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
Total revenues were up 5% to Euro 103,532 million with growth in all geographies, (i) AXA XL (+10%) with strong growth momentum in both P&C Insurance and Specialty, (ii) Europe (+4%) with growth across all countries, (iii) France (+4%), driven by higher sales of Individual Savings and Health, (iv) International (+6%) driven by a strong contribution from Mexico and Turkey and (iv) Asia (+4%), notably with higher sales of Protection with Savings products in Hong Kong and Japan.
Net Income
Net income increased by 75% to Euro 3.9 billion, mainly driven by (i) the non-repeat of the goodwill impairment of Equitable Holdings, Inc. in 2018 (Euro 3.0 billion) as well as (ii) higher underlying earnings, partly offset by (iii) the negative impacts from the announced disposal of AXA Bank Belgium (Euro -0.6 billion), the deconsolidation of Equitable Holdings, Inc. (Euro -0.6 billion) as well as the change in the fair value of derivatives.
Underlying Earnings
Underlying earnings increased by 2% to Euro 6.5 billion, reflecting continued positive operational performances from France (+9%), International (+17%), Asia (+3%) and Europe (+1%), mainly driven by improved technical profitability in P&C and volume growth in Health. The increased contribution from AXA XL was offset by the lower contribution from Equitable Holdings, Inc. Holding costs were higher mainly due to temporary higher financial charges.
Solvency II ratio
Solvency II ratio was up 5 points versus December 31, 2018 to 198%, mainly driven by the positive impacts of a strong operating return net of accrued dividend (+11 points) and the secondary offerings of Equitable Holdings, Inc. (+10 points), partly offset by unfavorable market conditions (-14 points) mostly from lower interest rates, as well as the negative impact of the repayments of subordinated debts (-4 points).
Revenues by geographic region
Underlying earnings (excluding Equitable Holdings, Inc.)
*FY15 figures are restated following the sale of the UK Life & Savings business
Find out more
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2019 Annual ReportMore on axa.com
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2018 Integrated ReportWeb version
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2018 Integrated ReportPDF Version
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AXA Essentials, 2018 editionMore on axa.com
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AXA Group Social data report 2018More on axa.com
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Factsheet (12/31/2019)More on axa.com
Human Capital
Workforce at a glance
The footprint of AXA’s overall salaried workforce on December 31, 2018 has increased by more than 8% compared to 2017. Where the acquisition of the XL Group contributes with the 80%.
AXA continued to recruit in 2018 and hired more than 17,400 employees on open-ended contracts (excluding entries due to mergers and acquisitions), of which more than 4,200 were sales employees.
For more information on workforce dynamics, please refer to AXA's 2018 Annual Report.
AXA workforce is categorized in Global Employee Categories. Ranges of the employee population having comparable contribution and impact accross AXA globally, regardless of function and people management role.
Work Conditions
AXA promotes employee health and well-being as well as maintains sustainable and responsible employer practices, fostering social dialogue and work conditions. Also working on building an inclusive workplace environment. All of which contributes to stable voluntary turnover rates.
AXA launched in 2017 a Global Parental Policy which gives all AXA employees across all countries where AXA operates the same rights and opportunities when expanding their family. The number of maternity / paternity-absence-related days has globally increased by 8% with a more significant impact on sales population (+17%) since 2016.
Learning and career management
Learning
AXA focuses on delivering new digital learning experiences to foster a self-learning organization, leveraging on the latest approaches and technologies. AXA's competencies development is now impacting almost all employees. The number of training days of salaried workforce remained stable. However, with 97.8% of its employees trained at least once a year, a very significant increase compared to last year (+13.6%).
Compensation
Reward and recognition at AXA are other key drivers to foster employee engagement and to a fulfilling and successful career.
AXA's compensation policy is designed to support the Group's long-term business strategy and to align the interests of its employees with those of other stakeholders by establishing a clear link between performance and remuneration, ensuring competitive compensation arrangements across the mutiple markets. In 2018, 23% of the remuneration of AXA workforce was based on collective and individual performance.
In 2018, total compensation cost amounted to €9.3 billion which corresponds to an increase of 9.1% compared to 2017. On a constant exchange rate basis, total compensation cost increased by 11.2%.
Mobility
AXA established Group-wide mobility policies and processes and enabled Group-wide posting of internally and externally available jobs. In 2018 the overall volume of employees with international moves remained stable compared to previous year.
Diverse Organization
To tackle tomorrow's challenges, AXA aims at setting and enriching an environment and culture which values diversity and inclusion for its entire people whatever their profiles are. AXA Group is convinced that diversity and inclusion management are key levers to breed talent and innovation within the organization and to remain a top player of the market.
AXA's leaders are committed to reach gender balance across all levels of the organization. As of end of 2018, women made up over 53.5% of AXA's global workforce and held 29% of all executives positions. AXA reaffirmed its priority to reach gender parity by 2023 among Top Senior Executives' population.
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