2004 Annual results
Analysts meeting - February 24th, 2005
Analysts meeting
Summary of the presentation
- Full year 2004 Earnings, February 24, 2005
- Glossary
- Summary
- AXA 2004 results saw strong growth acceleration driven by operating efficiency ...
- ... in a challenging environment
- Underlying earnings were driven by profitable top line growth, ...
- ... higher AUM and a continuing shift of customers towards Unit Linked products, ...
- ... strongly enhancing Life & Savings New Business Value
- 2004 also benefited from solid new business in P&C combined with underwriting discipline
- In addition to strong operating performance, Adjusted Earnings started to benefit from continued recovery of financial markets ...
- ... driving the proposed dividend growth
- 2004 : a very good year across the board
- Summary
- AXA delivered diversified and profitable revenue growth ...
- ... together with solid net cash flows
- Our expense discipline remained intact, and going forward we will be looking at unit cost improvements
- Our European consolidated solvency margin is 242%
- Our organic growth is more than self-financed ...
- ... which has significantly contributed to our strong financial structure
- Strong 2004 underlying performance with double-digit growth
- P&C : underlying earnings growth boosted by continued ratio improvement
- P&C : better combined ratio due to improved loss and administrative expense ratios ...
- P&C : our operations have made significant progress over the last 3 years
- 2005 P&C renewals show good resilience of prices across the board
- International Insurance : good 2004 results despite unusual high frequency and severity of natural catastrophes
- Asset Management : return to earnings growth, with AUM strongly up ...
- ... and improving cost income ratios
- Life & Savings : very solid underlying performance
- Life & Savings : strong performance driven by gross margin growing faster than expenses
- L&S (excl. MONY) : solid organic profitability despite unfavorable technical experience
- Summary
- Strong Life & Savings New Business owing to higher unit-linked sales and profitability improvement
- As a result, 2004 Life & Savings New Business Margins are above 2000 levels
- All countries contributed to significant improvement of Life & Savings NBV
- Operational improvements and business mix were key drivers of NBC and NBV growths ...
- ... as evidenced by the main NBV contributors
- 2004 EV scorecard : all indicators increased despite very unfavorable currency effects
- Focus on Life EV : up 23%, in line with AXA Group EV
- Life EV evolution : strong operating performance
- P&C goodwill in ANAV is more than justified by our P&C renewals PVFP calculation
- AXA Group EV methodology - Key points
- Summary
- We see growth in the main businesses and markets in which we operate ...
- We see profitable growth in ... the US
- We see profitable growth in ... France
- We see profitable growth in ... Japan
- We are making progress in the UK
- Summary
- AXA : A powerful combination
- AXA has the ability to outperform its peers in a naturally growing sector
- Margin improvement in a growth context
Questions / Answers
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