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Full Year 2022 Earnings - Strong results and continued execution


Press Release

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February 23, 2023

published at 7:00 AM CET

  • Gross revenues at Euro 102 billion, +2%* vs. FY21
  • Underlying earnings per share** at Euro 3.08, +12%*** vs. FY21
  • Solvency II ratio**** at 215%, down 1 point vs. FY21
  • Dividend of Euro 1.70 per share, +10% vs. FY21, to be proposed by the Board of Directors
  • Launch of a share buy-back program***** of up to Euro 1.1 billion

Thomas Buberl

Chief Executive Officer of AXA

AXA delivered a strong performance in 2022 despite a challenging environment, a confirmation of the resilience of our business model. Our Group is well positioned, delivering across all dimensions, with underlying earnings per share of Euro 3.08, up +12%, a Solvency II ratio at 215% and Euro 4.5 billion cash at the Holding.

We remain focused on executing our strategy. We recorded good growth across our technical and cash-generative businesses, particularly in P&C Insurance, Health and Protection, while continuing to reposition away from Nat Cat reinsurance and traditional General Account business. Our fundamentals are strong and our distinctive franchise can deliver sustainable growth in the future, in particular by addressing new areas of coverage, including from the energy transition.

In 2022, we continued to invest in innovation, as reflected by the launch of the Digital Commercial Platform, which aims to bring more value-added services to our customers, and to strengthen our position in our core markets, including through a selective acquisition6 in Spain.

Our model is built on capital discipline, and we remain committed to delivering value for our shareholders. In light of our strong performance in 2022 and a robust balance sheet, the Board of Directors is proposing a dividend of Euro 1.70 per share, up 10%, and has, again, approved a share buy-back up to Euro 1.1 billion.

We are well positioned to deliver on our “Driving Progress 2023” key targets, and currently expect to exceed our targeted compounded annual growth rate of 3%-7% in underlying earnings per share over the plan period.

I would like to acknowledge the unwavering commitment of our employees, agents and partners, who have been instrumental to this year’s performance, and thank 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, 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, combined ratio, return on equity and underlying earnings per share to the most directly reconcilable line item, subtotal or total in the financial statements of the corresponding period is provided on pages 24 and 25 of AXA’s 2022 Activity Report. The calculation methodology of the debt gearing is set out on page 25 of AXA’s 2022 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 64 to 71 of AXA’s 2022 Activity Report.
***Change in underlying earnings per share is on a reported basis.
****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, 2021, available on AXA’s website ( The Solvency II ratio as of December 31, 2022 is adjusted to give effect to the full Euro 1.1 billion share buyback announced today.
*****Following AXA’s Board of Directors’ approval on February 22, 2023 and expected to commence as soon as reasonably practicable, subject to market conditions.


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