Investor Presentaiton
Core messages during the investor presentation (cont'd)
AXA
► Group underlying earnings
power to remain unaffected
post-transition
►Shareholders' Equity (excl. OCI)
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 targets reaffirmed
CNP Assurances
Company's underlying qualities
unchanged
▸ Two new items on the liabilities
side of the balance sheet: CSM
for around €17b and RA for
around € 1.5 b
Equity slightly lower for around
€1b (out of €21.1b)
► Earnings to be more volatile
due to the market effects
Financial reporting to be
tailored due to adjustments to
the formulas for calculating key
indicators
Generali
No impact on cash and capital
generation, net holding cash
flow, dividends and solvency
► SHE expected to be broadly
stable at transition
Improved visibility and
predictability of profits
anticipated from life business
► P&C to be more volatile but its
business mix to reduce the
sources of volatility
Group operating result
expected to be broadly stable
Great-West Lifeco
No impact on business strategy
SHE expected to decrease by
10%-15%, driven by the
establishment of the new CSM
➤ Low-single-digit percentage
decrease in base earnings
expected
►Base EPS growth and dividend
pay-out ratio to remain
unchanged, base ROE objective
expected to increase by 2%
► Positive impact to LICAT¹
expected
HISCOX
No change in strategy and
reserving philosophy, and no
impact on regulatory capital,
cash and dividends
►Reduced volatility expected in
group's earnings
Shareholders' equity to likely
see a small net increase on
transition, primarily due to
discounting
► Greater transparency due to
more granular disclosures
1 Life Insurance Capital Adequacy Test
16
Market updates on impact of IFRS 17 and IFRS 9
EYView entire presentation