Revenues Indicators

IFRS, in Euro million 2010 2011 2012 2013 2014 2015 2016
Life & Savings* 56,792 52,431 55,016 55,331 55,345 58,862 60,282
P&C 25,986 27,046 28,315 28,763 29,460 24,831 35,604
International Insurance 2,847 2,876 2,987 3,143 3,292 3,615
Asset Management 3,328 3,269 3,343 3,461 3,326 3,822 3,710
Banks 459 485 466 524 564 621 596
TOTAL 89,412 86,107 90,126 91,249 91,988 98,136 100,193
*Life & Savings
New Business Volume (APE(1)) 5,78 5,733 6,17 6,335 6,477 7,376 6,600
(1) APE (Annual Premium Equivalent): represents 100% of new business regular premiums + 10% of new business single premiums, in line with EEV methodology. APE is group share.

Geographic breakdown of insurance revenues (excl. International Insurance)

2014 2015 2016
France 25% 23% 25%
US 14% 15% 15%
Northern, Central and Eastern Europe 29% 35% 33%
UK & Ireland 6% 5% 5%
Asia-Pacific (including Japan) 8% 9% 10%
Mediterranean & Latin American region 16% 6% 6%
Direct 3% 3% 3%
Axa Corporate Solutions 2% 2%
Other 2% 1%

Assets under management

2010 2011 2012 2013 2014 2015 2016
Total (in Euro billion) 1,097 1,065 1,116 1,113 1,277 1,363 1,429
By company - - - - - - -
AllianceBernstein 33% 31% 31% 31% 32% 33% 34%
AXA Investment Managers 47% 48% 50% 49% 49% 49% 50%
Other AXA companies 20% 20% 19% 20% 19% 18% 16%
Breakdown of Asset under Management - - - - - - -
Managed on behalf of third party 41% 39% 39% 39% 41% 42% 44%
Own account 45% 48% 48% 46% 45% 44% 44%
Life insurance separate accounts 14% 13% 13% 15% 14% 14% 12%

Balance sheet

2010 2011 2012 2013 2014 2015 2016
Consolidated shareholders' equity (group share, in Euro billion) 49.7 46.4 53.6 52.9 65.2 68.5 70.6

Earnings

2010 2011 2012 2013 2014 2015 2016
Contribution to consolidated underlying earnings(1) (in Euro million)
Life & Savings 2,445 2,138 2,603 2,793 3,132 3,375 3,507
P&C 1,553 1,848 1,877 2,105 2,158 2,482 2,514
International insurance 290 276 167 202 208 193
Asset management 269 321 379 400 403 458 416
Bank 9 32 4 78 106 97 78
Holdings -836 -843 -875 -851 -947 -906 -827
Underlying earnings 3,731 3,772 4,155 4,728 5,060 5,507 5,688
Net capital gains 419 -312 297 434 442 433 415
Adjusted earnings(2) 4,15 3,46 4,452 5,162 5,503 5,940 6,103
Net income, group share 2,749 4,19 4,057 4,482 5,024 5,617 5,829
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Adjusted EPS(6) (in Euro, fully diluted) 1.69 1.37 1.77 2.03 2.14 2.34 2.41
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Dividend per share (in Euro) 0.69 0.69 0.72 0.81 0.95 1.10 1.16
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Underlying ROE(3) 10.2% 11.3% 12.1% 13.5% 13.3% 13.1% 12.5%
Adjusted ROE 11.5% 10.3% 13% 14.8% 14.5% 14.1% 13.5%
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P&C combined ratio 99.5% 97.9% 97.7% 96.6% 96.9% 96.2% 96.5%
Life & savings New Business Value (in euro million) 1,290 1,444 1,928 2,193 2,220 2,471 2,623
Life & Savings NBV / APE margin 22.3% 25.2% 31% 35% 34.3% 38.2% 39.7%
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Asset managers net inflows (in Euro billion) -64.1 -29.6 -1.5 8.1 22.3 44.5 44.8
(1) Underlying earnings are adjusted earnings, excluding net capital gains attributable to shareholders. (2) Adjusted earnings represent net income before the impact of exceptional operations, goodwill and related intangibles amortization/impairments, and profit or loss on financial assets (under the fair value option) and derivatives. (3) Return on equity ratios are based on average shareholders equity for the period, excluding unrealized capital gains & losses of invested assets and derivatives (recorded through shareholders' equity), and nominal value of undated subordinated debt (recorded through shareholders' equity). (4) Including adjustment to reflect financial charges related to undated subordinated debt (recorded through shareholders' equity). Note : Figures from 2007 to 2009 do not reflect the discontinuation of Canadian operations. Figures from 2007 to 2010 do not reflect the restatement for the changed in deferred acquisition costs accounting methodology adopted retrospectively as at January 1, 2012.
**FY15 figures are restated following the sale of the UK Life & Savings business and as the International Insurance segment will no longer be reported separately. AXA Corporate Solutions Life Reinsurance Company, AXA Global Life and AXA Liabilities Managers A&H are now part of the Life & Savings segment while AXA Corporate Solutions, AXA Assistance, AXA Liabilities Managers and AXA Global P&C are now part of the Property & Casualty segment.

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