Ahead of its 9M23 activity indicators publication on November 2, 2023, AXA is publishing today its 9M22 activity indicators restated under the IFRS 17 and IFRS 9 accounting standards which became effective on January 1, 2023. The following activity indicators are the principal indicators affected by the change in accounting standards:
1 Gross Written Premiums & Other Revenues under IFRS 17/9: insurance premiums collected during the period (including risk premiums, premiums from pure investment contracts with no discretionary participating features, fees and revenues, net of commissions paid on assumed reinsurance business). Other Revenues represent premiums and fees collected on activities other than insurance (i.e. services, asset management and banking activities). The main differences from previously reported gross revenues relate to (i) the inclusion of premiums from pure investment contracts with no discretionary participating features, notably in Life & Savings and (ii) the netting of commissions from assumed reinsurance businesses.
2 New Business Value (NBV) under IFRS 17/9: the value of newly issued contracts during the current year. It consists of the sum of (i) the New Business Contractual Service Margin, (ii) the present value of the future profits of Short-Term Business newly issued contracts during the period, carried by Life entities, considering expected renewals, and (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests.
3 Present Value of Expected Premiums (PVEP) under IFRS 17/9: the new business volume, equal to the present value at the time of issue of the total premiums expected to be received over the policy term. PVEP is net of reinsurance and presented group share.
4 Life & Savings and Health net flow figures have changed following the new definition of GWP, wherein commissions from assumed reinsurance businesses are netted.