Full Year 2023 Earnings

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%, said Thomas Buberl, Chief Executive Officer of AXA.

In 2023, we continued to see good growth momentum in our core businesses including P&C, Protection, Capital-light 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, said Thomas Buberl, Chief Executive Officer of AXA.

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, said Thomas Buberl.

Thomas Buberl comes back on last year's earnings:

Supporting documents for the new strategic plan, including a dedicated press release, are available on this website

* 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 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.

** As of December 31, 2023.