Driving Progress

2020 Integrated Report

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AXA 2020 Integrated Report: Driving Progress

“Our solidity has enabled us to withstand the crisis. It’s also the reason we can look to the future with confidence.”

“The emerging trends in the post-Covid world fully confirm our strategic decisions. Driving Progress 2023 will enable us to leverage our strengths and become even stronger in our fields of excellence.”

“Driving Progress 2023 is an operational plan focused on implementing transformation, with a local anchor to ensure we meet the real needs of our customers.”

Georges Desvaux, Chief Strategy and Business Development Officer

“We want to further enhance our services to become a health orchestrator for our customers.”

“We must prevent systemic risks, starting with climate change.”

Alban de Mailly Nesle, Group Chief Financial Officer

“We’re convinced this crisis presents an opportunity to accelerate the ecological transition. The climate emergency raises global questions that require us to act with determination.”

“Offering solutions to protect our shared future is fundamental to our purpose. Driving Progress 2023 defines new milestones in our long-term commitments.”

“Autonomy and diversity are key strengths for attracting the best talents and standing out on the market.”

Karima Silvent, Chief Human Resources Officer

Driving progress: AXA's vision in 8 quotes

Understanding 2020 in 10 trends

AXA has made healthcare a strategic priority since 2016, with a service-centric approach and the ambition of going beyond its role as an insurer.

How can AXA meet growing global healthcare needs?

By Tracy Garrad, CEO of AXA Health and Didier Weckner, Deputy CEO of AXA France, in charge of health and employee benefits

Health. How can AXA meet growing global healthcare needs?

The digitalization of customer journeys and internal processes has accelerated remarkably since the start of the health crisis, and the Group intends to build on the fast change in habits to reach two objectives: simplifying and improving the customer experience, and also boosting productivity.

How can we simplify and improve access to our services for our customers?

By AXA Next and Patrick Cohen, ex-CEO of AXA Italy, CEO of AXA France, since May 3, 2021

Customers. How can we simplify and improve access to our services for our customers?

AXA has placed climate commitments at the core of its strategic plan. These underlie all the Group’s actions as an investor or insurer.

How can we accelerate the transition to address the climate emergency?

By Gilles Moëc, Group Chief Economist, Head of Research at AXA IM and Renaud Guidée, Group Chief Risk Officer

Climate. How can we accelerate the transition to address the climate emergency?

Protecting and acting: AXA's actions in 3 points of view

AXA's revenues, which were virtually stable in 2020, are the result of the strong performance of its core businesses - property and casualty commercial lines, health and protection - but also the result of the investments made in digital, which have enabled AXA to pursue its activities despite the lockdowns.

€97bn revenues in 2020

AXA was able to generate healthy underlying earnings and maintained a robust balance sheet. This means the Group is now able to offer a dividend to its shareholders, demonstrating its solidity, along with its confidence.

€1.43 dividend per share

“We have of course been impacted by the economic recession, but we’ve come through this year more robust with a 200% solvency ratio, up 20 points on the fourth quarter of 2020. This is a strong guarantee for our customers, as well as our financial partners and shareholders.” Thomas Buberl

200% Solvency II ratio

<ul><li>114,600 salaried workforce and 38,700 agents</li><li>43% of all professionals</li><li>40.9: average age of salaried workforce</li><li>10.6 years: average length of service of salaried workforce</li></ul>

Who are our 153,400 employees?

“I’m convinced a focus on diversity will enable us to activate the best talents and stand out on the market. To keep moving forward and make this inclusive culture a reality in the Group, we’re launching a major training and awareness program at every level of the company and measuring progress through employee surveys.” Karima Silvent

A target of 50% women in top senior executives by 2023

<ul><li>e-NPS, a measure of employee engagement, increased from 7 points in 2018 to 35 in 2020</li><li>100% of employees followed at least one training course in 2020</li><li>3 days: average number of training days per employee in 2020</li></ul>

5-fold increase in e-NPS between 2018 and 2020

As the first company to contribute to the French government’s solidarity fund, AXAFrance donated more than €175 million to help struggling companies during the first lockdown. The company also paid back more than €200 million of premiums to business customers (artisans, shopkeepers, self-employed workers and the owners of micro enterprises or SMEs) who were forced to close in 2020. In total, the impact of the crisis on Covid-19 claims and solidarity reached €1.5 billion for AXA in 2020.

€1.5bn dedicated to Covid-19 claims and solidarity actions in 2020

As a e-health pioneer, AXA continues to further its expertise by launching enhanced modules. With Angel in France, the Group provides the beneficiaries of corporate health programs with access to a medical platform and specialist or emergency consultations. Patients can also chat directly with health professionals to obtain advice for themselves or their families.

500,000 telemedicine consultations in 2020

“In just a few years, we’ve switched our focus from financial risks to technical insurance risks. Property and casualty, health and protection now account for two-thirds of our business. At the same time, we’ve redesigned and simplified our organization to provideAXA entities with more autonomy, enabling them to get closer to customers and better meet their needs. This reorganization has significantly increased customer satisfaction, with 94% of our entities now exceeding the average satisfaction score for our sector, compared with 50% in 2015.” Thomas Buberl

94% of AXA entities have a NPS higher than their market average

The Group continues to increase the volume of its green investments. These rose from €12 billion in 2019 to €16 billion at the end of 2020, and should reach €25 billion, according to the Driving Progress 2023 strategic plan. Investments in companies meeting strict environmental criteria account for a growing proportion of the Group’s financial assets.

€16bn Green Investments at the end of 2020

In 2020, AXA launched a new series of transition bonds valued at €100 million. These bonds finance transition projects at companies determined to improve their carbon footprints. A first €100 million issue was launched in 2019.

€200M in transition bonds between 2019 and 2020

With its strategic plan Driving Progress 2023, AXA is committed to being exemplary on its own carbon footprint. All AXA entities have drawn up a climate roadmap, and a vast campaign to raise employee and agent awareness will be launched in 2021. AXA has set the goal of reducing CO2 emissions from its operations by 20% between 2019 and 2025.

-38% CO2 emissions per employee between 2012 and 2020

AXA's revenues, which were virtually stable in 2020, are the result of the strong performance of its core businesses - property and casualty commercial lines, health and protection - but also the result of the investments made in digital, which have enabled AXA to pursue its activities despite the lockdowns.

AXA was able to generate healthy underlying earnings and maintained a robust balance sheet. This means the Group is now able to offer a dividend to its shareholders, demonstrating its solidity, along with its confidence. 

“We have of course been impacted by the economic recession, but we’ve come through this year more robust with a 200% solvency ratio, up 20 points on the fourth quarter of 2020. This is a strong guarantee for our customers, as well as our financial partners and shareholders.” Thomas Buberl

114,600 salaried workforce and 38,700 agents

10.6 years: average length of service of salaried workforce

“I’m convinced a focus on diversity will enable us to activate the best talents and stand out on the market. To keep moving forward and make this inclusive culture a reality in the Group, we’re launching a major training and awareness program at every level of the company and measuring progress through employee surveys.” Karima Silvent

e-NPS, a measure of employee engagement, increased from 7 points in 2018 to 35 in 2020

100% of employees followed at least one training course in 2020

3 days: average number of training days per employee in 2020

As the first company to contribute to the French government’s solidarity fund, AXA

France donated more than €175 million to help struggling companies during the first lockdown. The company also paid back more than €200 million of premiums to business customers (artisans, shopkeepers, self-employed workers and the owners of micro enterprises or SMEs) who were forced to close in 2020. In total, the impact of the crisis on Covid-19 claims and solidarity reached €1.5 billion for AXA in 2020.

As a e-health pioneer, AXA continues to further its expertise by launching enhanced modules. With Angel in France, the Group provides the beneficiaries of corporate health programs with access to a medical platform and specialist or emergency consultations. Patients can also chat directly with health professionals to obtain advice for themselves or their families.

“In just a few years, we’ve switched our focus from financial risks to technical insurance risks. Property and casualty, health and protection now account for two-thirds of our business. At the same time, we’ve redesigned and simplified our organization to provide

AXA entities with more autonomy, enabling them to get closer to customers and better meet their needs. This reorganization has significantly increased customer satisfaction, with 94% of our entities now exceeding the average satisfaction score for our sector, compared with 50% in 2015.” Thomas Buberl

The Group continues to increase the volume of its green investments. These rose from €12 billion in 2019 to €16 billion at the end of 2020, and should reach €25 billion, according to the Driving Progress 2023 strategic plan. Investments in companies meeting strict environmental criteria account for a growing proportion of the Group’s financial assets.

In 2020, AXA launched a new series of transition bonds valued at €100 million. These bonds finance transition projects at companies determined to improve their carbon footprints. A first €100 million issue was launched in 2019.

With its strategic plan Driving Progress 2023, AXA is committed to being exemplary on its own carbon footprint. All AXA entities have drawn up a climate roadmap, and a vast campaign to raise employee and agent awareness will be launched in 2021. AXA has set the goal of reducing CO2 emissions from its operations by 20% between 2019 and 2025.

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