Financial Data

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.

(in millions of Euro)

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.

(in millions of Euro)

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.

(in millions of Euro)

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).

(percentage)

Revenues by geographic region

Direct business revenues are split within geographies
Direct business revenues are split within geographies

Underlying earnings (excluding Equitable Holdings, Inc.)

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121K salaried workforce (headcounts open-ended & fixed-term contract, non-sales & sales)

57 countries

Geographical breakdown (headcounts open-ended & fixed-term contract, non-sales & sales)
Geographical breakdown (headcounts open-ended & fixed-term contract, non-sales & sales)
Categories of salaried workforce (headcounts open-ended contract only)
Categories of salaried workforce (headcounts open-ended contract only)
15% Turnover rate of salaried workforce
(open-ended contract only)
13% salaried non-sales force
(open-ended contract only)
25% salaried sales force
(open-ended contract only)
3.2 Average number of training days per salaried workforce
(open-ended contract only)
2.7 salaried non-sales force
(open-ended contract only)
6.1 salaried sales force
(open-ended contract only)
Compensation cost per continent of salaried workforce (open-ended contract only)
Compensation cost per continent of salaried workforce (open-ended contract only)
8.2% Internal mobility
of salaried workforce (open-ended contract only)
794 International assignments
41 years Average age of salaried workforce
(open-ended contract only)
10 years Average length of service of salaried workforce
(open-ended contract only)
54%
Women in salaried workforce
(open-ended contract only)
54%
Women in salaried non-sales workforce
(open-ended contract only)
51%
Women in salaried sales workforce
(open-ended contract only)

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