HUMAN RESOURCES INFORMATION: ■ total workforce, including indicators headcount of salaried workforce as at the end of the year and average FTE of salaried workforce; ■ distribution of employees by sex, by age and by geographic zone, including indicators headcount of salaried non-sales and sales force men and women by professional category, average age and average seniority of salaried non-sales force; ■ recruitments and departures, including indicators external recruitments, resignations, dismissals and involuntary turnover of salaried non-sales force; ■ compensations and evolutions, including total gross payroll of salaried non-sales force and gross fi xed payroll of salaried sales force; ■ absenteeism, including indicator absenteeism rate and proportions by type of absence of salaried non-sales and sales force; ■ organization of labour relations; ■ work accidents, in particular frequency and gravity as well as work disease; ■ training policy; ■ total number of training hours, including indicators average number of days; ■ measures taken in favour of the equality between men and women; ■ measures taken in favour of the employment and the insertion of handicapped people; ■ respect of the freedom of association and of the right of collective bargaining; ■ elimination of segregation in terms of employment and professions.
SOCIAL INFORMATION: ■ territorial, economic and social impact in terms of employment and regional development; ■ partnership and patronage actions, including volunteering hours during paid hours and cash donations to community projects; ■ inclusion of social and environment issues in the purchase policy; ■ actions carried out to prevent corruption; ■ other actions carried out to promote human rights.
APPENDICES A APPENDIX I CHAIRMAN OF THE BOARD OF DIRECTORS’ REPORT 424
APPENDIX III STATEMENT OF THE PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENT 432
APPENDIX VIII EUROPEAN COMMISSION REGULATION (EC) N° 809/2004 OF APRIL 29, 2004 – CROSS-REFERENCE TABLE 463
Article L.225-37 of the French Commercial Code (Code de commerce), the composition of the Board of Directors and the implementation of fair representation of women and men within the Board , the conditions of preparation and organization of the
(Part 2). The report also includes provisions on AXA’s fi nancial risks related to climate change and the measures taken by the
Company to reduce its exposure by implementing a low-carbon strategy in all aspects of its businesses (Part 3). It also presents the principles and the rules adopted by the Board of Directors in order to determine the compensation and other benefi ts granted to the Company’s executive offi cers (Part 4). Finally, the report indicates the Company’s Corporate Governance Code of reference and specifi es the provisions of that Code, if any, that have not been applied by the Company and the reasons why they have not been applied (Part 5).
In preparing his report, the Chairman of the Board of Directors has consulted, as he deemed appropriate, AXA’s executives and has taken into account information furnished to the
For information on the composition of the Board of Directors and the implementation of fair representation of women and men within the Board , as well as the conditions of preparation and organization of the Board of Directors’ work, please see
For information on the internal control and risk management procedures set up by the Company, please refer to pages 190 to 197 of Section 4.2 “Internal control and risk management”
in Part 4 – “Risk factors and r isk m anagement” of this Annual
in Section 4.1 “Risk factors” and Section 7.5 “Responsible investment, “Article 173”/ Climate-related fi nancial disclosures”
Medef (Mouvement des entreprises de France) in April 2010 and revised in November 2016 (hereafter the “Afep-Medef Code”), which is available at AXA’s registered offi ce or on its website
Medef Code. However, in order to take into account certain specifi cities of its business and governance practices, AXA has decided to adapt in certain cases set out below the provisions of the Afep-Medef Code while remaining in line with the principles of the Afep-Medef Code: ■ Section 8.5 of the Afep-Medef Code relating to the independence of parent company directors holding a directorship in a Group subsidiary: although certain members of the AXA Board of Directors hold a non-executive directorship in one or more Group subsidiaries wholly owned, directly or indirectly, by AXA, the Company considers that this does not automatically (i) place them in a situation of confl ict of interest, or (ii) impair their independence in any way. The Board believes that permitting its members to sit on the Boards of certain Group subsidiaries is benefi cial to the
Board’s overall knowledge and appreciation of the Group’s operations, strategy and risk profi le. Directors who also serve on the Boards of Group subsidiaries, however, are required to abstain from participating in the decisions of the AXA Board which could affect the interests of the entity in which they hold a directorship to prevent potential independence issues; ■ Section 24.3.3 of the Afep-Medef Code relating to the exercise of stock options: pursuant to the Afep-Medef Code, companies shall determine periods preceding the disclosure of their fi nancial statements during which the exercise of the stock options is not allowed (“sensitive periods”). AXA Group’s
AXA Group’s Compliance and Ethics Guide (i) permits the exercise of AXA stock options but (ii) prohibits the sale of shares acquired upon exercise of stock options (“subscription and sale” transactions). Consequently, benefi ciaries of options may exercise options at their pre-determined strike price at
any time but may not sell AXA shares obtained upon exercise
during sensitive periods (or during other periods outside of sensitive periods when they may be in possession of material non-public information). It should be noted that the French
Shareholders’ Meetings are detailed in Article 23 of AXA’s Bylaws, copies of which are available at the Paris Trade and Companies
Register (Registre du commerce et des sociétés du tribunal de commerce de Paris). AXA’s Bylaws are also available on the
Company’s website (www.axa.com). In addition, the information referred to in Article L.225-100-3 of the French Commercial
Code is made public in AXA’s Board of Directors’ report which is included in this Annual Report.
Group Chief Financial Officer (CFO) to provide reasonable assurance regarding the reliability of fi nancial reporting and the preparation of Consolidated Financial Statements.
Organizations of the Treadway Commission (COSO). It is designed to define the IFC scope and governance, ensure consistency and quality in AXA Group’s fi nancial reporting, and provide an overall framework for the annual IFC program.
The IFC program includes primarily the entities which are individually significant to consolidated financial position or results of operations, as well as the entities which provide signifi cant services to AXA and/or its consolidated subsidiaries
Management, including the Group Chief Executive Offi cer (CEO), is responsible for establishing and maintaining adequate ICOFR.
The IFC program is steered by the Group IFC Committee chaired by the Group CFO and involves the Planning Budgets Results
AXA Group’s ICOFR includes policies and procedures that provide reasonable assurance that: ■ the maintenance of records accurately and fairly refl ect the transactions and dispositions of Group assets; ■ the transactions are recorded as necessary to permit the preparation of fi nancial statements in accordance with the applicable generally accepted accounting principles; ■ the receipts and expenditures are being made only in accordance with the authorization of executives of the Group; and
■ unauthorized acquisition, use or disposition of Group assets that could have a material effect on the Group’s fi nancial statements would be prevented or detected in a timely manner.
In order to assess the effectiveness of ICOFR, fi nancial reporting risks are initially identified at Group level with a focus on identifying those risks that may result in a material misstatement of Consolidated Financial Statements not being prevented or detected in a timely manner. This top-down and risk-based approach enables to identify in-scope entities and processes.
This internal certifi cation process across all in-scope entities is designed to assist AXA’s management in its evaluation of
AXA Group’s ICOFR and to support its conclusion as to the effectiveness of AXA Group’s ICOFR.
(b) Management’s annual evaluation on ICOFR based on Group’s IFC Standard
PricewaterhouseCoopers Audit and Mazars have performed audit procedures in order to be able to obtain reasonable assurance as to whether management’s conclusion as to the effectiveness of AXA Group’s ICOFR based on the Group’s IFC
AXA’s management’s assertion that internal control over fi nancial reporting is effective, as included in management’s annual evaluation of internal control over fi nancial reporting, is fairly stated.
Net income after taxes for the fi scal year ended December 31, 2016 resulted in a profi t of €432 million compared to a profi t of €1,747 million for the year ended December 31, 2015. This decrease is mainly explained by the unwinding of interest rate derivative positions resulting in a loss of €1,849 million.
Net financial expenses, which include interest expenses net of interest income from loans and investments, stood at €2,852 million versus €948 million in 2015, up €1,904 million of which €1,849 million from the unwinding of interest rate derivative positions mentioned above.
Operating expenses stood at €420 million, compared to €513 million in 2015, a drop of €93 million mainly due to cost savings.
Capital operations resulted in a loss of €501 million in 2016, versus a loss of €106 million in 2015, and breaks down as follows: ■ a €69 million foreign exchange loss , versus a €189 million gain in 2015, mainly related to rolling over hedge positions of debt in pounds sterling; ■ a €249 million net allowance for impairment on investments in subsidiaries, versus €270 million in 2015, including €146 million in AXA Life Invest Reinsurance due to its liquidation and €100 million in AXA Global Life following an ongoing strategic review; ■ €127 million in allowances to provisions for risks and charges, versus €99 million in 2015, which mainly include the annual allowance of €57 million to provisions for 2017 convertible bond redemption premium; ■ €17 million of realized losses on the sale of the Life & Savings and Property & Casualty operations in Portugal.
AXA brand contributed by FINAXA as part of the 2005 merger and valued at €307 million at the time based on brand royalties billed to Group subsidiaries and to the Mutuelles AXA, and €32 million related to the capitalization of software expenses.
Investments in subsidiaries net of valuation allowances totalled €62,548 million versus €63,269 million at year-end 2015, representing a decrease of €721 million, refl ecting: ■ €191 million, €182 million and €80 million in capital reductions of AXA Life Insurance Co., Ltd (Japan), AXA Life Invest
Reinsurance and AXA Life Europe, respectively, given their surplus capital; ■ €249 million in net allowances to provisions for investments in subsidiaries referred to above.
Receivables from subsidiaries stood at €3,527 million versus €4,034 million at year-end 2015 representing a decrease of €507 million which is mainly due to repayments of loans granted to US entities in the amount of $1,500 million (€1,339 million) and to AXA UK plc for £405 million (€511 million), partly offset by a loan granted to AXA Mediterranean Holding for €1,400 million to refi nance matured internal loans.
Cash instruments totalled €31 million of which US dollar options for €18 million and €10 million related to Mexican pesos.
Unrealized foreign exchange losses amounted to €3,411 million, of which €2,539 million related to the deferred recognition of foreign exchange losses in line with statutory hedge accounting principles, offset by unrealized gains on investments in subsidiaries. This item also refl ects unrealized losses on assets and liabilities denominated in foreign currencies attributable to the effects of their revaluation at the closing exchange rate. The increase of €413 million compared with 2015 is mainly due to the maturity of foreign exchange positions in the Swiss franc and the Japanese yen.
Shareholders’ equity, before net income for the period and after payment of the dividends relating to the prior fi scal year, stood at €39,849 million, a decrease of €148 million, including €637 million related to the cancellation of shares bought back, partly offset by a €430 million capital increase reserved for employees and €59 million following the exercise of stock options.
Subordinated debt stood at €11,399 mill ion versus €9,187 million in 2015, an increase of €2,212 million taking account of the issuance of debt in March 2016 for €1,500 million and in September 2016 for $850 million (€756 million) partly offset by a positive currency translation adjustment of €71 million.
Financial debt totalled €14,343 million versus €13,557 million at December 31, 2015, up €786 million, which primarily takes into account an increase of €1,101 million in margin calls received from bank counterparties under collateral agreements, the issuance of €500 million in senior debt and a €421 million increase in loans granted by Group entities, partly offset by a €1,285 million reimbursement of outstanding commercial paper.
Unrealized foreign exchange gains amounted to €856 million at year end, versus €604 million at December 31, 2015. This item refl ects the effects derived from the revaluation of foreign currency denominated assets and liabilities at the closing exchange rate. Its increase compared to 2015 is mainly due to the positive impact of the fall of pound sterling on liabilities.
Commercial Code (Code de commerce), disclosures related to the Company’s executive compensation appear in Part 3,
Supplier invoices to be paid at December 31, 2016 came to €9 million, €8 million of which are due within three months
Code). At December 31, 2015, they amounted to €11 million, €10 million of which was due within three months.
In 2016, The Company did not acquire any signifi cant equity interests within the meaning of Article L.233-6 of the French
Profi t on ordinary activities before tax (VI = III + IV + V) 241 1,069
Net book value on the sale of fi xed assets (108) (202)
(b) Dividend proposed at year end 2016 is submited to the Shareholders‘ Meeting of April 26, 2017 and based on 2,425,149,130 outstanding ordinary shares.
AXA BANK EUROPE SA 25, Boulevard du Souverain – 1170 BRUXELLES – Belgium
AXA EQUITY AND LAW PLC 5 Old Broad Street – LONDON EC2N 1AD – England
AXA HOLDINGS BELGIUM 25, Boulevard du Souverain – 1170 BRUXELLES – Belgium
AXA HOLDING MAROC 120-122, avenue Hassan II – 21000 CASABLANCA – Morocco
AXA INVESTMENT MANAGERS Cœur Défense – Tour B – La Défense 4 – 100 Esplanade du Général de Gaulle – 92932 PARIS LA DÉFENSE
AXA LIFE EUROPE Wolfe Tone House, Wolf Tone Street – DUBLIN 1 – Ireland
AXA LIFE INVEST SERVICES Wolfe Tone House, Wolf Tone Street – DUBLIN 1 – Ireland
AXA MEDITERRANEAN HOLDING Calle monseñor Palmer numéro 1 – PALMA DE MALLORCA – Balearic Islands
AXA PARTNERS HOLDINGS LTD Buldiing 11 Chiswick – 566 Chiswick High Road – LONDON W4 5XR – England
AXA HOLDING AS Meclisi Mebusan cadn° 15 – Salipazari 80040 ISTANBUL – Turkey
AXA KONZERN AG Colonia Allee, 10-20 – 51067 KOLN – Germany
LOR MATIGNON 100 , Esplanade du Général De Gaulle – Cœur Défense Tour B 92400 COURBEVOIE
RESO GARANTIA (RGI Holdings B.V.) Ul, Svetlanskaya, 250/1, Vladivostok,Primorsky Territory Far Eastern federal district, 690000 Russian Federation
a) in French companies (total) 42 b) in foreign companies (total) 133
Net income for the fi scal year ending December 31, 2016 was €432 million against €1,747 million at December 31, 2015.
The fi nancial statements as at December 31, 2016 are prepared and presented in accordance with the provisions of the 2014
Chart of Accounts (regulation ANC n° 2014-03 dated June 5, 2014).
Since January 1, 2011, AXA has applied the hedge accounting rules to hedge foreign exchange risk applicable to investments in subsidiaries and affi liates (regulation ANC n° 2015-05).
ANC n° 2014-03 chapter “titre II, chapitre I Actifs non financiers»; application of these regulations has had no impact on the
In accordance to regulation CRC 2008-15, repealed and replaced by regulation ANC n° 2014-03 chapter “titre VI, chapitre II, section 4 Plans d’options d’achat ou de souscription d’actions et plans d’attribution d’actions gratuites aux salaries” (especially
Articles 624-15 and 624-16) and chapters “titre IX, chapitre IV, section 5 “Comptes financiers” (especially Article 945-50)
The application of regulations relating to the accounting treatment of stock options (subscription and purchase) and performance shares/units (free shares granted to employees and subject to performance conditions) had no impact on the
Company’s fi nancial statements (regulation ANC n° 2014-03 chapter “titre VI, chapitre II, section 4 Plans d’options d’achat ou de souscription d’actions et plans d’attribution d’actions gratuites aux salariés”).
Value of performance shares and performance units granted during the year
AXA brand contributed by FINAXA as part of the 2005 merger and valued at €307 million at the time based on brand royalties billed to Group subsidiaries and to the Mutuelles AXA, and €32 million relating to the capitalization of software expenses .
Pursuant to the terms of the Convertible Bonds, bondholders had to notify AXA of their election to maintain their conversion option prior to that date. Consequently, on January 1, 2017, the Company redeemed, at a price of €269.16 per Convertible
Bondholders who have elected to maintain their conversion option must exercise their conversion option prior to the end of a 3 month-period beginning on January 1, 2017, i.e. until 31 March 2017 included. Convertible Bonds for which the conversion option has not been exercised during such period will be redeemed on 3 April 2017 at a price of €269.16 per
Other shareholders’ equity includes the undated deeply subordinated securities (TSS) which totalled €5,206 million versus €6,734 million in 2015, taking into account the repayment of €1,254 million of TSS and a positive currency translation adjustment of €237 million.
This account includes the AXA brand contributed by FINAXA as part of the 2005 merger and valued at €307 million at the time based on brand royalties billed to Group subsidiaries and to the
Mutuelles AXA, and €32 million relating to the capitalization of software expenses .
(b) The net decrease of €507 million is mainly due to repayments of loans granted to US entities in the amount of $1,500 million (€1,339 million) and to AXA UK plc for £405 million (€511 million), partly offset by a loan granted to AXA Mediterranean Holding for €1,400 million to refi nance matured internal loans.
(c) The decrease of €970 million was attributable to margin calls paid during the prior fi scal year and refunded in 2016 to bank counterparties under collateral agreements.
(a) €223 million net allowance for impairment on investments in subsidiaries, versus €270 million in 2015, including €146 million in AXA Life Invest Reinsurance due to its liquidation and €100 million in AXA Global Life following an ongoing strategic review.
Unrealized foreign exchange losses amounted to €3,411 million, of which €2,539 million related to the deferred recognition of foreign exchange losses in line with hedge accounting principles, offset by unrealized gains on investments in subsidiaries. This item also refl ects unrealized losses on assets and liabilities denominated in foreign currencies attributable to the effects of their revaluation at the closing exchange rate. The increase of €413 million compared with 2015 is mainly due to the maturity of foreign exchange positions in the Swiss franc and the Japanese yen.
The Company’s share cap i ta l i s represented by 2,425,149,130 shares with a par value of €2.29, giving a total value of €5,553,591,507.70 at December 31, 2016. These shares were all entirely subscribed and paid with rights from 3.9. Movement in shareholders’ equity
(a) Proposed dividend at year end 2016 is submited to Shareholders’ Meeting of April 26, 2017.
Value at December 31, 2016 Less than one year 1 to 5 years More than 5 years
Financial debt totalled 14,343 million versus €13,557 million at December 31, 2015, up €786 million, which primarily takes into account an increase of €1,101 million in margin calls received from bank counterparties under collateral agreements, the issuance of €500 million in senior debt and a €421 million increase in loans granted by Group entities, partly offset by a €1,285 million reimbursement of outstanding commercial paper.
Other payables, including tax and social payables (b) 187 187 -
(a) Debt relating to non-current assets totaled €366 million and included shares issued by entities but not yet fully paid, including €237 million for Axa Global Life, €75 million for AXA Life Europe and €54 million for AXA Life Invest Reinsurance.
Its increase compared to 2015 is mainly due to the positive impact of the fall of pound sterling on liabilities.
Income tax expense (b) - 692 692 * A positive sign indicates tax benefi t.
(a) Dividends received from investments in subsidiaries with more than 5% ownership for more than 2 years are tax-exempt, apart from a share of the costs and charges equal to 5% (application of the French CGI Article 216).
(b) The corporate income tax benefi t amounted to €692 million, compared with a tax benefi t of €784 million in 2015. It mainly included €781 million of tax receivables from members of the tax consolidation group in France, partly offset by the €80 million payment related to the French tax of 3% on dividends paid to shareholders.
(d) A 10% depreciation of the Euro leads to a -3.9% deterioration in the fair value of debt, a 0.9% improvement in the fair value of derivatives and a 5.3% improvement in the fair value of loans.
I Report of the Statutory Auditors on the Company’s fi nancial statements (For the year ended December 31, 2016)
December 31, 2016, on: ■ the audit of the accompanying fi nancial statements of AXA SA; ■ the justifi cation of our assessments; ■ the specifi c verifi cations and information required by law.
used and the reasonableness of accounting estimates made, as well as the overall presentation of the fi nancial statements. We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.
Regarding investments, for which impairment is based on the value-in-use and the intent to hold the investments, we assessed the data used in order to determine the value-in-use of the main investments in the portfolio and obtained confi rmation of the intent to hold them.
■ derivatives used by your Company are assessed pursuant to the rules contained in paragraph 2.12 of the notes to the fi nancial statements. We checked that the implementation of hedge accounting, if applicable, was documented appropriately. In all other cases, we verifi ed that adequate provisions were recorded for the unrealized losses.
These assessments were made as part of our audit of the consolidated fi nancial statements taken as a whole, and therefore contributed to the opinion we formed which is expressed in the fi rst part of this report.
As required by law, we have verifi ed that the information pertaining to the identity of holders of share capital or voting rights and to reciprocal participations has been duly disclosed in the aforementioned Board of Directors’ report.
Xavier Crépon Jean-Claude Pauly - Maxime Simoen * This document is the English translation of the original legal statutory audit report which is, by law, prepared in French. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information therein, the original language version takes precedence over this translation. This English version should be read in conjunction with, and construed in accordance with French law and professional auditing standards applicable in France.
The information is disclosed in the “Embedded Value & AFR 2016 report” which is available on AXA’s website (www.axa.com).
Kong, South-East Asia (Singapore, Indonesia, Thailand, Malaysia and Philippines), India and China, excluding Direct operations.
■ exclude derivatives involved in the economic hedging of realized gains and impairments of equity securities backing
(after interest charges related to undated debts recorded through shareholders’ equity), divided by the weighted average number of outstanding ordinary shares.
Comprehensive Income “OCI”, and net income not refl ecting any interest charges on TSS/TSDI; ■ for adjusted and underlying RoE: • all undated subordinated debts (TSS/TSDI) are treated as fi nancing debt, thus excluded from shareholders’ equity,
This ratio is calculated as per Solvency II regulation, and is equal to the total of available fi nancial resources (AFR) divided by the Group solvency capital requirement. The solvency capital requirement is set at a level ensuring that insurers and reinsurers are able to meet their obligations towards policyholders and benefi ciaries over the next 12 months, with a 99.5% probability.
The denominator of the ratio can calculated either through a standard formula or through an internal model. AXA is using an internal model.
Debt Gearing refers to the level of a company’s debt related to its equity capital, usually expressed in percentage. Debt
Life & Savings Net Infl ows are defi ned as the collected premiums
(including risk premiums, fees and revenues), net of surrenders, maturities, claims paid and other benefi ts paid. This defi nition is applicable to all Life and Savings products, with the exception of Mutual Funds products.
It represents 100% of new regular premiums plus 10% of single premium, in line with EEV methodology. APE is Group share.
Discretionary Participation Features (DPF): ■ gross premiums (net of deposits), fees and other revenues are allocated in the Margin Analysis based on the nature of the revenue between “Fees and Revenues” and “Net Technical
In the Margin Analysis, it is allocated to the related margin, i.e. primarily “Investment Margin” and “Net Technical Margin”; ■ the “Investment margin” represents the net investment result in the Statement of Income and is adjusted to take into account the related policyholders’ participation (see above) as well as changes in specifi c reserves linked to invested assets’ returns and to exclude the fees on (or contractual charges included in) contracts with the fi nancial risk borne by policyholders, which are included in “Fees and Revenues”; ■ change in URR (Unearned Revenues Reserves – capitalization net of amortization) is presented in the line “Change in unearned premiums net of unearned revenues and fees” in the underlying Statement of Income, whereas it is located in the line “Fees & Revenues” in the Margin analysis.
Revenues on a separate line, and in Margin Analysis in the lines “Fees & Revenues” and “Net Technical Margin”; ■ change in UFR (Unearned Fee Reserves – capitalization net of amortization) is presented in the line “Change in unearned premiums net of unearned revenues & fees” in the underlying
Linked) business; ■ loadings on (or contractual charges included in) premiums/
Underlying net technical margin includes the following components: ■ mortality/morbidity margin: the amount charged to the policyholder in respect of mortality/morbidity for the related period less benefi ts and claims. It is equal to the difference between income for assuming risk and the actual cost of benefi ts. This margin does not include the claims handling costs and change in claims handling cost reserves; ■ surrender margin: the difference between the benefi t reserve and the surrender value paid to the policyholder in the event of early contract termination; ■ GMxB (Variable Annuity guarantees) active financial risk management is the net result from GMxB lines corresponding to explicit charges related to these types of guarantees less cost of hedging. It also includes the unhedged business result; ■ policyholder bonuses if the policyholders participates in the risk margin; ■ oeded reinsurance results; and
Underlying net technical result is the sum of the following components: ■ earned premiums, gross of reinsurance; ■ claims charges, gross of reinsurance; ■ change in claims reserves, including claims handling cost reserves, gross of reinsurance, excluding the recurring interests credited to insurance annuity reserves; ■ claims handling costs; and
(with the related administrative expense ratio). Underlying expenses exclude customer intangible amortization and integration costs related to material newly acquired companies.
The enlarged expense ratio is the sum of the underlying expense ratio and claims handling costs ratio.
Net inflows: Infl ows of client money less outfl ows of client money. Net infl ows are used by the Management to measure the impact of sales efforts, product attractiveness (mainly dependent on performance and innovation), and the general market trend in investment allocation.
Assets under management (AUM) are defi ned as the assets whose management has been delegated by their owner to an asset management company such as AXA Investment Managers and AB. AUM only includes funds and mandates which generate fees and exclude double counting.
Net new money is a banking volume indicator. It represents the net cash fl ows of customers’ balances, with cash infl ows
(collected money) and cash outfl ows (exiting money). It includes market effect and capitalized interests over the period.
APPENDIX VIII EUROPEAN COMMISSION REGULATION (EC) N° 809/2004 OF APRIL 29, 2004 – CROSSREFERENCE TABLE
Registration Document fi led with the Autorité des marchés financiers (“AMF”) on March 23 , 2017.
Statement by the person responsible for the Annual Financial Report 432
Report of the Statutory Auditors on the fi nancial statements of AXA, the parent C ompany 455 and 456
Report of the Statutory Auditors on the report of the Chairman of the Board of Directors 427 and 428