
Offered for the past 27 years, the Shareplan operation has been a core feature of AXA’s values,
enabling to engage AXA’s employees in the Group’s development and success by offering them an
opportunity to become shareholders under preferential conditions.
In 2019, over 26,000 employees from 40 countries, representing nearly 24% of the eligible
employees, subscribed to Shareplan for aggregate proceeds of approximately Euro 375 million.
These results highlight the level of support of Group employees to AXA’s corporate project and
strategy.
This year’s edition occurs while the world is going through an unprecedented sanitary crisis with
heavy economic and financial consequences. Thanks to your commitment and professionalism,
we were able to respond to our different stakeholders over these past months and we will take an
active part in building a better future.
In the first half of 2020, AXA demonstrated its resilience in the challenging context of the Covid-19
pandemic. Revenues were down 2%, to Euro 52 billion, reflecting strong growth in the first quarter
offset by lower business activity in the second quarter.
The Group’s underlying earnings were Euro 1.9 billion, down 48%, and were up 1% excluding
Covid-19 claims and the disposal of Equitable Holdings.
AXA’s Solvency II ratio was resilient at 180%, its debt gearing was reduced by 1.2 points to 27.6%,
and cash remittance amounted to Euro 4.9 billion, confirming the strength of the Group’s balance
sheet in volatile market conditions.
This pandemic has shown the critical role of insurance in protecting societies and supporting
economic recovery. This conviction is encapsulated in our new purpose ‘Acting for human
progress by protecting what matters’. As a global insurance leader and investor, the Group
continues to take ambitious measures to meet the major challenges of our time.
Despite the current context, we have decided to maintain the 2020 edition of Shareplan in eligible
countries, while exceptionally suspending the leverage formula. Indeed, in the context of the crisis
we are going through, the current financial market volatility does not allow the implementation of
the leverage offering. One single investment option will thus be proposed exceptionally this year:
the traditional plan, at a known subscription price.
In this brochure, you will find useful information to help you make an informed investment
decision. Your Human Resources correspondents are also available to answer any questions you
may have. Choosing to invest your savings in Shareplan is of course an individual decision and I
would encourage each of you to consider this carefully in line with your own personal objectives.
I would like to thank you once again for your commitment and contribution to AXA and the efforts
you have all made to support our clients over the last past months.
Thomas Buberl
AXA’s Chief Executive Officer