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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 Workforce Dynamics Compensation Learning & Development Absenteeism

Headcount & Profile of Employees

The footprint of AXA’s overall salaried workforce on December 31, 2017 was: 59.1% of salaried workforce in Europe, 21.8% in Asia-Pacific & Middle East, 14.3% in the Americas and 4.8% in Africa.
117K salaried workforce (open-ended & fixed-term contract, non-sales & sales)

62 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)
40.9
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 2017 and hired more than 16,500 employees on open-ended contracts (excluding entries due to mergers and acquisitions), of which almost 3,450 were sales employees.
17K Entries

of which 14,803 External recruitments, 1,731 Fixed-term contracts transformed into open-ended contracts, and 232 Entries following mergers and acquisitions

19K Exits

of which 11,084 Resignations, 4,313 Layoffs, 1,573 Departures due to external transfers, and 1,972 Other types of departures

Turnover rate
14.3% Non-sales force
(open-ended contract only)
22.3% Salaried sales force
(open-ended contract only)
Mobility at AXA
10.5% Internal Mobility
of salaried workforce (open-ended contract only)
788 International assignments
representing a decrease of 14% compared to 2016

Compensation

In 2017, total compensation cost amounted to €8.5 billion corresponds to a decrease of 1.6% compared to 2016. On a constant foreign exchange rate basis, total compensation cost increased by 0.2%. Detailed information concerning AXA’s compensation policy is provided in Section 3.2 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)

76%
Proportion of fixed pay

24%
Proportion of variable pay

Learning & Development

AXA focuses on delivering global learning experiences to foster a self-learning organization, leveraging on the latest approaches and technologies. The results of AXA's development of employees skills remained high with 84.2% of its employees receiving a training course at least once during 2017. At the same time, the average number of training days per employee was at 3.1 days..
84.2% Salaried workforce having received at least one training course (open-ended only)

330K Total number of training days (or equivalent) of salaried workforce (open-ended contract only)

3.1
Average number of training days per salaried workforce (open-ended contract only)
2.5
Average number of training days per salaried non-sales force (open-ended contract only)
6.6
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 2017, the absenteeism rate slightly increased to 4.7%, as well as the sick absence rate at 3.3%. 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.

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