2007 Full Year Earnings
Analysts meeting - February 28, 2008
Analysts meeting
Summary of the presentation
- 1) Full Year 2007 Earnings
- 2) Cautionary statements concerning forward-looking statements
- 3) Definitions
- 4) Important notes
- 5) Table of contents – 1 - Key highlights
- 6) FY 2007 key highlights
- 7) AXA continued its strong operating performance in 2007…
- 8) … with earnings growing at a faster rate than top line …
- 9) …and supported by a diversified global platform
- 10) Net realized capital gains were in line with last year…
- 11) … leading to a strong ROE
- 12) Underlying earnings growth per share outpaced Ambition 2012 target
- 13) Solid Adjusted earnings per share growth…
- 14) …leading to a proposed dividend increase of 13% to Euro 1.20 per share
- 15) Market turbulence has not had a major impact on AXA
- 16) Throughout 2007 AXA attracted new clients and generated strong positive cash-flows…
- 17) … with strong momentum in unit linked business, notably in Variable Annuities with secondary guarantees…
- 18) … and a successful Winterthur integration
- 19) AXA continued to focus on operational priorities…
- 20) …and increased exposure to high growth markets
- 21) Table of contents – 2 - 2007 IFRS earnings
- 22) All operating business units contributed positively to 2007 underlying earnings performance
- 23) Life & Savings APE: continued strong organic growth momentum
- 24) Life & Savings reserve roll-forward: growth fuelled by unit linked business and offset by negative Forex impact
- 25) Life & savings reserve roll-forward by country: overall good momentum across the board
- 26) Life & Savings margin analysis
- 27) Strong Life & Savings Underlying earnings
- 28) Positive revenue growth in P&C in all major countries
- 29) Property & Casualty environment: resilient renewals prices in key markets
- 30) Combined ratio was impacted by a series of Natural Catastrophes
- 31) Combined ratio by country
- 32) P&C reserving levels remained high despite positive prior year reserve developments
- 33) P&C underlying earnings growth remained robust
- 34) P&C Underlying earnings per country
- 35) Roll forward of AllianceBernstein and AXA IM’s assets under management
- 36) AXA IM : high earnings increase despite lower net inflows
- 37) AllianceBernstein: solid performance despite a slowdown in 2H07
- 38) Analysis of other segments’ underlying earnings
- 39) From underlying earnings to net income
- 40) Shareholders’ equity roll-forward
- 41) Lower unrealized gains mainly driven by higher interest rates and spreads in Europe
- 42) Regulatory solvency ratio mostly reflecting capital management and investment market conditions
- 43) AXA Group: a large and diversified invested asset base
- 44) Invested assets: focus on fixed income
- 45) Corporate bonds including CDS
- 46) Corporate bonds: focus on CDS
- 47) Focus on Monolines
- 48) Asset Backed Securities: June 2007/ December 2007 roll-forward
- 49) Asset Backed Securities by underlying type of asset
- 50) Asset Backed Securities from gross to net exposure
- 51) AXA’s ABS valuation methodology
- 52) Focus on Mortgage-Backed Securities
- 53) Focus on US Subprime RMBS by vintage
- 54) Focus on other asset-backed securities
- 55) Financial debt analysis: long term financing and strong liquidity
- 56) Estimated shareholders’ cash-flow statement
- 57) Table of contents – 3 - 2007 Embedded value
- 58) Roll forward of Life & Savings EEV: strong total return
- 59) Total return fuelled by sustained high operating return
- 60) NBV up 8% on a comparable basis
- 61) NBV margin per region
- 62) Sensitivity of L&S EEV to market conditions
- 63) From Life & Saving EEV to Group EV
- 64) Group EV roll-forward
- 65) Sustained strong double digit operating return on Group EV
- 66) Table of contents – 4 - Concluding remarks
- 67) 2007 key highlights
- 68) 2008 outlook
- 69) Corporate Governance
- 70) AXA in figures
Questions / Answers
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