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.

(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.)

*FY15 figures are restated following the sale of the UK Life & Savings business

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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.

126K salaried workforce (headcounts open-ended & fixed-term contract, non-sales & sales)

61 countries

Geographical breakdown (headcounts open-ended & fixed-term contract, non-sales & sales)
Geographical breakdown (headcounts open-ended & fixed-term contract, non-sales & sales)

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.

Categories of salaried workforce (headcounts open-ended contract only)
Categories of salaried workforce (headcounts open-ended contract only)
Non sales employees
86%
Non sales employees
14%
Sales employees
Sales employees
(proportion of headcounts open-ended contract only)

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.

Proportion of absences by type (open-ended contract only)
Proportion of absences by type (open-ended contract only)
16% Turnover rate of salaried workforce
(open-ended contract only)
14% salaried non-sales force
(open-ended contract only)
23% salaried sales force
(open-ended contract only)

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%).

98% Salaried workforce having received at least one training course (open-ended only)

327K Total number of training days of salaried workforce (open-ended contract only)

2.7 Average number of training days per salaried workforce
(open-ended contract only)
2.2 salaried non-sales force
(open-ended contract only)
6.1 salaried sales force
(open-ended contract only)

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%.

Compensation cost per continent of salaried workforce (open-ended contract only)
Compensation cost per continent of salaried workforce (open-ended contract only)
Fixed Pay
77%
Fixed Pay
23%
Variable Pay
Variable Pay
Breakdown of Annual gross payroll of salaried workforce (open-ended contract only)

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.

8.9% Internal mobility
of salaried workforce (open-ended contract only)
785 International assignments
remain stable compared to 2017

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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Average age of salaried workforce (open-ended contract only)
10.4
Average length of service of salaried workforce (open-ended contract only)
53%
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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