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 2015, total revenues were up 1% to Euro 98,534 million on a comparable basis and up 7% on a reported basis, benefiting from a positive Forex effect. The growth was driven by growth In Property & Casualty, International Insurance and Asset Management, while Life & Savings revenues were stable. This growth was achieved while keeping a focus on profitability, featuring a continued improvement in Property & Casualty's current year combined ratio, as well as a resilient 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 3% to Euro 5.6 billion, mainly driven by higher adjusted earnings.

(in millions of Euro)

Underlying Earnings

Underlying earnings were up 2% to Euro 5.6 billion, mainly driven by Life & Savings and Asset Management, partly offset by Property & Casualty. Adjusted earnings increased by to Euro 6.0 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 205%, up 4 points vs. December 31, 2014 mainly driven by a strong operating return contribution, net of dividend proposed by the Board of Directors, partly offset by financial market impacts. 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.

Geographic breakdown of 2015 insurance revenues (excl. International Insurance)

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 2015 underlying earnings before tax by business