Universal Registration Document 2020 ANNUAL FINANCIAL REPORT CERTAIN PRELIMINARY INFORMATION ABOUT THIS ANNUAL REPORT Chairman’s Message 4 Chief Executive Off icer’s Message 5 THE AXA GROUP 13 1.1 Key figures 14 1.2 History 19 1 1.3 Business overview 21 CONTENTS ACTIVITY REPORT AND CAPITAL MANAGEMENT 31 2.1 Operating Highlights 32 2.2 Market Environment 38 2 2.3 Activity Report 44 2.4 Liquidity and capital resources 85 2.5 Events subsequent to December 31, 2020 92 2.6 Outlook 92 CORPORATE GOVERNANCE 93 3.1 Corporate governance structure 94 3.2 Executive compensation and share ownership 124 3 3.3 Corporate Governance Code of Reference 158 3.4 Related party transactions 159 SUSTAINABILITY 163 4.1 AXA Sustainability strategy 164 4.2 Employer Responsibility 172 4 4.3 Climate change and Biodiversity 180 4.4 Inclusive insurer 194 4.5 Business behaviour 199 4.6 Vigilance plan 202 4.7 Report by one of the Statutory Auditors, appointed as an independent third party , 207 on the consolidated non-financial information statement included in the Group Management report RISK FACTORS AND RISK MANAGEMENT 211 5.1 Risk factors 212 5.2 Internal control and Risk Management 233 5 5.3 Market risks 247 5.4 Credit risk 254 5.5 Liquidity risk 258 5.6 Insurance risks 259 5.7 Operational risk 263 5.8 Other material risks 264 CONSOLIDATED FINANCIAL STATEMENTS 267 6.1 Consolidated statement of financial position 268 6.2 Consolidated statement of income 270 6 6.3 Consolidated statement of comprehensive income 271 6.4 Consolidated statement of changes in equity 272 6.5 Consolidated statement of cash flows 276 6.6 Notes to the Consolidated Financial Statements 278 6.7 Report of the Statutory Auditors on the consolidated financial statements 419 SHARES, SHARE CAPITAL AND GENERAL INFORMATION 425 7.1 AXA shares 426 7.2 Share capital 427 7 7.3 General Information 433 APPENDICES 449 Appendix I Management’s annual evaluation of internal control over financial reporting 450 Appendix II Statement of the person responsible for the Universal Registration Document 453 A Appendix III AXA parent Company financial statements 454 Appendix IV Group Embedded Value and Solvency II Own Funds 478 Appendix V Glossary 479 Appendix VI Board of Directors’ report – Cross-reference table 484 Appendix VII Corporate governance report – Cross-reference table 485 Appendix VIII Commission delegated Regulation (EU) 2019/980 of March 14, 2019 – 486 Cross-reference table Appendix IX Annual Financial Report – Cross-reference table 490 UNIVERSAL REGISTRATION DOCUMENT ANNUAL REPORT 2020 This Universal Registration Document has been filed on March 22, 2021 with the Autorité des Marchés Financiers (the “AMF”) as the competent authority under Regulation (EU) 2017/1129, without prior approval pursuant to Article 9 of Regulation (EU) 2017/1129. This Universal Registration Document may be used for the purposes of an off er to the public of securities or admission of securities to trading on a regulated market if completed by a securities note and, if applicable, a summary and all amendments to the Universal Registration Document. The combined document is approved by the AMF in accordance with Regulation (EU) 2017/1129. This Universal Registration Document is a copy of the off icial version of the Universal Registration Document (in French) in the xHTML format, which includes the Annual Financial Report for the financial year ended December 31, 2020 and is available on the AMF’s website (www.amf-france.org) and on the Company’s website (www.axa.com). This Universal Registration Document (which we also refer to as our “Annual Report”) includes (i) all the components of the Annual Financial Report (Rapport Financier Annuel) referred to in paragraph I of Article L. 451-1-2 of the French Monetary and Financial Code (Code monétaire et financier) as well as in Article 222-3 of the AMF General Regulation (Règlement Général de l’AMF) (please refer to the cross-reference table on page 490 of this Universal Registration Document which indicates the relevant sections of this Universal Registration Document corresponding to the items referred to in Article 222-3 of the AMF General Regulation), (ii) all disclosure matters required to be included in the Board of Directors’ report to AXA’s Shareholders’ Meeting to be held on April 29, 2021, established pursuant to Articles L. 225-100 et seq. and L. 22-10-35 et seq. of the French Commercial Code (Code de commerce) (the relevant sections of this Universal Registration Document corresponding to such required disclosures have been approved by AXA’s Board of Directors and are referred to in the cross-reference table on page 484 of this Universal Registration Document); and (iii) all the elements required to be included in the corporate governance report established pursuant to Articles L. 225-37 et seq. and L. 22-10-8 et seq. of the French Commercial Code (Code de commerce) (the relevant sections of this Universal Registration Document corresponding to such required disclosures have been approved by AXA’s Board of Directors and are referred to in the cross reference table on page 485 of this Universal Registration Document). The cross-reference table on page 486 of this Universal Registration Document indicates the items of Annexes 1 and 2 of Delegated Regulation (EU) 2019/980 to which the information contained herein corresponds. CERTAIN PRELIMINARY INFORMATION ABOUT THIS ANNUAL REPORT In this Annual Report, unless provided otherwise, (i) the Unless otherwise stated, all amounts in this Annual Report are “Company”, “AXA” and “AXA SA” refer to AXA, a société anonyme (i) expressed in Euro, with applicable foreign exchange rates (a public limited company) organized under the laws of France, presented on page 40 of this Annual Report, and (ii) presented which is the publicly traded parent company of the AXA Group, in millions for convenience. Such amounts may have been and (ii) the “AXA Group”, the “Group” and “we” refer to AXA SA rounded. Rounding differences may exist, including for together with its direct and indirect consolidated subsidiaries. percentages. The Company’s ordinary shares are referred to in this Annual Where reference is made to a website in this Universal Registration Report as “shares”, “ordinary shares”, “AXA shares” or “AXA Document, the contents of such website do not form part of this ordinary shares”. The principal trading market for AXA’s ordinary Universal Registration Document. No information, document or shares is the regulated market Euronext in Paris (Compartment A), material from the website of the Company (www.axa.com) or which we refer to in this Annual Report as “Euronext Paris”. any other source shall form part of this Universal Registration The Group’s consolidated financial statements and related Document, unless such information, document or material notes are prepared in accordance with International Financial is expressly incorporated by reference into this Universal Reporting Standards (IFRS) (the “Consolidated Financial Registration Document. Statements”) and published in Euro (“Euro”, “euro”, “EUR” or “€”). I UNIVERSAL REGISTRATION DOCUMENT - ANNUAL REPORT 2020 - AXA I 1 This page was intentionally left blank. 2 I UNIVERSAL REGISTRATION DOCUMENT - ANNUAL REPORT 2020 - AXA I Cautionary statement regarding forward-looking statements and the use of non-GAAP fi nancial measures This Annual Report may include statements with respect to catastrophic events, pandemics or terrorist-related incidents. future events, trends, plans, expectations or objectives and Please refer to Part 5 “Risk Factors and Risk Management” of other forward-looking statements relating to the Group’s future this Annual Report for a description of certain important factors, business, financial condition, results of operations, performance, risks and uncertainties that may aff ect AXA’s business and/or and strategy. Forward-looking statements are not statements of results of operations, particularly in respect of the COVID-19 historical fact and may contain the terms “may”, “will”, “should”, crisis. AXA undertakes no obligation to publicly update or revise “continue”, “aims”, “estimates”, “projects”, “believes”, “intends”, any of these forward-looking statements, whether to reflect new “expects”, “plans”, “seeks” or “anticipates”, or words of similar information, future events or circumstances or otherwise, except meaning. Such statements are based on Management’s current as required by applicable laws and regulations. views and assumptions and, by nature, involve known and In addition to the Consolidated Financial Statements, this unknown risks and uncertainties; therefore, undue reliance Annual Report refers to certain non-GAAP financial measures, should not be placed on them. Actual financial condition, results or alternative performance measures, used by Management in of operations, performance or events may diff er materially from analyzing the Group’s operating trends, financial performance those expressed or implied in such forward-looking statements, and financial position and providing investors with additional due to a number of factors including, without limitation, general information that Management believes to be useful and economic and political conditions and competitive situation; relevant regarding the Group’s results. These non-GAAP financial future financial market performance and conditions, including measures generally have no standardized meaning and therefore fluctuations in exchange and interest rates; frequency and may not be comparable