#1AXA IFRS17 & IFRS9 Investor Presentation November 3, 2022#2IMPORTANT CAUTIONARY STATEMENTS CONCERNING PRELIMINARY IFRS17/9 EXPECTATIONS AND ASSESSMENTS AXA's audited financial statements for 2022 under IFRS4 will be published in March 2023 with its 2022 Universal Registration Document. On January 1, 2023, IFRS4 will be replaced by IFRS17, which is a new accounting standard applicable to (re)insurance contracts that will result in significant accounting changes, with impacts on AXA's consolidated statement of income and balance sheet. AXA will also begin applying, starting on January 1, 2023, the IFRS9 standard on classifying and measuring financial assets and liabilities and certain contracts. During an initial implementation stage of IFRS17/9 relating to accounting periods on or after January 1, 2022, AXA will prepare unaudited key financial information under IFRS17/9 for the first half of 2022 and for the full 2022 fiscal year, including estimates for certain key financial indicators under IFRS17/9 included or mentioned in this presentation. See the slide entitled "Upcoming Reporting." AXA's estimates, expectations and assessments relating to IFRS17/9 in this presentation are by their nature preliminary and subject to change in the course of the formal implementation of IFRS17/9 in the Group's financial reporting (the "IFRS17/9 Implementation") through 2023. This presentation reflects the Group's estimates, expectations and assessments of the impact of the IFRS17/9 Implementation exclusively as of the date hereof. Undue reliance should not be placed on such estimates, expectations and assessments, which are qualified in their entirety by the forward-looking statements paragraphs below. Moreover, investors should note that no IFRS17/9- related information in this presentation has been audited or subject to a limited review by AXA's statutory auditors. In addition, the IFRS17/9 Implementation involves accounting judgment and choices between alternative accounting approaches. While this presentation reflects AXA's current assessment and expectations regarding these judgments, it is possible that, as the Group and the industry adapt to IFRS 17/9 reporting, the Group might determine that adjustments to its initial judgments are needed. There can be no assurance that such judgments and, more broadly, the ultimate impacts of the IFRS17/9 Implementation on AXA's presentation of its business, results of operations or financial condition will not differ materially from the illustrative information contained in this presentation. For the purposes of this presentation, "on transition" or "at transition" are references to forward looking-statements about the Group's expected opening balance sheet information as of January 1, 2022 as calculated under IFRS17/9. "Post-transition" or similar words refer to forward-looking statements related to the Group's financial reporting from January 1, 2023 onward, i.e., its ordinary course financial reporting under IFRS17/9 following the entry into force of IFRS17 and IFRS9 on January 1, 2023. Any information (financial or otherwise) relating to any of the foregoing terms should be understood exclusively as constituting the Group's estimates or assessments as of the date hereof, and, as with the other illustrative information in this presentation, is subject to change and qualified in its entirety by the section below. IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause AXA's actual results to differ materially from those expressed or implied in such forward-looking statements. Please refer to Part 5 - "Risk Factors and Risk Management" of AXA's Universal Registration Document for the year ended December 31, 2021 and "Operating Highlights - Risk Factors" on page 7 of AXA's Half Year Financial Report as of June 30, 2022 (the "Half Year 2022 Financial Report") for a description of certain important factors, risks and uncertainties that may affect AXA's business and/or results of operations. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations. In addition, this presentation refers to certain non-GAAP financial measures, or alternative performance measures ("APMS"), used by Management in analyzing AXA's operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA's results. These non-GAAP financial measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group's consolidated financial statements and related notes prepared in accordance with IFRS. Underlying earnings, underlying retum on equity, underlying earnings per share, 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 reconcilable line item, subtotal or total in the financial statements of the corresponding period is provided on pages 15 and 16 of AXA's Half Year 2022 Financial Report. APMs underlying return on equity and underlying earnings per shareare reconciled to the financial statements in the table set forth on page 22 of AXA's Half Year 2022 Financial Report. The calculation methodology of the debt gearing is set out on page 18 of AXA's Half Year 2022 Financial Report. The above mentioned and other non-GAAP financial measures used in this presentation are defined in the Glossary set forth on pages 56 to 63 of AXA's Half Year 2022 Financial Report. 2 IFRS17 Presentation | November 3, 2022 AYA#33 Presentation on IFRS17 & IFRS9 | Agenda A Key Messages & Overview of IFRS17 & IFRS9 Alban de Mailly Nesle, Group Chief Financial Officer Page 4 B Key Accounting Choices & Resulting Balance Sheet Grégoire de Montchalin, Group ChiefAccounting& Reporting Officer Page 10 Profitability under IFRS17 & IFRS9 C Alban de Mailly Nesle, Group Chief Financial Officer Page 22 Conclusion D Page 31 Alban de Mailly Nesle, Group Chief Financial Officer AYA#4IFRS 17 & IFRS 9 at AXA | Upcoming Reporting IFRS17/9 figures in this presentation are figures currently expected to be included in AXA's opening balance sheet under IFRS17/9 as of January 1, 2022. They are preliminary figures that are unaudited and subject to change All other IFRS17/9-related assessments and expectations are based on AXA's estimates as of today and there can be no assurance that they will not be updated as implementation progresses (see disclaimer slide for important information) IFRS17/9 implementation will involve reporting 2022 financial information under IFRS17/9 beginning in May 2023 4 November 3, 2022 IFRS17/9 implementation and review with auditors on track - 9M22 activity indicators reported under IFRS4 - Estimates of selected key financial indicators under IFRS17/9 provided in this presentation - 2023 February 23, 2023: FY22 earnings reported under IFRS4 March 2023: Audited FY22 accounts under IFRS4 published with Annual Report (Universal Registration Document) May 2023: 1Q23 activity indicators reported under IFRS17/9 Key FY22 and 1H22 financial information reported under IFRS17/9 All future financial performance reported only under IFRS17/9 All notes are on pages 38-41 Back to Agenda AYA#5AXA A. Key Messages & Overview of IFRS17 & IFRS9 Alban de Mailly Nesle Group Chief Financial Officer#6IFRS 17 & IFRS 9 at AXA | Key Messages Group Underlying Earnings power to remain unaffected post-transition Shareholders' Equity¹ expected to remain stable at transition Limited reporting impacts reflecting our profile focused on technical lines No change to capital management and strategy 'Driving Progress 2023' key financial targets² reaffirmed 6 IFRS17 Presentation | November 3, 2022 All notes are on pages 38-41 Back to Agenda AYA#7Continuity in earnings | Underlying Earnings power expected to be unaffected in aggregate Expected IFRS17/9 Underlying Earnings¹ IFRS4/IAS39 IFRS17/9 P&C Health L&S Asset Management & Other 7 IFRS17 Presentation | November 3, 2022 All reserves to be calculated at 'best estimate' and discounted Risk Adjustment reserve to be added for additional prudence Future profits from long-term business to be isolated ('Contractual Service Margin') P&C earnings to be more sensitive to interest rates L&S earnings to be more predictable driven by the release of CSM Health earnings to reflect the underlying nature of the business Asset Management & Holdings earnings are unaffected by the change of accounting standards All notes are on pages 38-41 Back to Agenda AYA#8Continuity in reporting | Focus on technical lines and fee-based businesses to result in limited impacts Our predominant P&C business will see limited reporting changes Technical profitability to continue to be reported by Current and Prior Year Combined ratio to remain on a Gross Earned Premiums basis Limited changes Combined ratio to remain primary driver of reporting L&S will show most of the reporting changes Earnings reporting will primarily be based on the release of Contractual Service Margin New Business Value and CSM stock rollforward to be key reporting indicators CSM release pattern to reflect insurance services rendered over time Main changes Reporting to be based on CSM Health will reflect a mix of P&C and L&S-like reporting Short-term business will be reported similar to P&C, long-term to L&S Asset Management is unaffected by IFRS17 Slight changes Long-term to be driven by CSM No impact No change in earnings 8 IFRS17 Presentation | November 3, 2022 All notes are on pages 38-41 Back to Agenda AYA#9Overview of IFRS 17 & IFRS 9 | AXA's strong fundamentals remain unchanged P&L Balance sheet Group's earnings power expected to be unaffected post-transition Net Income expected not to be more volatile Shareholders equity (excl. OCI) broadly stable on transition at ca. €58bn A reserve of future profits of ca. €34bn is created on transition (Contractual Service Margin or CSM) With no impact on... ✓ Our capital & cash generation ✓ Our balance sheet strength ✓ Our capital management policy ✓ Our business strategy 9 IFRS17 Presentation | November 3, 2022 'Driving Progress 2023' key financial targets reaffirmed All notes are on pages 38-41 Back to Agenda AYA#10AXA B. Key accounting choices & Resulting Balance Sheet Grégoire de Montchalin Group Chief Accounting & Reporting Officer#11Key Principles & resulting Balance Sheet Guiding Principles Continuity on capital and earnings, with limited additional volatility from financial markets Convergence to Solvency II principles where practically feasible Accounting choices largely reflect the underlying economic nature of the business Resulting Balance Sheet Best Estimate Liabilities similar under IFRS17/9 and Solvency II Creation of a Contractual Service Margin (CSM) of ca. €34bn on transition Shareholders' Equity (excl. OCI) expected to be stable on transition 11 IFRS17 Presentation | November 3, 2022 All notes are on pages 38-41 Back to Agenda AXA#12AXA's business mix largely accounted for under the simplified model Changes in Technical Assumptions CSM Measurement Model Financial Assumptions PAA or Simplified model Optional model for short-term business OCI P&L incl. 99% P&C and short-term Protection and Health Compulsory model for BBA or long-term non-participating business General model → incl. non-participating Protection and Health ☑ OCI CSM Compulsory model for long-term participating business VFA model → incl. G/A Savings, Unit-Linked and participating Protection and Health ☑ CSM CSM Asset Management ca. 5% VFA model ca. 24% BBA model Estimated pre-tax UE¹ ca. 11% PAA model ca. 60% ca. 65% unaffected or with limited impact at transition Discounting of Best Estimate reserves and Risk Adjustment applied to all models PAA 'Premium Allocation Approach' | BBA 'Building Block Approach' also referred to as GMM 'General Measurement Model' | VFA 'Variable Fee Approach' 12 IFRS17 Presentation | November 3, 2022 All notes are on pages 38-41 Back to Agenda AYA#13Key accounting choices ensuring continuity and limited volatility in earnings Discount rates Changes in discount rates (excl. VFA) Alternative Options Top-down approach Portfolio yield less allowance for unexpected losses Through P&L Changes in rates to be recorded '1 for 1' in P&L AXA's choice Bottom-up approach Risk-free rates+ illiquidity premium Through OCI Changes in rates to be recorded in OCI then amortized in P&L over time Rationale ► Framework similar to Solvency II Mitigation of earnings sensitivity to market rates Risk Adjustment No prescriptive approach Percentile Approach Risk Adjustment based on 62.5th-67.5th percentile Approach reflects adequate level of prudence on underlying reserves Measurement of listed Equity investments Transition approach Fair Value through P&L Mark-to-market and realized gains/losses to flow through P&L 3 Transition approaches Full/modified retrospective, or fair value approach Fair Value through OCI Mark-to-market to flow through OCI, with no recycling in P&L Retrospective approach ca. 80% of L&S Fair value approach ca. 20% ► Mitigation of Net Income sensitivity to movements in equity markets ►Default approach used across L&S ► Fair Value used only on a limited basis to manage risk of onerous contracts 13 IFRS17 Presentation | November 3, 2022 All notes are on pages 38-41 Back to Agenda AYA#14Shareholders' Equity largely stable on transition Shareholders' Equity (excl. OCI) from IFRS4 to IFRS17 Main accounting changes €58bn IFRS4 Intangible elimination 1 Impact from reserves revaluation incl. discounting ca. €58bn 2 ca. €4bn Risk Adjustment creation Revaluation & discount effect Risk adjustment creation CSM creation 1 2 3 IFRS17 14 IFRS17 Presentation | November 3, 2022 3 ca. €34bn CSM creation All notes are on pages 38-41 Back to Agenda AYA#151 Simple methodology used for reserves discounting 'Bottom-up' Discounting Approach ► Going forward, reserves to be discounted at a market consistent rate ► Impact from change in interest rates to be absorbed by CSM (participating long-term business) or OCI (all other businesses) ► Discounting effects to be progressively unwound in investment results (except for VFA business) ► No impact on the lifetime profitability of contracts Discounting Methodology going forward Balance Sheet PAA or Simplified model BBA or General model Closing Rates VFA model P&L IFRS 17 Discount Rate = Risk-Free Rate + Illiquidity Premium Illiquidity premium calculation based on EIOPA replicating portfolios similar to Solvency II framework 15 IFRS17 Presentation | November 3, 2022 Average locked- in inception Rates Closing locked- in inception Rates Closing Rates All notes are on pages 38-41 Back to Agenda AYA#1616 2 Risk Adjustment provides an additional reserve expected to generate limited P&L impact An extra reserve on top of Best Estimate Liabilities for uncertainties arising from non- financial risks Approach at AXA ✓ Confidence level set at 65th percentile within a range from 62.5th to 67.5 th percentile Risk Adjustment released in P&L over time as insurance coverage is provided Limited impact on P&L The release of Risk Adjustment on in-force is expected to be offset by the creation of Risk Adjustment on new business Risk Adjustment range on transition €3bn €4bn IFRS17 Presentation | November 3, 2022 at 62.5th percentile at 67.5th percentile All notes are on pages 38-41 Back to Agenda AYA#173 Contractual Service Margin (CSM) of ca. €34bn on transition Building Blocks of New Business Contractual Service Margin ► Application scope Calculated by group of contracts for long-term Life & Savings and Health products ► CSM mechanism CSM absorbs changes in technical assumptions for all business and financial variance for participating business only ▸ Onerous contracts Loss from onerous contracts charged to the P&L on Day 1 and recorded as loss component on the Balance Sheet Premiums Claims & Attributable Expenses Risk Adjustment Discounting Opening Contractual Service Margin ca. €9bn 17 IFRS17 Presentation | November 3, 2022 Life & Savings ca. €25bn Contractual Service Margin Health All notes are on pages 38-41 Back to Agenda AYA#183 Contractual Service Margin expected to grow sustainably over time Opening CSM Stock New Business Actual Experience & Changes in Technical Impact of changes in CSM Release into P&L Fair Value of Assets Other (incl. FX) Closing CSM Stock Assumptions ✓ Creation of a stock of Contractual Service Margin of ca. €34bn on transition across L&S and Health ✓ CSM stock expected to grow sustainably over time ✓ The CSM will absorb most changes in technical & financial assumptions¹ 18 IFRS17 Presentation | November 3, 2022 All notes are on pages 38-41 Back to Agenda AYA#19IFRS17/9 better aligns accounting balance sheet with economic reality Assets on transition ▸ Elimination of intangible assets (DAC/VBI) with goodwill unaffected ► Invested assets' classification broadly unchanged Most of the assets remain measured at fair value through OCI Real Estate investments remain classified 'at cost' Intangibles 40 22 Intangibles Liabilities & Shareholders' Equity on transition ► Reserves similar to Solvency II Best Estimate Liabilities ▸ Creation of Contractual Service Margin (ca. €34bn) ► Creation of Risk Adjustment reserves (ca. €4bn) OCI 17 Shareholders Equity 58 OCI (€-3bn) Shareholders Equity (€58bn) CSM (€34bn) Risk Adjustment (€4bn) Invested Assets 624 632 Invested Assets Regulatory Reserves 560 532 Best Estimate Liabilities Reinsurance Other Assets 37 76 36 Reinsurance 78 Other Assets IFRS4/IAS391 IFRS17/92 Other liabilities 142 143 Other liabilities IFRS4/IAS391 IFRS17/92 Shareholders' Equity (excl. OCI) stable at transition 19 IFRS17 Presentation | November 3, 2022 All notes are on pages 38-41 Back to Agenda AYA#2020 Return on Equity & Debt Gearing under IFRS17/9 Return on Equity (ROE) No change in definition Underlying Earnings Average Shareholders Equity (excl. OCI) Debt Gearing will be lower reflecting CSM addition Financial Debt¹ Shareholders Equity (incl. OCI) + CSM + Financial Debt¹ NEW ► Underlying Earnings will be unaffected in aggregate on transition ► Shareholders Equity, excluding OCI, will be stable on transition No changes in Financial Debt scope and inclusion of both CSM (net of tax) and OCI in the denominator ► No change to debt issuance capacity of ca. €1bn p.a. at constant debt gearing 13% - 15% ROE target 2021-2023E IFRS17 Presentation | November 3, 2022 No change 19% -23% Debt Gearing Equivalent to previous guidance² of 25%-28% All notes are on pages 38-41 Back to Agenda AYA#21Key Accounting Choices | Main Takeaways The transition approach largely reflects the economic nature of the business and convergence to Solvency II where practically feasible The options taken allow for continuity in capital, with Shareholders Equity¹ expected to be largely stable on transition The resulting balance sheet includes the creation of CSM for ca. €34bn on transition 21 IFRS17 Presentation | November 3, 2022 All notes are on pages 38-41 Back to Agenda AYA#22AXA C. Profitability under IFRS17 & IFRS9 Alban de Mailly Nesle Group Chief Financial Officer#23Underlying earnings power expected to remain unaffected in aggregate Property & Casualty Life & Savings Health Asset Management IFRS4 IFRS17 IFRS4 IFRS17 IFRS4 IFRS17 IFRS4 IFRS17 ■ Lower combined ratio reflecting discounting of reserves, partly offset by discount unwind in investment result ■ Prior Year Reserve Development in line with its long-term average 23 IFRS17 Presentation | November 3, 2022 ■ Increased earnings predictability driven by CSM release ■ Earnings to reflect the underlying nature of the business ▪ Long-term business driven by CSM release ■ Short-term business will continue to be driven by combined ratio ■ No change in earnings All notes are on pages 38-41 Back to Agenda AYA#24P&C earnings to be mostly impacted by discounting at market-consistent rates Undiscounted Technical Profitability Investment Income 24 P&C earnings walk from IFRS4 to IFRS17¹ IFRS 4 Current Risk year Adjustment discount Unwind of IFRS 17 Discount IFRS17 Presentation | November 3, 2022 ▸ IFRS17 P&C earnings reporting will be driven by combined ratio as under IFRS4 ► Earnings are market-consistent, therefore more sensitive to interest rates as: - Current year claims discounted using current year rates Prior year claims reserves discount unwound at inception rates ▸ The net effect from the risk adjustment is expected to be marginal, subject to business mix & growth ✔ No impact on the lifetime profitability of the business No change to prudent approach on underwriting & reserving All notes are on pages 38-41 Back to Agenda AXA#25P&C earnings mix will change, reflecting discounting impact of reserves P&C underlying earnings Technical result Investment result Lower combined ratio expected under IFRS17, partly offset by lower investment result Combined Ratio (remains on a Gross Earned Premiums basis) IFRS4 IFRS17 Investment Result IFRS4 CY discount effect Risk adjustment (CY net of PY release) IFRS17 IFRS4 Unwind of reserve discount IFRS17 25 IFRS17 Presentation | November 3, 2022 Note: CY and PY refer to current accident year and prior accident year respectively All notes are on pages 38-41 Back to Agenda AYA#26More predictable L&S Earnings to be mostly driven by the release of CSM L&S Underlying Earnings (before tax) 1 1 2 3 Underlying Earnings will primarily be driven by the release of the Contractual Service Margin (CSM), expected in the range of 9-11% p.a. Investment result will include non-participating business and shareholders' funds, as well as the impact of the unwind of discount from non-participating business Technical experience will include: ▸ Actual experience vs. expected claims & expenses ► Release of Risk Adjustment ► Technical result of short-term business 4 2 IFRS4 IFRS17 26 IFRS17 Presentation | November 3, 2022 A minimal part of the expenses¹ (ca. 5%) will not be projected in the CSM and will be charged to the P&L as incurred Limited charges related to onerous contracts going forward, from both continued discipline on new business and prudent assumptions on transition All notes are on pages 38-41 Back to Agenda AYA#2727 New Business Value and NBV Margin will be the main activity indicators for L&S IFRS17 New Business Value ('NBV') The NBV will be adjusted to include New business CSM¹ (ca. 90% of the total NBV), calculated on a risk-neutral basis, which will provide a significant input into future profitability for long-term products Additionally, as is currently done, the NBV will include expected future profits from: ‣ short-term Life & Health insurance business ▸ pure investment business accounted for under IFRS9 The NBV will also include losses emerging from new onerous contracts IFRS17 New Business Value expected broadly in line with current framework NBV Margin The NBV margin is based on the present value of expected new business premiums instead of APE NBV Margin = IFRS17 New Business Value Present Value of Expected Premiums² A more economic NBV margin IFRS17 Presentation | November 3, 2022 All notes are on pages 38-41 Back to Agenda AYA#28Health Underlying Earnings to reflect the underlying nature of the business Expected Health Underlying Earnings Split by Business & Geographies IFRS4 IFRS17 France Europe Asia Rest of the World Short-term business Long-term business Contractual Service Margin stock of ca. €9bn on transition, expected to grow sustainably Expected CSM release of 6-8% p.a. 28 IFRS17 Presentation | November 3, 2022 All notes are on pages 38-41 Back to Agenda AYA#29Underlying earnings to Net Income: not more volatile Underlying Earnings to Net Income Net Realized Capital Gains Mark-to-market incl. Derivatives IFRS4/IAS39 IFRS17/IFRS9 IFRS4/IAS39 IFRS17/IFRS9 Changes in financial flows Participating Savings Business¹ P&L 1 CSM OCI/P&L 1 CSM Non-Participating L&S, P&C and Health 'Vanilla' Fixed Income² P&L P&L OCI OCI Listed Equity Real Estate P&L 2 OCI OCI Non-recyclable OCI Non-recyclable 1 Net Income no longer impacted by Participating Savings business 2 Listed equity to flow to Shareholders Equity Investment funds accounted for through P&L Hedge Accounting Increased eligibility of derivatives, reducing accounting volatility in P&L Expected Credit Losses Not expected to be material, reflecting the quality of the investments' portfolio P&L P&L Off Balance Sheet Off Balance Sheet No changes to non-financial flows Investment Funds & P&L P&L OCI/P&L Other³ (incl. Private Equity) 3 P&L Restructuring & integration costs, exceptional operations and goodwill Lower volatility of NI Higher volatility of NI No impact on NI volatility 29 IFRS17 Presentation | November 3, 2022 All notes are on pages 38-41 Back to Agenda AYA#30Profitability | Underlying earnings power unaffected in aggregate post-transition & expected to grow sustainably More economic view of profitability with greater predictability Underlying Earnings remain the basis of the Dividend Policy Net Income expected not to be more volatile 30 IFRS17 Presentation | November 3, 2022 All notes are on pages 38-41 Back to Agenda AYA#31AXA D. Conclusion Alban de Mailly Nesle Group Chief Financial Officer#32IFRS17 & IFRS9 at AXA | Conclusion & Key Messages Group Underlying Earnings power to remain unaffected post-transition Shareholders' Equity¹ expected to remain stable at transition Limited reporting impacts reflecting our profile focused on technical lines No change to capital management and strategy 'Driving Progress 2023' key financial targets² reaffirmed 32 IFRS17 Presentation | November 3, 2022 All notes are on pages 38-41 Back to Agenda AYA#33AXA Appendices IFRS17 & IFRS9 Presentation November 3, 2022#34Changes in discount rates fully impact CY claims while the 'OCI option' smooths the impact on unwind 2022 P&L impact Accident Year (AY) Cohort 2022 CY discounting effect 1 Based on the prevailing interest rates 2021 & prior years 1 2 Unwinding effect 2 Undiscounted Technical Profitability Current Year Discount Unwinding Effect Investment Income Total Underlying Earnings Locked-in based on the AY by cohort Change in 3 discounting Difference between the prevailing interest rates and the locked-in AY rates Claims Reserves 34 IFRS17 Presentation | November 3, 2022 2022 Balance Sheet impact 3 OCI Amortized into the P&L progressively in next years' unwinding effect Assets Liabilities All notes are on pages 38-41 Back to Agenda AYA#35AXA Q&A IFRS17 & IFRS9 Presentation November 3, 2022#36AXA Investor Relations | Keep in touch Meet our management February 23, 2023 Full Year 2022 Earnings Release London Contact us Investor Relations +33 1 40 75 48 42 [email protected] Head of Investor Relations [email protected] Vice President [email protected] Vice President May 09, 2023 Three Month 2023 Activity Indicators Call 36 Follow us www.axa.com Δ f Corporate Access [email protected] Marketing & Corporate Access Manager in AYA#37AXA Thank you IFRS17 & IFRS9 Presentation November 3, 2022#38Glossary " " " " " " " Other Comprehensive Income ('OCI') refers to items of income and expense that are not recognized in profit or loss in accordance with IFRS Standards Contractual Service Margin ('CSM') refers to a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit the entity will recognize as it provides insurance contract services under the insurance contracts in the group Risk Adjustment ('RA') under IFRS 17 for non-financial risk is the compensation an entity requires for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risks as the entity fulfils insurance contracts Present Value of Expected Premiums ('PVEP'): explicit, unbiased and probability-weighted estimate (i.e. expected value) of the present value of the future premiums that will arise as the entity fulfils insurance contracts from newly issued contracts during the period New Business Value ('IFRS17 NBV'): the value of newly issued contracts during the current year. It consist of the sum of (i) the New business contractual service margin, (ii) the present value of the future profits of short term newly issued contracts during the period, carried by Life entities, considering expected renewals, (iii) the present value of the future profits of pure investment contracts accounted for under IFRS 9, net of (iv) the cost of reinsurance, (v) taxes and (vi) minority interests New Business Value Margin ('IFRS17 NBV Margin'): ratio of (i) New Business Value to (ii) Present Value of Expected Premiums New Business Contractual Service Margin ('N BCSM'): a component of the carrying amount of the asset or liability for newly issued insurance contracts during the period, representing the unearned profit the entity will recognize as it provides insurance contract services Underlying Earnings new definition: Underlying earnings represent the net income (Group share), before the impact of the following items, net of taxes and minority interests: " " " " realized gains and losses, change in impairment valuation allowances on assets at cost or designated at fair value through other comprehensive income (including expected credit loss) and not backing direct participating businesses; profit or loss on financial assets and derivatives accounted for under fair value through profit and loss and not backing direct participating businesses, foreign exchange impacts on assets and liabilities; impairments of goodwill, impairments and amortization of intangibles related to customers and distribution agreements; integration and restructuring costs related to newly acquired companies as well as restructuring and associated costs related to productivity improvement plans; and exceptional operations (primarily changes in scope and discontinued operations). Additionally, throughout this document, Contractual Service Margin and Risk Adjustment, unless otherwise explicitly stated, are pre-tax liabilities 38 IFRS17 Presentation | November 3, 2022 AXA#39Notes (1/2) Page 6 1. 2. Shareholders' equity excludes other comprehensive income (OCI) 'Driving Progress 2023' key financial targets refer to the four main financial targets of AXA's 'Driving Progress 2023' plan: (i) underlying earnings per share growth at the high end of the 3-7% CAGR target range between 2020 (rebased for COVID-19 and excess Natural Catastrophe losses) and 2023, (ii) Underlying return on equity between 13% and 15% between 2021 and 2023, (iii) a Solvency II ratio at approximately 190%, and (iv) cumulative cash upstream in excess of Euro 14 billion for 2021-2023. Page 7 1. 'Expected IFRS17 Underlying Earnings' broadly illustrate the expected Underlying Earnings contribution of AXA's different lines of business Page 12 1. 'Estimated pre-tax UE' broadly illustrates the expected Underlying Earnings contribution of each valuation model to AXA's total Underlying Earnings Page 18 1. Changes in technical assumptions will flow to CSM for long-term non-participating business, and changes in both technical and financial assumptions will flow to CSM for long-term participating business Page 19 1. 2. Assets and Liabilities as of December 31st, 2021: - Intangible include goodwill, deferred acquisition cost and equivalent (including deferred origination cost), value of purchased business in-force and other intangibles assets - Invested assets include real estate, derivatives assets and investments accounted for using equity method - Reinsurance assets - Other assets include receivables, tangibles assets, deferred tax assets, held for sale assets as well as cash and cash equivalent - Shareholders equity include share capital and capital in excess of nominal value, treasury shares, undated subordinated debts, translation reserves, retained earnings brought forward - Regulatory reserves include total liabilities arising from insurance and investment - Other liabilities include financing debt, liabilities from banking activities, provisions for risk and charges, deferred taxes liabilities, payables, held for sale liabilities Assets and Liabilities as of January 1st, 2022 and presented on an accrued basis: - Intangible include goodwill, deferred origination cost and other intangibles assets - Invested assets include real estate, derivatives assets and investments accounted for using equity method - Reinsurance assets - Other assets include receivables, tangibles assets, deferred tax assets, held for sale assets as well as cash and cash equivalent - Shareholders equity include share capital and capital in excess of nominal value, treasury shares, undated subordinated debts, translation reserves, retained earnings brought forward - Best Estimate liabilities are defined as total liabilities arising from insurance, investment and reinsurance contracts held, excluding contractual service margin and risk adjustment - Other liabilities include financing debt, liabilities from banking activities, provisions for risk and charges, deferred taxes liabilities, derivatives liabilities, payables, held for sale liabilities 39 IFRS17 Presentation | November 3, 2022 AXA#4040 Notes (2/2) Page 20 1. Financial debt includes financing debt, dated subordinated debt, reversal of mark-to-market of interest rate derivatives, undated subordinated notes and undated deeply subordinated notes 2. Guidance illustrates the mechanical inclusion of the Contractual Service Margin into the debt gearing ratio Page 21 1. Shareholders' equity excluding other comprehensive income (OCI) Page 24 1. Illustrative reconciliation of earnings contribution between IFRS4 and IFRS17 standards, highlighting some of the main accounting changes driven by the change in accounting standard Page 26 1. 'A minimal part of the expenses' refers to the non-attributable expenses which are not part of CSM and will be charged to the P&L as incurred Page 27 Estimated New Business Value under IFRS 17 1. 2. Refers to present value of expected new business premiums Page 30 1. Participating Savings Business i.e. business accounted for under the Variable Fee Approach model under IFRS17 2. Vanilla Fixed Income refers to Fixed Income instruments that pass the 'Solely Payment of Principal & Interests' under IFRS9 3. Investment funds refer to funds that are non-consolidated in AXA Group's accounts 4. Net Realized Capital Gains refer to Capital Gains and Losses net of Impairment charges Page 32 1. 2. Shareholders' equity excludes other comprehensive income (OCI) 'Driving Progress 2023' key financial targets refer to the four main financial targets of AXA's "Driving Progress 2023" plan: (i) underlying earnings per share growth at the high end of the 3-7% CAGR target range between 2020 (rebased for COVID-19 and excess Natural Catastrop he losses12) and 2023, (ii) Underlying return on equity between 13% and 15% between 2021 and 2023, (iii) a Solvency II ratio at approximately 190%, and (iv) cumulative cash upstream in excess of Euro 14 billion for 2021-2023. IFRS17 Presentation | November 3, 2022 AXA#41Scope and definitions France: includes insurance activities, banking activities and holdings in France. Europe: includes Switzerland (insurance activities), Germany (insurance activities and holdings), Belgium (insurance activities and holdings), United Kingdom and Ireland (insurance activities and holdings), Spain (insurance activities) and Italy (insurance activities). AXA XL: includes insurance and reinsurance activities and holdings. Asia: includes insurance activities in Japan (including the P&C business which was previously reported under "Asia-Direct") and holding, Hong Kong, Asia High Potentials of which (i) Thailand P&C, Indonesia L&S (excluding the bancassurance entity) and China P&C are fully consolidated, and (ii) China L&S, Thailand L&S, the Philippines L&S and Indonesian L&S bancassurance businesses are consolidated under the equity method and contribute only to the underlying earnings 16 and net income, and South Korea - Direct, and Asia Holdings. International: consists of (i) AXA Mediterranean Holdings, (ii) EME-LATAM, which includes Mexico (insurance activities), Colombia (insurance activities), Turkey (insurance activities and holdings), the Gulf Region (insurance activities until June 2021 as disposed on September 7, 2021), AXA Bank Belgium (banking activities until December 2021 as disposed on December 31, 2021), Luxembourg (insurance activities and holdings), Brazil (insurance activities and holdings) and Greece (insurance activities until March 2021 as disposed on May 31, 2021) which are fully consolidated, as well as Russia (Reso) (insurance activities) which is consolidated under the equity method and contribute only to the underlying earnings and net income, and (iii) Africa & Asia, which includes Singapore (holdings, insurance activities until December 2021 as disposed on February 11, 2022), Morocco (insurance activities and holdings), Nigeria (insurance activities and holdings) and Malaysia P&C (insurance activities until June 2022 as disposed on August 30,2022) which are fully consolidated, as well as India (P&C insurance activities until June 2021 as disposed on September 8, 2021, L&S insurance activities and holdings) which is consolidated under the equity method and contribute only to the underlying earnings and net income. Transversal & Central Holdings: includes AXA Investment Managers, AXA Assistance, AXA Liabilities Managers, AXA Life Europe, Architas (previously reported under "France"), AXA S.A. (including AXA S.A. Reinsurance, previously reported under "AXA Global Re") and other Central Holdings. 41 IFRS17 Presentation | November 3, 2022 AXA