Financial Data

Well-established in Western Europe, North American and Asia/Pacific markets, the Group intends to reinforce its growth in the years ahead by intensifying its presence in high-growth markets.

Revenues

In 2016, total revenues were up 2% to Euro 100,193 million on a comparable basis, crossing the Euro 100 billion mark for the first time in the company’s history. The growth was driven by Life & Savings and Property & Casualty, partly offset by a decline in Asset Management. This growth was achieved while keeping a focus on profitability, featuring a continued improvement in Property & Casualty's loss ratio, as well as a strong Life & Savings new business value margin.

(in millions of Euro)
2008 to 2009 figures were not adjusted for the sale of Canadian operations.

Net Income

Net Income was up 2% to Euro 5.8 billion, mainly driven by higher adjusted earnings.

(in millions of Euro)

Underlying Earnings

Underlying earnings were up 3% to Euro 5.7 billion, mainly driven by an increase in Life & Savings, Property & Casualty and Holdings, partly offset by a decrease in Asset Management. Adjusted earnings increased by to Euro 6.1 billion, mainly driven by higher underlying earnings.

(in millions of Euro)
2008 to 2009 figures were not adjusted for the sale of Canadian operations.

Solvency II ratio

Solvency II ratio was at 197%, up 6 points versus 9M16, mainly driven by a strong operating return contribution net of dividend proposed by the Board of Directors, and more favorable financial market conditions. AXA’s internal model was approved by the French regulator (ACPR) on November 12, 2015. Solvency II took effect January 1, 2016.

(percentage)

Revenues by geographic region

With its geographic balance of its businesses, AXA is among the most diversified insurers in the world.

Direct business revenues are split within geographies

Underlying earnings before tax by business segment

Thanks to the complementary nature of its businesses, AXA was able to achieve a robust operating performance.

Analysis of 2016 underlying earnings before tax by business
*FY15 figures are restated following the sale of the UK Life & Savings business

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Human Capital

Headcount & Profile of Employees

The footprint of AXA’s overall salaried workforce on December 31, 2016 was: 59.9% of salaried workforce in Europe, 21.4% in Asia-Pacific & Middle East, 14.3% in the Americas and 4.4% in Africa.
118K salaried workforce (open-ended & fixed-term contract, non-sales & sales)

64 countries

Employees by category of salaried workforce (open-ended contract only, excluding exclusive distributors)

53% Women
in salaried workforce (open-ended contract only)
47% Men
in salaried workforce (open-ended contract only)
40.6
Average age of salaried workforce (open-ended contract only)
10.8
Average length of service of salaried workforce (open-ended contract only)

Workforce Dynamics

AXA continued to recruit in 2016 and hired more than 17,000 employees on open-ended contracts (excluding entries due to mergers and acquisitions), of which almost 3,600 were sales employees.
19K Entries

of which 15,363 External recruitments, 1,645 Fixed-term contracts transformed into open-ended contracts, and 1,776 Entries following mergers and acquisitions

20K Exits

of which 11,311 Resignations, 3,819 Layoffs, 3,159 Departures due to external transfers, and 1,849 Other types of departures

Turnover rate
13.2% Non-sales force
(open-ended contract only)
24.4% Salaried sales force
(open-ended contract only)
Mobility at AXA
8.6% Internal Mobility
of salaried workforce (open-ended contract only)
918 International assignments
representing an increase of 6% compared to 2015

Compensation

In 2016, total compensation cost was €8.6 billion corresponds to an increase of 0.3% compared to 2015. On a constant foreign exchange basis, total compensation cost increased by 1.1%. Detailed information concerning AXA’s compensation policy is provided in Part 3 Section of the present Annual Report.

Compensation cost per continent of salaried workforce (open-ended contract only)

Breakdown of Annual gross payroll of salaried workforce (open-ended contract only)

77%
Proportion of fixed pay

23%
Proportion of variable pay

Learning & Development

AXA focuses on delivering global learning solutions to enable more learning agility for all, across all geographies and all businesses, leveraging on the latest approaches and technologies in the following domains: leadership and management, technical and digital skills.
85% Salaried workforce having received at least one training course (open-ended only)

324K Total number of training days (or equivalent) of salaried workforce (open-ended contract only)

3.0
Average number of training days per salaried workforce (open-ended contract only)
2.4
Average number of training days per salaried non-sales force (open-ended contract only)
6.7
Average number of training days per salaried sales force (open-ended contract only)

Breakdown of total number of training days by type of training of salaried non-sales force (open-ended contract only)

Breakdown of total number of training days by type of training of salaried sales force (open-ended contract only)

Absenteeism

In 2016, the absenteeism rate remained stable at 4.5%, as well as the sick absence rate at 3.2%. As AXA operates in an environment that generates business through management of capital and financial services (total absenteeism rate due to work-related accidents is 0.1%), the Group does not monitor gravity, severity nor frequency of work-related accidents on a global level.