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1、Governance-p.2 Enablers-p.6Value creation-p.1 2 Performance-p.14Ourin 2022imp actImpact Report 2022128Relying on strong go ve r n a n ce 1 Antoine Gosset-Grainville Chairman of AXAs Board of Directors i2 Thomas Buberl Chief Executive Officer of AXA3 Martine Bivre Employee Repre
2、sentative4 Helen Browne Employee Shareholder Representative 5 Jean-Pierre Clamadieu Senior Independent Director1 i 6 Bettina Cramm Employee Representative 7 Clotilde Delbos Director i 8 Rachel Duan Director i 9 Guillaume Faury Director i 10 Ramon Fernandez Director i 11 Andr Franois-Poncet Director
3、i 12 Grald Harlin Director 13 Isabel Hudson Director i 14 Dr.Angelien Kemna Director i 15 Ramon de Oliveira Director 16 Rachel Picard Director i 17 Marie-France Tschudin Director i iIndependent Director Audit Committee Finance&Risk Committee Compensation,Governance&Sustainability CommitteeDiscover t
4、he updated governance on our siteCommittee roles Audit Committee The main missions of this committee,comprised entirely of independent directors,are to:monitor the financial reporting process and the integrity of the publicly reported results;monitor the adequacy and effectiveness of internal contro
5、l and risk management frameworks;form an opinion on the effectiveness,performance and independence of the Groups internal auditors;submit recommendations on the selection process for statutory auditors and monitor progress on their assignments;monitor the extra-financial reporting process.To exercis
6、e its missions,the Audit Committee receives presentations from the Groups Legal,Financial and Risk Chief Officers on financial and non-financial risks:the Committee examines and issues an opinion on documents required by Solvency II regulations jointly with the Finance&Risk Committee.Finance&Risk Co
7、mmittee Comprised of 60%of independent directors,the Finance&Risk Committee examines projects concerning:disposals,acquisitions and partnerships;proposals to provide sureties,guarantees,endorsements or warrantees exceeding a certain amount in favor of third parties;securities issuances giving a clai
8、m to the companys share capital,repurchase programs and financing operations that could substantially change the companys financial structure;financial transactions of significant size for AXA;the Groups financial management;the companys capital and solvency.The Finance&Risk Committee reviews the ri
9、sk appetite framework developed by AXAs Executive Management for financial,extra-financial,insurance,reinsurance and operational exposures.It also examines AXAs risk strategy and appetite(especially in matters of reinsurance)and overall risk tolerance limits.Compensation,Governance&Sustainability Co
10、mmittee Comprised of 83%of independent directors,the Compensation,Governance&Sustainability Committee makes recommendations on:the appointment or reappointment of members of the Board,the composition of the Board Committees,the Chairman,the members of the Executive Management and the persons who eff
11、ectively run the company;the compensation of the Chairman of the Board of Directors,the CEO and the Board of Directors(directors fees);the principles and conditions for determining the compensation of the Groups executives and allocating performance shares to employees;reviews the Groups sustainabil
12、ity strategy.It also examines:certain human resources topics,including the review of AXAs policy with respect to professional equality and equal pay;the AXA Compliance&Ethics Code.5meetings 96%attendance 65%independent directors53%women members*43%women excluding employee and employee shareholder re
13、presentatives8directors out of 17 are non-French nationals Composition of the Board 17directors59average age of directorsyears7meetings 94%attendance In 2022:AXA Board of Directors on December 31,2022 1.Mr.Jean-Pierre Clamadieu,whose mandate will expire at the close of the Shareholders Meeting on Ap
14、ril 27,2023,will not be replaced.The composition of the committees will be reviewed during a meeting of the Board of Directors held after the Shareholders Meeting.6 meetings 100%attendance 32P rotectioneffectGovernanceBuilding strategic m o m e n t u m Develop a strategy for the entire Group,integra
15、ting feedback from the field.Management Committee Partners Group Push the boundaries and widely explore opportunities.Assist the Management Committee with the implementation of strategic action.41 Group leaders,including the 14 members of the Management Committee.Global Leadership Network Around 300
16、 AXA Group senior executives,mostly members of entities Executive Committees.Share the vision of the field and adapt the Groups strategic priorities to the divisions operational realities.Implement AXAs strategy,meeting the needs of customers as closely as possible in each division.Share priorities,
17、explain and engage:create shared ownership of a strategy aligned with the needs of AXAs markets and stakeholders.Employees AXA has 145,000 employees worldwide.These professional experts share the objective of bringing the Groups strategy to life and making it tangible for all AXAs stakeholders.1 Tho
18、mas Buberl Chief Executive Officer of AXA2 Frdric de Courtois Group Deputy CEO,in charge of finance,risk management,strategy,ceded reinsurance and operations3 George Stansfield Group Deputy Chief Executive Officer and General Secretary4 Helen Browne Group General Counsel5 Patrick Cohen Chief Executi
19、ve Officer of AXA France6 Ulrike Decoene Group Chief Communication,Brand&Sustainability Officer7 Georges Desvaux Group Chief Strategy and Business Development Officer8 Scott Gunter Chief Executive Officer of AXA XL9 Alban de Mailly Nesle Group Chief Financial Officer10 Marco Morelli Executive Chairm
20、an of AXA Investment Managers11 Antimo Perretta Chief Executive Officer Europe and Latin America12 Karima Silvent Group Chief Human Resources Officer13 Alexander Vollert Group Chief Operating Officer and CEO of AXA Group Operations14 Gordon Watson Chief Executive Officer Asia and Africa12
21、11137Management Committee on January 1,2023 Discover the updated governance on our site154P rotectioneffectGovernanceAchieving our p u r p os e Measuring our steps forward:t h e AXA fo r P r og re s s I n d e x See our URD“A c t fo r h u m a n p rog re s s b y p r o t e c t i ng w h a t m a t t e rs
22、”Formulating our purpose Managing our progress AXAs purpose is both a compass for the strategic decisions taken by the Group and its entities,and an everyday framework for our employees.Because we can only manage what we can measure,the Group has introduced a tool for monitoring our action and reinf
23、orcing our impact:the AXA for Progress Index.This index reflects the twofold ambition of AXAs sustainable development strategy:to be both a leader in the fight against global warming and an inclusive insurer.It is composed of seven commitments that the entities can refer to and the Group can provide
24、 data on to monitor the progress achieved.Achieve carbon neutrality by 2025 by reducing emissions from our operations(energy,travel and digital solutions)and offsetting residual emissionsReduce the carbon footprint of AXAs general account assets by 2025Act as an exemplary company Act as an investor
25、Act as an insurer Maintain our leadership as a responsible company Train AXA employees in climate issues2022Target for 2023100%87%Bring the number of customers covered by inclusive protection to 12million by 202320222020Target for 202312M11M7M91/100CSA-DJSI1Reach at least 1.7Bn in premiums on green
26、business products and services by 2023202120221.41.71.7BnTarget for 20232022Target for 202326Bn25.1BnReach 26Bn in green investments by 2023-48%Achieved between 2019 and 2022-20%Target for 2025 vs.2019-35%Achieved between 2019 and 2022-20%Target for 2025 vs.2019As an exemplary company,we want to act
27、 together to reduce our footprint and increase our positive impact.As an insurer,we want to protect populations,particularly the most vulnerable,from risks,as well as accelerate the creation of insurance solutions that support the transition towards a more sustainable and less carbon intensive econo
28、my.As an investor,we want to support the real economy in its transition toward a decarbonized economy.These commitments cover three fields of action in which AXA intends to set an example:1.2022 edition of the S&P Corporate Sustainability Assessment(CSA),which measures the sustainability performance
29、 of companies.Top performers can be includ-ed in the Dow Jones Sustainability Indices(DJSI).7P rotectioneffect6EnablersAnalyzing the risks associated with our activities Building on five priorities to manage our risks 4,500experts surveyedKey figures from the 2022 AXA Future Risks Report The three k
30、ey learnings Experts ranking of top risks in 2022 Managing c u r re n t r i s k s Understanding f ut u re r i s k s Climate change became the top risk for experts across all geographies.Geopolitical risks ranked second,overtaking cyber and pandemic risks since last years survey.The sense of vulnerab
31、ility to certain risks is increasing and trust is declining.20,000 respondents from the general public60countries representedSeeour URDDiscover our Future Risks ReportIntegrating non-financial issues 63%67%54%61%65%54%56%56%56%54%31%42%51%49%48%20%23%38%34%38%11%10%8%13%36%200212022(1st )
32、Climate change(2nd )Geopolitical instability(3rd )Cyber security risks(4th )Energy risks(5th )Pandemics and infectious diseasesMarket risksA negative change in the economic climate and financial markets at a national,continental or global scale could have an adverse effect on our business and profit
33、ability.Credit risksUnfavorable conditions on capital and credit markets could impact our ability to meet our liquidity needs and access capital,or increase the cost of capital.Insurance risks Events conflicting with the hypotheses used to set the level of our reserves,develop our products or set pr
34、ices could have repercussions on our results and performance indicators.Operational risks Unsuitable or faulty processes,controls or systems,as well as human factors and external events could harm our profitability,reputation or performance.Regulatory risksThe Group and its activities are subject to
35、 extensive regulation,in-depth regulatory monitoring and potentially unfavorable legal decisions in the countries in which it operates.1.Independenceand effective riskmanagement2.A commonframework forrisk appetite3.A systematicsecond opinionon keyprocesses4.Extensive useof our internalmodel based on
36、robust capitalmetric5.Proactive riskmanagementEmployerresponsibilityAXA must remain a preferred employer for its employees and adapt to evolving work styles.The Group must ensure employee training and growth,while introducing policies promoting diversity and inclusion to prepare for talent renewal.C
37、limate changeand biodiversityAXA must reduce its environmental footprint and the emissions from its internal operations(digital solutions,travel and energy).The Group also commits to promoting a positive impact on the climate and preserving biodiversity through its activity as an investor and insure
38、r.InclusiveprotectionAXA organizes sponsorship and volunteering initiatives.The Group also takes positive action as an insurer by increasing the share of solutions accessible to vulnerable populations.BusinessethicsThe Group has a code of conduct and organizes anticorruption training and processes.I
39、t also takes measures to protect its customers data privacy and ensure the responsible and ethical use of data.9P rotectioneffect8EnablersExternal stakeholders Organizing dialogue with our stakeholders Engaging in group initiatives with society See our URDAll around the world,AXA is building dialogu
40、e with employee representatives,especially through the Groups European committee.Opening social dialogueAXA develops internal surveys to understand employees needs and measure their physical and mental well-being.Conducting internal surveysTo prepare its Future Risks Report,AXA surveys 4,500 experts
41、 every year on their perceptions of emerging risks,comparing their views with those of 20,000 respondents from the general public.Surveying a panel of risk expertsAXA organizes dialogue with groups of direct stakeholders to guide its decisions on specific topics.Organizing specialist committeesCo-bu
42、ilding internallyAXA organizes numerous forums for discussion and best-practice sharing across the Group.The AXA Research Fund is AXA Groups scientific philanthropic initiative.Its mission is to support independent scientific research in key risk areas.Engaging in dialogue with the scientific commun
43、ityCustomers,investors,regulators,experts Employees,partners UN PRI Principles for Responsible InvestmentUN PSIPrinciples for Sustainable InsuranceInsurance Development ForumWomens ForumCollectifdentreprisespour uneconomieplus inclusiveFinancial Alliance for Women Businessfor InclusiveGrowth Tobacco
44、FreePortfolios UN Global CompactInternal stakeholdersNet-Zero Alliances:Glasgow Financial Alliance for Net-Zero(GFANZ),Net-Zero Asset Owner Alliance(NZAOA),Net-Zero Insurance Alliance(NZIA),Net-Zero Asset Managers Initiative(NZAMI)Task Force on Nature-Related Financial DisclosuresTask Force on Clima
45、te-Related Financial Disclosures Act4NatureSustainable Blue Economy Finance InitiativeOcean Risk and Resilience Action AllianceInstitut de la Finance DurableEuropean Financial Reporting Advisory GroupCo-build the professionsContributeEngage inAct alongsidewith authoritiesdialoguecivil societyto join
46、tinitiativesImproveunderstanding ofstandardsthe challengeswith our peers An inclusive insurer A leading force against climate change Act for human progress by protecting what matters1 1P rotectioneffect10EnablersSee our URDFor our customers More than 50Bn in payments made to our customers 5.9Bn in i
47、nterest paid to our policyholders 11 million customers covered by an inclusive protectionFor our workforce 8.3Bn in wages and bonuses paid 16,000 recruitments globally eNPS:35points/iNPS:40pointsFor our shareholders 3.5Bn in dividends paid to close to 300,000 shareholders More than 30%employee share
48、holders,holding more than 4%of the capitalFor the economy and the society More than 30Bn invested in the economy annually 11Bn paid in taxes and social security contributions,40%of which paid in France 43M of donations worldwide 56,600 volunteering acts 250M committed since 2007 to support scientifi
49、c research through the AXA Research FundFor the environment 25.1Bn in green investments 87%of employees upskilled in climate issuesOur resources Our value creation(2022 figures)Our strategic plan has two components:business and sustainability.Sustainability strategyURD Chapter 4/“Sustainability”As a
50、n insurer Inclusive insurer:insurance for vulnerable communities Green premiums:products and services that support the transition towards a more sustainable and less carbon-intensive economy As an investor Reduce the carbon footprint of AXAs portfolio (equity,corporate debt and real estate)Green inv
51、estments:green assets(bonds,real estate,debt and infrastructure)and impact investments(protection of forests,ecosystems,etc.)As an exemplary company Climate training:awareness initiatives and employee certification on climate issues(AXA Climate Academy)Reduce the carbon footprint of AXAs own operati
52、ons(energy,car fleet,business travel,IT equipment and services).P&CProtecting the tangible and intangible assets of individuals and companies HealthSupporting patients throughout their care journey and being a key player in preventionLife&SavingsHelping our customers to realize their projects by pro
53、tecting and growing their assetsAsset managementDriving economic flows towards sustainable projects that are useful to society and the real economyBusiness strategy“A c t fo r h u m a n p r o g re s s b y p r o t ec t i ng wh a t m a t t e rs”Our strategic plan Our purpose D r i v i ng P ro g re s s
54、 2 02 3Relational capital93 million customers We serve both corporate and individual customers.Human capital145,000 employees Our workforces diverse range of profiles and professions enables AXA to be effective and innovative.We also work closely with our distributors:agents,brokers and bankers.Econ
55、omic and financial capitalThe funds required for our business come from our equity,as well as our shareholders and bondholders.Stakeholder capitalWe work closely with external providers of products and services.Social and environmental capitalOur climate and biodiversity strategy helps to reduce the
56、 Groups carbon footprint and strengthen our commitments.Creating sustainable value 1 3P rotectioneffect12Value creationOur 2022 p e r fo r m a n ce Our financial indicators Our role as an employer Our social impact Our environmental impact See our URD2022Variation vs 2021Driving Progress 2023 target
57、Revenues102.3Bn+2%Property&casualty revenues51.6Bn+2%Life&savings revenues31.5Bn-5%Health revenues 17.4Bn+16%Asset management revenues1.6Bn-3%Underlying earnings7.3Bn+4%Underlying earnings per share3.08+12%(on a reported basis)Cash remittance5.5BnUnderlying return on equity14.5%-0.1 ptSolvency II ra
58、tio215%-1 ptDividend proposed per share1.70+10%3%-7%average annual growthTarget:190%2022Total workforce145,000of which salaried employees110,302Proportion of all professionals44.3%Average age of salaried workforce41.3yearsAverage length of service of salaried workforce10.6yearsExternal recruitments1
59、6,000%employees working remotely83.4%employees having received at least one training course100%women among AXA leaders39%Employee Net Promoter Score(eNPS)35 pts2022Investments in the economy30BnTaxes and social charges paid11BnNumber of people benefitting from inclusive coverage11M2022TargetGreen in
60、vestments25.1Bn 26Bn in 2023Warming potential of the investment portfolio2.6C in 20211.5C in 2050CO2 emissions linked to AXA operations-48%*-20%between 2019 and 2025*Between 2019 and 2022.Target range:13-15%2021-2023 combined:14BnSee our Climate and Biodiversity Report15P rotectioneffect14Performanc
61、eFinancial ratings OutlookS&PAA-StableMoodysAa3StableAM BestA+SuperiorStableSee our financial and non-financial ratingsSocial ratings and ethical indices DJSIMSCICDP#1 insurerScore:91/100AAABVIGEOBBGSustainalyticsSector leaderScore:67/100Included in the Bloomberg Gender Equality Index in 2023ESG Risk Rating:16.7 Low riskRecognized p e r fo r m a n ce P