Gross insurance liabilities at of which Australia and New Zealand (b) 0 0% 355 1% 0 of which Central & Eastern Europe (c) 472 1% 513 1% 6,904 of which high growth markets 2,887 5% 2,617 5% 19,544
L.P. is listed on the New York Stock Exchange under the ticker symbol “AB”.
(l) Source: Turkish Association of Insurance Companies as of September 30, 2012 and 2011.
President Obama in November, markets immediately turned their attention to concerns about the fi scal cliff. Representatives of the Republican and Democratic parties have met regularly to discuss averting more than $600 billion of spending cuts and tax increases before a year-end deadline.
Hong Kong (+14% or €+47 million) was partly offset by Central
The United States APE increased by €138 million (+14%) to €1,244 million refl ecting higher sales of unit-linked products
AXA joint-venture in July 2012 and (iii) Philippines (+28% or €+5 million) driven by unit-linked products.
In the tables of the document, “restated” refers to this voluntary change in accounting policy.
(d) FY 2011 published was adjusted to refl ect intercompany elimination of adjustment of €200 million between net investment result and income tax expenses.
Profi t or loss on fi nancial assets (under Fair Value option) & derivatives 45 110 114
(€+48 million), mostly at AXA MPS, (ii) higher Elevate wrap platform revenues and funds under management in the UK
Property & Casualty underlying earnings amounted to €1,895 million. On a constant exchange rate basis, Property
(i) AllianceBernstein (€+42 million or +39%) as a result of lower variable compensations and staff reduction more than offsetting revenues decrease and (ii) AXA IM (€+2 million or
United States for €943 million; (iv) lower favorable change in fair value of fi nancial assets and derivatives: down €61 million to €+45 million which can be analyzed as follows: a. €+71 million from the decrease in interest rates and corporate spreads, b. €+54 million positive performance from private equity, equities and hedge funds, c. €+61 million positive change in fair value of other assets, mainly Asset Backed Securities, partly offset by d. €-140 million following foreign exchange rate movements, mainly on JPY.
Amortization of VBI decreased by €69 million (-100%) to €0 million as a result of the accelerated amortization of the remaining balance of VBI in 2011.
Income tax expenses increased by €97 million (+52%) to €-284 million, mainly due to higher pre-tax underlying earnings
Adjusted earnings increased by €17 million (+2%) to €830 million, driven by higher underlying earnings (€+86 million)
Annuity APE; ■ l ife decreased by 10% to €242 million refl ecting declines in sales of non unit-linked life products, partially offset by strong unit-linked sales; ■ m utual funds increased by 12% to €367 million, refl ecting increased advisory account sales.
reserve strengthening for lapses and other policyholder behavior assumptions changes and the impact on life products of unfavorable mortality experience.
Net income decreased by €29 million (-20%) to €119 million mainly due to the decrease in adjusted earnings and an unfavorable change in fair value of interest rates derivatives.
Net capital gains or losses attributable to shareholders net of income tax 23 (13)
Income tax expenses decreased by €15 million (-15%) to €-84 million. On a constant exchange rate basis, income tax expenses decreased by €17 million (-17%) mainly impacted by a lower withholding tax charge on dividends received from consolidated foreign subsidiaries.
Income tax expenses increased by €15 million to €-63 million as a result of higher pre-tax underlying earnings and lower equity dividends with a more favorable taxation rate.
In Central & Eastern Europe countries, the recent changes in regulation (in particular of Pension Funds business), as well as the consequences of the fi nancial crisis strongly affected the Life insurance operations. This led to more selectivity with regard to distribution networks and the restructuring or termination of the cooperation with low quality distribution partners. As a consequence, volumes and profi tability were impacted negatively in 2012 despite expense reduction efforts.
Adjusted earnings decreased by €3 million to €5 million. On a constant exchange rate basis, adjusted earnings decreased by €4 million driven by lower underlying earnings, partly offset by €+3 million higher realized capital gains.
Net capital gains or losses attributable to shareholders net of income tax 21 (13) (12)
(b) Mediterranean and Latin American Region includes other than Direct operations in Italy, Spain, Portugal, Greece, Turkey, Morocco, Gulf Region and Mexico.
As a consequence, the combined ratio was down by 0.5 point to 95.1%.
Net investment result decreased by €37 million (-7%) to €513 million mainly due to the lower yields on fi xed income assets, partly compensated by higher distribution of dividends from credit funds.
Nat Cat charge (+0.2 point) as well as a change in business mix in Healthcare (+0.3 point). Improvements in Motor and
Profi t or loss on fi nancial assets (under FV option) & derivatives (13) 2
to €218 million. On a constant exchange rate basis, net investment result decreased by €3 million (-2%) mainly driven by lower fi xed income reinvestment yields.
Spain (€-25 million) and Portugal (€-20 million), still impacted by the economic environment.
Net technical result increased by €41 million (+31%) to €171 million. On a constant exchange rate and scope basis, net technical result increased by €16 million (+12%): ■ current accident year loss ratio increased by 0.4 point to 69.0%. On a constant scope basis current accident year loss ratio increased by 0.8 point to 69.4% mainly due to higher attritional losses (+3.1 points) driven by Commercial lines, mainly from Property and Motor in Malaysia as well as Workers’ Compensation in Hong Kong, partly offset by improvement in large losses (-1.4 points) mainly driven by
On a constant exchange rate basis, net income increased by €25 million (+17%), mainly driven by a favorable change in fair value on Mutual funds (€+30 million), mainly due to lower interest rates and credit spread tightening, a positive foreign exchange impact (€+8 million), partly offset by lower adjusted earnings.
On a constant exchange rate basis, underlying earnings decreased by €65 million, mainly driven by lower gains on the P&C run-off portfolio mainly as a result of lower positive settlements as well as a reserve adjustment on a Life reinsurance run-off portfolio.
General expenses decreased by €2 million (0%) to €-1,737 million. On a constant exchange rate basis, general expenses decreased by €125 million (-7%) due to lower compensation expenses resulting from lower revenues, staff reductions as well as lower offi ce and related expenses.
(€-18 million), higher administrative expense (€-11 million) due to new taxes and new contributions to the fi nancial stability fund, lower commission margin (€-7 million), higher provision for loans losses (€-6 million) and the transfer of an internal business unit (€-6 million), partly offset by a higher transformation margin
Underlyings earnings increased by €15 million to €-15 million mainly due to an increase in operating profi ts from non consolidated entities.
Net Income increased by €43 million to €-26 million mainly driven by adjusted earnings, partly offset by unfavorable change in fair value of derivatives.
Current accident year loss ratio net of reinsurance is the ratio of: (i) current year claims charge gross of reinsurance + claimshandling costs + result of reinsurance ceded on current accident year, excluding the recurring interests credited to the insurance annuity reserves; to
December 31, 2012 representing a carrying value of €1,482 million for its debt component in Note 17 of Part 4 –
(which ordinary share AXA intends to cancel in order to avoid any increase of in the number of its outstanding shares and/
For several years, the AXA Group has offered to its employees, the opportunity to subscribe for shares issued through a capital increase reserved for employees. In 2012, employees invested a total of €291 million leading to a total of approximately 30 million newly issued shares. Employee (including agent)
Commitments made to executive offi cers 127 2.3 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 130
In accordance with French law, one member of the Board of
Mrs. Isabelle Kocher (46) Executive Vice-President, Chief Financial Offi cer of GDF SUEZ Tour T1 – 35e étage – 1, place Samuel de Champlain – Faubourg de l’Arche – 92400 Courbevoie – France French nationality
In 2012, the Board met nine times and the average attendance rate was 84.33%. The Board reviewed the strategy of the Group during a full day dedicated session. Within the framework of its principal assignments such as described above, the
Mr. Henri de Castries is a graduate of the École des
Singapore Bar in 1982 and has practised law in London and
Bar School (EFB) and since 1998, he is Honorary Professor at the Law and Political Sciences School of Lima (Peru). In 1996, he became an Expert at the Council of Europe and fulfi lled various missions in Eastern Europe countries regarding the reform of the Code of the Judicial Organization, the reform of the magistrates’ and lawyers’ training and the revision of the Code of Civil Procedure. He also teaches professionals at the École Nationale de la Magistrature (ENM). Since 1987,
• to propose share repurchase programs to the Ordinary Shareholders’ Meeting,
Board of Directors and its Chairman; ■ to organize the periodic self-assessment of the
Resources Committee of AXA’s Board of Directors. These principles apply to all executives of the Group and are adapted to local regulations, as appropriate, under the supervision of the boards of directors and compensation committees of the
The variable component of his compensation is determined on the basis of a predefi ned target amount (€2,350,000 in 2012)
Deputy Chief Executive Offi cer in charge of Finance, Strategy and Operations France 1,416,667 1,265,910 89% 1,450,000 1,292,542 89% 1,450,000 1,415,746 98%
Group, received in 2012 an annual gross compensation of 423,925 euros paid by AXA Business Services Pvt. Ltd. in
Messrs. Anthony Hamilton and Ramon de Oliveira received in 2012, as directors of several companies of the Group, director’s fees for a gross amount of GBP 250,000 as well as USD 99,400 for Mr. Hamilton, and USD 65,000 for Mr. de
The recommendations for individual grants of options are made by the Chief Executive Offi cers of the business units and by the
On December 31, 2012, more than 11,300 AXA employees had a total of 74,606,578 outstanding options, representing 3.12% of the Company’s share capital on the same date, and 1,021 employees in the United States had a total of 4,989,968 outstanding purchase options on AXA ADS, representing 0.21% of the share capital.
Date of the Shareholders’ Meeting 03/05/2002 20/04/2005 20/04/2005 20/04/2005 20/04/2005 20/04/2005 20/04/2005 20/04/2005 20/04/2005 20/04/2005
The amounts corresponding to Performance Units are expensed each year under the variable accounting method, but do not create any dilution for shareholders since no new shares are issued.
Under the AXA Group Compliance and Ethics Guide, all employees (including all E xecutive O ffi cers) are prohibited from engaging in any transaction designed to hedge the value of equity based compensation awards (including stock options, performance units, restricted shares, or similar awards) granted under any plan or arrangement maintained by AXA or any of its subsidiaries. This restriction applies from the date of grant until such time as the benefi ciary receives the securities underlying the award upon, for example, the exercise of a stock option, the lapse of restrictions on performance units, restricted shares or similar events.
The traditional plan allowed employees to subscribe through a personal investment to AXA shares (either through Mutual funds (FCPE) or through direct share ownership, depending on countries) with a 20% discount. The shares are held within the Group Company Savings Plan and are restricted from sale
Holdings Limited, transferred on the same date to AMP. The purpose of these transfers is for AXA ASIA to become the new common holding company for the Group’s Asian activities.
Eurostoxx Insurance index (in percentage) over a 3-year period preceding the termination of the term of offi ce; (3) fi nancial strength ratings of the AXA Group’s principal insurance subsidiaries above or equal to the minimum ratings set by the Supervisory Board with regard to the insurance industry and the ratings of AXA’s principal competitors.
Europe, which may place AXA at a competitive disadvantage with regard to other European and non-European financial services groups. We cannot currently predict whether and/or how these uncertainties will ultimately be resolved and their potential impact on the insurance industry generally or our consolidated fi nancial position or results of operations.
While the Group currently expects to be able to obtain ACP’s approval for use of its internal economic capital models on a timely basis, discussions with ACP are on-going and, consequently, there is a risk that ACP may not approve these models on a timely basis (or otherwise) and/or may impose conditions or require modifications which would have multiple adverse consequences for the Group including increasing the levels of required capital.
Rating agencies also take into account the Company’s consolidated solvency margin and the regulatory capital position of its insurance subsidiaries in assessing AXA’s fi nancial strength and credit ratings. Rating agencies may make changes to their internal models from time to time that may increase or decrease the amount of capital the Company must hold in order to maintain its current ratings.
In this event, the depositary’s liability to holders of AXA ADS
AXA SA is a Société Anonyme organized under the laws of
Group Audit Committee, to the Finance Committee, and to the Board of Directors.
2. Group Risk Committees cover all risk categories: For Financial risks: • The Asset-Liability Management Supervisory Committee, chaired by the Group Deputy CEO. This committee determines the Group ALM policies and ensures that the
Property & Casualty (P&C) portfolios are exposed arise from a variety of factors including: ■ a decline in returns on assets (linked to a sustained fall in yields on fi xed income investments or to lower equity markets) could reduce investment margins or fees on Unit-
equity on the following main adjustments: ■ a ddition of unrealized capital gains/losses not included in
At the end of 2012, Switzerland Life & Savings foreign exchange exposure amounted to €22,621 million (€21,061 million in 2011)
US Dollar (€996 million at the end of 2012 vs. €1,267 million in 2011) and, to a lesser extent, Pound Sterling (€635 million at the end of 2012 vs. €654 million in 2011). The Company carries assets denominated in foreign currencies to ensure balance sheet congruence. The congruence between the
Group’s limit tolerances and determines coordinated actions for excessive credit concentrations. A Group Credit Team provides credit analysis independently from Group Asset Managers, in addition to local CIO teams. The ALM Supervisory Committee is regularly kept informed of the work performed.
At December 31, 2011, the breakdown of the debt security portfolio (€372.6 billion) by credit rating was: 32% in AAA, 28%
At December 31, 2011, the economic breakdown of the total value of ABS (€9.0 billion excluding assets held for sale, as well as CMOs) was: 37% in CLO, 11% in Consumer ABS, 15% in
The breakdown of the Group’s Life & Savings technical insurance reserves by product type is as follows: ■ 20% at the end of 2012 (19% at the end of 2011) cover separate-account (Unit-Linked) products that do not materially affect AXA’s risk exposure. On these products, the underlying fi nancial market performance is mostly passed on to the policyholders. This category also includes products that may provide a stand-alone guarantee on invested capital in the event of death. Overall, they present only a limited market risk for the Group through reduction of shareholders’
AXA has defi ned a complete framework to protect its reputation, notably regarding communication to shareholders, customers, staff, and more broadly the fi nancial community, on its strength and fi nancial soundness through: ■ a tailored and daily basis communication at both internal and external levels (AXA’s intranet and specifi c hotline to answer questions of shareholders and staff, letters sent to customers and articles posted on AXA’s website); ■ a continuous monitoring of our online reputation (web and media monitoring system); ■ a n extensive communication of our management team to international media.
Assets backing contracts where the fi nancial risk is borne by policyholders (d) 147,162 134,230 137,757 9 Investments from insurance activities 605,823 569,056 563,137 9 Investments from banking and other activities 35,199 35,264 31,416 10 Investments in associates - Equity method 1,312 1,139 1,168
14 LIABILITIES ARISING FROM INSURANCE AND INVESTMENT CONTRACTS 579,158 549,841 536,717 15 Liabilities arising from banking activities 33,494 34,023 27,532 16 Provisions for risks and charges 11,789 10,760 10,495
Total Liabilities arising from contracts where the fi nancial risk is borne by policyholders 147,984 134,599 138,293
CONSOLIDATED FINANCIAL STATEMENTS FULL YEAR 2012 4 4.2 CONSOLIDATED STATEMENT OF INCOME
Sales of investment properties held directly or not (h) 967 1,036
Net cash related to sales and repayments of investments (h) (i) (j) 107,470 136,152
Purchases and/or issues of loans and other assets (h) (j) (27,679) (22,904)
(i) Includes equity instruments held directly or by consolidated investment funds as well as non controlled investment funds.
These consolidated fi nancial statements including all notes were fi nalized by the Board of Directors on March 13, 2013.
IFRS Interpretations Committee that are defi nitive and effective as of December 31, 2012, as adopted by the European Union before the balance sheet date. The Group does not use the
IFRS 9 - Financial I nstruments, published on November 12, 2009, amended on October 28, 2010 and December 16, 2011 and applicable to the Group from January 1, 2015 with earlier application permitted, represents the completion of the fi rst part of a three-part project to replace IAS 39. IFRS 9 uses a single approach to determine whether a fi nancial asset is measured at amortized cost or fair value. A fi nancial asset is measured at amortized cost if both a) the asset is held within a business model whose objective is to hold assets in order to collect contractual cash fl ows and b) the contractual terms of the fi nancial asset give rise on specifi ed dates to cash fl ows that are solely payments of principal and interest on the principal amount outstanding. At initial recognition, an entity can use the option to designate a fi nancial asset at fair value through profi t or loss if doing so eliminates or signifi cantly reduces an accounting mismatch. For equity instruments that are not held for trading, an entity can also make an irrevocable election to present in Other Comprehensive Income subsequent changes in the fair value of the instruments (including realized gains and losses), dividends being recognized in profi t or loss. Additionally, for fi nancial liabilities that are designated as at fair value through profi t or loss, the amount of change in the fair value of the fi nancial liability that is attributable to changes in the credit risk of that liability is recognized in Other
June 16, 2011, will be effective for annual periods beginning on or after January 1, 2013, with early application permitted.
(retirement compensation, additional pension benefi t, health insurance). In order to meet those obligations, some regulatory framework have allowed or enforced the set up of dedicated funds (plan assets).
(€6,689 million at the end of 2011), mainly in France and
“Minority interests of consolidated investment funds and puttable instruments held by minority interest holders”. As of December 31, 2012, minority interests in consolidated investment funds amounted to €3,775 million (€3,896 million as of December 31, 2011).
Income from operating activities before tax 3,668 2,817 317 572 (34) (535) (938) 5,867
Net consolidated income - Minority interests 54 (9) 3 81 2 - - 130
Income arising from investments in associates – Equity method 47 18 - (3) - - - 62
All of the following paragraphs form an integral part of the Group fi nancial statements. They appear in Section 3.2 “Quantitative and Qualitative Disclosures about Risk Factors” and Section 1.4 “Liquidity and capital resources” sections of this Annual
(c) Property and Casualty - Mediterranean and Latin American Region 1,385
In these tests, for all segments, discount rates used in non risk neutral approaches range from 7.0% to 12.5%, compared to range from 7.5% to 10.5% in 2011 and growth rates, where applicable, from 2% to 4% beyond the strategic plan horizon, which corresponds to the same growth rates as in 2011.
Certain investment properties (see Note 1), available for sale investments, trading assets, instruments designated as at fair value through profi t or loss and all derivatives are measured at fair value in the fi nancial statements. In addition, this note also discloses the fair value of investment properties and fi nancial assets held at cost. Principles applied when measuring fair value generally described in Note 1 are further detailed in
Total Financial investments exposed to interest rate risk 31,261 121,876 276,574 429,712 31,211 108,752 267,255 407,218 9.6. EXPOSURE TO PRICE RISK
The amortized cost of non consolidated investment funds available for sales are as below: ■ funds mainly holding equity securities: €752 million in 2012 compared to €786 million in 2011; ■ funds mainly holding debt instruments: €1,498 million in 2012 compared to €1,372 million in 2011; ■ other funds: €3,649 million in 2012 compared to €4,037 million in 2011.
From January 1, 2012 to December 31, 2012, the amount of l evel 3 assets remained stable at €10.1 billion, representing 2.4% of the total assets at fair value (2.5% in 2011 i.e.
AXA Mandiri Financial Services (€-16 million); ■ the share of assets reevaluation through shareholders’ equity of Reso Garantia (€-30 million), Bharti AXA life (€+9 million)
As of December 31, 2011, the carrying value of treasury shares and related derivatives was €383 million. This fi gure included €1.0 million relating to AXA shares held by consolidated m utual funds (81,965 shares) not backing contracts where fi nancial risk is borne by policyholders.
In 2011, the change in other reserves was due to €-291 million in interest expense related to the undated subordinated debt (net of tax) and €+152 million in foreign exchange rate differences.
Reinsurers’ share in liabilities arising from investment contracts with no discretionary participating features - -
Change in scope of consolidation and change in accounting method (192) 7 (185) (1,289) (48) (1,337)
Investment contracts with no Discretionary Participation Features (DPF) measured at current unit value (d) 29,983 26,336
(a) Total gross claims and other reserves developed are presented on the basis of the loss reserves development table. The reserves of AXA Corporate Solutions Insurance US were included in Property & Casualty and International Insurance loss reserves. The reserves of Mosaic Insurance Company (ex AXA RE P&C Insurance Company) and Coliseum RE (ex AXA CS Reinsurance Company) (€85 million in 2012, €92 million in 2011) were included in Colisée RE’s (ex AXA RE) loss reserves development table.
Life & Savings – unlocked discount rate 38,624 3.12% 36,760 3.18%
GMIB election rates. There can be no assurance that ultimate experience will not differ from management’s estimates. In addition to providing for risk through establishing reserves, AXA
also manages the risk through a combination of reinsurance programs and active fi nancial risk management programs including derivatives.
The reconciliation between the theoretical tax charge (pre-tax profi t multiplied by the applicable tax rate in France for the period concerned) and the effective tax charge was as follows: (I n Euro million) December 31, 2012
In 2012, adjustments of tax relating to prior years (€-63 million)
These schemes do not add any specifi c risks compared with other investment assets.
In 2012 the notional amount of hedging derivative instruments as defi ned by IAS 39 (fair value hedge, cash fl ow hedge and net investment hedge) of the Group was €44,646 million versus €83,498 million in 2011. The net fair value recorded was €-2,048 million as of December 31, 2012, versus €-4,020 million in 2011.
States Life & Savings (notional amount of €4,465 million in 2012 versus €2,620 million at the end of 2011), in
Currency derivative instruments are also used to hedge foreign exchange mismatch between assets and liabilities.
Macro-hedge and other derivative instruments on insurance and investment contracts (liabilities) - (1,038) (1,038) - (1,241) (1,241)
Fair value determined directly by reference to an active market (l evel 1)
LIFE & SAVINGS 55,016 52,431 of which direct premiums 50,679 48,027 of which reinsurance assumed 2,893 2,891 of which fees and charges on investment contracts with no participation features 334 350 of which revenues from other activities 1,111 1,163
PROPERTY & CASUALTY 28,315 27,046 of which direct premiums 27,584 26,724 of which reinsurance assumed 671 249 of which revenues from other activities 59 74
Change in deferred acquisition expenses and equivalents (d) (1,275) (72) (2) (1,349) - - - - (1,349) (1,575)
Benefi ts paid by plan assets (481) (396) (393) (407) (370) - - - - -
Benefi ts paid by separate assets (94) (90) (71) (66) (64) - - - - -
Employer contributions and benefi ts directly paid by the employer (c) 949 1,179 1,245 600 548 43 41 38 40 44
Management Committee are subject to the fulfi lment of this market performance condition.
Net income including impact of undated subordinated debt A 3,861 3,899 4,033
Excluding the offset of the voluntary change in accounting policy on deferred acquisition costs decided in 2012, 2011 non restated net income per ordinary share stood at €1.75 on both basic and fully diluted basis, of which €1.32 attributable to continuing operations and €0.44 from discontinued operations, and €1.31 attributable to continuing operations and €0.43 from discontinued operations on a fully diluted basis.
Certain of the costs and expenses of operation of these businesses (other than commissions) are shared by these
These commitments broke down as follows: Financing commitments received totaled €16,041 million at the end of 2012, and mainly consisted of: ■ c redit facilities received from banks for €12,075 million in the Company including €5,675 million stand-by credit lines, €5,400 million credit agreements and €1,000 million credit facility; ■ €2,389 million in US Holdings, including €234 million credit facilities and €2,155 million commitment lines with various banks and other lenders; ■ €948 million at AllianceBernstein including €758 million commitment lines with various banks and other lenders and €190 million stand-by credit lines; ■ €474 million commitment lines granted to Japan Life &
Pledged securities and collaterized commitments received totaled €31,061 million at the end of 2012, and mainly consisted of: ■ m ortgage security collateral taken for loans totaled €21,693 million, mainly from AXA Bank Europe
District of California approved a preliminary settlement order pursuant to which AXA Rosenberg agreed to pay $65 million in exchange for a full release from class members. The court’s fi nal approval of the settlement was granted end of March 2012.
(four of which are also named in the Sivolella lawsuit). In light of the similarities of the allegations in the Sivolella and Sanford lawsuits, the parties and the Court agreed to consolidate the two lawsuits. AXA Equitable believes that it has strong defenses to these claims and will defend them vigorously.
During the fi rst quarter of 2012, AllianceBernstein received a legal letter of claim (the “Letter of Claim”) on behalf of a former
Directors, please see Part 2 – “Corporate governance ” of this
For more information about the Management Committee including its composition, please see Section 2.1 “Directors, senior management and employees” of this Annual Report.
Offi cers”). This policy requires each Executive Director to hold, during the entire duration of his/her functions, a minimum number of AXA shares representing a multiple of his/her annual cash remuneration (fi xed salary plus annual variable remuneration) received for the previous fi scal year. The Chairman & Chief Executive Offi cer is consequently required to hold the equivalent of his/
This internal certifi cation process across all in-scope Group companies is designed to assist AXA SA’s management in its evaluation of AXA’s ICOFR and to support its conclusion as to the effectiveness of AXA’s ICOFR.
(c) The aggregate nominal value of debt instruments associated with the issue of securities with or without preferential subscription rights may not exceed the global upper limit of €6 billion. This upper limit is separate and distinct from the limit on issuances of debt securities and does not give a claim to the Company’s share capital (ceiling of €2 billion).
consent. They will be submitted to the Shareholders’ Meeting for approval on April 30, 2013: Issues with preferential subscription rights for shareholders
ordinary shares (“AXA Miles”) were granted on March 16, 2012 by the AXA Board of Directors to over 120,000 AXA Group employees worldwide.
AXA continued to manage its exposure to exchange-rate risk in 2012 by decreasing hedge positions amounting to
Excellence and a €57 million exceptional dividend following the closing of the securitization program).
This increase derived mainly from a reduction of €85 million from swaps as a result of the amendment in the foreign currency hedging policy and of €50 million lower income due to the Company’s net exposure in BNP Paribas.
The corporate income tax expense amounted to €375 million compared with a tax benefi t of €2,002 million in 2011 of which €1,113 million of tax benefi t linked to carry back receivables.
a) After tax income, before depreciation, amortization and releases 0.90 1.25 0.69 3.98 0.65 b) After tax income, after depreciation, amortization and releases (0.60) 1.73 (0.21) 3.67 1.37
AXA EQUITY AND LAW PLC 1 2,552 99,96% 1,133 5 Old Broad Street - LONDON EC2N 1AD - England 26, rue Drouot - 75009 PARIS
This account includes the AXA brand, transferred by FINAXA at the time of the merger, and valued at €307 million. It also includes €54 million relating to the capitalization of software costs.
December 31, 2012. These shares were all entirely subscribed and paid with rights from January 1, 2012.
(b) This is mainly allowance and releases primarily comprising provisions for unrealized losses on derivatives.
Other payables, including tax and social payables (b) 190 190 -
December 31, 2012 on: ■ the audit of the fi nancial statements of AXA SA, as attached to the present report; ■ the justifi cations of our assessments; ■ the specifi c verifi cations and information required under French law.
Benefi ts form a signifi cant part of AXA’s broader total reward offer. They can either supplement local government-provided health and welfare programs or be the primary source of those benefi ts in some countries. AXA’s benefi ts approach is primarily country-driven, since employee benefi t plans can vary signifi cantly between countries due to different levels of social benefi ts provision and diverse tax and legal regulations.
AXA had 21,000 employees who subscribed that year for a total of €291 million in subscriptions. In July 2007, the Group launched its fi rst world-wide all-employee free share grant to over 100,000 employees. In order to continue to include all AXA
employees in the rollout of the Ambition AXA strategic plan, 50 free AXA shares of common stock (“AXA Miles”) were granted on March 16, 2012, to all employees world-wide. The “AXA
In 2012, the AXA Group initiated changes in order to achieve a common developmental experience in all AXA entities across the world under the “Learning@AXA” banner. Five initiatives were deployed, set to strengthen consistency in Human
Compensation costs of salaried workforce (d) √ 7,744 M€ -1.9% 7,891 M€
■ Proportion of variable pay (related to wages) √ 22.0 % 27.2 %
AXA closed its 2008-2012 environmental management programme with signifi cant results: the Group achieved a 34%
• industrial: environmental risk prevention, promoting the development of renewable energies via adapted policies covering the equipment and the revenues derived from electric energy sales, etc. AXA Germany is the leading insurer of renewable energy power generation in Germany,
emissions: business travel: AXA vehicle fl eet (g) T. eq CO
axa-research.org) therefore supports independent academic research to challenge local or historical consensus on risks related to: ■ environment (Climate change, Weather hazards, Volcanic and seismic risks, Biodiversity risks, Socioeconomic consequences); ■ human life (Longevity, Healthy Lifestyle, Infectious and noninfectious diseases, Mental Health and Addictions, Health
Article L.233-1 and the controlled entities as defi ned in Article L.233-3 of the French Commercial Code including the limitations for every indicators as applicable; ■ in the event of an omission of certain consolidated Information, we have verifi ed that appropriate explanations were provided in accordance with Decree no. 2012-557 dated April 24, 2012.