Investor Presentaiton

Key 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

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