2006 Full Year Earnings
Analysts meeting - April 10, 2007
Analysts meeting
Summary of the presentation
- 1) AXA full year 2006 earnings - Balance sheet & Embedded Value
- 2) Cautionary statements concerning forward-looking statements
- 3) Definitions
- 4) Table of contents
- 5) A very strong year of top line growth and increased profitability ahead of our Ambition 2012.
- 6) .leading to double digit earnings growth.
- 7) .and value creation
- 8) Table of contents
- 9) Winterthur recorded robust results in 2006.
- 10) .with strong growth in L&S NBV due to both volume and margin.
- 11) .while further NBV upside exists as integration within AXA should improve product mix and unit costs.
- 12) . and Swiss and CEE NBV margins remained high
- 13) Winterthur had a positive impact on AXA's 2006 EV
- 14) Purchase accounting should have limited impact on Winterthur underlying earnings contribution capacity
- 15) Table of contents
- 16) Increase in L&S EEV primarily fuelled by business performance as well as Winterthur acquisition .
- 17) Strong operating performance was complemented by favorable market conditions
- 18) Most countries showed very strong double digit total returns on L&S EEV
- 19) AXA L&S EEV demonstrates genuine diversification further reinforced by Winterthur acquisition
- 20) Sensitivity of L&S EEV to market conditions
- 21) From Life & Savings EEV to Group EV 2006
- 22) Increase in Group EV driven by 2006 results.
- 23) . mainly due to operating performance in Life & Savings, Non Life and Asset Management
- 24) Table of contents
- 25) The Euro 10.7 billion increase in Shareholders' equity was fuelled by strong earnings combined with Winterthur financing.
- 26) .unrealized capital gains reservoir remaining close to Euro 10 billion, despite 2006 high level of realized gains
- 27) Winterthur contributed Euro 87.0 billion to AXA's L&S reserves and Euro 9.5 billion in P&C
- 28) AXA's P&C reserves ratios remained at a very high level
- 29) AXA's L&S reserves: higher separate account balances to start the year 2007 with
- 30) Double digit increase in AUM driven by strong net inflows, equity market appreciation and the integration of Winterthur
- 31) Winterthur integration had a minimal impact on our asset allocation
- 32) Details of fixed income assets: a monitored credit exposure
- 33) AXA reduced the duration gap while taking advantage of increasing bond yields
- 34) AXA increased the amount of long term financial resources to finance Winterthur
- 35) Solvency remained very strong, despite rising interest rates and the acquisition of Winterthur
- 36) Estimated shareholder cash flows statement
- 37) Upcoming 2007 events
Questions / Answers
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