Full Year 2023 AXA SA Earnings Call and Investor Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : One is the very lightweight questions, I'm afraid. The first one is what are you going to do? I mean I know what all of these guys are going to do. But what are you going to do because it sounds like the new deals, everything is -- the machine is running smoothly and it sounds like... REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 22, 2024 / 2:30PM, AXAF.PA - Full Year 2023 AXA SA Earnings Call and Investor Day

Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Exactly. No, that's fair. But the -- I suppose the real question is why did you want -- if insurance is such a great sector at the moment, why did you want to buy more of it? In whatever form, I mean if you look at the numbers, maybe there's EUR 2 billion left of M&A, it sounds tiny. And then the other question is a much more kind of numbers question. So you said the U.K. Motor or U.K. Retail and U.K. Health, I'm assuming that's the half of the improvement in combined ratio. Can you actually give us some numbers just for '24, that would be so helpful. And I'm afraid that's -- yes. And the last question, the EUR 17 billion, I can't reconcile and it's a silly question, but if I had the EUR 7.6 billion, the EUR 8 billion and the EUR 8.4 billion, so growing the 7.6% at 5% a year, that's EUR 24 billion, 75% of EUR 24 billion. And maybe my math is wrong is EUR 18 billion is not EUR 17 billion but -- it's a small run.