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Full Year 2021 Earnings - Excellent performance across the Group


Press Release

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February 24, 2022

published at 7:00 AM CET

  • Gross revenues at Euro 100 billion, +6%* vs. FY20
  • Underlying earnings per share** at Euro 2.75, +61% vs. FY20 and +7% vs. FY20 rebased***
  • Solvency II ratio**** at 217%, up 17 points vs. FY20
  • Dividend of Euro 1.54 per share, up 8% from FY20, to be proposed by the Board of Directors
  • Share buy-back program of up to Euro 0.5 billion confirmed and to be launched immediately*****

Thomas Buberl

Chief Executive Officer of AXA

AXA delivered an excellent performance in 2021 on all fronts. We have significantly transformed and simplified the Group in recent years and this strategy is producing strong results, with revenues and earnings increasing across all lines of business.

We have continued to achieve particularly strong revenue growth in our technical and fee-based businesses, with P&C Commercial lines, Health and Protection each growing by +5%, Asset Management up +20% and Unit-Linked +25%.

Our underlying earnings increased by +61% from last year, or +9% versus 2020 rebased, to Euro 6.8 billion. This reflects very strong technical performance across the Group, and in particular at AXA XL, which delivered Euro 1.2 billion underlying earnings following successful re-underwriting measures. AXA XL is now well positioned for sustained and disciplined growth.

Considering the Group’s strong operational performance and balance sheet, the Board of Directors is proposing a dividend of Euro 1.54 per share, up 8% from last year which corresponds to a payout ratio of 56%. AXA is focused on growing highly cash generative businesses while limiting volatility, and on executing ambitious capital management and in-force initiatives, in order to support a sustained and attractive return.

AXA is delivering on all five strategic actions of its “Driving progress 2023” plan. We expect to deliver at the high end of our earnings growth target range and exceed our cumulative cash upstream target under our plan.

AXA has continued to develop its ESG initiatives throughout the Covid-19 crisis, and in 2021 further strengthened its climate commitments by extending oil and gas exclusions, and by taking new engagements to support climate transition and preserve biodiversity, dedicating Euro 1.5 billion to support sustainable forest management.

I am proud of the Group’s performance in 2021 and through the Covid-19 crisis, reflecting the relevance of our strategy, the strong engagement of our people, agents and partners, and the continued trust of our clients.

*Change in gross revenues is on a comparable basis (constant forex, scope and methodology).
**Underlying earnings, underlying earnings per share, combined ratio, underlying return on equity and debt gearing are non-GAAP financial measures, or alternative performance measures (“APMs”). A reconciliation from APMs 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 26 and 27 of AXA’s 2021 Activity Report. APMs underlying return on equity and underlying earnings per share are reconciled to the financial statements in the table set forth on page 34 of AXA’s 2021 Activity Report. The calculation methodology of the debt gearing is set out on page 29 of AXA’s 2021 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 75 of AXA’s 2021 Activity Report.
***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.
****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, 2020, available on AXA’s website (
*****The immediate launch of the share buy-back program for up to Euro 0.5 billion is expected to commence on or about February 28, 2022. AXA may mandate a bank to carry out the share buy-back program, in which case further details will be communicated at the appropriate time.

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