Ahead of the 1Q23 activity indicator publication on May 15, 2023, AXA is publishing today its pro forma 1Q22 activity indicators following the implementation of the IFRS17 and IFRS9 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 Commercial activity of insurance operations will be reported using gross written premiums (“GWP”) instead of gross revenues. 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. For asset management and banking activities, commercial activity continues to be measured on revenues.
2 Pro forma NBV includes new business Contractual Service Margin (“CSM”) and the expected future profits from short-term Life & Savings and Life-like Health business and pure investment contracts. It is reported net of tax.
3 Annual Premium Equivalent (“APE”) is replaced by PVEP. This will also be the denominator for reported NBV margin. PVEP includes Life & Savings and Life-like Health business.
4 Life & Savings and Health net flow figures have changed following the new definition of GWP, wherein commissions from assumed reinsurance businesses are netted.