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Full Year 2020 Earnings


Press Release

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February 25, 2021

published at 7:00 AM CET

  • Gross revenues at Euro 97 billion, with preferred segments up 5%* in 4Q20
  • Underlying earnings** at Euro 4.3 billion, with Euro 1.5 billion Covid-19 claims*** unchanged
  • Underlying earnings rebased**** at Euro 6.3 billion, for 2020-2023E UEPS** target
  • Solvency II ratio***** at 200%, benefitting from the inclusion of AXA XL in the Group’s internal model
  • Dividend of Euro 1.43 per share, to be proposed by the Board of Directors

Thomas Buberl

Chief Executive Officer of AXA

Throughout the Covid-19 crisis, AXA has been actively fulfilling its role in society, serving its customers and supporting its employees, while contributing to the economic recovery through Euro 700 million investments in SMEs as well as other solidarity measures in France and other countries where the Group operates.

AXA’s revenues were resilient in 2020, down just 1% compared to the previous year, reflecting the relevance of our strategic choices and business mix. Our preferred segments, P&C Commercial lines, Health and Protection, continued to perform well, growing by 3% in 2020 and accelerating in the fourth quarter (+5%).

The Group’s underlying earnings were Euro 4.3 billion in 2020, notably impacted by Euro 1.5 billion of Covid-19 related claims, as previously communicated, and by higher natural catastrophes. We are confident in our earnings outlook and have set a 2020 starting base of Euro 6.3 billion underlying earnings for our 2021 - 2023 strategic plan targets.

AXA’s solvency II ratio at December 31st was 200%, up 20 points from September, and including +13 points from the integration of AXA XL into the Group’s internal model.

After carefully considering the Group’s balance sheet position, cash flows and overall operational performance as well as the continuing uncertainties related to the ongoing Covid-19 crisis, the Board of Directors decided to propose a dividend of Euro 1.43 per share.

I would like to thank all AXA colleagues, agents and partners for their unwavering commitment during these challenging times, as well as our clients for their loyalty and trust. Our strategy is aligned with the interests of all our stakeholders and firmly rooted in our purpose - ‘Acting for human progress by protecting what matters’.

*Change in gross revenues is on a comparable basis (constant forex, scope and methodology).
**Underlying earnings (“UE”), underlying earnings per share (“UEPS”), adjusted earnings, combined ratio and debt gearing are non-GAAP financial measures, or alternative performance measures (“APMs”). A reconciliation from APMs adjusted earnings, underlying earnings and combined ratio to the most directly reconcilable line item, subtotal or total in the financial statements of the corresponding period is provided on pages 25 and 26 of AXA’s 2020 Activity Report. APM underlying earnings per share is reconciled to the financial statements in the table set forth on page 34 of AXA’s 2020 Activity Report. The calculation methodology of the debt gearing is set out on page 28 of the AXA’s 2020 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 68 to 76 of AXA’s 2020 Activity Report.
***“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.) relating to the Covid-19 crisis.
****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.
*****The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200 years shock. 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, 2019, available on AXA’s website (
Pursuant to the authorization from AXA’s lead supervisor (the ACPR), the contribution of entities that were part of the XL Group (“XL entities”), and are now part of the AXA XL division, to the Group Solvency II ratio is, as from December 31, 2020, calculated with the AXA Group internal model.
In compliance with the prior decision from ACPR, the XL entities contributed to the Group’s solvency capital requirement as of December 31, 2019 using the Solvency II standard formula.

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