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

Reflecting the business changes (the IPO on US operations and their branches and the acquisition of AXA Tianping in China)  the footprint of AXA´s overall salaried workforce on December 31, 2019 has decreased for slightly more than 4% compared to 2018.

In terms of geographies, the footprint of AXA’s salaried workforce in 2019 increased in Europe (+1.4 points), in Asia-Pacific (+3.5 points) and in Africa (+0.4 points), whereas it decreased in the Americas (-5.2 points) compared to 2018.

AXA continued to recruit in 2019 and hired more than 15,000 employees on open-ended contracts (excluding entries due to mergers and acquisitions), of which more than 4,200 were sales force employees. For more information on workforce dynamics, please refer to AXA’s Annual Report 2019.

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)

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

Maintaining sustainable and responsible employer practices and fostering social dialogue and work conditions are priorities at AXA. Over the past years, AXA, as a mature organization, implemented processes and instances that let the social dialogue and work conditions develop in its different entities globally.

AXA is committed to helping employees to live a better life, including well-being and work-live balance. Offering an inspiring and inclusive work environment is a significant part in AXA’s overall employee value proposition. An environment that sustains different forms of flexible work arrangements and respects work-life balance.

AXA has also implemented programs on preventing stress at work and promoting mental health and well-being.

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)

Learning and career management

Learning

The insurance sector is changing fast as technologies and customers’ expectations disrupt the market. Therefore, business and support functions need to constantly adapt to the environment, which opens plenty of opportunities for AXA people to enhance their skills-set. Learning is more than a key lever to enable employees to grow and develop the skills of the future.

AXA’s learning and development function is dedicated to the progressive transformation of AXA into an adaptive and self-learning organization. The vision of the Group is to help people to continuously learn at any time of their workday, individually and collectively, and to foster new ways of learning. This ambition is supported by a dedicated digital ecosystem easily accessible on any device.

The number of training days of salaried workforce increased by 10% compared to 2018, with a total of 362,000 days during 2019.

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

Reward and recognition at AXA are other key drivers to foster employee engagement and to a fulfilling and successful career.

AXA’s Remuneration Policy aims to support the Group’s long-term business strategy and to align the interests of its employees with those of other stakeholders by applying a “pay-for-performance” approach with the intention to attract and retain the best skills and talents, to foster employee engagement and to strengthen AXA's leadership whilst ensuring competitive compensation arrangements across the multiple markets. In 2019, 19% of the remuneration of AXA workforce was based on collective and individual performance.

In 2019, total compensation cost amounted to €8.1 billion which corresponds to a decrease of 12% compared to 2018. On a constant exchange rate basis, total compensation cost decreased by 14%.

Compensation cost per continent of salaried workforce (open-ended contract only)
Compensation cost per continent of salaried workforce (open-ended contract only)
Fixed Pay
81%
Fixed Pay
19%
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 which allow people to move within the Group and thereby help AXA better source the right people for its business needs.

In 2019 the overall volume of employees with international moves remained stable compared to previous year.

8.2% Internal mobility
of salaried workforce (open-ended contract only)
794 International assignments

Diverse Organization

To tackle tomorrow’s challenges, AXA aims at setting and enriching an environment and culture, which values diversity and inclusion, for all employees. 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 promotes diversity through its recruitment, learning and development and talent management processes. AXA Group has developed a Diversity and Inclusion (D&I) policy and ambitious commitments to drive initiatives.

AXA’s leaders are committed to reach gender balance across all levels of the organization. As of end of 2019, women made up over 54% of AXA’s global workforce and held 31% of all Executives positions (+2 points compared to 2018). AXA reaffirmed its priority to reach gender parity by 2023 among Top Senior Executives’ population.

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)
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