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Full Year 2023 Earnings


Press Release

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February 22, 2024

published at 7:00 AM CET

  • Successful delivery of “Driving Progress 2023” main financial targets
  • Underlying earnings* at Euro 7.6 billion in line with target, up +6% vs. FY22 under IFRS4
  • Underlying earnings per share*,** at Euro 3.31, up +8% vs. FY22 under IFRS4
  • Dividend of Euro 1.98 per share, +16% vs. FY22*** , and launch of a share buy-back program**** of up to Euro 1.6 billion, including Euro 0.5 billion of anti-dilutive share buy-back and Euro 1.1 billion of annual***** share buy-back reflecting the Group’s new capital management policy******
  • Announcement of AXA’s new strategic plan “Unlock the Future” including key financial targets and the new capital management policy****** targeting a total payout ratio of 75%*******, comprising a 60% dividend payout ratio and an additional 15% from annual share buy-backs

Thomas Buberl

Chief Executive Officer of AXA

AXA reported strong results in 2023, reflecting continued execution of its strategy. This also marks the completion of our “Driving Progress 2023” plan. The Group has successfully delivered on all its main financial targets, with underlying earnings per share growing 9%********, cumulative cash remittance of Euro 16.4 billion, and Return on Equity of 14.9%*********, while maintaining a strong Solvency II ratio10 at 227%.

In 2023, we continued to see good growth momentum in our core businesses including P&C, Protection, Capitallight G/A Savings and Health. This was partly offset by lower volumes in AXA XL Reinsurance from a reduction in Property Catastrophe exposure, and in Health following our decision not to renew two legacy international Group contracts. The Group reported Euro 7.6 billion in underlying earnings, reflecting a strong operational performance in P&C, in particular at AXA XL.

Today we announce our new three-year strategic plan, “Unlock the Future”, building on our successful strategy that has delivered excellent performance. We will focus on growing and strengthening our core businesses by systematically scaling our distinct capabilities across the Group to deliver even more value to all of our stakeholders.

I would like to thank all of our colleagues, agents and partners for their commitment and support, as well as our customers for their continued trust.”

*Underlying earnings”, “underlying earnings per share”, “underlying return on equity”, “combined ratio” and “debt gearing” are APMs as defined in ESMA’s guidelines and the AMF’s related position statement issued in 2015. A reconciliation from APMs “underlying earnings” and “combined ratio” to the most directly related line item, subtotal, or total in the financial statements of the corresponding period is provided on pages 25 and 26 of AXA’s Activity Report as of and for the year ended December 31, 2023 (“AXA’s 2023 Activity Report”). APMs “underlying return on equity” and “underlying earnings per share” are reconciled to the financial statements in the tables set forth on page 39 of AXA’s 2023 Activity Report. The calculation methodology of “debt gearing” is set out on page 44 of AXA’s 2023 Activity Report. For further information on the above-mentioned and other non-GAAP financial measures used in this press release, see the Glossary set forth on pages 42 to 47 of AXA’s 2023 Activity Report.
**Changes in underlying earnings are, unless otherwise specified, reported at constant forex. Underlying earnings per share increased by 29.1% vs FY22 restated under IFRS17/9. 2022 P&C underlying earnings restated under IFRS17/9 reflect notably the non-recognition of the release of excess reserves, which contributed to 2022 underlying earnings under IFRS4. The IFRS17/9 balance sheet is on a best estimate basis and does not recognize excess reserves. The change to IFRS17/9 standards did not impact the count of outstanding shares used in the calculation of UEPS.
***Subject to approval by the Shareholders’ Annual General Meeting to be held on April 23, 2024.
****Following AXA’s Board of Directors’ approval on February 21, 2024, and expected to commence as soon as reasonably practicable, subject to market conditions.
*****This excludes anti-dilutive share buy-backs related to certain disposals and in-force management transactions, as well as share buy-backs to offset dilutive effect relating to employee share offerings and the exercise of stock options.
******Please see the Strategic Plan 2026 Press Release available at
*******Payout ratio is calculated based on underlying earnings per share.
********Compounded annual growth rate over FY20 rebased-FY23. FY20 rebased includes underlying earnings restated for “Covid-19 claims” and natural catastrophes in excess of normalized level. AXA Group normalized level of natural catastrophe charges in 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, Life and Health net claims related to Covid19, 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.
*********As of December 31, 2023.


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