Q3 2020 AXA SA Corporate Sales Call 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 : Yes, fantastic. I want to let you -- sorry, I thought the results are fantastic and well done for achieving that amazing solvency, 180%. On the regulatory, I must say I don't understand fully. For me, the toughest regulator in Europe, because they were so shocked by the previous financial crisis, is a Dutch. They're allowing dividends, they're allowing buybacks. So I don't understand this and anyone not commenting about dividends, and they must be speaking to the local regulator every day. So I just wondered can you give us a little bit of a feeling where the sensitivity lies. Is it just French specific? That's what it sounds like to me, in which case, it really is difficult for French insurers. I'm not sure the regulator understands that. But anyway, that's the main question. And then on the cash flow, you've given us a few indications on cash. So there's something left in Switzerland. I just wondered if that's the third of the original amount of EUR 700 million for next year. And would it mean if I add the numbers in terms of cash flow, we had EUR 4.9 billion, I think, at 6 months. If I add the EUR 1 billion we're talking about now, that means EUR 5.9 billion. And I just wondered if we could see a similar number for 2021. Or do you think that would be down? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 04, 2020 / 8:00AM, AXAF.PA - Q3 2020 AXA SA Corporate Sales Call And then the last question, and you alluded to it, is on the reinsurance recoveries. How confident are you or how big is it in your EUR 1.5 billion number, EUR 1.5 billion number with regards to reinsurance recoveries and other discussions around that?

Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Yes. Very fantastic. Really well done. I wish I had the -- your management's -- yes, it's really good.

Question: Pierre Chedeville - CIC Market Solutions (ESN), Research Division - Analyst : Two questions. First question regarding Asset Management business. I wanted to know regarding fees that you mentioned increasing by 3%. Is this increase only due to the increase in assets under management? Or if it is also due to a different mix in the products that you have under management, and notably, Real Assets where you are one of the first in Europe? And I also wanted to know regarding the net inflows. If you disclose part of ESG net inflows for this activity. My second question relates to your reporting. I was quite surprised to see that for this quarter, you didn't make any comment by countries, but by business line, Health & Protection, et cetera, Life, but not by France, Europe, Asia, et cetera. I wanted to know if it was due to the exceptional period that we are going through. Or if you prepare, once again, a change in your reporting and in your strategic view, which would not be anymore by country, but return, I would say, return to the future to the business lines?

Question: Pierre Chedeville - CIC Market Solutions (ESN), Research Division - Analyst : I don't say the contrary. I'm not saying it's not clear. I'm saying that it's a complete change from a previous strategic view from Thomas who wanted to talk about countries and not anymore about business lines. That's what I'm saying, but you can change in life. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 04, 2020 / 8:00AM, AXAF.PA - Q3 2020 AXA SA Corporate Sales Call

Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : I'm not going to congratulate you again because you really are doing a fantastic job. But I have 2 questions. One is, I'm sure you've done it, but when you're speaking with regulators, did you point out that Coface was allowed to do a buyback, and that's quite recent. I know this wasn't a big buyback, but still indicative that -- we were all hoping that it indicated that things were more relaxed? And then the second, this is a question I have from investors. Next year, so 2021, can we look forward to positive premium growth? I mean, clearly, Q3 growth has recovered in nonlife. So I think the figure is plus 2%. And with Health, we're plus 3%, Q3 on this year versus Q3 last year. But can you give a feel for how you would see this developing in 2021?