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February 25, 2021

Full Year 2020 Earnings

In 2020, AXA demonstrated its strength in an unprecedented crisis.

Thomas Buberl

Chief Executive Officer of AXA

Throughout the Covid-19 crisis, AXA has been actively fulfilling its role in society, serving its customers and supporting its employees, while contributing to the economic recovery through Euro 700 million investments in SMEs as well as other solidarity measures in France and other countries where the Group operates.

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Presentation to the media at 9:00 am CET and to analysts and investors at 11:00 am CET

"AXA’s revenues were resilient in 2020, down just 1% compared to the previous year, reflecting the relevance of our strategic choices and business mix. Our preferred segments, P&C Commercial lines, Health and Protection, continued to perform well, growing by 3% in 2020 and accelerating in the fourth quarter (+5%)," said Thomas Buberl, Chief Executive Officer of AXA.

Thomas Buberl

Chief Executive Officer of AXA

The Group’s underlying earnings were Euro 4.3 billion in 2020, notably impacted by Euro 1.5 billion of Covid-19 related claims, as previously communicated, and by higher natural catastrophes. We are confident in our earnings outlook and have set a 2020 starting base of Euro 6.3 billion underlying earnings for our 2021 - 2023 strategic plan targets. AXA’s solvency II ratio at December 31st was 200%, up 20 points from September, and including +13 points from the integration of AXA XL into the Group’s internal model.

“After carefully considering the Group’s balance sheet position, cash flows and overall operational performance as well as the continuing uncertainties related to the ongoing Covid-19 crisis, the Board of Directors decided to propose a dividend of Euro 1.43 per share.”

“I would like to thank all AXA colleagues, agents and partners for their unwavering commitment during these challenging times, as well as our clients for their loyalty and trust. Our strategy is aligned with the interests of all our stakeholders and firmly rooted in our purpose - ‘Acting for human progress by protecting what matters’,” said Thomas Buberl.

Thomas Buberl comes back on last year's earnings:

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*Our conference is now available with live subtitles for hearing impaired audiences. They will automatically appear in your video player. Please excuse the occasional spelling errors (to be expected with live subtitles). A transcript will also be downloadable on the website after the conference.
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