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Review of AXA's Activities in Japan

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Review of AXA's Activities in Japan ReviewReview ofof AXA’sAXA’s Activities Activities inin JapanJapan SeptemberSeptember 30, 30, 20042004 Cautionary Statements Concerning Forward- looking Statements Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and AXA’s plans and objectives to differ materially from those expressed or implied in the forward looking statements (or from past results). These risks and uncertainties include, without limitation, the risk of future catastrophic events including possible future terrorist related incidents. Please refer to AXA's Annual Report on Form 20-F and AXA’s Document de Référence for the year ended December 31, 2003, for a description of certain important factors, risks and uncertainties that may affect AXA’s business. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. Review of AXA’s activities in Japan – September 30, 2004 - 2 Today’s Presenters Philippe President and Chief Executive Officer Donnet Susumu Head of AXA Advisors Yabe Yasunori Head of AXA New Markets Kume Pierre-Yves Head of AXA Partners, Durand Marketing & Communications Paul Sampson Chief Operating Officer Frederic de Courtois Chief Financial Officer Jean Head of Underwriting and Malhomme Pricing Review of AXA’s activities in Japan – September 30, 2004 - 3 AXA Japan’s Multicultural Management Team 1 Frederic de Courtois 10 Yoshio Chiba Chief Financial Officer Customer Service 2 Philippe Donnet 11 Alistair Brown President & CEO Financial Control 12 Ian Johnson 3 Paul Sampson 123 Company Secretary Chief Operating Officer Audit / Legal / Compliance 4 Susumu Yabe 13 Guy Marcillat AXA Advisors AXA Direct 14 Susumu Ikehara 5 Yasunori Kume Chief Information Officer AXA New Markets 15 Timothy Ryan 6 Pierre-yves Durand 7 4 5 6 8 Chief Investment Officer AXA Partners Marketing & Communication 16 Koji Ariyoshi AXA Corporates & Agents 7 Yoshiya Ichinose AXA Partners 8 Jean Malhomme Underwriting & Pricing 9 9 Yukiko Fukui Communication 10 14 12 15 16 13 11 Review of AXA’s activities in Japan – September 30, 2004 - 4 Today’s Presentation 1 : Japanese Market Review Page 6 2 : AXA Japan Overview Page 15 AXA Japan’s history AXA Japan’s organization and missions AXA Japan in the AXA Group & in the Japanese market AXA Japan’s ambition AXA Japan’s key achievements since April 2003 3 : Scrum Win 7 Strategic Programs Page 30 New business Negative spread reduction Retention program Expense management 4: AXA Japan’s Financial Review Page 57 Asset Liability Management Solvency and rating FGAAP results New business profitability 5: AXA Direct Japan Page 76 6: What is next for AXA Japan ? Page 83 Distribution empowerment AXA Advisors’ productivity improvement Product development strategy AXA New Markets 7: Conclusion Page 104 Review of AXA’s activities in Japan – September 30, 2004 - 5 1. Japanese Market Review The Japanese market has unique growth opportunities Japan is a large market changing dynamically World’s 2nd largest life insurance market Rapidly aging population Significant individual financial assets accumulated: Î JPY1,400 trillion (USD 12.75 trillion) Î 40% of US size, 3.5 times France Continuing deregulation in financial markets Growth opportunities Review of AXA’s activities in Japan – September 30, 2004 - 7 World’s 2nd largest life insurance market Japan’s life insurance market is the world’s 2nd largest with 23% of the world market share. Life premiums account for 8.6% of GDP USD billion % GDP 600 12.0 Premium income % GDP 500 481 10.0 400 381 8.0 300 6.0 200 4.0 155 105 100 77 2.0 0 0.0 USA Japan UK France Germany Source:Japan Institute of Life Insurance “Fact book 2003” Worldwide Life insurance premium income in 2001 Review of AXA’s activities in Japan – September 30, 2004 - 8 Rapidly aging population Rapidly aging population is leading to an increasing demand for financial protection for longer lives – medical coverage and retirement savings million 140,000 Projection ＊: % of population 120,000 over age 65yrs 100,000 80,000 60,000 35.7％* 19.4％* 40,000 （2050） （2004） 20,000 0 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 Total population Over 65yrs Source:National Institute of Population and Social security research “Population Projections for Japan:2001-2050, January 2002 Review of AXA’s activities in Japan – September 30, 2004 - 9 A large mass-affluent market which is still under-served Individual financial net assets are …With most financial assets still in low- 2nd highest in the world… yielding deposits (US$ Thousand) Assets per capita % of financial assets in Savings deposits/Cash 160.0 United States 11% 140.0 121.5 Japan 120.0 54% 100.0 93.3 UK 24% 80.0 73.9 60.0 50.4 Germany 34% 42.5 40.0 20.0 France 27% 0.0 United States Japan UK Germany France 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Rate: JPY123 @1US$ Source:Central Council for Financial Services Information, FY2001 Review of AXA’s activities in Japan – September 30, 2004 - 10 Steady trend of deregulation is changing the competitive landscape Staged but steady deregulation in the insurance market creates opportunities for players who can be innovative in products and distribution Before 2002 2002 - today Future Lift barriers between life Allow banks to distribute a Full deregulation for banks’ and non-life (1996) limited range of insurance insurance distribution products Individual Annuity Allow securities firms to Privatization of Japan Postal distribute insurance Mortgage insurance Office products (2000) Full deregulation on First demutualization (2001) commission (2002) Review of AXA’s activities in Japan – September 30, 2004 - 11 Changes bring in both challenges and opportunities Challenges for those who rely heavily on a traditional business model Significant opportunities for those who can be flexible and innovative, such as AXA Japan Î Multiple distribution channel strategy Î Strong focus on growing markets Review of AXA’s activities in Japan – September 30, 2004 - 12 Consumers want financial protection for longer lives The traditional death protection market is maturing… …as the needs of consumers shift to medical coverage and retirement savings Growth of Industry Premium Income Volume 2.50 Traditional products Medical products 2.00 Annuity products 1.50 1.00 The result of FY2001=1.00 0.50 0.00 FY2001 FY2002 FY2003 Note: Japanese Fiscal Year (April – March) Source:The Life Insurance Association of Japan Review of AXA’s activities in Japan – September 30, 2004 - 13 Life insurance premium income is growing again Due to the sharp increase in the sales volume of individual annuity through bancassurance, premium income increased after years of decline. Industry Premium Income Volume FY1999 - FY2003 30.0 FY99-03 CAGR 0.5 0.4 0.4 0.3 0.3 25.0 6.9 6.8 4.9 Group Pension 6.6 5.1 -8.2% 20.0 1.3 1.4 1.4 1.3 1.4 Group Life 2.1 2.2 -1.4% 2.1 3.0 4.6 15.0 Individual Annuity (JPY trillion) 21.2% 10.0 16.7 16.2 15.7 15.7 14.9 Individual Life -2.8% 5.0 0.0 FY1999 FY2000 FY2001 FY2002 FY2003 Individual Life Individual Annuity Group Life Group Pension Others Note: Japan Fiscal Year basis: April-March Source: Life Insurance Association of Japan Review of AXA’s activities in Japan – September 30, 2004 - 14 2. AXA Japan Overview AXA Japan’s history AXA Japan’s organization and missions AXA Japan in the AXA Group AXA Japan in the Japanese market AXA Japan’s ambition Key achievements since April 2003 AXA Japan’s history 10 years ago, Japan was already strategic for AXA In 1994, AXA’s life insurance business was established: Î AXA Life Insurance Company Limited (“AXA Life”) In 1998, AXA’s P&C insurance business was established: Î AXA Non Life Insurance, Ltd (known as “AXA Direct Japan” or “ADJ”) In late 1999, a unique opportunity to reach critical size in the Japanese life market: Î Acquisition of a major Japanese life insurance company, Nippon Dantai Life Co., Ltd. (now “AXA Group Life”) Review of AXA’s activities in Japan – September 30, 2004 - 16 AXA Japan’s organization and missions Today Tomorrow AXA S.A. AXA S.A. 97.44% shareholding 97.59% shareholding AXA Japan Holding AXA Insurance Holding Mission：Management of the operating companies and promoting synergies AL AGL ADJ AL AGL ADJ Mission: Mission: Mission: New individual Group business Direct individual business (Inc. old individual auto insurance, AXA AXA business) Collection Hoken personal accident Services Service AXA Collection AXA Hoken Services Service Mission: Mission: Premium Non-life agency collection business Review of AXA’s activities in Japan – September 30, 2004 - 17 AXA Japan Scorecard AXA GROUP LIFE + AXA LIFE AXA DIRECT JAPAN (Life) (Non-Life) Premiums (FY03) 785.3bnYen 12.3bnYen Employees 2,600 360 Salespeople 5,600 Non tied agents 3,000 Main products Term, Medical, Savings, Direct Motor Group Life & Pensions Personal Accident Review of AXA’s activities in Japan – September 30, 2004 - 18 AXA Japan in the AXA Group: 3rd largest new business contribution (NBC) New Business Contribution (NBC) AXA Japan NBC 1H04 Results represents 8% of AXA Euro million Group’s 1H04 140 130 insurance revenues (Euro 2,953m) 120 100
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