AXA publishes 1H22 and FY22 financial information under IFRS17 and IFRS9 accounting standards and provides 2023 Group Underlying Earnings Target
AXA is publishing today its financial supplement for both half-year 2022 and full-year 2022, restated under the IFRS17 and IFRS9 accounting standards that became effective on January 1, 2023. To enable analysts and investors to better assess the Group’s underlying earnings trajectory in 2023 following the implementation of IFRS17 and IFRS9, AXA is exceptionally providing a 2023 Group Underlying Earnings Target, including a breakdown by main lines of business.
Alban de Mailly Nesle, AXA Group’s Chief Financial Officer, will be hosting a conference call covering these topics for analysts and investors on Monday, May 15, 2023, which will start at 11:00am CET.
Live webcast link and supporting documents are available on AXA’s website***
Key messages
AXA reaffirms that Group underlying earnings’ power is unaffected by the new accounting standards
Group underlying earnings target above Euro 7.5 billion in 2023, including ca. Euro -0.1 billion impact from unfavorable foreign exchange movements
Cash and capital were unaffected by accounting changes, with Euro 5.5 billion of net cash remittance and Solvency II ratio**** of 215% at year-end 2022 (217% as of 1Q23)
The key financial targets of ‘Driving Progress 2023’ are reaffirmed, with the underlying earnings per share (UEPS) CAGR***** expected to exceed +7% over the three-year period 2020******-2023 and cumulative cash remittance to exceed Euro 14 billion over the period 2021-2023
Quelle: AXA
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