5 OUR DRIVE 06 _ Solid values, a shared ambition 08 _ Message from Jacques de Chateauvieux 10 _ A word from Henri de Castries 14 _ Profi le 16 _ Our business 18 _ Highlights 20 _ Activity indicators and consolidated earnings 22 _ Financial strength 27 OUR STANDARDS 28 32 36 40 42 48 50 52 56 _ _ _ _ _ _ _ _ _ Governance Corporate responsibility Customers Distributors Employees Shareholders Community Environment Suppliers 61 83 OUR PROOF 62 _ Property-casualty insurance 68 _ Life insurance and savings 74 _ Asset management OUR INDICATORS 84 88 90 91 92 93 95 _ _ _ _ _ _ _ Social data Environmental data SRI ratings Ratings and audit Correspondence table Glossary Events and releases AXA > Solid values, a shared ambition 7 The severity of the fi nancial crisis and its magnitude has triggered off a deep crisis of confi dence. While our business model helped us withstand the crisis, the questions and doubts it raised compel us to draw from our history, our values and our strategy in order to reaffirm with clarity who we are and where we want to go. AXA > 35 36 1. OUR MISSION WHAT IS AXA’S RAISON D’ÊTRE? WHAT IS OUR DAILY BUSINESS? AXA is a world leader in insurance, savings and asset management, serving 9 6 million customers—individual and businesses—in over 5 0 countries. 1. OUR MISSION Every day is different, this is why the people of AXA support our customers as they face life’s problems, big and small, empowering them to take on projects and prepare for the future with more peace of mind. 2. OUR CORPORATE RESPONSIBILITY AND OUR VALUES HOW DO WE WANT TO DO OUR BUSINESS? 4. OUR STRATEGY Our strategy and our business model have demonstrated their relevance, providing us with sound guidance for the future based on our three lines of expertise: propertycasualty, life and savings, and asset management. AXA’s strength is built on robust strategic decisions that today enable us to draw from: Solid positions in the markets in which we do business Our multi-channel distribution model, which allows the client to decide how he or she wants to access our products and services Our risk management expertise, which guarantees our financial strength and our ability to keep promises Our operational excellence, which allows us to deliver quality service at competitive prices Our particular concern for staff development Our thre e core attitudes—available, attentive and reliable—which guide all of our employees to better serve our clients and establish long-term relationships based on trust. 2. OUR CORPORATE RESPONSIBILITY AND OUR VALUES At AXA, we chose to make a positive contribution to society by leveraging our skills, resources and risk expertise to build a stronger and safer world. Fully embracing our corporate responsibility starts with designing reliable solutions to answer the needs of our customers, managing risks in a professional way, treating our business partners fairly and developing a work environment built on trust, diversity and values including: professionalism, team spirit, innovation, pragmatism and integrity. 3. OUR VISION WHAT IS OUR AMBITION? 4. OUR STRATEGY HOW WILL WE SUCCEED IN BECOMING THE PREFERRED COMPANY? 3. OUR VISION Our ambition is to become the preferred company in our industry for all of our key stakeholders, including our clients, our employees, our shareholders and the society we live in. To achieve our objective, we are committed to redefining the standards of our business so that we truly deserve the trust placed in us. Long-term trust is essential and cannot be decreed; it has to be built on real and tangible proof day after day. AXA > 2009 Activity and Corporate Responsibility Report — CUSTOMERS THE FOCUS OF CUSTOMER RELATIONSHIPS AND OUR PRODUCTS AND SERVICES Corporate responsibility Our commitments in the years to come SHAREHOLDERS CUSTOMERS In 2008, we repositioned our brand and adopted an ambitious new signature. Our challenge is to make this a concrete reality, with proof to show for it. To make it plain to customers, simply and effectively, that we are redefi ning the standards of our industry. That we are attentive to their needs and integrating them into the core of our processes: upstream, as we design and develop our products, and downstream, in the way we deliver our services, at every stage of the customer relationship. This is our vision of being a responsible company for our customers. SUPPLIERS From promises to proof In 2009, our brand positioning was deployed in 36 countries, to drive our differentiation, win customers and motivate internal stakeholders, supported by a unique, meaningful brand identity. It was a busy year for Group entities as they began or continued to deliver examples of proof, made service commitments, promoted key attitudes among employees and rolled out customer programs. Service quality is a critical factor in the satisfaction of our clients. Ten service commitments were publicized, backed by hard proof. They included the “Garantie Joker” Panel made up of over one million customers. Source: Customer Scope (1) 2 0 0 9. benefi t in France for drivers under 25 (if the insured is not fi t to drive home, a simple phone call to AXA and a taxi will be provided free of charge, five times a year), a “mobility within an hour” solution in the event of a breakdown in Switzerland, the assignment of a dedicated claims handler for water damage in the UK, and services from AXA Assistance, such as transportation or housekeeping help, to ease the return home and quickly readjust following a hospitalization. 84 the area of health, AXA in Greece covers all hospiIn talization costs, including a 50-percent down payment (1) Customer Scope: a survey conducted twice yearly to measure the satisfaction index of our customers. as required. ENVIRONMENT COMMUNITY RISK EDUCATION AND RESEARCH Increase in customer satisfaction: 8 2%, up 1 point from 2 0 0 8. EMPLOYEES AXA > 2009 Activity and Corporate Responsibility Report AXA > Social data 85 http://www.axa.com/en/responsibility SOCIAL DATA FOR 2009 THE AXA GROUP As of December 31, 2009, AXA has a total workforce of 216,000 (+1% compared with year-end 2008), including 128,000 salaried employees and 88,000 distributors. In a difficult market environment, the decrease in salaried employees is primarily attributable to the decline in external new hires, with the number of departures remaining relatively stable. In all, the Group recruited more than 2 5,0 0 0 new hires in 2009. The total workforce on both the American continent and continental Europe was stable, and even rose slightly in some countries (such as Central Europe and France), where our salaried sales channel continues to grow in response to the business development targets in the life and savings market. The decreases in staffi ng levels mainly concerned companies specializing in life insurance or asset management, the two business segments that were hardest hit by the crisis (life insurance new business and asset management revenues fell by 11% and 25%, respectively, in 2 0 0 9), particularly in the United Kingdom, in the Asia Pacifi c and in North America. Staff reduction plans affected nearly 3,400 non-sales positions worldwide. In addition, as part of an administrative outsourcing plan, India and the United Kingdom transferred the management of some 1,600 contracts outside the Group. Internal mobility went from 12 to 14% for non-sales staff, partly offsetting the decline in recruitments for some companies. While the Group has achieved an equitable gender breakdown with regard to its workforce, the proportion of women in managerial positions (managers and executives) continues to rise substantially, reaching 34% this year (compared with 30% in 2008). And while the total remains insuffi cient, the number of disabled employees in the workforce rose by 2.8% in 2009. AXA must and intends to intensify its efforts to promote diversity in the years to come. Total payroll expense came to 6.8 billion euros in 2 0 0 9. The rise in employer contributions principally refl ects the impact of severance bonuses, retirement plans and exchange rate variations. AXA’s commitment to employee skills development remains substantial, with 80% of its staff having completed at le ast one training course in 2 0 0 9 (versus 75% in 2008). (number of persons) Workforce as at December 31 2008 data 107,922(1) 3,3 6 9 8 0% 2 0% 18,5 8 8 6 8% 3 2% 8 5,9 6 5 4 2% 5 8% 27,979(1) 6 0% 4 0% 135,901 5 1% 4 9% 78,143 214,044 4,3 8 5 2,9 3 2 2.3% 39 39 37 10 11 6 1,520 (1) (1) Change 2008 / 2009 -3.5% -0.5% 2009 data 104,106 3 352 7 9% 2 1% Non-sales employees Senior executives — Men — Women Managers — Men — Women Experts and staff — Men — Women Sales employees — Men — Women Salaried workforce — Men — Women Exclusive distributors Workforce total Temporary staff Temporary non-sales staff Average FTE (Full Time Equivalent) of temporary employees % of temporaries vs. employees Profile of AXA employees Average age of employees — Non-sales employees — Sales employees Average length of service — Non-sales employees 25% 60% 41% -3.6% 1 7,9 1 6 6 3% 3 7% -3.6% 8 2,8 3 8 4 3% 5 7% -13% 24,252 6 2% 3 8% -5.6% 128,358 5 0% 5 0% 12% 1.0% -4.0% -1 4% 87,737 216,095 4,2 1 0 2,5 3 2 2,5% 40 40 38 10 11 6 Total workforce: 128,358 (sales staff and non-sales staff) 13% 2% Total workforce: 216,095 1% (including tied distributors) 11% — Sales employees 48% Number of disabled employees 2.8% 1,563 Africa Europe Asia-Pacifi c Americas Africa Europe Asia-Pacifi c Americas (1) As a result of a redefi nition of India’s managers of agents, 2 0 0 8 data were adapted as follows: 4,2 8 4 managers were reallocated in total; of which 4,0 4 4 to salaried sales force, and 2 4 0 to the experts and staff category. This reassignment also affects the “changes in staffi ng level” section for this population. www.blacksunplc.com © Black Sun Plc 2011 45
