Q1 2023 AXA SA Activity Indicators Presentation Transcript

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

Question: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst : The first one is just whether you can update on lapsed experience in the quarter, any geographies or distribution channels? Any comments there would be helpful. Second one, look, there's a fair bit of distortion on that P&C pricing from the mix. You mentioned pricing is generally ahead of inflation when we're talking about Personal Motor. Is there any geographies where this isn't the case or where it's not being passed through by the market? And any update you can say on inflationary trends and whether they're sort of remaining stubbornly high or easing in any geographies quicker than others?

Question: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst : Thanks Alban, very helpful. I'll say as a compliment that we're remarkable.

Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : On the -- you're talking about pricing in France, I didn't -- I'm looking at your press release. The figure, I see in personal lines is not 4%, it's 1.9%. So I'm guessing I'm reading something wrong. Maybe you can explain the mix of your businesses in France and how that -- how you see that? And the second is on the operating capital generation. So we've spoken a lot about that. So you're kind of saying it's now beginning to convert with earnings, which is I think what [Jamie] was saying, what you are saying maybe we're getting close to EUR 7 billion and EUR 7.5 billion. But within that, I had a question. The feeling I have, and this was from the previous conference call today, is that in a period of rising interest rates, you do have -- because the discounting comes before the unwind of the discount, which interest rates were higher than last year. However, that you do have earnings which is slightly above the normal run rate. Would that -- is that roughly fair? Will that explain the difference between the underlying earnings and the operating capital generation? And then the -- I had one silly question and one even silier question. So the silly question is the deals. I'm not sure if you can speak about that, but 217% sounds you've got plenty to look at such and I just wondered if you can give an update on what's happening there? And then the final question, and here is really [it's the annual planning] means that is a really simple company to understand that. Thank you very much. And -- but does it mean that machines can do it. I was speaking with somebody and they said that the LSE has a program of building models automatically. And I was thinking " Oh, that means that I don't really have a job anymore.". How do you see that?

Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : It's a really silly question, but we now have a really very simple framework. If I were a generalist, I would be selling lots of chocolates on you. I mean, tons of chocolates. I know (inaudible) Because you really can build a model very, very simply now but it doesn't mean that you don't need analysts anymore. And I just wonder how -- this is a really silly question, but if you [certainly], just press buttons.

Question: Benoit Valleaux - ODDO BHF Corporate & Markets, Research Division - Analyst : One short question on my side on France and more specifically on your combined ratio. When I look at your Page 8 of your financial supplement, you are adopting [105%] common ratio in '22 and IFRS 17. So there is a huge gap versus the 89% reported under IFRS 4. And when you take your reserve releases, it was a 6.5 percentage point last year. So I just wanted to understand why do you -- about it should grab you to change your best estimate last year in France. For example, and maybe linked to this, I know that you don't provide any guidance in terms of combined ratio going forward. But do you see any reason why combined ratio in French should be higher than the combined ratio in Europe?