Investor Presentaiton
Notes (1/2)
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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.
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1. 'Expected IFRS17 Underlying Earnings' broadly illustrate the expected Underlying Earnings contribution of AXA's different lines of business
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1. 'Estimated pre-tax UE' broadly illustrates the expected Underlying Earnings contribution of each valuation model to AXA's total Underlying Earnings
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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
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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
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IFRS17 Presentation | November 3, 2022
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