AXA — Investor Presentation 2018

Nov 28, 2018

Paris, November 28, 2018

AXA holds its 2018 Investor Day

AXA is hosting today an Investor Day in London. The following topics will be presented:

• AXA Asia Gordon Watson, CEO of AXA in Asia, will present his vision and strategy for AXA in Asia where he has attracted local and experienced talents to increase focus on Agency, Health, Brand and China
• AXA XL Greg Hendrick, CEO of AXA XL, will present his vision and priorities, for the newly created AXA XL entity, built around portfolio optimization, profitable growth and volatility management and will share increased synergy targets, an earnings outlook for 2020 and an update on the 2018 natural catastrophe environment
• Capital management Gérald Harlin, Deputy CEO and Group CFO, will provide a financial update, notably AXA's new capital management policy, with an increased dividend payout range

"AXA has made significant progress on its Focus and Transform strategy in 2018. The simplification of the Group is delivering strong operational results and our transformation initiatives are further enhancing the already attractive profile of the Group", said Thomas Buberl, Chief Executive Officer of AXA.

"In just 9 months, Gordon has attracted some of the best leaders in Asia with significant local expertise to propel AXA to become the next insurer of choice in the region. We have a clear strategy to grow and create value in Asia, by transforming our distribution with an increased focus on agency, pivoting towards Health and well-being, strengthening AXA's brand recognition in the region and accelerating in China, with full control of AXA Tianping."

"We have taken a major leap in shifting the profile of the Group by completing the acquisition of XL Group. AXA XL, under the leadership of Greg, has a clear vision for growth, as the most admired global commercial lines partner, known for innovative solutions and superior client service. The AXA XL leadership team has identified key levers to deliver strong value creation through profitable growth, in alignment with the AXA Group risk appetite."

"The progress made in transforming the Group's profile, along with our confidence in continued strong operational delivery across all geographies, has led us to review our capital management policy; notably increasing our dividend payout ratio range and lowering the upper bound of our Solvency II ratio target range. These changes, introduced by Gerald today, demonstrate our commitment to sustainable value creation for our shareholders."

"AXA's vision and direction are clear, and we are focused on execution. I have full confidence in the strong drive and commitment of our teams to continue to deliver on our strategy as we position AXA to grow and thrive in this new age of insurance."

KEY HIGHLIGHTS

Key Ambition 2020 financial targets update:

• AXA Asia

• o 6% to 8% Annual Premium Equivalent¹ (APE) CAGR² 2018-2020
• o 8% to 12% New Business Value¹ (NBV) CAGR² 2018-2020
• AXA XL
• o Combined ratio³ at ca. 95% by 2020, assuming normalized natural catastrophes of ca. 4 points
• o Increased annual earnings synergies to USD 0.5 billion, previously USD 0.4 billion
• o Underlying earnings⁴ of ca. Euro 1.4 billion by 2020, assuming normalized natural catastrophes
• AXA's new capital management policy (effective as of FY18)
• o Increased dividend payout ratio range: 50% to 60%⁵ , previously 45% to 55%
• o New Solvency II ratio⁶ target range: 170% to 220%, previously 170% to 230%
• o Updated share buyback guidance: additional flexibility on share buyback even within the Solvency II ratio⁶ target range
• Increased Ambition 2020 Adjusted ROE⁴ target: 14% - 16%, previously 12% - 14%
• Debt gearing¹ target range of 25%-28% by 2020 reaffirmed
• Ambition 2020 underlying earnings per share (UEPS¹ ) CAGR reaffirmed at 3%-7%
• Ambition 2020 cumulative Operating Free Cash Flow¹ reaffirmed at Euro 28-32 billion

¹ APE, NBV, debt gearing, underlying earnings per share (UEPS) and operating free cash flow are non-GAAP financial measures. For further information, please refer to "Important legal information and cautionary statements concerning forward-looking statements" on the last page of this press release. ² On a comparable basis

³ Consistent with AXA's definition, combined ratio is based on a gross earned premiums. Combined ratio is defined in the Glossary set forth in Appendix V to AXA's Registration Document (pp. 433-437).

⁴ Underlying earnings, adjusted earnings and adjusted ROE are alternative performance measures. For further information, please refer to "Important legal information and cautionary statements concerning forward-looking statements" on the last page of this press release.

⁵ Of adjusted earnings net of undated debt interest charges. For further information, please refer to "Important legal information and cautionary statements concerning forward-looking statements" on the last page of this press release.

⁶ The Solvency II ratio is estimated primarily using AXA's internal model calibrated based on an adverse 1/200 years shock and assuming US equivalence. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's SFCR for the year ended December 31, 2017, available on AXA's website (www.axa.com). As in previous disclosures all AXA US entities are taken into account assuming US equivalence. As regards XL entities, AXA's intention is to use equivalence for these entities, until the extension of the AXA Group internal model to XL operations is approved by AXA's lead supervisor (ACPR). The intended use of equivalence as an interim integration method of XL entities in AXA Group's Solvency II ratio is under review by ACPR.

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The investor presentation will start at 09:00 am London time at AXA XL offices at:

20 Gracechurch Street, London EC3V 0BG

Supporting documents will be available at 07:45 am London time and live webcast will start at 09:00 am London

time on the AXA website: https://www.axa.com/en/newsroom/events/investor-day-2018

Conference call dial-in details:

+33 1 72 72 74 03 | +44 207 194 3759 | +1 646 722 4916

Pin code: 11723238#

The webcast will be available for immediate replay, and an audio replay of the presentation will be available on the AXA website the following day.

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ABOUT THE AXA GROUP

The AXA Group is a worldwide leader in insurance and asset management, with 160,000 employees serving 105 million clients in 62 countries. In 2017, IFRS revenues amounted to Euro 98.5 billion and underlying earnings to Euro 6.0 billion. AXA had Euro 1,439 billion in assets under management as of December 31, 2017.

The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA's American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.

The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.

It is a founding member of the UN Environment Programme's Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.

This press release and the regulated information made public by AXA pursuant to article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the Autorité des marchés financiers' General Regulation are available on the AXA Group website (axa.com).

THIS PRESS RELEASE IS AVAILABLE ON THE AXA GROUP WEBSITE axa.com

FOR MORE INFORMATION:

Investor Relations:	+33.1.40.75.48.42
Andrew Wallace-Barnett:	+33.1.40.75.46.85
François Boissin:	+33.1.40.75.39.82
Aayush Poddar:	+33.1.40.75.59.17
Shantanu Priya:	+33.1.40.75.58.44
Mathias Schvallinger:	+33.1.40.75.39.20
Alix Sicaud:	+33.1.40.75.56.66

Individual Shareholder Relations: +33.1.40.75.48.43

Media Relations:	+33.1.40.75.46.74
Julien Parot:	+33.1.40.75.59.80
Nicolas Feltrin:	+33.1.40.75.56.48
Shruti Dhanda:	+33.1.40.75.72.58
Farah El Mamoune:	+33.1.40.75.46.68

Corporate Responsibility strategy:

axa.com/en/about-us/strategy-commitments

SRI ratings:

axa.com/en/investor/sri-ratings-ethical-indexes

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause AXA's actual results to differ materially from those expressed or implied in such forward-looking statements. Please refer to Part 4 – "Risk Factors and Risk Management" of AXA's Registration Document for the year ended December 31, 2017 (the "Registration Document"), 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, this press release refers to certain non-GAAP financial measures, or alternative performance measures ("APMs"), used by Management in analyzing AXA's operating trends, financial performance and financial position and providing investors with additional information that Management believes to be useful and relevant regarding AXA'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 Group's consolidated financial statements and related notes prepared in accordance with IFRS. A reconciliation from APMs underlying earnings and adjusted earnings to the financial statements of the corresponding period is provided on pages 37 to 39 of the Registration Document and pages 22 to 25 of AXA's half-year financial report for the period ended June 30, 2018 (the "2018 Half-Year Financial Report"). The APM adjusted return on equity ("Adjusted ROE") is reconciled to the financial statements on page 43 of the Registration Document, and pages 25 and 30 of the 2018 Half-Year Financial Report. Underlying earnings per share is reconciled to the financial statements on pages 37 to 39 and 42 of the Registration Document, and pages 22 to 25 and 30 of the 2018 Half-Year Financial Report. The abovementioned and other non-GAAP financial measures used in this press release, including debt gearing and combined ratios, are defined in the Glossary set forth in Appendix V to the Registration Document (pp. 433-437).