Full Year 2022 Earnings – Strong results and continued execution

*Change in gross revenues is on a comparable basis (constant forex, scope and methodology).

**Underlying earnings, underlying earnings per share, combined ratio, underlying return on equity and debt gearing are non-GAAP financial measures, or alternative performance measures (“APMs”). A reconciliation from APMs underlying earnings, combined ratio, return on equity and underlying earnings per share to the most directly reconcilable line item, subtotal or total in the financial statements of the corresponding period is provided on pages 24 and 25 of AXA’s 2022 Activity Report. The calculation methodology of the debt gearing is set out on page 25 of AXA’s 2022 Activity Report. The above mentioned and other non-GAAP financial measures used in this press release are defined in the Glossary set forth on pages 64 to 71 of AXA’s 2022 Activity Report.

***Change in underlying earnings per share is on a reported basis.

****The Solvency II ratio is estimated primarily using AXA’s internal model calibrated based on an adverse 1/200 years shock. For further information on AXA’s internal model and Solvency II disclosures, please refer to AXA Group’s Solvency and Financial Condition Report (SFCR) as of December 31, 2021, available on AXA’s website (www.axa.com). The Solvency II ratio as of December 31, 2022 is adjusted to give effect to the full Euro 1.1 billion share buyback announced today.

*****Following AXA’s Board of Directors’ approval on February 22, 2023 and expected to commence as soon as reasonably practicable, subject to market conditions.