equity instruments 112 43 30 185
of which debt instruments 85 28 22 135
of which others 12 14 0 26
AXA Investment Managers 420 79 499
of which equity instruments 114 26 140
of which debt instruments 248 34 282
of which others 58 19 77
Total (AllianceBernstein + AXA Investment Managers) 629 163 52 845
of which equity instruments 226 69 30 325
of which debt instruments 333 62 22 417of which others 70 32 0 103
ASSET MANAGERS - AUM BREAKDOWNPeriod ended December 31, 2010
(Euro billion) AXA ConsolidatedFinancial Statements
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Institutional Retail Private clients Total
AllianceBernstein 209 95 58 362
of which equity instruments 91 41 31 163
of which debt instruments 92 37 25 154
of which others 27 17 1 45
AXA Investment Managers 468 47 516
of which equity instruments 51 17 68
of which debt instruments 341 18 359
of which others 77 12 89
Total (AllianceBernstein + AXA Investment Managers) 678 142 58 878
of which equity instruments 141 58 31 230
of which debt instruments 433 55 25 513of which others 104 29 1 134
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INSURANCE RESERVES
PROPERTY & CASUALTY AND INTERNATIONAL INSURANCE
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PROPERTY & CASUALTY AND INTERNATIONAL INSURANCE
Period ended December 31, 2009
AXA Consolidated(Euro million) Financial Statements
Premiums reserves Claims reserves
Gross Reinsurance ceded Net Gross Reinsurance ceded Net
TOTAL NETRESERVES
TOTAL GROSSRESERVES
Total Property & Casualty 8,845 362 8,483 39,413 1,934 37,479 45,962 48,258
France 1,244 12 1,231 10,911 629 10,282 11,513 12,154
United Kingdom & Ireland 1,756 26 1,729 3,574 72 3,503 5,232 5,330
Germany 537 9 528 5,707 287 5,420 5,948 6,244Belgium 518 3 515 6,062 228 5,834 6,349 6,580
Mediterranean & Latin American Region 3,525 246 3,279 5,612 485 5,127 8,406 9,137
Switzerland 155 - 155 5,792 91 5,701 5,856 5,947
Other Countries 1,111 66 1,044 1,756 143 1,613 2,657 2,867
Total International Insurance 1,076 111 965 9,076 2,871 6,205 7,170 10,152
AXA Corporate Solutions Assurance 355 146 209 5,408 1,629 3,779 3,988 5,763
Others 721 (35) 756 3,669 1,243 2,426 3,181 4,389
of whichAXA LM 167 10 157 3,204 1,597 1,607 1,764 3,371
AXA Corporate Solutions Life Reinsurance
Company 423 2 422 70 25 46 467 494
INSURANCE RESERVES
PROPERTY & CASUALTY AND INTERNATIONAL INSURANCE
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AXA Consolidated
(Euro million) Financial Statements
Premiums reserves Claims reserves
Gross Reinsurance ceded Net Gross Reinsurance ceded Net
TOTAL NETRESERVES
TOTAL GROSSRESERVES
Total Property & Casualty 9,478 399 9,080 41,097 1,721 39,375 48,455 50,575
France 1,274 14 1,260 11,335 518 10,817 12,077 12,610
United Kingdom & Ireland 1,850 20 1,830 3,685 59 3,626 5,456 5,535
Germany 541 9 532 5,841 266 5,575 6,107 6,383
Belgium 518 2 516 5,905 207 5,698 6,215 6,424
Mediterranean & Latin American Region 3,706 251 3,455 5,301 437 4,865 8,320 9,007Switzerland 180 - 180 6,824 68 6,756 6,936 7,004
Other Countries 1,408 101 1,307 2,205 167 2,038 3,345 3,613
Total International Insurance 1,005 121 884 9,135 2,860 6,274 7,159 10,140
AXA Corporate Solutions Assurance 343 141 202 5,621 1,707 3,914 4,116 5,964
Others 662 (20) 683 3,514 1,153 2,360 3,043 4,176
of whichAXA LM 128 5 124 2,948 1,424 1,523 1,647 3,076
AXA Corporate Solutions Life ReinsuranceCompany
412 2 410 61 33 28 438 473
RESERVES RATIOS (a)
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RESERVES RATIOS (a)
PROPERTY & CASUALTY
AXA Consolidated
Financial Statements
Net technical reserves / Net earned premiums Net claims reserves / Net claims paid (b)
Period ended December 31, 2009 Period ended December 31, 2010 Period ended December 31, 2009 Period ended December 31, 2010
AXA Property & Casualty 187% 185% 235% 236%
France 216% 219% 320% 353%
Germany 177% 184% 265% 266%
United Kingdom & Ireland 141% 138% 140% 132%
Belgium 306% 303% 410% 399%
Mediterranean & Latin American Region 136% 132% 115% 109%
Switzerland 272% 272% 442% 459%
Other Countries 138% 139% 148% 158%
(a) Net of reinsurance(b) includes policyholder participation
IRR/PaybackLife and Savings
AXA C lid t d
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AXA ConsolidatedFinancial Statements
NB IRR (%) Payback Period (year) New Business Investments (m) (a)
FY 2010 FY 2009 FY 2010 FY 2009 FY 2010 FY 2009
France 8.4% 8.4% 9 10 (623) (639)
United States 9.8% 8.9% 10 9 (311) (512)
United Kingdom 8.4% 9.4% 10 8 (122) (345)
Japan 11.8% 12.3% 9 8 (199) (207)
Germany 8.4% 8.0% 10 11 (228) (259)
Switzerland 8.7% 8.5% 11 11 (102) (79)
Belgium 8.5% 10.2% 12 12 (96) (106)
Mediterranean Region & Latin America 9.9% 10.4% 8 7 (243) (217)
Others countries 23.5% 19.1% 10 6 (268) (175)
Australia and NZ 19.1% 12.2% 5 6 (57) (45)
Central & Eastern Europe 10.9% 11.8% 9 9 (139) (85)
Asia excl. Japan 52.2% 42.6% 3 2 (71) (44)Total Group 10.9% 10.3% 9 9 (2,191) (2,539)
(a) New Business strain + New Business required capital
Free Cash Flow GenerationLife and Savings
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g
AXA ConsolidatedEuro million,Group share Financial Statements
FY 2010 FY 2009
Expected inforce surplusgeneration
New business investments(a)
L&S normalized freecash flow generation
Expected inforce surplusgeneration
New business investments(a)
L&S normalized freecash flow generation
France 873 (623) 250 773 (639) 134
United States 862 (311) 551 972 (512) 459United Kingdom 82 (122) (39) 242 (345) (102)
Japan 541 (199) 342 454 (207) 247
Germany 318 (228) 90 290 (259) 31
Switzerland 223 (102) 120 91 (79) 12
Belgium 110 (96) 14 119 (106) 13
Mediterranean Region & Latin America 282 (243) 39 135 (217) (82)
Others countries 324 (268) 57 275 (175) 100
Australia and NZ 112 (57) 55 83 (45) 38
Central & Eastern Europe 75 (139) (64) 56 (85) (29)Asia excl. Japan 137 (71) 66 135 (44) 91
All 3,615 (2,191) 1,423 3,350 (2,539) 811
(a) New Business strain + New Business required capital
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NEW BUSINESS VALUE (NBV) AND NBV MARGIN
LIFE & SAVINGS - OTHER COUNTRIES
(Euro million)AXA Consolidated
Financial Statements
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Annual Premium EquivalentChange FY 2010 / FY 2009
Group shareFY 2010 FY 2009
reportedbasis
comparablebasis (a)
TOTAL 5,780 6,188 ( 6.6%) (2.4%)
France 1,384 1,602 ( 13.6%) (13.6%)
United States 986 994 ( 0.8%) (4.9%)
United Kingdom 545 926 ( 41.2%) 36.3%
Japan 465 532 ( 12.6%) (18.0%)
Germany 464 469 ( 1.1%) (1.1%)
Switzerland 283 255 10.9% 2.2%
Belgium 218 264 ( 17.2%) (17.2%)
MedLA 553 497 11.1% 9.9%Australia/New Zealand 283 269 4.9% (13.9%)
Hong Kong 159 123 29.8% 24.8%
Central Eastern Europe 274 168 62.9% 15.6%
South East Asia and China 166 88 87.8% 58.0%
(a) Constant methodology, constant exchange rates, constant scope
New Business Value & NBV MarginChange FY 2010 / FY 2009
Group shareFY 2010 FY 2009
reported basiscomparable basis
(a)comparable basis
(a)
NBV NBV margin % NBV NBV margin % NBV NBV NBV margin %
TOTAL 1,290 22.3% 1,113 18.0% 15.9% 11.8% 2.8 pts
France 159 11.5% 145 9.0% 10.2% 10.2% 2.5 pts
United States 122 12.4% 73 7.3% 68.6% 61.7% 5.1 pts
United Kingdom 29 5.4% 97 10.5% (69.8%) (57.9%) (12.0) pts
Japan 354 76.1% 330 61.9% 7.4% 0.7% 14.2 pts
Germany 96 20.6% 63 13.5% 51.5% 51.5% 7.2 pts
Switzerland 124 43.9% 84 33.1% 47.2% 35.7% 10.8 pts
Belgium 22 10.2% 41 15.7% (46.1%) (46.1%) (5.5) pts
MedLA 91 16.5% 79 16.0% 14.9% 14.2% 0.6 pts
Australia / New Zealand 44 15.6% 38 14.0% 16.7% (4.0%) 1.6 pts
Hong Kong 114 71.6% 78 63.9% 45.5% 39.9% 7.7 pts
Central Eastern Europe 56 20.6% 34 20.2% 65.8% 16.1% 0.1 pts
South East Asia and China 77 46.2% 50 56.8% 52.7% 29.1% (10.3) pts(a) Constant methodology, constant exchange rates and constant scope