AXA (CSP) AGM 2025 summary

Opening remarks and agenda

• The meeting convened with a quorum of 72.5%, covering 1.56 billion shares and 1.93 billion votes, and included 29 resolutions for approval.

• The agenda included strategic outlook, financial performance, governance, Q&A, and voting on resolutions.

• Session opened with constitution of the bureau and presentation of a simplified agenda, including approval of accounts, dividend allocation, remuneration policies, board renewals, and capital operations.

• The session marked the 40th anniversary, with a roundtable on insurance industry challenges and innovation.

Financial performance review

• Revenue grew 8% to €110 billion in 2024, with underlying earnings up 7% to €8.1 billion and net profit up 11%.

• All business lines saw growth: P&C up 7%, life insurance up 9%, health insurance up 8%, and asset management up 8%.

• Solvency II ratio at 216%; operational ROE at 15.2%.

• Shareholder returns included a €2.15 dividend per share (up 9%) and a €1.2 billion share buyback program, with an additional €3.8 billion buyback planned post-AXA IM sale.

• The group outperformed major indices, with share performance since January 2025 exceeding 110%.

Board and executive committee updates

• Board changes included the departure of Ramon de Oliveira and the appointment of Ewout Steenbergen, bringing expertise in insurance, finance, and AI.

• Board renewals: Guillaume Faury and Ramon Fernandez reappointed; Ewout Steenbergen's cooptation ratified.

• Board size reduced from 17 to 14 members, with 8 women and 6 men, and 9 independent directors; post-AGM, 82% independent, 57% women.

• Board activities focused on strategic plan rollout, M&A, sustainability reporting, and risk management.

• The Board proposed the reappointment of Thomas Buberl as Director and CEO to ensure continuity.