Overview AXA Spain_ EWC 1st july 2010_ V1 by xiuliliaofz

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									        AXA SPAIN
        General Overview



European Committee of AXA Group
              Lisbon, July 1, 2010
    Agenda


         Background of the Spanish market
         AXA´s position in the Spanish market
         AXA Spain: Integration AXA - Winterthur
         Our business and organization
         Our results in 2009
         AXA Spain: How has AXA Spain changed from
         2005 to 2009 ?




2   July 1, 2010         AXA Spain – General Overview
     A difficult economic context
        Growth rate of GDP Volume                                                                                                   IPC – (2000 - 2011)
     5
                                                                     4                                                                                                                            4,2           4,1
3,9             3,6                                       3,6                    3,6
                                                3,3                                                                                        4,0                                      3,7
                          2,7        3,1                            3,2      2,9                                                                                        3,2
    3,9                                                                                                                1,7                                                                2,7
               2,0                             2,5        2,0                                              1,0                                  2,7
                                1,4                                  3      2,8                                        1,5
                         1,3                                                                 0,9
                                                2,2 1,7                                                     0,9                                                                                                              1,6
            1,9                                                                                                        0,8                                        2,6
                                       0,8                                                    0,7
                      0,9                                                              0,6                                                                                                                                                1,4
                                                                                                                                                       2,0
                                                                                                                -0,4

                                                                                                   -3,6
        eu27:European Union                                                                                                                                                                                           -0,3
        ea16:Euro area
                                                                                             -4,1




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                                                                                                                                                                                                                                 2
    2000     2001        2002       2003       2004       2005       2006       2007       2008     2009        2010   2011
                                                                                   percentage change on previous year
                                                                                                                              Source: INE (2000-2009; Funcas (2010 -2011 – 4th Jun. ‘10)
                                                                                           Source: Eurostat (tsieb020)



        Unemployment Rate                                                                                                          Car registration
                                                                                                               *    *
                                                                                                            19,9 20,0             700
                                                                                                    18,9
                                                                                                                                  600
                                                                                                                                                                                                                    -29%
                                                                                           13,9                                   500
                                                                                                                                                                                                                                 483
                  11,3 11,0                                                                                                                                                                           380           +45%
        10,6 10,4           10,1
                                                                                                                                  400
                                                            8,6       8,2        8,6                                                                                                286
                                                                                                                                  300

                                                                                                                                  200
                                                                                                                                                              161
                                                                                                                                  100
                                                                                                                                           70
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                                                                                                                                                 Jan               Feb               Mar                  Apr               May
    0

            0

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                                                                                          * Funcas: Year Average
                                                                                                                                                                   2010              2009                 Average 08-03 Source: ANFAC
                                                           Source: INE (EPA actual); Funcas (Forecast:4th Jun.’10)



3          July 1, 2010                                                                       AXA Spain – General Overview
           Relevant developments and market trends

                                        Changes in channels/ distribution/market dynamics
                                         Increase in the presence of insurers in the media
                                         Bank assurance dynamics:
                                              Unclear view of profitability, liquidity and solvency position of most banks:
Macroeconomic evolution
                                              BoS wants mergers between Regional Savings banks before June 30,
                                                                                                                                Regulatory evolution
                                              2010. This threatens most bank assurance agreements with Regional
    Fall in GDP and consumption               Savings banks.
          Strong economic crisis in      Direct channels: strong slow down due to the negative performance of the motor
          2009. Perhaps, it will         market
          continue during 2010.          P&C: fall of the motor market and commercial lines and slow down of the rest of
          Negative effects in:           P&C business. High pressure on prices from concurrency.
                Employment               L&S:
                GDP                           Important fall of PPA’s and UL’s. Annuities have a very strong growth              Increase of VAT cost as of
                                              Highly competitive through short-term deposits                                     June 30, 2010.
                Company creation
                                         Pensions: rising opportunity depending on political will.                               Increased pressure on the
                Industrial activity                                                                                              government to deal with the
                Consumption                                                                                                      pension issue.
                                                     Main takeaways:
                Deficit                                  Economic and confidence crisis                                          Increased pressure on the
                Crumbling                                Impact of financial crisis on channels (banks & JV’s)                   government to revise Labour
                confidence.                              and demand (higher competition)                                         Market laws
          Spanish population is                          Capacity to adapt the insurance market to the                           Renewal of Motor liability
          aging fast                                     current needs of clients quality/price balance,                         official scale.
    Important issue of concern:                          innovation & relationship with clients                                  Solvency II     threat to small
    Productivity                                                                                                                 market players

                                      Market evolution
                                       03-09 CAGR: +4.8% in P&C
                                           P&C penetration is affected strongly by the economic crisis and the increase
                                          of competition. After the slowdown of the last years, the P&C market has
                                          dropped in 2009.
      Source: Internal analysis            Despite market competition and pressure in insurance prices in 2009, Pricing
                                          in Insurance is higher than general inflation due to the fall of the general index.
                                       03-09 CAGR: +8.0% in L&S
                                           Increasing penetration of L&S since 2007, due to the awareness of the need to
                                          save and the increase of the range of products with guaranteed profitability.
                                           Strong market fundamentals have provided strong profitability, despite
4      4    July 1, 2010                  attracting new entrants. – General Overview
                                                       AXA Spain
    Agenda


         Background of the Spanish market
         AXA´s position in the Spanish market
         AXA Spain: Integration AXA - Winterthur
         Our business and organization
         Our results in 2009
         AXA Spain: How has AXA Spain changed from
         2005 to 2009 ?




5   July 1, 2010         AXA Spain – General Overview
        Ranking
                                                                  Total Business
  2009 Q1 Ranking and market share                                                                                          Ranking and quota in Q1’10                                      AXA is maintaining its Global Rank
  Accumulated GWP                                                                                                                                 Accumulated Premiums                      and has improved between 2009
 2009 Q1 Market Share                                     Group             RNK                        RNK                 Group                   2010 Q1 Market Share                     and 2010 in L&S.
                                                                                                                                                                                            Market leaders Mapfre and
         13,8%                                       MAPFRE                   1                              1            MAPFRE                                      16,4%                 SegurCaixa have increased
                                                                                                                                                                                            significantly in L&S and the second
        9,9%                                         ZURICH                   2                              2 SEGURCAIXA                                          8,7%                     one has a significant increase due
                                                                                                                                                                                            to Health insurance business.
               8,0%                                  SEGURCAIXA               3                              3             ZURICH                                8,0%

                   5,5%                              GRUPO AXA                4                              4          GRUPO AXA                            5,8%
                                                                                                                                                                                      Stand out – worse performance:
                   5,5%                              ALLIANZ                  5                              5            ALLIANZ                          5,5%                           (constant perimeter)
                                                                                                                                                                                            Traditional player
                   5,2%                              GENERALI                 6                              6      SANTANDER                             4,8%
                                                                                                                                                                                      Stand out – outperformance:
                      4,9%                           SANTANDER                7                              7           GENERALI                        4,3%
                                                                                                                                                                                            Bancassurance and direct players.
                        4,4%                         CASER                    8                              8             CASER                        3,9%
                                                        GR.
                        3,9%                                                  9                              9          CATALANA                        3,6%
                                                     CATALANA
                        3,8%                         AVIVA                   10                             10              AVIVA                       3,4%
 Grupo AXA incluye DS, ACS, AXA Art, IPA
                                                           P&C                                                                                                                  L&S
  2009 Q1                                                                                            2010 Q1                    2009 Q1                                                                                      2010 Q1
2010 Q1 Market Share           Group                 RNK          RNK       Group             2010 Q1 Market Share            2009 Q1 Market Share       Group            RNK         RNK        Group         2010 Q1 Market Share
  16 , 6 %                     M A PF R E            1            1            M A PF R E                    16 , 2 %          15,3 %                 Z U R IC H          1             1        M A PF R E                     16 , 6 %
      8 ,4 %                   AX A                  2            2                  AXA                    8 ,1%           11,6 %                    SEG U R C A I X A   2             2 SEG U R C A I X A                           12 , 3 %
       7,4 %                   A LLI A N Z           3            3            A LLIA N Z                   7, 7%            10 ,4 %                  M A PF R E          3             3          ZU R IC H                       11, 6 %
         5,6 %                 GEN ER A LI           4            4      SEG U R C A I X A            5, 8 %                 10 ,1%                   SA N T A N D ER     4             4    SA N T A N D ER                    10 ,1%
          5, 3 %               C A T A LA N A        5            5          G EN ER A LI             5, 1%                     8 ,2 %                A V IV A            5             5           A V IV A                 7, 4 %
          5, 2 %               ZU R IC H             6            6             ZU R IC H            5, 1%                           5, 9 %           A EG ON             6             6          A EG ON           4 ,4 %
          4 ,9 %               SEG U R C A I X A     7            7         C A T A LA N A           4 , 7%                            5, 1%          C A SER             7             7          C A SER           4 ,3 %

             3 ,8 %            C A SER               8            8     M .M A D R I LEÑ A          3 ,8 %                             4 ,7%          GEN ER A LI         8             8      I B ER C A JA        3 , 5%
             3 ,6 %            M . M A D R I LEÑ A                                C A SER           3 ,6 %                             3 ,9 %         IB ER C A JA                                   BBV A          3 ,4 %
                                                     9            9                                                                                                       9             9
               3 ,0 %          SA N I T A S          10           10           SA N I T A S        3 , 1%                                3 ,0 %       BBV A               10           10       G EN ER A LI        3 ,3 %
                                                                                                                                          2 ,2 %      AX A                13           11             AXA           3 , 1%

  6          July 1, 2010                                                           AXA Spain – General Overview
    Agenda


         Background of the Spanish market
         AXA´s position in the Spanish market
         AXA Spain: Integration AXA- Winterthur
         Our business and organisation
         Our results in 2009
         AXA Spain: How has AXA Spain changed from
         2005 to 2009 ?




7   July 1, 2010         AXA Spain – General Overview
    History

    1.       AXA Spain is the result of a long career in mergers and acquisitions creating what is now

             the second largest      P&C player in our market, and the fourth largest insurance
             group in Spain. More than 3.3 million clients and a premium volume in 2009 exceeding
             3,200 million euros illustrate our activity.


    2.       With the acquisition of Winterthur in January 2007, the company has carried out the
             largest ever known corporate merger in the Spanish insurance sector.


    3.       The company is present in key market segments with a very important role in the Auto,
             Home and Health sectors. In the Life business, we are the only company with a variable
             annuities Pension Offer.




8   July 1, 2010                       AXA Spain – General Overview
What were the implications of the merger in Spain?


 The largest ever M&A in the Spanish
 insurance sector
 We became the #2 player in the Spanish market
       Market referent (behind local player)
       Ability to set or reinforce new trends
       Responsibility of being a market leader

 Today, we have a sense of pride and
 achievement
       Speed in concluding the integration
       Reached key milestones to fulfill our plans
       Demonstration of our Commitment


                                                     Valencia, 1st AXA Winterthur Sales Convention
                                                                                   12 January 2007
Today we are a single, unified, stronger company
compared to the sum of the two that started the journey


  The market perceives us              Single brand                  – 01.01.2007
                                       Single offer                  – Q1 2007
  as a single entity
                                       Single claims management      – Q3 2008


                                       Employees: Single team        – Q2 2007
  All stakeholders see us              Distributors: Single networks – Q2 2007
  as a single organization             Clients: AXA Brand            – 01.01.2008
                                       Providers: Single insurance
                                       procurement networks          – Q3 2007




          There are no winners nor losers
          We have retained the best of each former company.
              Today, we are stronger and better prepared
                      to face future challenges.
 An overview of the integration

Fast execution: towards a single operation and a shared culture…
2006                        2007                                                    2008                                        2009
          “Setting the vision through a common language”               “Implementing a single organization”            “Operational deployment”




                                                                                                                          Migration from
                                                              Single                                                      ex-WIN HOST
         Joint                                                                  AXA Spain           New
                                                             BRAND                                                         to AXA HOST
         BRAND                                                                 CORPORATE         SIGNATURE     Life                                    Health
                                                                                                                       Motor
                                                                                MEETING
                                                                                                      Single    Transport                  Liability
                                                                                                   TELEPHONE
         Single               Single                                                 Single         PLATFORM
         SALES            DISTRIBUTION                                            ACCOUNTING
       CONVENTION          NETWORKS
                                                                                                                                            New
            Single                                                                      Single                                         “RPS Workshop”
            TEAM                                                                  UNDERWRITING TOOLS
                              Single            LEGAL
                          DISTRIBUTION         MERGER
                             TOOLS           P&C companies                   New
                                                                         HQ (Manoteras)                                                     Closure
        Trade Union                                                                    New                                                 Accounting
         MERGER                                                                     COLLECTIVE                                             SYSTEMS
                          Singe MIS Tool
        PROTOCOL                                                      Single        AGREEMENT
                             “VISION
                                             Single              WEB DISTRIBUTOR
                              UNICA”
                                           PROVIDER
                                           NETWORK        New                       Single     Single                              Run-off
           Single
           OFFER              Single                    WEB PAGE                   VISION IN  CLAIMS                           exWin CLAIMS               Closure
                            LANGUAGE                                     Single   PLATFORMS MANAGEMENT                         on exWin HOST           ex-WIN HOST
                                                                        CLIENT
                                                                         WEB

                                                  CHANGE MANAGEMENT
                                Key principles: speed, transparency and pragmatism
    How did the integration impact our people?

People-related                Key drivers:
milestones                                                                         Results:
        Launched
                                    Communication,
 2006



        UNCERTAINTY                                                                ●     “Social peace” with trade unions
        MANAGEMENT
        PROTOCOL                    communication,                                 ●     Cultural transformation of the organization
                                    communication
        MERGER
                                                                                   ●     Accelerated change: a new company
        PROTOCOL                    Fluent TU relationship                         ●     Teams able to work remotely and from
        AXAWinterTOUR
                                    Transparency & proximity                             different locations
 2007




        SingleTEAM
        AXAgora, e-learning         Equality &                                     ●     Sense of pride & belonging
        Single
                                    Consistent criteria                            ●     Commitment
        “AXA on the move”
        program
                                    Professionalism
        Single
        INTRANET
                                    Change and
                                    Uncertainty management
 2008




        New
        COLLECTIVE
        AGREEMENT                Rising engagement:                                    Shareplan subscription:
                                                                                       (% workforce)
                                 (%, Employee Engagement, Employee Scope)    81
                                                                                                 81
                                                                                                                   72          69
                                                              77
                                              75
                                                                                           39
        Full Roll out                                                                                       30          25
        PEOPLE IN
 2009




        (objectives
        for 97%
        of employees)
                                              2007           2008           2009
                                                                                                2007             2008        2009
                              Participation   84%            87%            94%                  AXA Group Average      AXA Spain
Agenda


 Background of the Spanish market
 AXA´s position in the Spanish market
 AXA Spain: Integration AXA - Winterthur
 Our business and organization
 Our results in 2009
 AXA Spain: How has AXA Spain changed from
 2005 to 2009 ?
     Our Business Model
     Supported by:
           Distribution    •    Strengthened multichannel approach. Our real competitive
                                advantage
              strategy     •    Preserved profitable broker business
                           •    Most professional exclusive network in the market


            Marketing       •    Renewed, central role of marketing
                            •    Strategy of Proof at the heart of our activity

                           •    Central HQs
           Operational     •    Customer service centers in platforms
             model         •    Commercial branches across the country
                           •    Field head offices for commercial proximity

            Quality of     •     Differentiation through QoS: our commitments
             service       •     CFB’s aligned with our attitudes and values

                and coherent with our strategic goals:
                                      •   Sustainable profitability
                                      •   Sales Force Effectiveness project
                                      •   Operational Model Evolution    Multi Access
                                      •   Mass Affluent segment development
14    July 1, 2010                AXA Spain – General Overview
     An operational model adapted to our
     organization and coherent with our strategy
      Greater proximity                                                 and centralized support….
                                                                        Consistent
                                                                          strong               Marketing strat
                                            tr e                        customer                ‘Web Cliente’
                                         Cen                            approach
               Headquarters       i ce
                                rv
                              Se
                                                                                                 Actuarial, Provider Networks,
                                                                         Process
                                                                                                        Claims platform

                                                                         Support                  Finance, HR, Legal, IT,….
                                                                        functions

                                                   Field Head          key business
                                                     Offices                and
                              Commercial                                 segments
                                                                                                   SME, Pensions, Health…
                               branches
                                                                        through BU


                         Central HQ’s                           Support functions. Optimized structure

                                                                Focused on Post-sale management
                         Customer Service Centers                    Customer service centers in platforms
                                                                      Mass process: Centralized management and industrialization
                                                                      Administrative processes automated



                         Field Head Offices                     AXA´s representation in their territories
                                                                      Objective: commercial        proximity

                         Commercial Branches                    For sales support to distributors only
                         across the country                           Specialized by channel where the size allows it


Low-value-added tasks increasingly automated via web tools and delegated to distributors
15   July 1, 2010                          AXA Spain – General Overview
     A multichannel distribution strategy:
     a competitive advantage
       ….through a specific value proposition for each different channel
                    oriented to commercial effectiveness
     Premium 2009 by channel (w/o Direct Seguros)
      (m €; % total)
 Non propietary network                                           AXA Asesores 2,1%                Propietary network
 1.438 m (46%)                                                     Financial Advisors                 1.675 m (54%)
                               Banks & Large Distributors
                                                                                  1.0%
                               5.5%
                                                             68
                                                       170
                                                                  30

                    Small Brokers
                    32.1%                998                                             Agents
                                                                                1.372
                                                                                         44.0%



                                                 270
                                                            205
                        Large Brokers
                        8,7%
                                                                                                  Direct Seguros
                                                                       Others   6.6%                  211 m

16   July 1, 2010                       AXA Spain – General Overview
     AXA’s representation in the territories:
     based on commercial proximity
                                                                                              Agent Offices
            @                                                                                 Broker Offices
                        @                                                                     Mixed Offices
                                @                          @                              @
                                                                                              Technology Offices
                        @

                                    @
                        @
                                                      @
                                        @
                                        @
                                @              @
                    @                   @


                                                                     @
                                                 @


                            @           @
                @


                                @
                                                                                     @

                                                           Territorial organization essentially commercial and close

                                                           Specialized commercial offices across the field.

                                                           1,000 exclusives offices and more than 12,000 sales points.
17   July 1, 2010                           AXA Spain – General Overview
Our people : Staff Evolution

           Staff Evolution:
                                                  HQ    Field   Platf.

               4.095        3.871         3.707
              1 485                                    3.330      3.312
                            1 710                                               Evolution impacted by:
                                          1 821
                                                       1 576       1 567
              1 422                                                             • integration process
                            1 192         1 063                                 •AXA Way transfer to
                                                       1 044       1 034
                                                                                MedLA Region
              1 188          969           823          710         711         • new perimeter (excludes
                                                                                DS) 210 employees
               2006         2007          2008         2009       2010
                                                                 (May, 31th)
                                                                (May 31st)




      (*) Dic 2009 & May 2010 don’t include DS




18   July 1, 2010                                AXA Spain – General Overview
     Focus on client …
       redefining our portfolio of products …




                    AXA Compromises



                                      “Vida Plena”
                                 Life Risk Insurance,             Privilege Pensions
                                 with the obligatory
                                                               Life Insurance “PPA”, with the
                                 guarantees of Death
                                                               structure of “variable annuities”
                                 and Incapacity with
                                                               which allows for the combination of
                                 options of extra
                                                               the fiscal advantages of the PPAs
                                 guarantees of
                                                               with the guarantee of the
                                 Accidental Death and
                                                               investment decisions of our clients
                                 Incapacity.
                                                               offered by the Variable Annuities.

19   July 1, 2010               AXA Spain – General Overview
… standing close
       when they need us ...




      Hurricane “Klaus”                                   Hail in Álava                    Bankruptcy of Lehman
                                                                                                 Brothers
Deployment of a special device providing            Deployment of a special device         AXA assumes the impact of
24 hours telephone service:                         attending to customers whose           Lehman Brothers’ bankruptcy on the
• 53,426 calls in less than 5 days                  vehicles were affected by the hail     saving products of their customers
• 21,000 claims opened in less than 72 hours        storm:                                 through the exchange of shares
• 12,000 claims paid in less than 20 days           Mobile appraisal and repair center;
• 30, 000 text messages sent to customers to        increasing the number of repair
inform them about their claim                       centers; free taxi service; 24 hours
                                                    telephone service

Proactive and positive reaction

20   July 1, 2010                              AXA Spain – General Overview
     … and making things easier …



                                                              Claims on Client   Web




                                  Web: e-commerce
      Within our Multi-Access project we launched the e-
      commerce pilot for clients in our agents’ network. We
      opened the possibility to buy products online through
      the Client Web: health insurance, health insurance
      ticket and hunting products.




21   July 1, 2010                         AXA Spain – General Overview
AXA Spain as part of the Mediterranean
and Latin America Region
                                                                       Property & Casualty: € 6.721m (51%)

Total 2009 gross revenues : €13.204 m                                                       3% 2%   2%
                                                                                       5%
                                                                                                                Spain
                                                                                  5%
                                                                                                                AXA Italy
                                                                                                          38%   Mexico
                                                                            8%
                                                                                                                Turkey
                     2% 2% 2%
                5%              15%                                                                             Portugal

           5%                                   AXA Italy                                                       Gulf Region
                                                AXA MPS                                                         Morocco
                                                Spain                        17%                                AXA MPS
     11%
                                                Mexico                                                          Greece

                                                Turkey                                              20%
                                                Portugal              Life and Savings: €6.483m (49%)
                                      33%       Gulf Region                                       1% 1%
                                                                                            4% 2%
                                                Morocco                                4%
           25%                                  Greece                                                           AXA MPS
                                                                                 9%
                                                                                                                 Spain
                                                                                                                 AXA Italy
                                                                                                                 Mexico
                                                                           12%                                   Portugal
                                                                                                                 Greece
           (*) Full regional scope                                                                               Turkey
                                                                                                          67%
                                                                                                                 Morocco

22   July 1, 2010                           AXA Spain – General Overview
     Agenda


          Background of the Spanish market
          AXA´s position in the Spanish market
          AXA Spain: Integration AXA - Winterthur
          Our business and organisation
          Our results in 2009
          AXA Spain: How has AXA Spain changed from
          2005 to 2009 ?




23   July 1, 2010        AXA Spain – General Overview
  Net Result of AXA Spain in 2008-2009


Thousands of Euro
                                      Local GAAP                            IFRS Adjustments                          IFRS Gaap
                        Dec. 2008       Dec. 2009     Var. 09/08   Dec. 2008    Dec. 2009  Var. 09/08   Dec. 2008      Dec. 2009     Var. 09/08

AXA SEGUROS                 169.741        158.076         -6,9%      -65.572       -8.675     -86,8%      104.169        149.401         43,4%

AXA SALUD                     1.421          1.458          2,6%         .715       -2.063    -388,4%         2.137         -.604       -128,3%

HILO DIRECT                  17.673          4.708        -73,4%       -1.624       -6.195     281,5%       16.049         -1.487       -109,3%

AXA VIDA                      4.480          4.228         -5,6%        6.702      19.999      198,4%       11.182         24.228        116,7%

AXA AURORA VIDA             -28.851          2.696       -109,3%       20.188       1.857      -90,8%        -8.663         4.554       -152,6%

AXA PENSIONES                 3.781           .853        -77,4%         -.17        -.919    5336,0%         3.764           -.66      -101,7%

AXA LIFE                     -2.689         -2.249        -16,4%        -.975        -.780     -19,9%        -3.664        -3.029        -17,3%


       All entities         165.557        169.771          2,5%      -40.582       3.225     -107,9%      124.974        172.996         38,4%




  24     July 1, 2010                                AXA Spain – General Overview
     AXA Spain: Total premium income
                                                                      (*) Direct Seguros not included




     €m                                                    912
                                  800
                860    -7,0%                   +14,1%             -18,2%     747




                                 2.478                    2.512
               2.326                                                        2.347
                       +6,5%                    +1,3%             -6,6%




             2006               2007                     2008              2009


                               Total P&C        Total L&S
25   July 1, 2010               AXA Spain – General Overview
     AXA Spain: Combined Ratio
                      94,7%                                           95,3%
                                                   90,3%                      (*) Direct Seguros
                                                                              not included


                22,96%                                               25,1%
                                              23,8%




                71,75%                                               70,2%
                                              66,5%




               2007                         2008                   2009


                              Loss Ratio      Expense Ratio
26   July 1, 2010                   AXA Spain – General Overview
Our clients’ evolution
                                                                                    Policies and turnover                       (DS not included)
      Clients (000’s) (DS not included)
                                                                                   Policies                                                            GWP
 Total number of clients                                                           000’s                                                                €m
                                                                                   7.000                               3.377                              3.500
                               +42                                                            3.245     3.268
              +145
                                             -132
       3 371          3 512          3 554                  -74
                                      368           3 422         3 347                                                            3.060       3.044
                       372                          348
        364                                                       336
                                                                                   6.000                                                                  3.000




       3.007          3.140          3.186          3.074         3.010                       5.572     5.911          6.076       5.935      5.882
                                                                                   5.000                                                                  2.500
                                                                                              2006       2007          2008        2009     2010 (m ay)


                                                                                   ** 2010 GWP           12 months estimated

       2006           2007           2008       2009              2010               Rising Customer satisfaction
                                                            (May, 31th)                (%, Satisfaction, Customer Scope)

          # Corporate clients                                                  (Ex-AXA + DS selling)   (Ex-AXA + DS)           (AXA + DS)        AXA (w/o DS)
                                                      Net
          # Retail clients                                                                                                                     79,1       78,3
                                                      inflow                                                                         77,8
                                                                                                       76,3     76
                                                                                            74,5                           74,2
     Cross selling evolution
     ( # policies/ retail client)                                                 71,4

                       1.49           1.51          1.53           1.53            H1        H2        H1       H2            H1      H2        H1         H2
                                                                                    2006                2007                   2008                2009
                     2007             2008          2009     May 2010

27     July 1, 2010                                         AXA Spain – General Overview
     Agenda


          Background of the Spanish market
          AXA´s position in the Spanish market
          AXA Spain: Integration AXA - Winterthur
          Our business and organisation
          Our results in 2009
          AXA Spain: How has AXA Spain changed from
          2005 to 2009 ?




28   July 1, 2010         AXA Spain – General Overview
How has AXA Spain changed from 2005 to 2009?

     From …
            OUR DISTRIBUTORS DECEMBER 2005

                            Proprietary                           Non Proprietary
            Agents                            1.598      Small brokers           1.572
            Advisors + CF                      606       International brokers     36
            Blue Points                        722       Banks & Cajas             55
            Agents in training                 275       Affinities                10
            TOTAL                            3.201       TOTAL                     1.673


     TO
            OUR DISTRIBUTORS DECEMBER 2009

                           Proprietary                           Non Proprietary
            Agents                         3.085      Small brokers                3.601
            Advisors + CF                   458       International brokers         48
            Blue Points                    1.413      Banks & Cajas                 125
            Agents in training              461       Affinities                    11
            TOTAL                          5.417      TOTAL                        3.785


29   July 1, 2010                    AXA Spain – General Overview
How has AXA Spain changed from 2005 to 2009?

     From …
       OUR CUSTOMERS DECEMBER 2005 ( In 000,s)

                                                                          Net client
                               Clients           Policies    Pol/Client
                                                                           inflow
       Retail                   1.714             2.475         1,44         -0,9
       Corporate                 194               603           3,1        11,2
       TOTAL AXA                1.908             3.078         1,61        10,3
       Direct Seguros            366               410          1,12        24,4
       TOTAL AXA+DS             2.274             3.488         1,53        34,7


     TO
      OUR CUSTOMERS DECEMBER 2009 (In 000,s)

                                                                          Net client
                                Clients          Policies   Pol/Client
                                                                           inflow
      Retail                     3.074             4.687      1,53          -112
      Corporate                   348              1.248      3,59           -20
      TOTAL AXA                  3.422             5.935      1,73          -132
      Direct Seguros              481               556       1,15           13
      TOTAL AXA + DS             3.903             6.491      1,66          -120

30   July 1, 2010            AXA Spain – General Overview
How has AXA Spain changed from 2005 to 2009?

     From …
                    OUR ACTIVITY DECEMBER 2005


                                                            Inbound calls
                    Claims & Customer services                 3.200
                    Client relationships DS                    1.113
                    TOTAL                                      4.313

     TO
                    OUR ACTIVITY DECEMBER 2009


                                                            Inbound calls
                    Claims & Customer sevices                    7.556
                    Client relationships DS                      1.656
                    TOTAL                                        9.212


31   July 1, 2010            AXA Spain – General Overview
How has AXA Spain changed from 2005 to 2009?

     From …
                    OUR PEOPLE DECEMBER 2005


                                                            People
                    Head Office                               639
                    Field                                     811
                    Platforms                                 767
                    DS                                        176
                    TOTAL                                    2.393

     TO
                     OUR PEOPLE DECEMBER 2009


                                                             People
                     Head Office                                  710
                     Field                                       1.044
                     Platforms                                   1.576
                     DS                                           210
                     TOTAL                                       3.540



32   July 1, 2010                 AXA Spain – General Overview
             Questions?

             Comments?


33   July 1, 2010   AXA Spain – General Overview

								
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