Well-established in Western Europe, North American and Asia/Pacific markets, the Group intends to reinforce its growth in the years ahead by intensifying its presence in high-growth markets.

Revenues

In 2016, total revenues were up 2% to Euro 100,193 million on a comparable basis, crossing the Euro 100 billion mark for the first time in the company’s history. The growth was driven by Life & Savings and Property & Casualty, partly offset by a decline in Asset Management. This growth was achieved while keeping a focus on profitability, featuring a continued improvement in Property & Casualty's loss ratio, as well as a strong Life & Savings new business value margin.

(in millions of Euro)
2008 to 2009 figures were not adjusted for the sale of Canadian operations.

Net Income

Net Income was up 2% to Euro 5.8 billion, mainly driven by higher adjusted earnings.

(in millions of Euro)

Underlying 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 increased by to Euro 6.1 billion, mainly driven by higher underlying earnings.

(in millions of Euro)
2008 to 2009 figures were not adjusted for the sale of Canadian operations.

Solvency II ratio

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. AXA’s internal model was approved by the French regulator (ACPR) on November 12, 2015. Solvency II took effect January 1, 2016.

(percentage)

Revenues by geographic region

With its geographic balance of its businesses, AXA is among the most diversified insurers in the world.

Direct business revenues are split within geographies

Underlying earnings before tax by business segment

Thanks to the complementary nature of its businesses, AXA was able to achieve a robust operating performance.

Analysis of 2016 underlying earnings before tax by business
*FY15 figures are restated following the sale of the UK Life & Savings business