Half Year 2007 Earnings
Press meeting - August 9, 2007
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Summary of the presentation
- 1) Half Year 2007 Earnings - August 9, 2007
- 2) Cautionary statements concerning forward-looking statements
- 3) Definitions
- 4) Important notes
- 5) Table of contents
- 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) Winterthur integration is on track…
- 14) …and restructuring program is well in line with targets
- 15) In 1H07, we continued to pursue various initiatives…
- 16) Distribution initiatives: we developed bancassurance agreements in Western Europe and new high growth markets,…
- 17) … increased our presence in distribution and reinforced our direct operations
- 18) Product initiatives included the roll-out of Variable Annuities in Key markets
- 19) Risk and capital management initiatives
- 20) HR initiatives: we made each AXA employee a shareholder of the Group
- 21) Table of contents
- 22) High first half 2007 performance
- 23) All operating business units contributed positively to 1H07 underlying earnings performance
- 24) Life & Savings: double digit APE growth
- 25) Business mix continued to improve NBV margin both at AXA and Winterthur, offset by a slower growth in a few high margin countries
- 26) NBV growth per country & region
- 27) Businesses in all countries reported positive underlying earnings growth
- 28) Property & Casualty environment: contrasting trends across segments and markets
- 29) Good P&C sales performance in a competitive pricing environment
- 30) Combined ratio was impacted by Natural Catastrophes events
- 31) Robust underlying earnings growth despite a series of Nat Cat events
- 32) Property & Casualty underlying earnings by country
- 33) Assets managed by AllianceBernstein and AXA IM continued to grow at a strong pace…
- 34) AllianceBernstein’s strong revenues and improving cost income ratio resulted in a 21% underlying earnings growth
- 35) AXA Investment Managers’ strong revenues and improving cost income ratio resulted in a 35% underlying earnings growth
- 36) From underlying earnings to net income
- 37) Table of contents
- 38) Shareholders’ equity roll-forward
- 39) AXA Group : a large and diversified invested asset base
- 40) Low exposure to US subprime residential MBS (1/2)
- 41) Table of contents
- 42) The outlook for the remaining of 2007 is favorable
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