AXA : 2022 Annual Report (Universal Registration Document)

Universal

Registration Document

2022

ANNUAL FINANCIAL REPORT

C O N T E N TS

	CERTAIN PRELIMINARY INFORMATION ABOUT THIS ANNUAL REPORT	1
	Chairman's Message	4
	Chief Executive Officer's Message	5
1	THE AXA GROUP	13
1.1	Key figures	14
1.2	History	19
1.3	Business overview	21
2	ACTIVITY REPORT AND CAPITAL MANAGEMENT	31
2.1	Operating Highlights	32
2.2	Market Environment	38
2.3	Activity Report	43
	2.4	Liquidity and capital resources	84
	2.5	Events subsequent to December 31, 2022	91
	2.6	Outlook	92
3	CORPORATE GOVERNANCE	93
3.1	Corporate governance structure	94
3.2	Executive compensation and share ownership	126
3.3	Corporate Governance Code of Reference	159
4	3.4	Related party transactions	160
SUSTAINABILITY			163
SNFP
4.1	AXA Group's sustainability strategy	164
4.2	Employer responsibility	171
4.3	Climate change and biodiversity	180
	4.4	Inclusive insurer	199
	4.5	Business behavior	205
	4.6	Vigilance plan	209
	4.7	Transversal information	216

4.8 Report by one of the Statutory Auditors, appointed as an independent third party, on the consolidated non-financial information statement included in the Group

5		Management Report	225
RISK FACTORS AND RISK MANAGEMENT	229
5.1	Risk factors		230
5.2	Internal control and risk management	255
5.3	Market risks		269
	5.4	Credit risk		276
	5.5	Liquidity risk		280
	5.6	Insurance risks	281
	5.7	Operational risks	285
	5.8	Other material risks	286
6	CONSOLIDATED FINANCIAL STATEMENTS	289
6.1	Consolidated statement of financial position	290
6.2	Consolidated statement of income	292
6.3	Consolidated statement of comprehensive income	293
	6.4	Consolidated statement of changes in equity	294
	6.5	Consolidated statement of cash flows	298
	6.6	Notes to the Consolidated Financial Statements	300
7	6.7	Report of the Statutory Auditors on the consolidated financial statements	442
SHARES, SHARE CAPITAL AND GENERAL INFORMATION	449
7.1	AXA shares		450
7.2	Share capital		451
7.3	General information	457
	APPENDICES		475
	Appendix I	Management's annual evaluation of internal control over financial reporting	476
	Appendix II	Statement of the person responsible for the Universal Registration Document	479
A Appendix III	AXA parent Company financial statements	480
	Appendix IV	Group Embedded Value and Solvency II Own Funds	523
	Appendix V	Glossary	524
	Appendix VI	Board of Directors' Report - Cross-reference table	529
	Appendix VII	Corporate governance Report - Cross-reference table	530
	Appendix VIII Commission delegated regulation (EU) 2019/980 of March 14, 2019 -
			Cross-reference table	531
	Appendix IX	Annual Financial Report - Cross-reference table	535

SNFP

refers to the Statement of Non-Financial Performance (Déclaration de performance extra-financière).

UNIVERSAL REGISTRATION

DOCUMENT

ANNUAL REPORT 2022

This Universal Registration Document has been filed on March 21, 2023, with the Autorité des Marchés Financiers (the "AMF") as the competent authority under Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of Regulation (EU) 2017/1129.

This Universal Registration Document may be used for the purposes of an offer to the public of securities or admission of securities to trading on a regulated market if completed by a securities note and, if applicable, a summary and all amendments to the Universal Registration Document. The combined document is approved by the AMF in accordance with Regulation (EU) 2017/1129.

This is a translation into English of the Universal Registration Document of the Company issued in French in the xHTML format, which includes the Annual Financial Report for the financial year ended December 31, 2022, and is available on the AMF's website (www.amf-france.org) and on the Company's website (www.axa.com).

This Universal Registration Document (which we also refer to as our "Annual Report") includes (i) all the components of the Annual Financial Report (Rapport Financier Annuel) referred to in paragraph I of Article L. 451-1-2 of the French Monetary and Financial Code (Code monétaire et financier) as well as in Article 222-3 of the AMF General Regulation (Règlement Général de l'AMF) (please refer to the cross-reference table on page 535 of this Universal Registration Document which indicates the relevant sections of this Universal Registration Document corresponding to the items referred to in Article 222-3 of the AMF General Regulation), (ii) all information required to be included in the management report of the Board of Directors' to AXA's Shareholders' Meeting to be held on April 27, 2023, prepared pursuant to Articles L. 225-100et seq. and

1. 22-10-35et seq. of the French Commercial Code (Code de commerce) (the relevant sections of this Universal Registration Document corresponding to such required information have been approved by AXA's Board of Directors and are referred to in the cross-reference table on page 529 of this Universal Registration Document); and (iii) all the elements required to be included in the corporate governance report established pursuant to Articles L. 225-37et seq. and L. 22-10-8et seq. of the French Commercial Code (Code de commerce) (the relevant sections of this Universal Registration Document corresponding to such required disclosures have been approved by AXA's Board of Directors and are referred to in the cross reference table on page 530 of this Universal Registration Document). The cross-reference table on page 531 of this Universal Registration Document indicates the items of Annexes 1 and 2 of Delegated Regulation (EU) 2019/980 to which the information contained herein corresponds.

CERTAIN PRELIMINARY INFORMATION ABOUT THIS ANNUAL REPORT

In this Annual Report, unless provided otherwise, (i) the "Company", "AXA" and "AXA SA" refer to AXA, a société anonyme (a public limited company) organized under the laws of France, which is the publicly traded parent Company of the AXA Group, and (ii) the "AXA Group", the "Group" and "we" refer to AXA SA together with its direct and indirect consolidated subsidiaries.

The Company's ordinary shares are referred to in this Annual Report as "shares", "ordinary shares", "AXA shares" or "AXA ordinary shares". The principal trading market for AXA's ordinary shares is the regulated market Euronext in Paris (Compartment A), which we refer to in this Annual Report as "Euronext Paris".

The Group's consolidated financial statements and related notes are prepared in accordance with International Financial Reporting Standards (IFRS) (the "Consolidated Financial Statements") and published in Euro ("Euro", "euro", "EUR" or "€").

Unless otherwise stated, all amounts in this Annual Report are

1. expressed in Euro, with applicable foreign exchange rates presented on page 40 of this Annual Report, and (ii) presented in millions for convenience. Such amounts may have been rounded. Rounding differences may exist, including for percentages.

Where reference is made to a website in this Universal Registration Document, the contents of such website do not form part of this Universal Registration Document. No information, document or material from the website of the Company (www.axa.com) or any other source shall form part of this Universal Registration Document, unless such information, document or material is expressly incorporated by reference into this Universal Registration Document.

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Cautionary statement regarding forward-looking statements and the use of non-gaap financial measures

This Annual Report may include statements with respect to future events, trends, plans, expectations or objectives and other forward- looking statements relating to the Group's future business, financial condition, results of operations, performance, and strategy. Forward-looking statements are not statements of historical fact and may contain the terms "may", "will", "should", "continue", "aims", "estimates", "projects", "believes", "intends", "expects", "plans", "seeks" or "anticipates", or words of similar meaning. Such statements are based on Management's current views and assumptions and, by nature, involve known and unknown risks and uncertainties; therefore, undue reliance should not be placed on them. Actual financial condition, results of operations, performance or events may differ materially from those expressed or implied in such forward-looking statements, due to a number of factors including, without limitation, general economic and political conditions and competitive situation; future financial market performance and conditions, including fluctuations in exchange and interest rates; frequency and severity of insured loss events, and increases in loss expenses; mortality and morbidity levels and trends; persistency levels; changes in laws, regulations and standards; the impact of acquisitions and disposal, including related integration issues, and reorganization measures; and general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of catastrophic

events, including weather-related catastrophic events, pandemics, terrorist-related incidents or acts of war. Please refer to Part 5 "Risk Factors and Risk Management" of this Annual 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 to the Consolidated Financial Statements, this Annual Report refers to certain non-GAAP financial measures, or alternative performance measures, used by Management in analyzing the Group's operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding the Group'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 Consolidated Financial Statements included in Part 6 "Consolidated Financial Statements" of this Annual Report. The non-GAAP financial measures used by the Group are defined in the Glossary set forth in Appendix V to this Annual Report.

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