Performance

1) Operating performance levels ranking among the best in the industry

AXA uses three main indicators to measure shareholder satisfaction: the combined ratio, life insurance new business contribution and underlying earnings. They have been chosen for their relevance to the financial protection business, and also because they are widely used by industry analysts to compare performances. AXA seeks to achieve continuous improvements in these indicators.

2) Dividend

The AXA Group seeks to share the results of improved operational performance levels with its shareholders. In addition, the management of AXA's investment portfolios makes realized capital gains or losses on invested assets an important contributor to AXA's overall performance.

For these reasons, AXA's dividend policy is based on adjusted earnings (under international GAAP), resulting in a dividend payout of between 40-50% of these earnings. The amount of the dividend paid out is determined by the supervisory board, which reserves the right to adjust the dividend at each annual close of accounts. Further information about the Group's dividend policy may be found in the "Individual Shareholders" section of this website.