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February 24, 2022

Full Year 2021 Earnings

AXA delivered an excellent performance in 2021 on all fronts.

Thomas Buberl

Chief Executive Officer of AXA

AXA delivered an excellent performance in 2021 on all fronts. We have significantly transformed and simplified the Group in recent years and this strategy is producing strong results, with revenues and earnings increasing across all lines of business.

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Presentation to the media at 9:00 am CET and to analysts and investors at 3:30 pm CET

"We have continued to achieve particularly strong revenue growth in our technical and fee-based businesses, with P&C Commercial lines, Health and Protection each growing by +5%, Asset Management up +20% and Unit-Linked +25%,” said Thomas Buberl, Chief Executive Officer of AXA.

Thomas Buberl

Chief Executive Officer of AXA

Our underlying earnings increased by +61% from last year, or +9% versus 2020 rebased, to Euro 6.8 billion. This reflects very strong technical performance across the Group, and in particular at AXA XL, which delivered Euro 1.2 billion underlying earnings following successful re-underwriting measures. AXA XL is now well positioned for sustained and disciplined growth.

“Considering the Group’s strong operational performance and balance sheet, the Board of Directors is proposing a dividend of Euro 1.54 per share, up 8% from last year which corresponds to a payout ratio of 56%. AXA is focused on growing highly cash generative businesses while limiting volatility, and on executing ambitious capital management and in-force initiatives, in order to support a sustained and attractive return.”

“AXA is delivering on all five strategic actions of its “Driving progress 2023” plan. We expect to deliver at the high end of our earnings growth target range and exceed our cumulative cash upstream target under ourplan.” said Thomas Buberl.

“AXA has continued to develop its ESG initiatives throughout the Covid-19 crisis, and in 2021 further strengthened its climate commitments by extending oil and gas exclusions, and by taking new engagements to support climate transition and preserve biodiversity, dedicating Euro 1.5 billion to support sustainable forest management.”

“I am proud of the Group’s performance in 2021 and through the Covid-19 crisis, reflecting the relevance of our strategy, the strong engagement of our people, agents and partners, and the continued trust of our clients,” 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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