Factoring into investment strategy ■ Chapter 7.5 Responsible Investments > Energy transition risks > Coal divestment, Green investments
Portfolio positioning against 2°C scenarios ■ Chapter 7.5 Responsible Investment > Portfolio alignment with decarbonization objectives
Metrics and targets Aggregated P&C business risk exposure ■ Chapter 4.6 Insurance Risks
Carbon intensity of investments ■ Chapter 7.5 Responsible Investment > Integrating Climate-related risks > Energy transition risks > Carbon footprinting
In our capacity as Statutory Auditor of AXA SA, appointed as independent third party and certifi ed by COFRAC under number 3-1060 (1), we hereby report to you our report on the consolidated human resources, environmental and social information for the year ended at the 31st of December 2016, included in the management report (hereinafter named “CSR Information”), pursuant to
The Board of Directors is responsible for preparing a company’s management report including the CSR Information required by
Our independence is defi ned by regulatory texts, the French Code of Ethics (Code de déontologie) of our profession and the requirements of Article L.822-11-3 of the French Commercial Code. In addition, we have implemented a system of quality control including documented policies and procedures regarding compliance with the ethical requirements and applicable legal and regulatory requirements.
Our work involved 8 persons and was conducted between end of October 2016 and February 2017 during a 14 week period. We were assisted in our work by our CSR experts.
We performed our work in accordance with the order dated May 13, 2013 defi ning the conditions under which the independent third party performs its engagement and with the professional guidance issued by the French Institute of Statutory Auditors (Compagnie nationale des commissaires aux comptes) relating to this engagement and with ISAE 3000 (2) concerning our conclusion on the fairness of CSR Information.
(2) ISAE 3000 – Assurance engagements other than audits or reviews of historical fi nancial information.
We verifi ed that the CSR Information covers the scope of consolidation, i.e., the Company, its subsidiaries as defi ned by Article L.2331 and the controlled entities as defi ned by Article L.233-3 of the French Commercial Code within the limitations set out in the methodological information described at the bottom of the data tables “Workforce” and “AXA Group environmental indicators”, as well as the footnote of the paragraph “Volunteering” of the chapter 7 of the management report.
Regarding the CSR Information that we considered to be the most important (see appendix): ■ at parent entity entities level, we referred to documentary sources and conducted interviews to corroborate the qualitative information
Insurance Japan, AXA Ubezpieczenia TU:R S.A. , AXA Polska S.A, AXA Affi n General Insurance Bh, AXA Insurance SG, AXA Ireland,
AXA Insurance Morocco, AXA Sigorta, AXA France, AXA Banque et AXA Corporate Solutions, selected by us on the basis of their activity, their contribution to the consolidated indicators, their location and a risk analysis, we conducted interviews to verify that procedures are properly applied, and we performed tests of details, using sampling techniques, in order to verify the calculations and reconcile the data with the supporting documents. The selected sample represents on average 29% of headcount considered as material data of human resources issues, between 19% and 31% of quantitative environmental data considered as material data of environmental issues and between 22% and 24% of quantitative societal data considered as material data of social issues.
ENVIRONMENTAL INFORMATION: ■ company organization to take into account environmental issues; ■ measures to prevent, recycle and eliminate waste, including indicators unsorted waste, sorted paper for recycling and percentage of cartridges and/or toners for recycling; ■ water consumption and supply according to local constraints, including indicator water consumption per person; ■ raw materials consumption and measures taken to improve the effi ciency of their use, including indicators offi ce paper, marketing and distribution consumption and percentage of paper recycled and/or guaranteeing sustainable management; ■ energy consumption and measures taken to improve energetic effi ciency and the use of renewable energy, including indicators consumption of electricity, gas, fuel, steam and chilled water and energy consumption per person; ■ Main sources of greenhouse effect gases emissions generated by company activities, including indicator CO2 emissions resulting from onsite power consumption, paper and business travel per person; ■ usable occupied area and usable vacant area, including indicator net internal area.
APPENDIX II MANAGEMENT’S ANNUAL EVALUATION OF INTERNAL CONTROL OVER FINANCIAL REPORTING 429
Board of Directors’ work (Part 1) as well as the internal control and risk management procedures set up by the Company
I Part 1 Composition and conditions of preparation and organization of the Board of Directors’ work
For information on 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, please see paragraph “The occurrence of natural or man-made disasters, including those resulting from changing weather patterns and climatic conditions, could adversely affect our financial condition, profitability, and cash flows”
Board of Directors in order to determine the compensation and other benefi ts granted to corporate offi cers of the Company in Part 3 – “Corporate governance” Section 3.2 “Executive compensation and share ownership” of this Annual Report.
In December 2008, AXA adopted all of the A fep -Medef recommendations, including the recommendations on the compensation of corporate offi cers of October 2008, as its
Code that are in line with the long-established corporate governance principles initiated by the Company. Details are presented in Sections 3.1 “Corporate governance structure –
Compliance and Ethics Guide defi nes sensitives periods as periods beginning 30 days prior to the disclosure of the annual or half-year earnings releases and 15 days prior to its quarterly fi nancial information releases. During sensitive periods, the
I Report of the Statutory Auditors prepared in accordance with Article L.225-235 of the French Commercial Code on the report prepared by the Chairman of the Board of Directors of AXA (For the year ended December 31, 2016)
It is our responsibility: ■ to report to you on the information set out in the Chairman’s report on internal control and risk management procedures relating to the preparation and processing of fi nancial and accounting information; and
ICOFR. AXA’s Statutory Auditors provide a reasonable assurance report on AXA Group’s ICOFR each year.
The IFC program is based on the Group’s IFC Standard, which is an internal control and governance standard.
Central (PBRC) Department, other relevant AXA departments, and representatives from each in-scope entity. The IFC program and the conclusion of management as to the effectiveness of
In line with the COSO framework, AXA Group’s ICOFR is organized around the following key process categories: Entity-
For every key process category, the in-scope entities (i) document the signifi cant processes and/or controls, as well as the rationale of how the associated risk of material misstatement due to error or fraud can be reduced to an acceptable level, (ii) test the design and operational effectiveness of key controls based on the test plans elaborated with insight into risks, and (iii) remediate identifi ed control defi ciencies.
Outstanding control defi ciencies are consolidated at Group level to evaluate their impact on Consolidated Financial Statements, considering their likelihood, potential impact, compensating controls and other qualitative factors. This evaluation process is designed to identify any control defi ciencies that may rise to the level of a material weakness. A material weakness is a defi ciency or a combination of defi ciencies in internal control over fi nancial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s fi nancial statements will not be prevented or detected on time.
At each year-end, the in-scope entities are required to perform an evaluation of their ICOFR as part of an internal certifi cation process. This process involves formal sign-off by the entity’s process owners and culminates with a formal management report from the entity’s CFO or another senior executive offi cer
Management conducted an evaluation of the effectiveness of AXA Group’s ICOFR in accordance with the Group’s IFC
Standard as described above. Based on this evaluation, management concluded that AXA Group’s ICOFR was effective as of December 31, 2016.
All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective may not prevent or detect misstatements and can provide only reasonable assurance with respect to fi nancial statement preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or if the degree of compliance with the policies or procedures deteriorates.
The Company’s management is responsible for maintaining effective internal control over fi nancial reporting and for establishing a statement on its assessment of the effectiveness of internal control over fi nancial reporting as of December 31, 2016. A company’s internal control over fi nancial reporting is a process designed to provide reasonable assurance regarding the reliability of fi nancial reporting and the preparation of fi nancial statements for external purposes in accordance with IFRS accounting principles. The assessment of the effectiveness of internal control over fi nancial reporting is based on criteria established in the Internal Financial
Control Standard of AXA (“AXA’s IFC Standard”), which is an internal control and governance standard, as described in management’s annual evaluation of internal control over fi nancial reporting on page 429 of this Annual Report. Our responsibility is to express an opinion on the Company’s management’s assertion, based on our audit procedures.
In our opinion, the Company’s management’s assertion that internal control over fi nancial reporting as of December 31, 2016 is effective, in all material respects, is fairly stated based on the criteria established in AXA’s IFC Standard.
APPENDIX III STATEMENT OF THE PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENT
I confi rm that, to the best of my knowledge, the fi nancial statements have been prepared in accordance with applicable accounting standards and fairly present the assets and liabilities, the fi nancial position and the profi t or loss of the Company and its consolidated subsidiaries for the periods presented, and that the Board of Directors’ report, the various sections of which are mentioned on page 462 of this Registration Document, fairly presents the evolution of the business, results and fi nancial position of the Company and its consolidated subsidiaries, and describes the principal risks and contingencies facing the Group.
The Statutory Auditors have provided me with a letter of completion of assignment, in which they confi rm that they have verifi ed the information relating to the fi nancial position and the fi nancial statements contained in this Registration Document and have reviewed the entire document.
As a systemic entity and in line with our policy aiming to reduce the volume of derivative transactions, we have continued to settle outstanding derivatives. This also facilitates transition to the clearing of derivatives which decrease counterparty risks, liquidity needs and operating costs. While in consolidated accounts these derivatives are accounted for at fair value, statutory accounts value them at historical costs leading to a loss in statutory accounts of €1,849 million following the restructuring.
Dividends received from subsidiaries amounted to €3,521 million, versus €2,552 million in 2015, representing an increase of €969 million, mainly due to: ■ €1,360 million in dividends from AXA France Assurance versus €893 million in 2015, an increase of €467 million due to a partial capital decrease of AXA France Vie linked to Solvency II
(Switzerland) compared to €688 million in 2015, an increase of €579 million taking into account 2016 anticipated dividends; ■ the dividend paid by AXA Asia for €203 million; ■ €140 million in dividends paid by AXA Mediterranean Holding versus €237 million in 2015, down €97 million, mainly due to repayment of internal fi nancing; ■ €7 million in dividends paid by AXA Holdings Belgium compared to €123 million in 2015, a decrease of €116 million following the restructuring of AXA’s businesses in Belgium.
The corporate income tax benefit amounted to €692 million, compared to €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
At December 31, 2016, total assets amounted to €74,181 million, versus €74,827 million at December 31, 2015.
Other financial assets amounted to €134 million versus €1,118 million in 2015, a €984 million decrease, of which €970 million was attributable to margin calls paid during the prior fi scal year and refunded in 2016 to bank counterparties under collateral agreements.
Miscellaneous receivables totalled €965 million, mainly refl ecting €613 million of dividend receivables and €311 million of fi nancial income receivables.
Cash and cash equivalents stood at €2,949 million versus €2,623 million at year-end 2015. This €326 million increase is mainly explained by the dividends received from subsidiaries net of the dividend paid to shareholders, the issuances of senior and subordinated debt partly offset by the repayment of external debt and commercial papers.
Provisions for risks and charges amounted to €1,534 million and mainly consisted in €689 million for the redemption premium related to the subordinated convertible note maturing in January 2017, €443 million of provisions for the possible repayment of tax savings to subsidiaries belonging to the
III. NET INCOME FOR THE FINANCIAL YEAR VI + VII +VIII 432 1,747
a) Gross revenues before sales tax 3,438 3,289 3,394 2,709 3,608 b) Pre-tax income from continuing operations, before depreciation, amortization and releases 1,850 1,776 1,785 1,079 252 d) Net after-tax income after depreciation, amortization and releases 3,261 1,727 2,392 1,747 432 3 – Per share data (in Euro)
a) After tax income, before depreciation, amortization and releases 0.65 0.81 1.00 0.71 0.38 b) After tax income, after depreciation, amortization and releases 1.37 0.71 0.98 0.72 0.18
AXA GENERAL INSURANCE 395-70, Shindaebang-dong, Dongjak-gu – SEOUL – South Korea
AXA LIFE INVEST REINSURANCE C/O KPMG, 1 Stokes Place, St. Stephens Green – DUBLIN 1 – Ireland
AXA TECHNOLOGY SERVICES Les collines de l’Arche – 76 route de la Demi Lune 92057 PARIS LA DÉFENSE
AXA VERSICHERUNGEN AG General Guisan-str, 40 – CH-8401 WINTERTHUR – Switzerland
VINCI B.V. Graadt van Roggenweg 500 – Postbus 30800 3503 AP UTRECHT – Netherlands 2) Participating interests (10 to 50%-owned)
B. General information about other units and participating interests 1) Subsidiaries not shown in Section A
a) French subsidiaries (total) 104 b) Foreign subsidiaries (total) 171 2) Participating interests not shown in Section A
(amended by regulations CRC 2003-07 and CRC 2005-09), and CRC 2004-06 related to the defi nition, recognition and measurement of assets, repealed and replaced by regulation
December 31, 2016 5,463,201 shares were allocated to hedging purposes, representing €125 million.
Stocks options, performance shares and performance units plans are described in Part 3 – Section 3.2 “Executive compensation and share ownership” of this Annual Report.
■ capital operations include gains or losses on the disposal of investments in subsidiaries and affiliates and portfolio management investments, impairment charges and reversals in respect of these securities and related receivables, gains and losses arising from exchange rate movements, charges and reversals of provisions for risks and charges, and exceptional income and expense; ■ disposals of investments in subsidiaries and affi liates are measured using the weighted average unit cost method.
This multi-criteria analysis refl ects the long-term nature of AXA’s ownership in these subsidiaries and excludes factors relating to short-term market volatility. Net book value is compared with the going concern value, which is the value of the assets and expected profits of existing and new business, taking into account the entity’s future prospects. The value of future profi ts is estimated on the basis of calculations of the European
Embedded Value of the Life & Savings business published by the Group, or similar calculations for other activities.
At the balance sheet date, the acquisition cost is compared to the fair value, which corresponds to the exit value for SICAV and
The maturity date of the Convertible Bonds was January 1, 2017.
Bond, 6,612,162 Convertible Bonds in respect of which the bondholders did not elect to maintain their conversion option.
The Company is the head of a French tax consolidation regime group. The tax consolidation regime provides that tax savings should be recognized directly in the Company’s financial statements. However, a provision for the return of tax savings is recognized when there is a high probability that the benefi t will accrue to subsidiaries as a result of the prospect of future taxable income resulting from the Group’s strategic planning.
(a) The net decrease of €498 million was explained by €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.
Miscellaneous receivables and currents accounts with subsidiaries 965 965 - 3. 5. Miscellaneous receivables and subsidiaries’ current accounts
Other debt issue expenses 104 85 4 15 3.7. Unrealized foreign exchange losses
Releases for the period (provisions not used) Value at end of period
Amortization of convertible bond redemption premiums 632 57 - - 689
(a) The €460 million provision for deferred taxes at end of the period includes €443 million of provisions for the possible repayment of tax savings to subsidiaries belonging to the French tax consolidation group.
Subordinated debt stood at €11,399 million 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.
Value at December 31, 2016 Less than 1 year 1 to 5 years
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.
■ Directors’ fees allocated to members of the Board of Directors: €2 million.
The Company had 4 employees and 2 executive offi cers at the balance sheet date.
Commitments to buy back shares and bonds from Group entities 52 -
(d) A 100 bps rise in interest rates leads to a 5.5% improvement in the fair value of debt, a 10.4% improvement in the fair value of derivatives, and a -0.1% deterioration in the fair value of loans.
We conducted our audit in accordance with professional standards applicable in France. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free of material misstatement. An audit involves performing procedures, using sampling techniques or other methods of selection, to obtain audit evidence about the amounts and disclosures in the fi nancial statements. An audit also includes evaluating the appropriateness of accounting policies.
■ provisions are recorded at the year-end for redemption premiums on convertible bonds issued by the Company, in accordance with the policies described in paragraph 2.9 of the notes to the fi nancial statements. We reviewed the reasonableness of the assumptions used to calculate these provisions, as regards stock market volatility and the maturities of outstanding convertible bonds issued by the Company.
We have no matters to report as to the fair presentation and the consistency with the fi nancial statements of the information given in the management report of the Board of Directors, and in the documents addressed to the shareholders with respect to the fi nancial position and the fi nancial statements.
This glossary includes definitions of non-GAAP financial measures, or alternative performance measures (“APMs”), that management believes are useful to understand the Group’s business and analyse the Group’s performance. The scope of the following defi nitions of APMs remains unchanged compared to prior periods. All APMs are indicated by an asterisk*.
The split between emerging and mature markets is detailed below: Emerging markets include the following countries: the Europe,
“On a comparable basis” means the following: ■ data for the current period were restated using the prevailing foreign currency exchange rates for the same period of prior year (constant exchange rate basis); ■ data in one of the two periods being compared were restated for the results of acquisitions, disposals and business transfers
(constant structural basis) and for changes in accounting principles (constant methodological basis).
Adjusted Earnings represent the net income (Group share) as disclosed in Part 5 – “Consolidated Financial Statements” of this
Annual Report, before the impact of the following items net of policyholder participation, deferred acquisition costs, VBI, taxes and minority interests: ■ integration and restructuring costs related to material newly acquired companies as well as restructuring and associated costs related to productivity improvement plans; ■ goodwill and other related intangibles; ■ exceptional operations (primarily change in scope and discontinued operations); ■ profi t or loss on fi nancial assets accounted for under fair value option (excluding assets backing liabilities for which the fi nancial risk is borne by the policyholder), foreign exchange impacts on assets and liabilities, and derivatives related to invested assets.
General Account and shareholders’ funds, for which cost at inception, intrinsic value and pay-off fl ow through adjusted earnings, and only time value fl ows through net income when there is no intention to sell the derivatives in the short term (if not, fl ows through adjusted earnings).
Underlying Earnings correspond to Adjusted Earnings excluding net capital gains or losses attributable to shareholders and including the following elements net of policyholder participation, deferred acquisition costs, VBI, taxes and minority interests: ■ realized gains and losses and change in impairment valuation allowances (on assets not designated under fair value option or trading assets); and
■ cost at inception, intrinsic value and pay-off of derivatives used for the economic hedging of realized gains and impairments of equity securities backing General Account assets and shareholders’ funds.
Diluted earnings per share (diluted EPS) represent AXA’s consolidated earnings (after interest charges related to undated debts recorded through shareholders’ equity), divided by the weighted average number of outstanding ordinary shares, on a diluted basis (i.e. including the potential impact of all outstanding dilutive stock options being exercised, performance shares, and conversion of existing convertible debt into shares, provided that their impact is not anti-dilutive).
The calculation of Return on Equity (“RoE”) is based on following principles: ■ for net income RoE: c alculation is based on consolidated financial statements, i.e. shareholders’ equity including undated subordinated debt (“Super Subordinated Debts”
Free Cash Flows are defi ned as a measure of dividend capacity calculated as the sum of earnings and required capital change.
Surplus derived from a Solvency II balance sheet. It is defi ned as the excess of market value of assets over best estimate liabilities and Risk Margin as per Solvency II regulation.
Gearing is used by the Management of the Group to measure the fi nancial leverage and the extent to which its operations are funded by creditors as opposed to shareholders. AXA’s
Debt Gearing is calculated by dividing the gross debt (fi nancing debt and undated subordinated debt) by total capital employed
G/A Capital light products: General Account Savings products which, at inception, create more AFR than the economic capital they consume.
Life & Savings margin analysis is presented on an underlying earnings basis.
For investment contracts without DPF: ■ deposit accounting is applied. As a consequence, fees and charges related to these contracts are presented in the underlying Statement of Income within Gross Consolidated
Underlying fees & revenues include: ■ revenues derived from mutual fund sales (which are part of consolidated revenues); ■ loadings charged to policyholders on premiums/deposits and fees on funds under management for separate account (Unit-
■ other changes in insurance reserves are all the reserve strengthening or release coming from changes in valuation assumptions, additional reserves for mortality risk and other technical impacts such as premium deficiencies net of derivatives if any.
Underlying expenses are: ■ acquisition expenses, including commissions and general expenses allocated to new business, related to insurance products as well as to other activities (e.g., mutual fund sales); ■ capitalization of acquisition expenses linked to new business: Deferred Acquisition Costs (DAC) and net rights to future management fees only for investment contracts without DPF; ■ amortization of acquisition expenses on current year and prior year new business, including the impact of interest capitalized:
amortization charge for Deferred Acquisition Costs (DAC) and net rights to future management fees only for investment contracts without DPF; ■ administrative expenses; ■ claims handling costs; and
Underlying cost income ratio: (general expenses excluding distribution fees)/ (gross revenues excluding distribution fees).
This Annual Report includes all the elements required to be included in the Board of Directors’ report of AXA established pursuant to Articles L.225-100 and L.225-100-2 of the French
Sections Pages 1. Business and trends/Earnings/Financial position and key performance indicators 2. Use of fi nancial instruments by the Company when relevant for assessing its assets and liabilities, fi nancial position, and profi ts and losses 3. Description of major risk factors and uncertainties 178 to 221 4. Acquisition of signifi cant equity interests in companies headquartered in France 434 5. Events subsequent to fi scal year end/Outlook 99 to 101 and 369 6. Dividend distributions over the last three years 12 and 13 7. Information on market and liquidity risks (interest rate, exchange rate and stock price fl uctuation risk) 93 to 98; 178 to 189 and 204 to 214 8. Purchase and sale of the Company’s own shares 376 10. Transactions involving Company stock completed by corporate offi cers 163 11. Directorships and positions held by corporate offi cers of the Company 108 to 123 12. Relevant provisions in the event of a public takeover bid on the Company 390 15. Adjustment of the rights of holders of securities with a claim on the capital of the Company n/a 16. Social and environmental information 392 to 421 17. Research and development activities n/a 18. Terms of payment 434 19. Agreements between a corporate offi cer or a shareholder of the Company and a subsidiary of the Company
Exhibits 20. Table of the capital increase delegations 379 to 380 21. Table of the Company’s fi nancial results over the last fi ve years 439 22. Chairman of the Board of Directors’ report 424 to 426 23. Report on the corporate offi cers’ compensation policy 167 to 170
Pages 10. Capital resources 10.1. Issuer’s c apital resources 93 to 99 and 294 to 300 10.2. Sources and amounts of the issuer’s cash fl ows 93 to 96 ; 232 and 233; 293 and 294 10.3. Borrowing requirements and funding structure of the issuer 93 to 99; 316 and 317 10.4. Restrictions on the use of capital resources 93 to 98 10.5. Anticipated sources of funds needed to perform commitments 93 to 96 11. Research and development , patents and licenses n/a 12. Trend information 12.1 Most signifi cant recent trends in production, sales and inventory, and costs and selling price 12.2 Known trends, uncertainties, demands, commitments or events that are reasonably likely to have a material effect on the issuer prospects 13. Profi ts forecasts or estimates n/a 14. Administrative, management, and supervisory bodies and senior management 14.1. Composition- Information about members 104 to 134 14.2. Confl icts of interests 134; 161 and 15. Remuneration and benefi ts 15.1. Remuneration and benefi ts in kind 136 to 170 15.2. Pension, retirement or simi lar benefi ts 163 to 166 and 357 16. Board practices 16.1. C urrent terms of offi ce 106 to 107 16.2. M embers of the administrative , management supervisory bodies’ service contracts with the issuer or any of its subsidiaries providing for benefi ts upon termination of employment 16.3. Information about the issuer’s a udit c ommittee and remuneration c ommittee 130 and 132 16.4. Statement related to corporate governance 425 to 426 17. Employees 17.1. Number of employees 4; 135; 393 to 397 17.2. Shareholdings and stock options 146 to 162 17.3. Arrangements for involving the employees in the capital of the issuer 376 to 377 18. Major shareholders 18.1 Identifi cation of the main shareholders 375 to 376 18.3 Ownership and c ontrol of the issuer 375 to 377 18.4 A rrangements, known to the issuer , the operation of which may at a subsequent date result in a change of control of the issuer n/a 19. Related party transactions 171 and 359 to 360
Pages 20. Financial information concerning the issuer ’s assets and liabilities, fi nancial position and profi ts and losses 20.1. Historical fi nancial information* 224 to 371 and 433 to 456 20.2. Pro forma financial information n/a 20.3. Financial statements 224 to 369 and 20.4. Auditing of historical annual fi nancial information 370 to 371 and 455 to 456 20.5. Age of latest fi nancial information n/a 20.6. Interim and other fi nancial information n/a 20.8. Legal and arbitration proceedings 366 to 369 20.9. Signifi cant change in the issuer’s fi nancial or trading position 99; 100 and 369 21. Additional information 21.2. Memorandum and Articles of association 388 to 390 22. Material contracts n/a 23. Third party information and statement by experts and declarations of any interest 23.1. Statement or report by the person acting as an expert 418 to 421 23.2. Information ob tained from third parties n/a 25. Information on holdings 252 to 258 and * Pursuant to Article 28 of European Commission Regulation no. 809/2004, the following items are incorporated by reference: ■ AXA’s Consolidated Financial Statements for the year ended December 31, 2015 and the Statutory Auditors’ report thereon , presented respectively on pages 198 to 342 and on pages 343 to 344 of the Annual Report (Registration Document), the French version of which was fi led with the AMF on March 31, 2016 under reference n° D.16-0233; ■ AXA’s Consolidated Financial Statements for the year ended December 31, 2014 and the Statutory Auditors’ report thereon , presented respectively on pages 192335 and on pages 336-337 of the Annual Report (Registration Document), the French version of which was fi led with the AMF on March 26, 2015 under reference n° D.15-0208.
Financial Report (Rapport Financier Annuel) referred to in paragraph I of Article L.451-1-2 of the French Monetary and
Financial statements of AXA, the parent C ompany 433 to 454
Report of the Statutory Auditors on the consolidated fi nancial statements of the Group 370 and 371