Analysts meeting
Summary of the presentation
- 1) Full Year 2008 Earnings
- 2) Cautionary statements concerning forward-looking statements
- 3) Definitions
- 8) In this adverse environment, AXA was not immune
- 9) Yet AXA's FY08 performance remained resilient
- 10) Revenues - Resiliency in an unprecedented market environment
- 11) Revenues - Contrasted growth per region
- 12) Underlying Earnings - Performance at the upper end of Management guidance
- 13) Underlying Earnings - Growth in continental Europe offset by the United States
- 14) Adjusted Earnings - Decrease mitigated by proactive dynamic hedging of equity portfolio
- 15) Net income - Understating the "economic" profitability of the Group
- 16) Dividend - A prudent approach
- 17) A solid balance sheet - Solvency I level allowing to absorb further shocks
- 18) A solid balance sheet - Strong liquidity position
- 19) Despite the crisis, increasing client and employee trust makes us confident in the future
- 20) We think we are well positioned to make the difference
- 21) Table of content
- 22) Summary
- 23) Total Underlying Earnings - At the upper end of Management guidance
- 24) Life & Savings Underlying Earnings - Negatively impacted by technical margin
- 25) Margin on revenues - Improved despite lower revenues momentum
- 26) Margin on unit-linked products - Decreased mainly driven by lower average unit-linked reserves
- 27) Margin on General Account products - A stable trend
- 28) Technical margin - Impacted by exceptionally high costs of hedging Variable Annuity guarantees
- 29) Property & Casualty Underlying Earnings - Growth driven by a very strong technical result
- 30) Property & Casualty - Profitable growth as a result of higher revenues and lower combined ratio
- 31) Property & Casualty Combined Ratio - Improvement from the non-recurrence of natural catastrophe events and favorable prior year reserve developments
- 32) Property & Casualty reserving ratio - A strong track record across the cycle
- 33) Asset Management Underlying Earnings - Benefiting from non-recurring items
- 34) Asset Management revenues - Impacted by adverse market conditions
- 35) Adjusted Earnings - Benefiting from proactive dynamic hedging of equity portfolio
- 36) Net Income - Impacted by mark to market of invested assets
- 37) Estimated shareholders' cash-flow statement
- 38) Shareholders' equity - Impacted by lower unrealized capital gains on equities
- 39) Net financial debt - Long-term maturities
- 40) General Account asset portfolio - Quality and diversification
- 41) Table of contents
- 42) Summary
- 43) Radar screen update - What's new?
- 44) General Account exposure - Lower sensitivity to equities
- 45) DAC - Lower sensitivity to equities
- 46) US basis & volatility risk action plan - Mitigating hedging costs for inforce & new business
- 47) Solvency I - Capital management flexibility
- 48) Is "double leverage" captured in Solvency I?
- 49) What is the impact of low interest rates on Life & Savings business?
- 50) What is AXA's exposure to financial hybrid debt
- 51) Table of contents
- 61) Market consistent EV - Group EV - methodology aligned with new CFO Forum guidelines
- 62) Group EV - Investment experience impacted by adverse financial market conditions
- 63) Return on Group EV - A relatively stable operating return
- 64) Return on Group EV - Total return reflecting unprecedented market conditions and sensitivity of MCEV model
- 65) Focus on NBV - Adverse market conditions mechanically impacting NBV
Questions / Answers
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