PARIS, October 28, 2010 /PRNewswire/ -- On a comparable
basis:
Life & Savings
- Revenues up 1% to EUR44.0 billion
- New Business Margin up 2.4 pts to 19.7%
- Net inflows up EUR 0.6 billion to EUR+7.8 billion
Property & Casualty
- Revenues up 1% to EUR21.4 billion
- Ca. 3% price increase
- Net personal new contracts: +940k
Asset management
- Revenues up 6% to EUR2.5 billion
- Assets under management up EUR32 billion to EUR877 billion
- Net inflows of EUR-41 billion
"Our top line trends for the first nine months are in line with
those observed in the first semester, with a continued focus on
disciplined growth. This will allow us in the short term to adapt
to the current environment, improve profitability where needed, and
be prepared to accelerate growth in the medium term", said Henri de
Castries, Chairman and CEO of
AXA.
"Life & Savings continued to experience positive growth,
with a contrasted situation between countries. Our ongoing active
measures to improve margins in selected areas continued to bear
fruit in the third quarter with further improvements in new
business profitability. Nevertheless, the decline in interest rates
is expected to affect new business margins as measured at year
end.
In Property & Casualty, price increases accelerated slightly
in the third quarter across the board. Combined with more selective
underwriting especially in Commercial lines, this led to an
increase in revenues of 1%.
Asset management revenue growth was driven by higher assets
under management, despite net outflows, mainly in the institutional
client segment of AllianceBernstein and AXA Rosenberg."
All comments are on a comparable basis (constant Forex, scope
and methodology for activity indicators).
The sale of part of our UK life operations has been completed in
September 2010. 9M10 reported figures
include January to August contributions of the disposed
operations.
Revenues : Key figures
Euro million, except when 9M09 9M10 Change Change
otherwise noted on a
reported
basis
Comp.(a) Scope FX
basis & impact(b)
Other
Life & Savings revenues 42,706 43,970 +3.0% +0.9% -0.4 +2.5 pts
pt
Net inflows (Euro billion) 7.0 7.8
APE[1] (Group share) 4,508 4,632 +2.8% -0.5% -0.9 +4.2 pts
pt
NBV[2] (Group share) 775 911 +17.6% +13.0% -0.1 +4.7 pts
pt
NBV to APE margin (Group 17.2% 19.7% +2.5 pts +2.4 pts
share)
Property & Casualty 20,524 21,389 +4.2% +0.7% +0.4 +3.0 pts
revenues pt
International Insurance 2,308 2,296 -0.5% -2.2% -0.7 +2.4 pts
revenues pt
Asset Management revenues 2,253 2,463 +9.3% +6.2% +0.0 +3.1 pts
pt
Net inflows (Euro billion) -51 -41
Total revenues(c) 68,094 70,462 +3.5% +1.0% -0.1 +2.7 pts
pt
(a) Change on a comparable basis was calculated at constant FX
and scope.
(b) Mainly due to the depreciation of Euro against most
currencies.
(c) Including banking revenues up 13% to Euro 344 million in 9M10 (vs. Euro 302 million in 9M09).
Revenues
- Total Revenues were up 1.0% to Euro
70,462 million.
- Life & Savings revenues were up 0.9% to Euro 43,970 million.
APE1 was down 0.5% to Euro 4,632
million, with lower sales in the US, France and Japan, partly offset by strong performance
mainly in MedLA, CEE, SEA & China, Hong
Kong and the UK. High growth markets[3] APE was up 28%.
Net inflows were positive at Euro +7.8
billion (up Euro 0.6 billion
vs. 9M09), mainly driven by higher gross inflows.
New Business Value (NBV2) was up 13% to Euro 911 million, primarily due to improved
business mix benefiting from new products introduced in the US and
Japan.
As a result, New Business margin was up 2.4 points from 17.2% to
19.7%, with protection at 40%, health at 45% and investment &
savings at 9%.
- Property & Casualty revenues increased by 0.7% to
Euro 21,389 million as the 3.9%
growth in Individual lines (largely driven by a 3.4% average price
increase), was partly offset by a 3.8% decrease in Commercial lines
where the 2.0% average price increase was more than compensated by
lower volumes from more selective underwriting and by reduced sum
insured. Overall, the average price increase was 2.8%.
- Asset Management revenues were up 6.2% to Euro 2,463 million, mostly due to higher average
assets under management (+6%). Assets under management reached
Euro 877 billion, up Euro 32 billion vs. December 31, 2009 levels, benefiting from
positive market and forex impacts partly offset by net outflows
mainly from institutional clients.
Life & Savings
- Life & Savings revenues were up 0.9% to Euro 43,970 million with positive contribution
from MedLA and NORCEE partly offset by France and the US.
Net inflows were positive at Euro +7.8
billion (up Euro 0.6 billion
vs. 9M09), mainly driven by higher gross inflows.
Net Inflows by
country/region
Euro billion 9M09 9M10
France +3.2 +2.2
NORCEE(a) +2.0 +3.2
United States +0.3 -0.8
United Kingdom(b) -0.6 -0.8
Asia Pacific(c) +0.9 +1.5
MedLA(d) +1.2 +2.4
Total L&S Net +7.0 +7.8
Inflows
(a) Northern Central and Eastern
Europe: Germany,
Belgium, Switzerland, Central & Eastern Europe and Luxembourg
(b) UK net inflows, excluding with-profit funds, stood at
Euro 110 million at September 30, 2010.
(c) Asia Pacific: Australia, New Zealand, Hong Kong, Japan and
South East Asia
(d) Mediterranean and Latin America Region: Italy, Spain,
Portugal, Turkey, Mexico, Greece and Morocco
- New Business Volume (APE1) was down 0.5% to Euro 4,632 million, with:
- lower sales in the US (mainly lower "Accumulator" sales
following product redesign partly compensated by new "Retirement
Cornerstone" product sales), France (decline in both Individual and
Group lines) and Japan (discontinuation of a lower margin tax-driven
protection product),
- partly offset by strong performance mainly in MedLA (notably
thanks to Italy in a context of low interest rate environment
limiting competition from banking products, and fiscal amnesty),
CEE, SEA & China and Hong-Kong (driven by higher sales of protection
with savings products), as well as the UK (driven by the success of
the "Elevate" wrap-platform).
High growth markets3 APE was up 28%.
Unit-linked share in APE was 38%, as clients continue to remain
cautious towards unit-linked products in still unstable market
environments.
Annual Premium Equivalent by country/region
Euro million 9M09 9M10 Change Change on
on a a
reported comparable
basis basis
United States 770 741 -3.7% -7.4%
France 1,120 996 -11.1% -11.1%
United Kingdom 711 737 +3.6% +5.9%
NORCEE (a) 841 938 +11.5% +4.0%
of which Germany 342 358 +4.7% -0.0%
of which 208 233 +12.2% +4.1%
Switzerland
of which Belgium 174 176 +1.7% +1.7%
of which Central & 118 171 +44.3% +17.7%
Eastern Europe
Asia Pacific 733 789 +7.6% -1.8%
of which Japan 380 335 -11.9% -13.3%
of which 198 223 +12.3% -10.4%
Australia/ New
Zealand
of which Hong Kong 89 111 +25.0% +20.0%
of which South 66 120 +82.7% +61.3%
East Asia & China
MedLA 332 431 +29.8% +30.0%
of which Spain 58 58 +1.1% +1.1%
of which Italy 208 294 +41.5% +41.5%
of which other(b) 67 79 +18.2% +18.6%
Total Life & 4,508 4,632 +2.8% -0.5%
Savings APE1
(a) Northern Central and Eastern
Europe: Germany,
Belgium, Switzerland and Central and Eastern Europe. Luxemburg's APE and NBV are not modelled.
(b) Portugal, Greece, Turkey, Mexico and Morocco.
- New Business Value (NBV2) was up 13% to Euro 911 million, primarily due to improved
business mix mainly benefiting from new products introduced in the
US and Japan.
As a result, New Business margin was 19.7%.
Actuarial and financial assumptions are not updated on a
quarterly basis, except for interest rates which are hedged for
variable annuity products. These assumptions will be updated at
year-end 2010 and will notably take into account the decline in
interest rates.
Detail by country:
The United States
New business APE decreased by 7% to Euro
741 million, primarily driven by lower variable annuity
sales, mainly in third-party channels, due to high level of sales
in 1Q09 preceding the redesigned "Accumulator" products, partly
offset by higher mutual funds sales.
The new "Retirement Cornerstone" product represented 50% of
total variable annuity first year premiums in 3Q10.
NBV margin was up 6.8 points to 11.2%, primarily as a result of
strong improvement in business mix following the introduction of a
redesigned "Accumulator" product and the progressive launch of
"Retirement Cornerstone" in 2010, partly offset by higher unit
costs.
France
New business APE was down 11% to Euro 996
million, mostly driven by:
(i) in Individual lines, a decrease in savings products sales
(driven by lower sales from bank partnerships and fewer large
contracts on traditional business in a context of high competition
on rates), partly offset by an increase in unit-linked products
sales (increased incentives to both agents and clients) and
protection products sales (success of family protection
product),
(ii) in Group lines, a decrease mostly due to lower large
premiums in retirement business (in both unit-linked and non
unit-linked).
NBV margin was up 0.9 point to 9.3%, mainly as a result of
improvement in product mix in Individual lines with a shift towards
unit-linked products and an increase in protection products
sales.
The United Kingdom
New business APE was up 6% to Euro 737
million, mainly as a result of strong increase in mutual
fund sales through the new "Elevate" wrap-platform.
NBV margin was down 0.4 point to 10.3% as a result of a less
favorable business mix.
Northern Central & Eastern
Europe
- Germany new business APE was
stable at Euro 358 million with
higher sales in investment & savings products offset by lower
sales in health products following a legislative reform.
NBV margin was down 2.4 points to 11.9% primarily due to the
impact of lower interest rates on "Twinstar" variable annuity
product profitability.
- Switzerland new business APE
was up 4% to Euro 233 million mainly
due to higher sales in group life due to higher single premiums
reflecting new business coming from pension foundations.
NBV margin was stable at 33.5%.
- Belgium new business APE was
up 2% to Euro 176 million mostly due
to an increase in individual investment & savings products
sales partly offset by lower exceptional large contracts in group
life.
NBV margin was down 0.5 point to 14.8%.
- Central & Eastern Europe
new business APE was up 18% to Euro 171
million mostly driven by the success of pension products
mainly in Poland.
NBV margin was up 2.6 points to 23.5% driven by a better
business mix.
Asia Pacific
- Japan new business APE
decreased by 13% to Euro 335 million,
mainly driven by the discontinuation of a lower margin tax-driven
product.
NBV margin was up 11.8 points to 71.8% mainly driven by an
improved business mix (notably due to the variable annuity offer
redesign and the discontinuation of a lower margin tax-driven
product).
- Australia/New Zealand new business APE was down 10% to
Euro 223 million, mainly due to a
decrease in mutual fund sales in a context of flat equity markets
in 3Q10.
NBV margin was down 0.1 point at 13.6%.
- Hong Kong new business APE
was up 20% to Euro 111 million,
mainly due to an increase in protection with savings products.
NBV margin was up 4.9 points to 68.9% mainly as a result of an
improved business mix with a shift from investment & savings
products towards higher margin protection products.
- South East Asia &
China new business APE was up 61%
to Euro 120 million mainly driven by
higher sales of protection with savings across the board, notably
through the bancassurance channel (mainly AXA Mandiri Financial
Services joint-venture in Indonesia).
NBV margin was down 12.3 points to 45.6% mainly due to a less
favorable business mix and expenses and lapses modeling
refinement.
Mediterranean and Latin America Region (MedLA)
- New business APE increased by 30% to Euro 431 million, driven by higher sales in non
unit-linked investment & savings products in Italy particularly at AXA MPS Italian
Joint-Venture in a context of lower competition from bank deposits,
combined with strong sales in "Accumulator" products (mainly in
Spain) and in group protection in
Mexico.
- NBV margin was up 1.3 points to 16.3%, as a result of lower
unit costs due to higher volumes and an improved business mix.
Property & Casualty
Property & Casualty revenues increased by 0.7% to
Euro 21,389 million as the 3.9%
growth in Individual lines (largely driven by a 3.4% average price
increase), was partly offset by a 3.8% decrease in Commercial lines
where the 2.0% average price increase was more than compensated
notably by lower volumes from more selective underwriting and by
reduced sum insured. Overall, the average price increase was
2.8%.
Net new personal contracts amounted to +940k.
Property & Casualty : IFRS revenues by country/region
In Euro million 9M09 9M10 Change on a Change on
reported a comp.
basis basis
NORCEE(a) 6,713 6,845 +2.0% -1.3%
of which Germany 2,905 2,869 -1.2% -1.5%
of which Belgium 1,651 1,617 -2.1% -2.1%
of which 2,058 2,201 +6.9% -0.8%
Switzerland
MedLA 4,806 4,906 +2.1% -0.7%
of which Spain 1,868 1,765 -5.5% -5.5%
of which Italy 1,019 1,036 +1.6% +1.6%
of which other(b) 1,919 2,105 +9.7% +2.8%
France 4,434 4,556 +2.7% +2.7%
United Kingdom & 3,071 3,208 +4.5% +1.4%
Ireland
Canada 877 1,095 +24.8% +6.7%
Asia 623 779 +25.2% +7.4%
Total P&C 20,524 21,389 +4.2% +0.7%
revenues
(a) Northern Central and Eastern
Europe: Germany,
Belgium, Switzerland, Central and Eastern Europe, Luxembourg
(b) Portugal, Greece, Turkey, Mexico, Gulf region and Morocco.
Personal lines were up 3.9% mainly benefiting from a 3.4%
average price increase.
- Personal Motor revenues (36% of total P&C revenues) were
up 5% mainly driven by the UK (+35%) following strong tariff
increases and higher volumes mostly as a result of the success of
both Swiftcover and AXA branded direct businesses. France was up 5% mostly driven by tariff
increases while Spain was down 7%
mainly due to both lower volumes as a result of severe price
competition and lower guarantees.
Motor net new contracts amounted to +718k.
Personal Non-Motor revenues (25% of total P&C revenues)
increased by 3% driven by France
(+5%) largely attributable to price increases in household, and by
Italy as AXA MPS household
business benefited from the rebound of bank mortgage loan activity.
These positive impacts were partially offset by a decrease in
Germany (-3%) primarily due to the
medical liability segment restructuring with tariff increase and
selective underwriting.
Household net new contracts amounted to +222k.
Commercial lines were down 3.8% as the 2.0% average price
increase was more than offset notably by lower volumes from more
selective underwriting and by reduced sum insured.
- Commercial Motor revenues (8% of total P&C revenues) were
stable as increases notably in the UK and Ireland (+7%), Mexico (+4%) and Canada (+7%) were offset by negative
contributions mostly from Spain
(-22%) reflecting tariff increases despite high competition.
- Commercial Non-Motor revenues (30% of total P&C revenues)
were down 5% notably due to the UK (-13%) following AXA's exit from
certain property accounts in a very competitive environment,
Belgium (-8%) as a consequence of
selective underwriting in workers compensation, and Switzerland (-3%) as a result of lower volumes
mainly in the competitive health market.
Asset Management
- Asset Management revenues were up 6.2% to Euro 2,463 million, mostly due to higher average
assets under management (+6%).
- Assets Under Management were up Euro 32
billion versus December 31,
2009 to Euro 877 billion
mainly as a result of:
- Net inflows: Euro -41 billion primarily at AllianceBernstein
(Euro -23 billion) and AXA Rosenberg (Euro -26 billion), mainly in
the institutional client segment, partly offset by positive net
inflows from certain other AXA IM expertises,
- Market impact: Euro + 45 billion,
- Forex impact: Euro +29 billion mostly driven by the USD
appreciation versus the Euro.
Assets Under Management Roll-forward
In Euro billion Alliance AXA IM Total
Bernstein
AUM at FY09 346 499 845
Net inflows -23 -19 -41
Market appreciation +14 +31 +45
Scope & other impacts -0 -0
Forex impact +18 +12 +29
AUM at 9M10 355 522 877
Average AUM over the period 366 501 867
Change of average AUM on a +12% +5% +7%
reported basis
Change of average AUM on a +7% +4% +6%
comparable basis
International Insurance
International Insurance revenues decreased by 2% to Euro 2,296 million, mainly due to AXA Corporate
Solutions Assurance.
International Insurance IFRS revenues
In Euro million 9M09 9M10 Change Change on
on a a
reported comparable
basis basis
AXA Corporate 1,598 1,597 -0.1% -2.3%
Solutions Assurance
AXA Assistance 573 575 +0.4% -0.4%
AXA Global Life & 57 49 -15.0% -15.5%
Global P&C(a)
Other International 79 76 -4.4% -2.4%
activities
Total International 2,308 2,296 -0.5% -2.2%
Insurance
(a) Formerly AXA Cessions. Combines both central teams from Life
& Savings and Property & Casualty global business lines in
addition to existing Group reinsurance operations.
Notes
[1] Annual Premium Equivalent (APE) represents 100% of new
business regular premiums + 10% of new business single premiums.
APE is Group share
[2] New Business Value is Group share.
[3] High growth markets: Central & Eastern Europe, Hong
Kong, South East Asia &
China, Turkey, Mexico, Gulf region and Morocco.
APPENDIX 1: AXA Group IFRS revenues - 9M10 vs. 9M09 /
AXA Group IFRS revenues - contributions & growth by segment and
country/region
In Euro million 9M09 9M10 IFRS revenues change
IFRS IFRS Reported Comp. basis
United States 7,405 7,142 -3.6% -7.2%
France 11,646 10,825 -7.0% -7.0%
NORCEE 10,811 11,765 +8.8% +5.8%
of which Germany 4,885 5,110 +4.6% +4.6%
of which Switzerland 3,880 4,349 +12.1% +4.0%
of which Belgium 1,651 1,886 +14.2% +14.2%
of which Central & Eastern Europe 344 360 +4.8% -0.4%
United Kingdom 2,002 1,905 -4.8% -0.4%
Asia Pacific 6,337 6,532 +3.1% -2.7%
of which Japan 4,156 4,134 -0.5% -2.1%
of which Australia/New-Zealand 1,158 1,192 +3.0% -17.5%
of which Hong Kong 905 1,029 +13.7% +9.6%
of which South East Asia 118 177 +50.3% +30.7%
MedLA 4,420 5,698 +28.9% +28.8%
of which Spain 488 531 +8.9% +8.9%
of which Italy 3,444 4,635 +34.6% +34.6%
of which other(a) 488 533 +9.2% +7.3%
Canada 85 102 +19.8% +2.4%
Life & Savings 42,706 43,970 +3.0% +0.9%
NORCEE 6,713 6,845 +2.0% -1.3%
of which Germany 2,905 2,869 -1.2% -1.5%
of which Belgium 1,651 1,617 -2.1% -2.1%
of which Switzerland 2,058 2,201 +6.9% -0.8%
France 4,434 4,556 +2.7% +2.7%
Mediterranean Region 4,806 4,906 +2.1% -0.7%
of which Spain 1,868 1,765 -5.5% -5.5%
of which Italy 1,019 1,036 +1.6% +1.6%
of which other(b) 1,919 2,105 +9.7% +2.8%
United Kingdom & Ireland 3,071 3,208 +4.5% +1.4%
Canada 877 1,095 +24.8% +6.7%
Asia 623 779 +25.2% +7.4%
Property & Casualty 20,524 21,389 +4.2% +0.7%
AXA Corporate Solutions Assurance 1,598 1,597 -0.1% -2.3%
Others 709 700 -1.4% -2.0%
International Insurance 2,308 2,296 -0.5% -2.2%
AllianceBernstein 1,390 1,595 +14.7% +10.4%
AXA Investment Managers 863 868 +0.7% -0.5%
Asset Management 2,253 2,463 +9.3% +6.2%
Banking & Holding 303 344 +13.5% +13.0%
Total 68,094 70,462 +3.5% +1.0%
(a) Portugal, Greece, Turkey, Mexico and Morocco.
(b) Portugal, Greece, Turkey, Mexico, Gulf region and Morocco.
APPENDIX 2: Life & Savings - breakdown of APE between
unit-linked non unit-linked and mutual funds /
Breakdown of APE - main countries, regions and modelled businesses
Group share 9M10 APE % UL in APE UL change
on
in Euro million (excl. mutual comparable
funds) basis
UL Non-UL Mutual 9M09 9M10
Funds
France 108 888 10% 11% -6%
United States 337 150 254 75% 69% -26%
United Kingdom 575 79 83 87% 88% -4%
NORCEE
Germany 101 257 28% 28% +4%
Switzerland 21 212 10% 9% -6%
Belgium 14 162 6% 8% +31%
Central & Eastern 114 19 37 66% 86%(a) +39%
Europe
ASIA PACIFIC
Japan 94 241 23% 28% +8%
Australia/New-Zealand 24 33 166 14% 41%(a) -33%
Hong Kong 40 71 35% 36% +25%
South East Asia & 64 56 59% 54% +58%
China
MedLA 79 347 6 17% 18% +43%
Spain 9 45 4 5% 17% +267%
Italy 65 227 2 24% 22% +32%
Other(b) 4 75 4% 5% +53%
Total 1,573 2,514 546 38% 38% -4%
(a) Reclassification of products.
(b)Portugal, Greece, Turkey, Mexico and Morocco.
APPENDIX 3: AXA Group IFRS Revenues in local currency - Discrete
quarters /
(In million local currency 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10
except Japan in billion)
Life & Savings
United States 4,197 3,257 2,670 2,962 3,084 3,174 3,138
France 4,012 4,012 3,623 4,694 3,824 3,502 3,500
NORCEE
of which Germany 1,516 1,540 1,829 1,810 1,696 1,786 1,628
of which Switzerland 4,188 922 749 838 4,325 899 868
of which Belgium 534 514 603 865 731 605 549
of which Central &
Eastern Europe 115 113 116 124 119 118 123
United Kingdom 556 599 620 705 605 612 417
Asia Pacific
of which Japan 174 188 167 176 154 210 154
of which Australia/New-Zealand 918 607 586 606 559 646 544
of which Hong Kong 3,178 3,099 3,317 3,407 3,368 3,493 3,659
MedLA 1,417 1,532 1,471 2,053 2,355 1,879 1,464
Property & Casualty
NORCEE
of which Germany 1,619 587 699 596 1,584 593 692
of which Switzerland 2,686 260 162 144 2,645 256 182
of which Belgium 648 513 491 479 634 504 479
France 1,864 1,224 1,346 1,250 1,902 1,279 1,375
MedLA 1,725 1,678 1,403 1,891 1,745 1,693 1,469
United Kingdom & Ireland 881 952 891 757 872 978 902
Asia 212 205 206 191 243 258 279
Canada 385 530 484 452 404 560 528
International Insurance
AXA Corporate Solutions Assurance 900 355 343 332 933 338 326
Others, including AXA RE 279 196 234 221 279 212 208
Asset Management
AllianceBernstein 610 624 667 731 701 712 685
AXA Investment Managers 295 284 284 325 302 303 263
Banking & Holdings 78 89 91 80 90 97 87
APPENDIX 4: 9M10 Property & Casualty revenues contribution &
growth by business line /
Property & Casualty revenues - contribution & growth by business line
in % Personal Motor Personal Non-Motor
% Gross Change on % Gross Change on
revenues comp. basis revenues comp. basis
France 33% +5% 28% +5%
United Kingdom (a) 26% +35% 35% +0%
NORCEE 33% +1% 24% -1%
Of which 31% -1% 34% -3%
Germany
Of which 30% +2% 21% +3%
Belgium
Of which 36% +1% 15% +2%
Switzerland
MedLA 45% -0% 21% +7%
Of which 51% -7% 25% +5%
Spain
Of which 60% +1% 29% +7%
Italy
Of which 32% +10% 13% +11%
other (b)
Canada 38% +5% 20% +10%
Asia 72% +5% 8% +22%
Total 36% +5% 25% +3%
APPENDIX 4. cont.
Property & Casualty revenues - contribution & growth by business line
in % Commercial Motor Commercial Non-Motor
% Gross Change on comp. % Gross Change on comp.
revenues basis revenues basis
France 8% +0% 31% -1%
United 7% +7% 33% -13%
Kingdom (a)
NORCEE 7% +1% 33% -4%
Of which 7% +2% 22% -2%
Germany
Of which 12% -1% 37% -8%
Belgium
Of which 4% +0% 45% -3%
Switzerland
MedLA 10% -5% 25% -6%
Of which 7% -22% 18% -7%
Spain
Of which 1% -27% 10% -3%
Italy
Of which 17% +4% 38% -6%
other (b)
Canada 7% +7% 36% +5%
Asia 5% +15% 17% +1%
Total 8% +0% 30% -5%
(a) Including Ireland.
(b) Portugal, Greece, Turkey, Mexico, Gulf region and Morocco.
APPENDIX 5: 9M10 Property & Casualty price increases /
Property & Casualty price increases by country and business line
In % Personal Commercial
France +4.0% +3.4%
Germany +0.1% -0.1%
United Kingdom & +9.8% +3.4%
Ireland
Switzerland -0.6% -1.1%
Belgium +2.0% 0.0%
Canada +5.5% +1.3%
MedLA +3.1% +2.9%
Total +3.4% +2.0%
APPENDIX 6: Life & Savings New Business Volume (APE), Value
(NBV) and NBV to APE margin /
APE, NBV & NBV margin - main countries, regions and modelled businesses
9M09 9M10 Change on a 9M09 9M10
APE APE comparable basis NBV NBV
in Euro million
United States 770 741 -7.4% 34 83
France 1,120 996 -11.1% 94 92
United Kingdom 711 737 +5.9% 80 76
NORCEE 841 938 +4.0% 167 187
Germany 342 358 -0.0% 47 43
Switzerland 208 233 +4.1% 69 78
Belgium 174 176 +1.7% 27 26
Central & Eastern Europe 118 171 +17.7% 24 40
ASIA PACIFIC 733 789 -1.8% 350 402
Japan 380 335 -13.3% 228 241
Australia/New-Zealand 198 223 -10.4% 27 30
Hong Kong 89 111 +20.0% 57 77
South East Asia & China 66 120 +61.3% 37 55
MedLA 332 431 +30.0% 50 70
Spain 58 58 +1.1% 7 10
Italy 208 294 +41.5% 33 47
Other(a) 67 79 +18.6% 10 13
TOTAL 4,508 4,632 -0.5% 775 911
APPENDIX 6 cont.
APE, NBV & NBV margin - main countries, regions and modelled businesses
Change on a 9M10 Change on a
comparable basis NBV/APE margin comparable
basis
in Euro million
United States +132.5% 11.2% +6.8 pts
France -2.0% 9.3% +0.9 pt
United Kingdom +1.8% 10.3% -0.4 pt
NORCEE +1.8% 19.9% -0.4 pt
Germany -16.8% 11.9% -2.4 pts
Switzerland +4.3% 33.5% +0.1 pt
Belgium -1.9% 14.8% -0.5 pt
Central & Eastern Europe +32.3% 23.5% +2.6 pts
ASIA PACIFIC +8.9% 51.0% +5.3 pts
Japan +3.8% 71.8% +11.8 pts
Australia/New-Zealand -11.3% 13.6% -0.1 pt
Hong Kong +29.2% 68.9% +4.9 pts
South East Asia & China +26.7% 45.6% -12.3 pts
MedLA +40.9% 16.3% +1.3 pts
Spain +56.9% 17.7% +6.3 pts
Italy +43.3% 15.9% +0.2 pt
Other(a) +23.6% 16.9% +0.7 pt
TOTAL +13.0% 19.7% +2.4 pts
(a)Portugal, Greece, Turkey, Mexico and Morocco.
APPENDIX 7: 3Q10 Main Press Releases /
- 08/04/2010 Half Year 2010 Earnings - Confirmation of AXA's
operating model strength
- 08/04/2010 Appointments (François Pierson, Nicolas Moreau,
Paul Evans)
- 08/06/2010 AXA and BNP Paribas to renew their 2005 agreement
- 08/09/2010 Update on the AXA APH transaction - ACCC to
conduct market enquiries
- 08/09/2010 Extension of AXA APH proposal following ACCC
announcement to conduct market enquiries
- 08/24/2010 AXA launches its 2010 employee share offering
(Shareplan 2010)
- 09/09/2010 AXA comments on ACCC decision
- 09/14/2010 AXA comments on NAB decision
- 09/15/2010 AXA has completed the sale of part of its UK life
& savings operations
- 10/13/2010 George Stansfield, AXA Group General Counsel, is
appointed Head of Group Human Resources in addition to his current
responsibilities and joins AXA's Executive Committee
Please refer to the following web site address for further
details:
http://www.axa.com/en/press/pr/
APPENDIX 8: 3Q10 operations on axa shareholders' equity and debt /
Shareholders' Equity
No significant operation.
Debt
No significant operation.
APPENDIX 9: next main investor events /
- 11/16/2010 Investor Day
- 02/17/2011 Full Year 2010 Earnings
About AXA
AXA Group is a worldwide leader in Financial Protection. AXA's
operations are diverse geographically, with major operations in
Europe, North America and the Asia/Pacific area. For full year 2009, IFRS
revenues amounted to Euro 90.1
billion and IFRS underlying earnings to Euro 3.9 billion. AXA had Euro 1,015 billion in assets under management as
of December 31, 2009.
The AXA ordinary share is listed on compartment A of Euronext
Paris under the ticker symbol CS (ISIN FR0000120628 - Bloomberg: CS
FP - Reuters: AXAF.PA). AXA's American Depositary Share is also
quoted on the OTC QX platform under the ticker symbol AXAHY.
This press release is available on the AXA Group website:
http://www.axa.com
IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING
FORWARD-LOOKING STATEMENTS
Certain statements contained herein are forward-looking
statements including, but not limited to, statements that are
predictions of or indicate future events, trends, plans 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. Please refer to the section "Cautionary
statements" in page 2 of AXA's Document de Référence for the year
ended December 31, 2009, for a
description of certain important factors, risks and uncertainties
that may affect AXA's business. 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.