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Full Year 2019 Earnings: Growth across the board and balance sheet strength


Press Release

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February 20, 2020

published at 7:00 AM CET

  • Total revenues* up 5% to Euro 103.5 billion
  • Underlying earnings per share** up 5% to Euro 2.59
  • Solvency II ratio*** at 198%, up 5 points from December 31, 2018
  • Dividend of Euro 1.43 per share, up 7% from FY18, to be proposed by the Board of Directors

Thomas Buberl

Chief Executive Officer of AXA

AXA recorded another strong operational performance in 2019. Revenues were up 5% to Euro 104 billion, with growth across all lines of business and geographies.

In 2019, the Group achieved a 5% increase in underlying earnings per share, with high technical profitability across all our businesses. Based on the strong operational performance and the strength of AXA’s balance sheet, the Board of Directors is proposing a dividend of Euro 1.43 per share, an increase of 7% from last year, which corresponds to a payout ratio of 52%.

The Group achieved a significant milestone in 2019 in its strategy to shift its profile away from financial markets and towards technical risk, by fully exiting the US Life & Savings market and integrating the XL Group, and at the same time reducing its debt gearing ratio. At AXA XL, impacted again by adverse claims experience in 2019, we are recording strong price increases and taking further steps to reduce volatility. I am also very happy to welcome Scott Gunter to the AXA Group to drive the next phase of development of AXA XL.

AXA’s active leadership role in fighting climate change also continued, as a global investor, a global insurer, and as a coalition builder. In 2019, AXA doubled its green investments target, launched transition bonds as a new asset class, further strengthened its coal underwriting policy, established AXA Climate and joined the Net Zero Asset Owner Alliance.

I would like to thank all our colleagues and partners who have been working together to deliver these results and transformative achievements, as well as our clients for their continued trust.

*Change in gross revenues is on a comparable basis (constant forex, scope and methodology).
**Underlying Earnings, Underlying Earnings per share, Underlying combined ratio, Adjusted Earnings, Adjusted Return on Equity and Debt Gearing are non-GAAP financial measures, or alternative performance measures (“APMs”). A reconciliation from APMs Adjusted Earnings, Underlying Earnings and Underlying combined ratio to the most directly reconcilable line item, subtotal or total in the financial statements of the corresponding period is provided on pages 22 and 23 of AXA’s 2019 Activity Report. APMs Adjusted Return on Equity and Underlying Earnings per share are reconciled to the financial statements in the table set forth on page 31 of AXA’s 2019 Activity Report. The calculation methodology of the Debt Gearing is set out on page 25 of AXA’s 2019 Activity Report. The above-mentioned and other non-GAAP financial measures used in this press release are defined in the Glossary set forth on pages 66 to 73 of AXA’s 2019 Activity Report.
***The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200 years. For further information on AXA’s internal model and Solvency II disclosures, please refer to AXA Group’s SFCR as of December 31, 2018, available on AXA’s website ( In compliance with the ACPR’s decision, from January 1, 2019, entities that were part of the XL Group (“XL entities”) have been fully consolidated for Solvency II purposes (as per the consolidation-based method set forth in the Solvency II Directive) and their contribution to the Group’s solvency capital requirement has been calculated using the Solvency II standard formula. Subject to the prior approval of the ACPR, the Group intends to extend its internal model to XL entities as soon as December 31, 2020.

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