AXA : 2021 Integrated Report

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Act for human progress by protecting what matters

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Foreword by

Frédéric de Courtois

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Protecting

what matters

Act for

human progress

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Editorial by Thomas Buberl and Denis Duverne

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Our 2021 impact

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Live progress. Our purpose, to "act for human progress by protecting what matters"

is a long-term direction. But it's also an ongoing reality for the Group's 149,000 employees and agents who, day after day, invent services and solutions to better support our customers and guide society to a sustainable future.

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Head of publication: AXA Group Communications Department. Photo credits: Airbus/ Hufnagl, Benjamin Boccas, BDGS Associés, Igor Emmerich, Sinead Finlay, Getty Images, Nicolas Gouhier, Franck Juéry, Amanda Kho, Seignette Lafontan, Olivier Martin Gambier, Olivier Merzoug, Björn Myhre / Novartis AG, Shutterstock, Sophie Stieger, Patrick Wack, All rights reserved. Translation : Kate Moses. Design and production:(ref.: RAAX021)

PROGRESSLIVE

Editorial

Thomas BuberlIn addition to producing very good results, the year 2021 was a turning point for AXA. Our new model showed its value and potential, marking the success of the Group's fundamental deep transformation since 2016. In five years, we have repositioned our business on insurance risks, rather than financial risks. We have also simplified our portfolio's footprint by focusing on the most promising business lines in our historic countries and strategic markets. And we have built on our "from payer to partner" strategy to transform the customer experience. This transformation has come at a fast pace: it took just five years to achieve these fundamental shifts while delivering very solid financial results. AXA is now well positioned to fully achieving its potential and meeting the new challenges faced by our customers.

Denis DuverneThis chapter finds its rightful place in the story of AXA, which has always demonstrated its ability to transform and grow with its times. When I joined the Group in 1995, revenues stood at €6 billion. Today, they amount to €100 billion! This change in scale results partly from major operations, such as the merger with UAP in 1996, of course, as well as the acquisition of Guardian Royal Exchange (GRE) in 1999, which enabled us to win over the European market, Winterthur in 2006, and XL, which has made AXA the global leader in commercial insurance. During this period, we also divested strategically from assets such as the Donaldson Lufkin Jenrette investment bank in 2000 and more recently AXA Equitable. All these transformations have been possible

"I am proud of the new AXA we have built, which can today truly spread its wings."

Thomas Buberl

because the Group has always kept sight of its identity: a strong culture established on values, business ethics, an entrepreneurial mindset and pioneering social commitments. Thomas has built on this balance. He has made AXA a Group that is in keeping with the times and honoring its historic commitments. A good example is AXA Hearts in Action, the initiative launched by Claude Bébéar in aid of social, societal and humanitarian causes, which offers AXA employees an opportunity to get involved and take action to meet some of today's major challenges: the climate and inclusion.

Thomas BuberlIn my opinion, it is critical to rely on the Group's DNA, particularly by focusing on its distribution networks. I am proud of the new AXA we have built, which can today truly spread its wings. AXA XL has proven its ability to reach its business targets and is fully operational to generate profitable growth in the future. Our positions are strong and clear in all our markets. And we continue to take pioneering action against climate change.

Denis DuverneThese successes explain the Board's decision to renew its confidence in Thomas Buberl for new term of office. Insurance is a long-term business that requires stability. And AXA has had only two CEOs before Thomas: Claude Bébéar and Henri de Castries. The excellent 2021 results demonstrate that the strategic vision supported by the leadership team is the right one, and I am convinced it still has enormous potential in property and casualty commercial lines, as well as healthcare and life insurance, and our action against climate disruption.

* up to the end of April 2022

PROGRESSLIVE

CHALLENGES

Denis DuverneAs announced a year ago, I will retire from AXA in April 2022, after the Shareholders' Meeting, but I will leave confident in the knowledge that Thomas Buberl and Antoine Gosset-Grainville, my successor to the Board Chair, are ready to take up some great challenges. In the short term, this means achieving the current strategic plan, Driving Progress 2023. In the longer term, accelerating digitalization will present some wonderful opportunities to go even further in the relationship with our customers and explore the full potential of data to serve them better. For a company like AXA, this also implies in-depth preparation to ensure proper data protection and face cybercrime

"Our challenge is to continue being a forerunner on every topic that matters: healthcare, the economy, the environ-ment, etc."

Thomas Buberl

Thomas Buberl,

CEO of AXA

risks. Increasingly interconnected risks, volatile financial markets, new social issues, climate change and geopolitical tension - a dramatic reminder of which is the war raging in Ukraine at the time of this discussion - are also factors we must integrate into our strategy and business to keep protecting our customers in the best possible way.

Thomas BuberlIndeed, our business is all about anticipating, analyzing and managing current and emerging risks. We are always aiming to get ahead by analyzing emerging trends. We were very quick to integrate climate change into our strategic thinking. Well before the pandemic, healthcare had become a major development priority for the Group. Today, we must work to better protect our customers from new risks like cybercrime. Our challenge is to continue being a forerunner on every topic that matters: healthcare, the economy, the environment, etc. For this, we need to innovate, as we did with our Digital Healthcare Platform*, which combines technology, services and data analysis to offer our customers an integrated health protection ecosystem. We are also convinced these innovations must serve the widest possible audience, which is why group health insurance and inclusive protection are among our priorities.

HUMAN

Thomas BuberlTo innovate and constantly enhance our services to closely meet our customers' needs, AXA draws on a major strength, our employees, who demonstrate boldness and initiative at every level of the company. Our decentralized model and simplified organization since 2016 encourage this entrepreneurial spirit. We benefit from energy and agility at the local level while capitalizing on cooperation at an international scale through our One AXAphilosophy. We share a very strong corporate culture and values that cement our employees' commitment. AXA knows how to integrate talents, including during acquisitions, by focusing on the unique qualities they bring to the organization and combining them with powerful teamwork.

Denis DuverneWorking for AXA is a privilege. I immediately realized it when I joined AXA and I am very grateful to our employees for that after 27 years within this Group. We have a noble business and we defend values through commitments like AXA Hearts in Action, as well as in our everyday work. Advancing inclusive protection is a challenge that is particularly important to me. The most vulnerable populations, whether in emerging or more mature countries, remain the least well protected. Along with governments, insurers must help bring solutions. We are working on this through the Insurance Development Forum, which I have chaired for four years: a public-private partnership with large international insurance and reinsurance companies, the World Bank and the United Nations Organization, to improve access to insurance in the most vulnerable countries. But we must go even further and faster.

PROGRESS

Thomas BuberlIndeed, this is one of the aims of our roadmap. And I cannot end this conversation without thanking the person who has been a mentor for many of us in the Group. Few people have the opportunity and talent to mark so many professional lives and transform an organization to such an extent from the inside out. I have been lucky enough to share the leadership of AXA with Denis for six years. He has pushed me further at every step and guided us as a group towards better performance. I thank you for this remarkable human and professional experience.

Denis Duverne,

Chairman of the Board of Directors of AXA

"Along with governments, insurers must help bring solutions to protect the most vulnerable populations."

Denis Duverne

Denis DuverneThank you, Thomas. These years spent at AXA have been rich and exciting, and I would like to warmly thank you on behalf of all our employees, all the agents I have had the opportunity to meet, who make the Group strong. AXA is in robust hands: yours, of course, and also my successor Antoine Gosset-Grainville's. We have had more than a year to prepare for this handover and I am convinced his personality, values and experience will be valuable strengths for AXA. I am very proud of the road travelled by the Group I am preparing to leave and its commitment to progress. It's a notion that is less obvious than when I started, since new challenges have been added, but it charts an inspiring course and I am sure AXA's human, science-based approach is the right way to help achieve it.

* Health services digital platform (see page 20)

PROGRESSLIVE

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