AXA publishes 1H22 and FY22 financial information under IFRS17 and IFRS9 accounting standards and provides 2023 Group Underlying Earnings Target*, **


Press Release

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May 15, 2023

published at 7:00 AM CEST

AXA is publishing today its financial supplement for both half-year 2022 and full-year 2022, restated under the IFRS17 and IFRS9 accounting standards that became effective on January 1, 2023. To enable analysts and investors to better assess the Group’s underlying earnings trajectory in 2023 following the implementation of IFRS17 and IFRS9, AXA is exceptionally providing a 2023 Group Underlying Earnings Target, including a breakdown by main lines of business.

Alban de Mailly Nesle, AXA Group’s Chief Financial Officer, will be hosting a conference call covering these topics for analysts and investors on Monday, May 15, 2023, which will start at 11:00am CET.

Live webcast link and supporting documents are available on AXA’s website***

Key messages

  • AXA reaffirms that Group underlying earnings’ power is unaffected by the new accounting standards
  • Group underlying earnings target above Euro 7.5 billion in 2023, including ca. Euro -0.1 billion impact from unfavorable foreign exchange movements
  • Cash and capital were unaffected by accounting changes, with Euro 5.5 billion of net cash remittance and Solvency II ratio**** of 215% at year-end 2022 (217% as of 1Q23)
  • The key financial targets of ‘Driving Progress 2023’ are reaffirmed, with the underlying earnings per share (UEPS) CAGR***** expected to exceed +7% over the three-year period 2020******-2023 and cumulative cash remittance to exceed Euro 14 billion over the period 2021-2023

* IFRS17/9 financial figures and information in this press release have not been audited.
** All information in this press release is expressly qualified by the disclaimer on forward-looking statements set out below. The 2023 Group Underlying Earnings Target (the “2023 Target”) sets out management’s current expectations of certain performance metrics following the implementation of IFRS17/9 accounting standards, which became effective on January 1, 2023. The 2023 Target is subject to important assumptions set out in this press release. These assumptions may prove to be incorrect or need to be updated, and actual results, performance, or events may differ from those expressed in the 2023 Target due to known and unknown risks and uncertainties. Because the 2023 Target is provided exceptionally to enable analysts and investors to better assess the Group’s underlying earnings trajectory in 2023 in connection with the implementation of IFRS17/9, it is not expected or intended that similar guidance will be issued in future periods beyond 2023, nor that such guidance will be updated, except as required by law.
*** Please refer to slide 17 of the presentation for indicative sensitivities impacting certain FY22 financial metrics restated under IFRS 17/9.
**** The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200 years shock. It includes a theoretical amount for dividends accrued for the first three months of 2023, based on the full-year dividend of Euro 1.70 per share paid in 2023 for FY22. Dividends are proposed by the Board, at its discretion, based on a variety of factors described in AXA’s 2022 Universal Registration Document, and are then submitted to AXA’s shareholders for approval. This estimate should not be considered in any way to be an indication of the actual dividend amount, if any, for the 2023 financial year. For further information on AXA’s internal model and Solvency II disclosures, please refer to AXA Group’s Solvency and Financial Condition Report (SFCR) as of December 31, 2021, available on AXA’s website (
***** Compounded annual growth rate.
****** Rebased. FY20 underlying earnings rebased includes actual underlying earnings restating for “Covid-19 claims” and natural catastrophes in excess of normalized. AXA Group normalized level of Natural Catastrophe charges expected for 2020 at ca. 3% of Gross Earned Premiums. Natural Catastrophe charges include natural catastrophe losses regardless of event size. “Covid-19 claims” includes P&C, L&S and Health net claims related to Covid-19, as well as the impacts from solidarity measures and from lower volumes net of expenses, linked to Covid-19. “Covid-19 claims” does not include any financial market impacts (including impacts on investment margin, unit-linked and asset management fees, etc.) related to the Covid-19 crisis.


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