Half Year 2007 Earnings
Analysts meeting - August 9, 2007
Analysts meeting
Summary of the presentation
- 1) AXA - Half Year 2007 Earnings
- 2) Cautionary statements concerning forward-looking statements
- 3) Definitions
- 4) Important notes
- 5) Part 1 – First half 2007 key highlights
- 6) First half 2007 key highlights
- 7) Life and Savings: APE continued to grow at a double digit pace
- 8) Property and Casualty: Combined ratio remained solid despite Natural Cat events
- 9) Asset Management: Another half year of very strong performance
- 10) Strong underlying earnings growth
- 11) Underlying earnings continued to benefit from diversified growth engines
- 12) Solid adjusted earnings growth
- 13) Underlying earnings per share in line with Ambition 2012
- 14) Solid adjusted earnings per share
- 15) Winterthur integration is on track…
- 16) …and restructuring program is well in line with targets
- 17) In 1H07, we continued to pursue various initiatives…
- 18) Distribution initiatives: we developed bancassurance agreements in Western Europe and new high growth markets,…
- 19)… increased our presence in distribution and reinforced our direct operations
- 20) Product initiatives included the roll-out of Variable Annuities in Key markets
- 21) Risk and capital management initiatives
- 22) HR initiatives: we made each AXA employee a shareholder of the Group
- 23) Part 2 – Overview of 1H07 financial performance
- 24) High first half 2007 performance
- 25) All operating business units contributed positively to 1H07 underlying earnings performance
- 26) Life & Savings: double digit APE growth
- 27) New Business Value (NBV) growth of 9%
- 28) Business mix continued to improve NBV margin both at AXA and Winterthur, offset by a slower growth in a few high margin countries
- 29) NBV growth per country & region
- 30) Businesses in all countries reported positive underlying earnings growth
- 31) Underlying earnings growth was primarily driven by fees and revenues
- 32) Property & Casualty environment: contrasting trends across segments and markets
- 33) Good P&C sales performance in a competitive pricing environment
- 34) Combined ratio was impacted by Natural Catastrophes events
- 35) Combined ratio by countries
- 36) Robust underlying earnings growth despite a series of Nat Cat events
- 37) Property & Casualty underlying earnings by country
- 38) Assets managed by AllianceBernstein and AXA IM continued to grow at a strong pace…
- 39) …resulting in higher average Assets Under Management
- 40) AllianceBernstein’s activity was driven by international clients, global funds and blended management styles
- 41) AllianceBernstein’s strong revenues and improving cost income ratio resulted in a 21% underlying earnings growth
- 42) AXA IM growth reflected the success of its multi expert model
- 43) AXA Investment Managers’ strong revenues and improving cost income ratio resulted in a 35% underlying earnings growth
- 44) Analysis of other segments’ underlying earnings
- 45) From underlying earnings to net income
- 46) Part 3 – Balance sheet and equity as of June 30, 2007
- 47) Shareholders’ equity roll-forward
- 48) Impact of increase in interest rates: negative on equity, but neutral on Group economic value
- 49) AXA’s L&S reserves continued to grow fed by Unit-Linked reserves
- 50) P&C reserving levels remained high
- 51) AXA Group : a large and diversified invested asset base
- 52) Low exposure to US subprime residential MBS (1/2)
- 53) Low exposure to US subprime residential MBS (2/2)
- 54) Overview of CDOs exposure
- 55) Overview of CLOs exposure
- 56) Focus on AXA IM’s Libor+ funds (AXA WF & AXA FIIS)
- 57) Financial debt analysis: long term financing and high liquidity
- 58) Solvency remained very strong
- 59) European motor securitization demonstrated the benefits of diversification and its potential as a capital management tool
- 60) Estimated shareholder’s cash-flow statement
- 61) Part 4 - Outlook FY07
- 62) The outlook for the remaining of 2007 is favorable
- 63) Upcoming events
Questions / Answers
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