Full Year 2024 AXA SA Earnings Call(Analyst and Investors) Transcript

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

Question: Michael Huttner - Berenberg - Analyst : I basically wanted to ask for more. So you've delivered, and it's nice. But the 8%, and I'm kind of thinking, so you said this time last year, 6% to 8%. We've got -- today, we've got 8%. And I'm just wondering, is there a chance that you might reset the plan to say maybe 7% to 9%, like some of your peers, or even 8% to 10%, like some other peers? So that would be my first question. And then the second question is, with all this cash coming in -- and I know you're doing buybacks and stuff -- but if I were CEO, I'd always be thinking I want to buy something. Have you stopped buying anything? Have you kind of given up and said, no, no, no, we're done? That's it.

Question: Michael Huttner - Berenberg - Analyst : The same as Andrew, but maybe you can make it even more clear. How do we calculate how much your excess reserves have gone up? I think you kind of gave us some guidance on this. And the other one is a really silly one is AI. You said the costs were higher this year. What's the benefit of them not increasing next year?

Question: Michael Huttner - Berenberg - Analyst : (inaudible - microphone inaccessible) 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 27, 2025 / 9:00AM, AXAF.PA - Full Year 2024 AXA SA Earnings Call(Analyst and Investors) FrTdTric de Courtois - AXA SA - Group Deputy Chief Executive Officer, in charge of Finance, Operations, Strategy, Risk & Underwriting So the benefits on AI, first, are on various areas. I said we see some -- or we see and we will see some benefits on the technical results. We will see some benefits on pricing and underwriting. We will see some benefit on claims. We will see some benefits on productivity and costs. And there is an impact on the customer experience. These are the big pillars of our programs. It is fair to say that for the time being, with all the use cases we have and so on, we haven't seen yet significant impact on our P&L. And I think this is the challenge that we have over the next two years of the plan and over the three years of the next plan, which is to make sure that what works, we are able to scale it up and see really impact on the P&L. And today -- and I think many companies are in the same situation we have -- we are testing, we are experimenting, we are piloting. But if you ask me, have you seen big benefits, not yet. We know enough to believe that there will be benefits, but we haven't seen big benefits yet on our P&L.