Ingresos de AXA superan los 100.000mn de euros en 2016

(Este comunicado fue publicado en inglés)

Por AXA

23 de febrero de 2017

Total revenues were up 2%, mainly driven by Life & Savings and Property & Casualty, partly offset by Asset Management:

· Life & Savings revenues were up 2%, as growth in G/A 8 Savings, Protection & Health9 and Mutual Funds & Other was partly offset by lower revenues in Unit-Linked;

· Property & Casualty revenues were up 3%, mainly driven by a positive price effect of 3% on average;

· Asset Management revenues were down 3%, mainly due to lower average assets under management including the impact of the withdrawal of the Friends Life portfolio.

Sales

Total economic gross revenues10 were up 3%, reflecting revenues on a group share basis. The main difference in growth versus total revenues was driven by China and Italy.

Health revenues11 (reported above in L&S or P&C) were up 4% to Euro 12 billion driven by France, UK & Ireland, Germany, and Mexico, partly offset by the Gulf region.

Life & Savings New Business Volume (Annual Premium Equivalent, APE) was up 2%, driven by growth in G/A Savings, Protection & Health and Mutual Funds & Other, partly offset by UnitLinked.

Life & Savings net inflows amounted to Euro +4.4 billion. This was mainly driven by Protection & Health at Euro +5.1 billion, G/A Savings capital light at Euro +3.6 billion, Unit-Linked at Euro +1.3 billion and Mutual Funds & Other at Euro +1.0 billion, partly offset by traditional G/A Savings at Euro -6.6 billion, in line with our strategy.

Asset Management net inflows amounted to Euro 45 billion driven by AXA IM with Euro 56 billion of net inflows, partly offset by AB with net outflows of Euro 12 billion.

Profitability

Life & Savings NBV margin was up 1.1 points to 40% mainly driven by a more favorable business mix and lower expenses, partly offset by lower interest rates. New Business Value was up 5% to Euro 2.6 billion.

In Property & Casualty, current year combined ratio was up 0.2 point to 97.7%. All-year combined ratio was up 0.5 point to 96.5%, with lower prior year reserve releases.

Earnings

Underlying earnings were up 3% to Euro 5.7 billion, mainly driven by an increase in Life & Savings, Property & Casualty and Holdings, partly offset by a decrease in Asset Management.

Adjusted earnings were up 3% to Euro 6.1 billion, mainly driven by higher underlying earnings.

Net income was up 2% to Euro 5.8 billion, as higher adjusted earnings, a net gain on disposals, and a less unfavorable change in the fair value of financial assets and derivatives not eligible for hedge accounting, were partly offset by higher restructuring costs.

Balance Sheet

Shareholders' equity was at Euro 70.6 billion, up Euro 2.1 billion versus December 31, 2015, mainly driven by (i) net income contribution, partly offset by (ii) dividend payment and (iii) the repayment of undated subordinated debt in 2016.

Solvency II ratio was at 197%, up 6 points versus 9M16, mainly driven by a strong operating return contribution net of dividend proposed by the Board of Directors, and more favorable financial market conditions.

Debt gearing was at 26%, stable vs. December 31, 2015.

Adjusted ROE stood at 13.5%, down 0.6 point vs. FY15 mainly driven by an increase in average shareholders' equity.

Group operating Free Cash Flows were Euro 6.2 billion, stable vs. FY15.

A dividend of Euro 1.16 per share (up 5% vs. FY15) will be proposed at the Shareholders' Annual General Meeting on April 26, 2017. This represents a pay-out ratio of 48% of adjusted earnings, net of the interest charges on undated debt.

Ratings

· On October 27, 2016, S&P Global Ratings upgraded its long-term financial strength rating of AXA's core operating subsidiaries to 'AA-' with a stable outlook, from 'A+' with a positive outlook.

· On September 9, 2016, Moody's Investors Services reaffirmed the 'Aa3' insurance financial strength ratings of AXA's principle insurance subsidiaries, maintaining a stable outlook.

· On June 28, 2016, Fitch reaffirmed all AXA entities' insurer financial strength ratings at 'AA-', maintaining a stable outlook.

(read the full report)