CORPORATE

RESPONSIBILITY
Using our expertise
to build a stronger
and safer society
 OUR CORPORATE
RESPONSIBILITY
FACTS AT-A-GLANCE
AXA — CORPORATE RESPONSIBILITY
AXA — CORPORATE RESPONSIBILITY

CR is strategic

SRI RATINGS*

SRI AGENCY SRI RATING

RobecoSAM 78/100, included in Dow Jones Sustainability Indices

Vigeo  Included in Europe 120 and France 20 indices

Sustainalytics 81/100

EIRIS 3.7/5, included in FTSE4GOOD

Climate Performance score 94/100, included in CPLI

Carbon Disclosure Project
index with the highest score in the insurance industry

AXA EMBEDS CR INTO AXA LEVERAGES ITS RISK EXPERTISE

GROUP STRATEGY TO HELP SOCIETY

— Advanced CR governance, with — A XA Research Fund: Improving

regular reviews at Board level scientific knowledge to better
understand environmental and socio-
— Multi-domain CR performance
economic risks, as well as those
KPI integrated into senior
linked to increased longevity
management objectives
— Global partnership with the
— Integration into bottom-up nonprofit CARE: Using risk research
strategic planning process and education to help vulnerable
— Ongoing integration of ESG populations better face risks related
into risk management, to climate change, illnesses and
underwriting guidelines, food safety
product approval processes — Global partnership with Junior
Achievement: Through financial
— Comprehensive Responsible
risk education program “Insure
Investment strategy
Your Success” launched in 2012,
— Member of the UN Principles for teaching more than 2,000 students
Sustainable Insurance and the UN in five countries and involving more
Principles for Responsible Investment than 70 teachers and 90 AXA Hearts
In Action volunteers
— Impact Hub Fellowship for Longer
Lives: In partnership with Swiss Re
Foundation, providing entrepreneurs
with seed funding, skills development
and other support to innovate
*All data in this document as of October 2013. solutions to longevity and aging
See axa.com for updates.
OUR CORPORATE RESPONSIBILITY > FACTS AT-A-GLANCE

CR is material to AXA

CORPORATE RESPONSIBILITY IS A KEY DRIVER OF:

GROWTH NEW BUSINESS MILLION

NEW BUSINESS FROM
GREEN PRODUCTS BY 2015

EFFICIENCY AND
PROFITABILITY MILLION
PRODUCTIVITY SAVINGS IF WE ACHIEVE OUR
ENERGY, PAPER AND WATER
REDUCTION TARGETS

ANTICIPATION
RISK
OF EMERGING REPUTATION RISKS
MANAGEMENT
RISKS IDENTIFIED IN THE MEDIA
AS CR RELATED TOPICS

BRAND IMAGE
REPUTATION AND
POSITIONING
> FACEBOOK LIKES
AXA’S “PEOPLE PROTECTORS”
FACEBOOK PAGE

HUMAN CAPITAL RECRUITMENT AND POINTS

DEVELOPMENT DEVELOPMENT HIGHER OVERALL
ENGAGEMENT SCORE FOR
AXA HEARTS IN ACTION
VOLUNTEERS ON 2012
EMPLOYEE SCOPE SURVEY
AXA — CORPORATE RESPONSIBILITY

UNDERLYING EARNINGS

Property & Casualty

and International
42% Insurance
Protection & Health
32%
Savings & Asset
26% Management

INSURANCE UNDERLYING EARNINGS

34% Northern, Central 8% Japan

and Eastern Europe 8% Asia (excl. Japan)
26% France 3% United Kingdom
11% United States and Ireland
9% Mediterranean & 1% Direct
Latin America region

KEY FIGURES 2012

BILLION EMPLOYEES BILLION

REVENUES ASSETS UNDER
MANAGEMENT

MILLION BILLION COUNTRIES

CUSTOMERS SHAREHOLDERS’
EQUITY
Printed using Waterless Offset on paper from sustainably managed forests and
vegetable oil based inks by Seacourt. Seacourt is a company powered by 100%
renewable energy, and is carbon neutral and certified to ISO14001 and EMAS.

Head of Publication: Communication and Corporate Responsibility Department

Photo credits: Benoit Paillé, Patrick Messina, Patrice Normand, Franck Dunouau,
Lander/Imageo/AXA, Manuel Meszarovitz, Photononstop
Design and production: Futerra
 FELIX,
AXA INVESTMENT
MANAGERS
— 02 —
 OUR CORPORATE
RESPONSIBILITY
LIES IN PROTECTING
PEOPLE OVER
THE LONG TERM

04 C orporate responsibility:
Why it matters to us
05 Key megatrend risks
08 Interview with Henri de Castries,
Chairman and Chief Executive Officer

— 03 —
 AXA — CORPORATE RESPONSIBILITY

Corporate responsibility
Why it matters to us

> Insurance is a people business. Corporate responsibility (CR) is about doing

good business, and we see it as a key driver
The relationships we develop as risk managers of business value. CR contributes to AXA’s
are central to a business operating based on the growth by facilitating access to new markets,
trust of our stakeholders. expanding the reach of existing offers, and
influencing the way we innovate. Responsibility
AXA is a company that touches the lives of over is also an important part of our profitability and
100 million customers globally and whose positioning, justifying a market premium and
business is to protect people over the long term. securing our status as an employer of choice.
This means we have a responsibility to leverage
our skills, resources, and risk expertise to build a As new risks emerge in an increasingly
stronger and safer society. Our influence extends uncertain world, the economic and social needs
from our culture, to the products and services addressed by our business are changing. In both
we offer, through to the way we support our developed and emerging markets, the impacts of
communities and care for the environment. megatrends, from aging and longevity to climate
change, have become more difficult to navigate.

Corporate responsibility ensures we can move

forward with confidence in this changing world,
thinking long term to meet the needs of all of
our stakeholders. With this enduring purpose
we strive to uphold our commitment to create a
safer, better prepared world.

— 04 —
 WHY IS CR IMPORTANT? > KEY MEGATREND RISKS

Key megatrend risks

> ENVIRONMENTAL RISKS LIFE RISKS

Climate change, weather hazards, volcanic and Aging and long term care risks: trends in individual
seismic risks, biodiversity risks. Socioeconomic longevity, age-related diseases, population
consequences of environmental hazards. demographics. Biomedical risks: infectious diseases
and pandemics, exposure to new technologies.
Overview Addictions and risky behaviors: psychological,
Climate change increases the frequency and biological and medical perspectives.
intensity of extreme weather events. Combined
with escalating population density and scarce Overview
resources, the force of these trends will challenge Demographic changes are rapidly reshaping
the resilience of our societies and economies. societies and economies around the world.
People in developed countries are living longer
Relevance to AXA lives than ever before, and soon developing
These risks will have a significant impact on the countries will also face the challenge of caring
insurance business over the coming decades. for aging populations, as well as concerns arising
AXA can provide solutions by funding and from health, vitality and new forms of social
promoting climate risk research and education, inequality. Breakthroughs in medical technology
from the prediction of climate change impacts and access to data will transform our ability to
to the modelling of socioeconomic resilience. By treat health and well-being on a personal level.
sharing our data and the models and tools we use
to analyze it, we can equip others to understand Relevance to AXA
and act on climate risks as they emerge. Most Because the life insurance business is driven by
importantly, we can leverage our knowledge of demographics, life risks are critical for AXA. As
climate risks to catalyze progress: by changing life expectancy continues to rise, our individual
behavior through our products and services, customers will need more support in their
enabling investment in clean technologies, and retirement planning. We will be expected to offer
promoting collective action. long term care and health solutions people can trust
and afford across life stages, as well as improve risk
education and research.

— 05 —
 AXA — CORPORATE RESPONSIBILITY

SOCIOECONOMIC RISKS Relevance to AXA

Geopolitical risks: access to natural resources, From the challenge of cybersecurity to
international and civil conflicts, political upheavals, navigating volatile financial markets,
international security. Macroeconomic and financial socioeconomic risks will impact AXA and our
systemic risks: uncertainties in relationships between clients. Rapid technological change is already
economic aggregates (national income, government transforming both how we operate, and how we
expenditures, aggregate demand). Individual and interact with our clients. As businesses strive
collective behaviors towards uncertainties. Large to minimize disruption across supply chains,
corporate risks: internal corporate governance risks, our corporate clients will require guidance
supply chain disruption, security, threats and on how to manage uncertainty. Customers
challenges inherent to the corporate environment. with rising incomes in developing countries
will demand access to insurance products. In
Overview a challenging macroeconomic environment,
Socioeconomic risks are becoming more global, AXA’s responsibility will be to provide
more interdependent and more systemic. transparent and clear products and services,
Changing patterns of economic growth are and to help customers become more resilient
replacing the traditional dominance of advanced to socioeconomic risks.
countries while globalization is increasing
the complexity of supply chains. Intensifying
geopolitical risks and the rise of emerging
markets are resulting in a world that is more
difficult to understand and manage. In addition,
because it is increasingly possible to track and
analyze the location, health, social or economic
habits of entire populations, societies are facing
rising data privacy issues.

ABOUT THIS RISK MAP

This unique cartography of risk research maps
out the landscape of major risks currently
being tackled by scientists. It is based on
a search for the word “risk” in the largest
database of scientific publications, conducted
by the Institute for Complex Systems on
behalf of the AXA Research Fund.

— 06 —
WHY IS CR IMPORTANT? > KEY MEGATREND RISKS

— 07 —
 AXA — CORPORATE RESPONSIBILITY

HENRI DE CASTRIES,
CHAIRMAN AND
CHIEF EXECUTIVE OFFICER

“We are a company

whose business
is to protect
people over
the long term.”
— 08 —
 WHY IS CR IMPORTANT? > INTERVIEW WITH HENRI DE CASTRIES

> WHY IS CORPORATE RESPONSIBILITY AT HOW HAS AXA’S APPROACH TO CORPORATE

AXA IMPORTANT FOR YOU? RESPONSIBILITY EVOLVED?
As an insurer, AXA has always had a “noble Corporate responsibility initiatives have existed
purpose”: our business is to protect people over at AXA since the Group was formed more than 25
the long term. This means we have a responsibility years ago. Over the past decade in particular we
to build a stronger and safer society, in addition to have made great progress in bringing structure
protecting our customers. We believe the best way and clarity to our approach, first by creating a
to do this is to use the unique skills and resources dedicated Corporate Responsibility Department
of the Group to help people better understand and and second by defining a Group-wide strategy in
prevent risks. This is why for example we have 2009. In the process, we have focused on truly
created the AXA Research Fund, a major scientific embedding corporate responsibility in the way we
research initiative endowed with €100 million at do business. Each of our entities is now accountable
its inception in 2007 and a renewed contribution for a robust and measurable CR approach integrated
of €100 million through 2018. into local strategic plans. This means we are able to
We also have a goal to link 50% of local monitor progress being made across the Group on a
community-related donations across the Group number of core issues, whilst allowing flexibility in
to risk research and education by 2015. This responding to local priorities.
approach is a significant driver of pride and
engagement for our employees, as evidenced WHAT ROLE DO YOU SEE CORPORATE
in our internal surveys. It also enhances our RESPONSIBILITY PLAYING IN AXA’S CULTURE?
credibility to act in the public interest and gives I believe corporate responsibility is vitally
all of our stakeholders more confidence in our important to the future of the Group. I am thinking
commitment to responsibility. in particular of our shift towards a culture of trust
and achievement, where corporate responsibility
“As an insurer, AXA has already played a central role in challenging
managerial habits. To progress further it is clear
has always had a we must all achieve shared understanding of what
ethical and responsible behavior means at AXA.
noble purpose that What’s more, we must prove our commitment
by systematically rewarding responsible
extends beyond our behavior. This is equally important as a source of

financial interests.” engagement for our employees, and as a way of

attracting prospective employees who truly share
our values and commitments.

HOW DO YOU SEE CORPORATE

RESPONSIBILITY SHAPING THE GROUP’S
FUTURE IN THE LONGER TERM?
Because we act as risk managers, corporate
responsibility provides the Group with a way of
understanding and responding to a changing
world. Our knowledge of societal megatrends and
risks in our economy, society and environment
allows us to strengthen our own business model
and better protect people.

— 09 —
 LIZA,
AXA GROUP
— 10 —
 OUR CORPORATE
RESPONSIBILITY
IS A WAY OF WORKING
NOT SIMPLY A
PROGRAMME

12 Interview with Alice Steenland,

Vice President, Group Corporate Responsibility
14 CR strategy planning process
15 CR governance
16 Stakeholder engagement

— 11 —
 AXA — CORPORATE RESPONSIBILITY

ALICE STEENL AND,

VICE PRESIDENT GROUP
CORPORATE RESPONSIBILITY

“We have made a

significant effort to
integrate corporate
responsibility into
the business.”
— 12 —
 HOW DO WE MANAGE CR? > INTERVIEW WITH ALICE STEENLAND

> HOW WOULD YOU SUMMARIZE AXA’S This decision has since proved a game-changer
CORPORATE RESPONSIBILITY JOURNEY? for corporate responsibility at AXA. It catalyzed the
Over the past few years, we have made a significant creation of a common system for measuring CR
effort to integrate corporate responsibility into performance, equipping every entity with a single
the business. This means our approach has been KPI to express its performance across a range of
progressing from a broad commitment into a issues, and report on this performance annually to
focused set of strategic priorities, where relevant key stakeholders (see the following page for more
corporate responsibility issues are increasingly on the CR strategy planning process).
embedded in the way we work. Critical to this
journey has been the formalisation of Group- ENGAGING EMPLOYEES WAS ANOTHER OF
THE THREE PRIORITIES IDENTIFIED EARLY
wide structures, processes and commitments that
ON. HOW IMPORTANT HAS IT BEEN IN THE
define and guide our CR approach.
JOURNEY SO FAR?
Very important! It is our way of helping employees
AT WHAT STAGE DID THE GROUP BEGIN TO
understand and get involved in corporate
IDENTIFY CORPORATE RESPONSIBILITY
responsibility. We ran an online forum for
AS A NEW PRIORITY?
employees in January 2010, allowing employees to
In 2008, the Group Strategic Planning Department submit ideas for relevant actions their local entity
conducted a competitor review that revealed that could take. This provided a source of additional
while great work was being done by various AXA support for our network of Chief Corporate
entities, CR was an area requiring a more focused Responsibility Officers (CCROs) as they developed
and coordinated approach at Group level. As a their local action plans. Our analysis of the forum
result, CR was chosen as a topic for a conference comments showed an extremely high level of
bringing together some of the Group’s most senior engagement, so clearly these issues resonated
executives. Three key recommendations were personally for those that contributed. To feedback
identified at this event: to engage employees around on employee contributions and progress we ran
an expanded definition of CR at AXA, to structure the first global AXA CR Week in 2011, after which
CR to bring further visibility and accountability, and 87% of participants said they were prouder to
to differentiate the company through a commonly work for AXA. This success led the Management
embraced CR theme. Risk research and education Committee to designate CR Week as an annual
was chosen as our “flagship” theme for its clear link event. In 2012, 54% of our employees participated
to our core business. in the event, including many of our distributors,
notably through volunteering activities.
IN 2010, THE GROUP DEVELOPED ITS
STRATEGIC ROADMAP FOR 2015. HOW DID CAN YOU SHARE A CHALLENGE FROM
CORPORATE RESPONSIBILITY FIT INTO THIS? THIS JOURNEY?
Through Ambition AXA we focused on how to There is one challenge that stands out to me -
accelerate our corporate responsibility progress. the question of how to bring meaningful focus
With the support of the Management Committee to corporate responsibility for a Group as global,
we decided clear measurement, through a complex and diverse as AXA. The key is finding
single Group-wide “CR Maturity” indicator the right balance between Group-level guidance
for performance, was the key to unlocking and flexibility in local implementation. Group
further development. Corporate Responsibility provided a common
framework for interpretation by entities, based on
a clear definition of what CR means for AXA and
backed up by a set of measurable commitments.
The addition of our universal KPI for “CR
Maturity” further supported this. Finally, setting
up the right infrastructure for decision-making on
these issues to flow through the Group is critical.
— 13 —
 AXA — CORPORATE RESPONSIBILITY

CR strategy
planning process

> AXA has a unique approach to CR strategy The tool analyzes more than 70 factors related to
planning. Every year each local AXA entity a broad set of CR criteria. Each factor is weighted
submits a strategic plan for the following year and rated according to the performance of the
to the Group Strategy teams. This plan includes entity, resulting in an aggregate global score out
all strategic issues, ranging from finance to of 100. This rating positions each entity at one of
marketing to risk management. CR is also part five levels of “CR maturity” based on a defined
of this strategic plan, which is reviewed and scale. The maturity scale tracks progress from the
challenged each year by the Group’s senior lowest “defensive” stage through to the highest
executive team. “civic” stage.

Each local entity’s CR strategic plan includes a Each year since 2010, AXA entities have used
target in terms of CR Maturity for the following the tool to fine-tune their analysis of corporate
year. This target is derived from a CR Maturity responsibility strengths and weaknesses and to set
Self-Assessment tool that measures the Group’s a target for improvement the following year. These
performance across a wide range of CR-related targets are included in the objectives of senior
issues. Inspired by the assessment systems of management, linked to variable compensation. Our
specialized rating agencies, we created our own goal for 2015 is to help entities achieve the “strategic
model, with the help of each corporate function stage” rating on the CR maturity scale*, which
at Group level and all local Chief Corporate corresponds to systematically integrating societal
Responsibility Officers, adapted to the needs of challenges within the company’s strategy.
our local operations.

CR MATURITY SCALE

STAGE DEFENSIVE COMPLIANCE MANAGERIAL STRATEGIC CIVIL

RATING 20-36 37-52 53-68 69-84 85-100

Deny practices, Adopt a policy- Embed the Integrate the Promote broad
outcomes or based compliance societal societal issue into industry participation
responsibilities approach as a issue in core core business in corporate
cost of doing management strategies responsibility
business processes

*Scale developed by Simon Zadek, “The Path to Corporate Responsibility”, Harvard Business Review, December 2004.
— 14 —
 HOW DO WE MANAGE CR? > CR GOVERNANCE

CR governance

> The implementation of AXA’s CR strategy is senior executives, notably our network of Chief
supported by a dedicated governance framework. Corporate Responsibility Officers who sit within
This matrix approach assigns CR-related the Executive Committee in most major entities.
responsibilities both to Group-level “professional In addition, the central CR team regularly reports
family” heads (such as HR, Compliance, Risk to the Group’s senior executive management and
Management and Procurement), through to the Board of Directors.
the Group CR Committee, as well as to local

GROUP BOARD OF DIRECTORS

—Provide long term view on CR risks
and opportunities
—Selection, Ethics and Governance
Committee reviews CR strategy

GROUP MANAGEMENT COMMITTEE

—Validate Group CR objectives
—Oversee implementation

LOCAL EXECUTIVE GROUP CORPORATE GROUP CR

COMMITTEE RESPONSIBILITY TEAM COMMITTEE
—Validate local —Develop Group CR strategy and programs —Propose/react to
CR strategy Group CR objectives
—Benchmark and identify risks
—Submit CR actions and opportunities —Responsible for
to Group Strategic achieving the
Planning Department —Communicate Group CR strategy
to CCROs targets within
within local annual professional family
strategic plan —Support development of local
CR strategies

CHIEF CORPORATE RESPONSIBILITY OFFICER KEY

—Develop and implement local annual strategic plan
—Centralize interactions with Group and local partner departments Group
—Ensure CR is a regular local Executive Committee topic
Local

— 15 —
 AXA — CORPORATE RESPONSIBILITY

Stakeholder
engagement

> OUR APPROACH EMPLOYEE REPRESENTATION BODIES

AXA’s stakeholders include all the people Effective social dialogue enables employees to voice
and organizations that may influence or be business or workplace concerns. It also supports the
influenced by the Group’s decisions and workforce stability that is required for the Group’s
activities. Some of these stakeholders, such business development strategy. AXA has set up a
as our clients, employees and shareholders, European Works Council (EWC), with an extensive
are longstanding partners. We engage our role that goes beyond regulatory requirements. The
stakeholders at both Group and entity level in EWC members discuss the Group’s social, strategic
order to better understand their expectations, and economic issues and maintain an ongoing
concerns and interests regarding our business. dialogue between employees and management.
This process forms an important part of our
corporate responsibility approach, helping SECTOR-BASED ORGANIZATIONS
to identify areas for improvement and AXA has built close relationships with organizations
opportunities for collaboration. interested in our sector’s activities. This includes
distributor representative associations, trade
Given AXA’s scale, complexity and geographic bodies and non-profit organizations. AXA
scope, bringing direction to stakeholder has actively engaged organizations such as the
engagement is a challenge. Developing a more UNISDR (member of the Private Sector Advisory
consistent and focused approach is an ongoing Group), the UN PSI (founding member), the UN
priority for the Group. PRI (signatory), the Carbon Disclosure Project
(founding member), the Geneva Association
(participation in climate change workshops), the
OECD High Level Risk Forum (member), and the
Chief Risk Officers Forum (participation in ESG
issues workshops).

UN PSI: See pg 22
UN PRI: See pg 25

— 16 —
HOW DO WE MANAGE CR? > STAKEHOLDER ENGAGEMENT

NGOS AND LOCAL NON-PROFIT ASSOCIATIONS ACADEMIC INSTITUTIONS

By frequently challenging investors, sector-based AXA supports and interacts with a global network
organizations have played an active role in shaping of academic institutions and researchers focused
responsible investment policies adopted by AXA on better understanding life, environmental,
and other companies in our industry. AXA has also and socioeconomic risks through the AXA
developed several international partnerships with Research Fund.
non-profit organizations, including CARE, Junior
AXA RESEARCH FUND: See pg 37
Achievement and Impact Hub. These partners share
our commitment to risk research and education,
providing global platforms for our employees to
volunteer their skills and expertise. More broadly,
community investment is a key pillar of AXA’s
corporate responsibility strategy. AXA’s local
volunteering and philanthropic initiatives are built
on a strong foundation of ongoing consultation
between AXA and local community representatives.

MEMBERSHIPS INCLUDE:

PSI
Principles
for Sustainable
Insurance

— 17 —
 SYLVAINE,
AXA ASSISTANCE
— 18 —
 OUR CORPORATE
RESPONSIBILITY
STRATEGY IS DESIGNED
TO STRENGTHEN OUR
BUSINESS AND SOCIETY

20 O
 ur approach to materiality and ESG integration
20 Our approach to materiality
21 Sustainable insurance
23 Responsible investment
26 Our stakeholder framework
27 Shareholders
28 Employees
30 Customers
32 Suppliers
34 Environment
36 Communities

— 19 —
 AXA — CORPORATE RESPONSIBILITY

Our approach to materiality

> The Group regularly assesses which corporate We also review indicators from key reporting
responsibility issues are most important to our frameworks and the UN Principles for Sustainable
business and to our stakeholders. AXA identifies Insurance (PSI) and for Responsible Investment
these issues through ongoing dialogue with our (PRI). The materiality landscape below illustrates
stakeholders, consultation across the Group, and examples of themes and issues we have identified and
analysis of a comprehensive set of inputs. As part prioritized through this assessment.
of this assessment we analyze relevant CR ratings,
emerging risks identified by the Group and the FOR MORE INFORMATION ON OUR
AXA Research Fund, and customer surveys. APPROACH TO MATERIALITY:
axa.com/en/responsibility/strategy-commitments/

— 20 —
 WHAT IS OUR CR STRATEGY? > SUSTAINABLE INSURANCE

Environmental, social and

governance integration
Sustainable insurance

> OUR APPROACH POLICIES

As an insurer, AXA has a responsibility to ESG-related criteria are factored into relevant
understand and manage risks that are or can be Group policies, guidelines, and frameworks:
material to our insurance business. The influence
of environmental, social and governance (ESG) —Product Approval Policy: CR criteria is
issues on traditional risk factors is increasing, integrated into related monitoring processes
with potentially significant impacts on our for both the Life and Savings and Property and
industry. In response, AXA has put formal Casualty businesses, governing new product
processes and policies in place to identify, assess, launches and significant product modifications.
manage and monitor risks and opportunities Each local Chief Corporate Responsibility Officer
associated with ESG issues. (CCRO) reviews CR-related risks regarding
potentially controversial practices.
GOVERNANCE —Underwriting Guidelines: The Group’s
guidelines for Property and Casualty commercial
Environmental, social and more general
lines require local AXA entities to identify
ethical risks are reviewed regularly by different
certain sensitive sectors or activities, such
governance bodies within AXA. Notably, the
as defense or mining. Deviations from these
Group Risk and Compliance Committee, Life and
guidelines must be escalated to Group Corporate
Savings Board, and Property and Casualty Board
Responsibility for further investigation.
periodically review corporate responsibility
—Controversial Weapons Policy: The Group’s
issues to assess material risks and validate related
policy prevents AXA from doing business with
action plans.
companies involved in the production of certain
weapons banned by international conventions
FOR MORE INFORMATION ON ESG RISKS: on human rights grounds.
axa.com/en/responsibility/shareholders-esg-risk-
—Sanctions and Embargoes Policy: The
management/esg-risks
Group’s policy formalizes AXA’s approach
to conducting business in or with countries
that are subject to international sanctions or
embargoes, or otherwise identified as high
corruption, high political risk and/or tax haven

— 21 —
 AXA — CORPORATE RESPONSIBILITY

jurisdictions. AXA prohibits doing any type of

business, including sovereign debt investment, “I believe that by
with certain countries that face UN sanctions.
­—Emerging risks framework: The Group’s
integrating
reputation risk management framework
and tools help us analyze and mitigate risks
environmental,
posed by sensitive business sectors, both
in terms of investments and insurance.
social, and governance
A wide range of emerging ESG risks, issues into decision-
from nanotechnologies to pandemics or
cybercriminality are screened by a specific making across the
team within AXA’s Group Risk Management.
insurance value chain,
UN PRINCIPLES FOR
we will contribute to
SUSTAINABLE INSURANCE a more sustainable
The 2012 UN Principles for Sustainable Insurance
(PSI) are the culmination of a project launched
insurance industry.”
in 2006 by insurance industry leaders and
coordinated by the United Nations Environment HENRI DE CASTRIES,
Programme (UNEP). As a signatory to the PSI, we CHAIRMAN AND
are committed to address environmental, social CHIEF EXECUTIVE OFFICER
and governance issues in the way we conduct
business as an insurer and in our relations with
all of the industry’s stakeholders. This includes
customers, suppliers, reinsurers and government
agencies. In June 2013, AXA published its first
PSI report, illustrating how the ESG criteria are
being integrated into AXA’s operational and
business processes.

FOR MORE INFORMATION ON THE UN PSI: unepfi.org/psi/

SEE AXA’S PSI REPORT: axa.com/en/responsibility/
strategy-commitments/Commitments/

— 22 —
 WHAT IS OUR CR STRATEGY? > RESPONSIBLE INVESTMENT

Environmental, social and

governance integration
Responsible investment

> OUR APPROACH team, certain local CIOs, representatives from

key Group functions and the Group’s asset
Responsible investment (RI) is the integration of
management entities. The RIC reports to the
environmental, social, and corporate governance
Group Investments Committee, and relies
factors into investment processes and ownership
on the RI “Center of Expertise” (CoE) for
practices. Research by AXA Investment Managers
implementation, in liaison with local CIOs.
and other asset managers shows that screening
for ESG factors can improve understanding of
POLICIES
long term risk drivers.
In 2012, the RIC developed AXA’s first
Responsible investment is a key part of the comprehensive responsible investment policy,
Group’s corporate responsibility strategy. covering the Group’s €500 billion own-account
Initially, AXA practiced simple exclusion of assets. The policy aims to catalyze a systematic
sectors from our investments, such as our ban analysis of ESG issues across asset classes and
on controversial weapons producers in 2007. regions. This broad process complements the
Over the past years, the Group’s approach has creation of dedicated RI funds and products, and
increasingly focused on capturing the investment is designed to modify and improve the investment
upside made possible by more sophisticated chain within AXA’s asset management entities.
ESG analysis. Our formal guidelines for ESG The policy has several components:
integration are an important step forward in
this direction, laying the foundation for a more ­—Position and beliefs: Defines AXA’s
strategic approach. responsible investment viewpoints, in particular
our belief that ESG factors can influence
GOVERNANCE investment portfolios across companies, sectors,
AXA created a Responsible Investment regions and asset classes over time. This means
Committee (RIC) in 2010. This structure ensures ESG factors affect risk and returns, and require
ESG principles are gradually integrated into consideration and monitoring via a formal
the investment decision-making process. The process of ESG integration.
­—C
 orporate governance practices: Lays out
RIC meets quarterly and operates under the
the corporate governance practices that our
chairmanship of the Group Chief Investment
asset managers must encourage. This includes
Officer (CIO), with a mandate to implement the
effective and accountable boards, shareholder
Group’s global responsible investment policy.
rights and transparent remuneration policies.
It features members of the Group Investments
­

— 23 —
 AXA — CORPORATE RESPONSIBILITY

L AURENT CL AMAGIRAND,
GROUP CHIEF
INVESTMENT OFFICER

“ESG integration offers

an enhanced way
to understand risk
drivers that
can impact long
term investment
performance.”
— 24 —
WHAT IS OUR CR STRATEGY? > RESPONSIBLE INVESTMENT

—Sensitive sectors: Enables the formulation of

UN PRINCIPLES FOR
guidelines for sectors with acute environmental
RESPONSIBLE INVESTMENT
or ethical challenges, based on minimum criteria
portfolio managers must consider. To date, The UN Principles for Responsible Investment
AXA has produced guidelines for controversial (PRI) is a major collective initiative that aims to
weapons, palm oil, agricultural land, forestry promote responsible investment among investors
and timberland industries, and food commodity and asset managers. AXA joined this initiative in
derivatives. 2012. AXA Investment Managers and Alliance
—Impact Investment: Initiates the Group’s Bernstein have been signatories to the PRI since
Impact Investment project, financed 2007 and 2011, respectively. As one of the
by contributions from local entities, to largest PRI signatories in terms of assets under
allocate capital to projects with a social or management, AXA’s commitment sends a strong
environmental component. This approach signal to the global investment community.
differs from responsible investment
funds, which focus on businesses that excel FOR MORE INFORMATION ON THE UN PRI:
at managing environmental, social and unepfi.org/psi/
governance issues, regardless of their industry.
These investments are subject to approval
by the Group Investment Committee and the
Responsible Investment Committee.

The RI policy is accompanied by an

implementation and monitoring framework.
This process ensures AXA progresses against the
UN Principles for Responsible Investment of
which the Group is a signatory, as well as the more
specific items defined in the Group RI policy.

SEE AXA’S GROUP RI POLICY:

axa.com/en/responsibility/shareholders-esg-risk-
management/responsible-investment

— 25 —
 AXA — CORPORATE RESPONSIBILITY

Our stakeholder
framework

> OUR STAKEHOLDER FRAMEWORK

Shareholders
AXA’s strategy places corporate responsibility at the Operating ethically and transparently
heart of the business by focusing on six key areas
which together help us strive for economic, social Employees
and environmental responsibility. Developing our people and fostering
a culture of trust and achievement

Customers
Offering clear and accessible products
and services

Suppliers
Promoting responsible procurement

Environment
Reducing our direct and indirect impacts

Communities
Using our skills, resources and expertise
to strengthen society

— 26 —
 WHAT IS OUR CR STRATEGY? > SHAREHOLDERS

Shareholders
Operating ethically
and transparently

> OUR APPROACH It requires that significant safeguards be built into

both the product application forms and contract
AXA is committed to high standards of
terms of business sold across national borders,
accountability and integrity in our business conduct.
with the express intention of deterring potential
We strive to achieve this through balanced and
customers from using any AXA product to “launder”
transparent corporate governance, and by fostering
money or evade tax.
a culture of business ethics. Our Compliance and
Ethics Guide and other strict internal processes CORPORATE GOVERNANCE
ensure this priority is shared in a consistent way
across the Group. We also integrate CR issues Balance of powers
into our corporate governance mandate, risk AXA’s Board of Directors determines the strategic
management processes, and investment strategy. orientations of the company’s activities and
ensures their implementation. In order to preserve
BUSINESS ETHICS well-balanced governance structures and debates,
AXA’s bylaws require that a majority of the Board be
AXA’s Compliance and Ethics Guide defines rules
composed of independent directors (12 out of 15 in
for day-to-day professional conduct. These cover
2013), and that a “Lead Independent Director” be
conflicts of interest, transactions involving AXA
nominated to the Board. This Director has specific
securities, confidentiality and control of sensitive
powers including the power to convene meetings of
information, data protection and storage. The code
the non-executive directors without the attendance
of ethics also contains a statement on how to handle
of the Chairman and Chief Executive Officer and the
staff complaints.
Deputy CEO. These powers are reinforced compared
to France’s legal requirements.
The Guide is based on the following fundamental
principles for customer relations: quality advice,
Since 2010, the Compensation and Governance
transparency, non-disclosure of confidential client
Committee examines the Group’s strategy on
information, fair competition, and fighting fraud
corporate responsibility and related issues as part of
and money laundering.
its official mandate.
Anti-Money-Laundering (AML) and Counter-
Compensation
Terrorist-Financing (CTF) are addressed in the
The general principles of AXA’s executive
Guide and are also subject to a separate, more
compensation policy are presented regularly
detailed AXA AML/CTF Charter. To further support
to the Board’s Compensation and Governance
this, AXA has established a dedicated network of
Committee and fully disclosed online. Of note, the
AML officers.
CEO’s compensation is partly based on a customer
satisfaction target.
AXA adopted a new Group-wide, Cross-Border
Business Standard with regards to tax evasion.
FOR MORE INFORMATION ON OUR BUSINESS ETHICS
APPROACH: axa.com/en/governance/disclosure/ethics

— 27 —
 AXA — CORPORATE RESPONSIBILITY

Employees
Developing our people and
fostering a culture of trust
and achievement

> OUR APPROACH EMPLOYEE ENGAGEMENT

Being a responsible employer includes The Group’s “Employee Scope” annual
placing employee engagement at the heart of survey measures how well employees think
our business strategy. Achieving this means their AXA entity is performing in terms of
creating a workplace built on AXA’s values that culture, engagement and CR. AXA’s employee
fosters diversity and equal opportunities for all, satisfaction rate reached 66% in 2012, while the
promotes employee participation, encourages “engagement” rate (based on a broader set of
professional development, and supports issues) reached 75%.
employee well-being.
SOCIAL DIALOGUE AND RESTRUCTURING
DIVERSITY AND INCLUSION In addition to the creation of a European
AXA is committed to promoting Diversity and Works Council (EWC), AXA has signed a
Inclusion (D&I) by creating a work environment Group agreement formally protecting social
where all employees are treated with dignity dialogue. This references the UN Declaration
and respect, and where individual differences of Human Rights and the International Labor
are valued. We provide equal opportunity in all Organization’s standards. Another EWC
aspects of employment. In addition to ethical agreement details recommendations in case
concerns, this helps AXA effectively meet diverse of restructuring in order to minimise social
market and customer needs, and improves our impacts. These include a commitment to avoid
competitiveness through innovation. compulsory redundancies wherever possible,
to conduct timely consultation with employees
To support this, AXA has a dedicated D&I affected by job changes, to inform about
governance and infrastructure, including a Group alternatives, to promote redeployment wherever
Advisory Council composed of senior executives possible, and to condemn discrimination of any
from the local entities, and local D&I Councils. kind when restructuring a workforce.
We focus on embedding inclusion into AXA’s
corporate culture, improving gender balance,
especially through recruitment and promotion
phases, and enabling flexible work schedules.
AXA measures progress not only through gender
balance ratios, but also via our “Inclusion Index”,
part of AXA’s annual employee survey.

— 28 —
WHAT IS OUR CR STRATEGY? > EMPLOYEES

EMPLOYEE DEVELOPMENT EMPLOYEE PERCEPTIONS OF CR:

AXA promotes a management style that The Employee Scope “CR Index” is based on six
empowers employees, in line with the Group’s elements of AXA’s CR performance. These cover
core values of professionalism, innovation, AXA’s responsibility towards employees, local
pragmatism, team spirit and integrity. Learning communities and customers, the integration
is a key lever; at least 80% of AXA’s employees of CR into processes, products and everyday
participate in a training course every year, and business, and CR as a factor in employees’
all employees undergo a formalised annual decision to work at AXA.
evaluation process. AXA University proposes
programs structured around technical skills for The survey reveals a correlation between a
specific jobs and for management capabilities. culture of trust and achievement, employee
AXA University partners with experts both engagement and the perception that the
within AXA and with some of the world’s leading company is responsible. As of 2012, the
institutions and business schools, such as results show improvement in employee
Wharton, IMD and INSEAD. perceptions of AXA’s responsibility towards the
community and employees, integration of CR,
EMPLOYEE WELL-BEING and CR as an incentive to work at AXA.

All AXA entities undertake health and safety

initiatives to implement local policies and best
practices. These initiatives are tailor-made to
their specific activity and local environment.
In addition, most entities develop employee
well-being and work-life balance programmes
to improve employee health, working conditions
and stress management.

FOR MORE INFORMATION ON OUR EMPLOYEES:

axa.com/en/responsibility/employees

— 29 —
 AXA — CORPORATE RESPONSIBILITY

Customers
Offering clear and accessible
products and services

> OUR APPROACH MICRO-INSURANCE

AXA believes corporate responsibility includes Micro-insurance is a simplified policy available
responsible customer relations. We aim to at a small premium for people who do not have
communicate and market our products clearly access to traditional insurance services. AXA’s
and transparently, and to manage the claims approach is designed to benefit lower middle-
process responsibly. AXA offers insurance, class populations while ensuring profitability.
savings and investment products that encourage Ultimately these projects also drive bottom-up
and reward environmental behaviors such innovation across our value chain.
as lower energy consumption. We also offer
products that help to improve social inclusion. Micro-insurance is increasingly seen as a major
business opportunity. Its profitability relies on
TREATING CUSTOMERS FAIRLY many small premiums that carry simplified and
Respect for the client means providing accurate reduced management costs, delivered through
and accessible information on our products alternative distribution, underwriting and claims
and in our marketing. We also commit to offer management techniques. Micro-insurance
sound advice, to guarantee confidentiality at exists primarily in emerging markets, but is
all times, and to ensure fair treatment for all. now becoming a popular approach to alleviating
AXA’s local entities naturally comply with local poverty in mature markets. For example, since
insurance industry regulations. AXA’s customer 2007 AXA France has partnered with a non-profit
relationships around the world are also shaped organization to offer comprehensive coverage for
by the Group Compliance and Ethics Guide. This micro-entrepreneurs.
includes provisions related to the handling of
conflicts of interests and data privacy. Entities FOR INFORMATION ON OUR CUSTOMERS:
provide their customers with the means to axa.com/en/responsibility/customers-products
express and resolve disputes that may arise
with the company, notably through dedicated
complaints departments.

Every six months, AXA measures customer

satisfaction by carrying out a “Customer Scope”
survey in over 30 countries. In 2012 our customer
satisfaction rate was 79.5%, based on responses
from 280,000 customers.

— 30 —
WHAT IS OUR CR STRATEGY? > CUSTOMERS

MICRO-INSURANCE IN INDIA:

AXA offers micro-insurance in India since 2009, providing

protection and health coverage for 1.7 million people. AXA’s
accidental death and disability coverage enables policyholders
to finance their children’s education or weddings, both of
which are considered key to social integration in the country.
These products are insured and sold through networks of local
groups that have better access to vulnerable populations.
This includes non-profit organizations, community groups and
mobile phone retailers.

These offers contribute to building AXA’s long term presence

in India while supporting the emergence of a resilient
middle class. Other AXA micro-insurance projects are being
developed in Morocco and the Philippines.

FOR MORE INFORMATION ON MICRO-INSURANCE:

axa.com/en/responsibility/customers-products/micro-insurance-microfinance/

— 31 —
 AXA — CORPORATE RESPONSIBILITY

Suppliers
Promoting responsible
procurement

> OUR APPROACH 1/ We are responsible buyers

Many of our social and environmental impacts We require our buyers to sign a specific
are linked to our choice of suppliers. From Procurement Code of Ethics in addition to the
purchasing paper to contracting service providers Group Compliance and Ethics Guide. Training
for insurance claims, we aim to choose suppliers sessions are also regularly organized with buyers to
that share our commitment to CR by integrating explain the role of corporate responsibility within
social and environmental criteria into the procurement and to provide support in the supplier
selection and management of our suppliers. evaluation process and action plan follow-up.

RESPONSIBLE PROCUREMENT We also promote responsible supplier relations.

AXA is a major purchaser of products and For example, AXA France participates in a national
services for both our internal operations and our initiative which aims to improve supplier relations
clients. In 2012, we purchased €11 billion from and focuses on Small and Medium Enterprise
our suppliers. This volume means that the way (SME) relations. To support implementation, an
we choose and manage our suppliers can have a AXA ombudsman has been nominated.
significant impact on society. Our approach to
responsible procurement is structured around 2/ We buy from responsible suppliers
three main factors: To encourage our suppliers to be socially
and environmentally responsible, AXA’s
procurement function has developed two tools.
We request a formal commitment from suppliers
to sign a “CR Clause”. This requires compliance
with the International Labor Organization
principles. It is included in over 90% of new or
renewed contracts for general expenses and IT,
and 96% for “insurance procurement” related to
customer claims.

— 32 —
WHAT IS OUR CR STRATEGY? > SUPPLIERS

We also work with a recognized third party to

assess the social and environmental practices of The average score
our suppliers. This helps us to improve service
quality and to reduce certain supply chain
of suppliers with
risks. Since 2008, AXA has analyzed the CR
performance of over 400 suppliers. In 2013, third
an initial CR score
party evaluations were integrated into supplier
procurement and weighted between up to 15% of
of 4/10 or less has
the overall evaluation. Results are used to engage improved from
suppliers by giving them advice on actions that
could help improve their performance. 3.62 to 4.59/10.
3/ We buy responsible products
and services
The type of products and services we source also
has an impact. To ensure we source responsibly,
environmental and social criteria are integrated
into our procurement process. For example, we
have integrated a specific set of environmental and
social questions to ensure we select office paper
from recycled and sustainably managed forests.

FOR MORE INFORMATION ON OUR SUPPLIERS:

axa.com/en/responsibility/suppliers

— 33 —
 AXA — CORPORATE RESPONSIBILITY

Environment
Reducing our direct
and indirect impacts

> OUR APPROACH AXA has also developed smart applications to

help customers better manage their risks. For
AXA reduces the Group’s environmental footprint
example, “plug and move” helps drivers of
by actively managing our emissions, resource
electric vehicles locate charging stations and
use and waste. As an insurer and investor, we
select the best itinerary. As part of Ambition
recognize we also have a wider role to play outside
AXA, we have also set a target of €100 million of
our own operations. We promote environmental
new business generated from green products.
awareness amongst our stakeholders, help to
improve understanding of global environmental
ENVIRONMENTAL INVESTMENTS
risks, and are committed to supporting climate
change mitigation and adaptation. AXA can use its influence as a global investor to
support adoption of environmentally responsible
ENVIRONMENTAL FOOTPRINT behaviors. AXA’s asset management entities
We use an active environmental reporting and are encouraged to use tools that screen for
management system to reduce our footprint. All environmental, social and governance (ESG)
our office sites with more than 50 employees issues, and AXA entities invest in projects with
report into this internal environmental reporting positive sustainability impacts through the
system, covering 90% of the Group. This allows Impact Investments initiative.
us to optimize the management of our major
CLIMATE CHANGE RESEARCH
environmental impacts. These include power,
paper, water consumption, and carbon emissions AXA helps to address climate change in a number
related to business travel and energy consumption. of ways. Through our green products, services
and investments, and by working with public
In 2012, we completed our 2008 - 2012 authorities, we promote climate mitigation and
environmental reduction targets. We have achieved adaptation. We encourage and share our own
a 16% reduction in Group energy consumption and research with key stakeholders. For example, 30%
a 34% reduction in our direct carbon emissions. of the AXA Research Fund’s budget is allocated
to supporting climate change research and
GREEN PRODUCTS related projects. AXA is also an active participant
AXA strives to underwrite risks in ways that in policymaking processes and we contribute
promote sustainability. Across our Property and to business-level initiatives related to climate
Casualty business, AXA entities have developed change, such as the Carbon Disclosure Project.
various offers with social or environmental added-
value for clients. These include motor insurance FOR MORE INFORMATION ON OUR ENVIRONMENTAL
encouraging low-carbon vehicles and special APPROACH: axa.com/en/responsibility/environment
schemes encouraging use of renewable energy.
— 34 —
WHAT IS OUR CR STRATEGY? > ENVIRONMENT

PARTNERING WITH CARE:

In April 2011, AXA established a partnership with CARE, one

of the world’s leading humanitarian organizations. Together
we promote education on climate-related risks, working in
two areas. “Where the Rain Falls” is an international research
project conducted with the United Nations University across
eight countries. It aims to better understand how changes
in rainfall patterns impact on food security and migration
for vulnerable people. The results of the project are being
used to design adaptation projects that help to solve these
challenges. Our second project has created Disaster Risk
Reduction programmes, targeting communities exposed
to climate-related risks. This will help to further reduce the
impacts of climate change on these populations.

38,000 AXA employees have been involved in fundraising

for the partnership since 2011, resulting in €2.6 million in
Group donations.

FOR MORE INFORMATION ON CARE:

carefrance.org/english.htm

— 35 —
 AXA — CORPORATE RESPONSIBILITY

Communities
Using our skills, resources and
expertise to strengthen society

> OUR APPROACH VOLUNTEERING

AXA strives to play a positive role in society by For twenty years our volunteer work has been
contributing in ways that leverage our core business. carried out through AXA Hearts in Action, the
We believe AXA can have a greater social impact if international solidarity organization. In 2012,
our community activities are connected to our skills AXA employees have contributed more than
and expertise. This is why our communities approach 60,900 working hours to volunteering in the
is designed to reflect the focus of our corporate following three ways:
responsibility flagship: risk research and education.
­—Giving time: The most common type of
We fund world-class risk scientists, and share our
skills through employee volunteering. Through volunteering, AXA employees offer a helping
corporate philanthropy and volunteering we help to hand, on their own time or during work hours,
support the communities in which we operate. to organizations.
­—S  haring skills: Our skills-based volunteering
PHIL ANTHROPY puts emphasis on projects that help raise
awareness or change behaviors of the
Our goal is to link our community philanthropic
beneficiaries around relevant risks.
donations to risk research and education. At a global
­—Raising money: Fundraising helps to
level, the Group aims to help society better face risks
promote causes that AXA often supports
through four international initiatives in which we
by matching employee donations. This
strive to incorporate volunteering opportunities:
is especially important in responding to
­—The AXA-CARE partnership focuses on emergency needs created by natural disasters.
supporting vulnerable communities through
research and education around climate risks.
­—The Junior Achievement partnership focuses
AXA screens thousands of
on empowering youth through education around
financial risks.
entity-level community
­—The Impact Hub partnership focuses on enabling activities every year to
innovative entrepreneurs to address the challenges
related to increased life expectancy. check if they help to fulfil
­—The AXA Research Fund finances world-
class scientific research that contributes to
our flagship target.
understanding and preventing environmental,
life, and socioeconomic risks. FOR INFORMATION ON OUR APPROACH TO CULTURAL
PHILANTHROPY: axa.com/en/responsibility/community

— 36 —
WHAT IS OUR CR STRATEGY? > COMMUNITIES

INSIDE THE AXA RESEARCH FUND:

The ultimate aim of the AXA Research Fund is to foster a

safer and stronger society over the long term. To achieve this
objective the Fund forms long term partnerships with top-tier
academics, and helps them share their discoveries to enrich
the public debate. The selection of applications is based
on academic criteria and submitted for final decision by the
Fund’s independent Scientific Board.

Since 2007, AXA has committed €99 million to support 367

research projects, carried out in 27 countries by researchers
of 49 nationalities. In 2013, AXA further strengthened its
support by committing an additional €100 million to the
Fund over the next five years.

FOR MORE INFORMATION ON THE AXA RESEARCH FUND:

axa-research.org/

— 37 —
 IGNACIO,
AXA SEGUROS
— 38 —
 OUR CORPORATE
RESPONSIBILITY
PROGRESS IS
MONITORED

40 2015 corporate responsibility targets

41 Key Group indicators
43 SRI ratings

— 39 —
 AXA — CORPORATE RESPONSIBILITY

STAKEHOLDER TARGET

Shareholders Launch “Impact Investment” strategy, with a social impact fund

(€150M) and a renewable energy fund. Develop metrics to
measure/improve the ESG footprint of investments

Launch AXA’s Stakeholder Consultation Panel

Employees Achieve at least 25% women in Group Senior Executives

In light of AXA’s position on longevity, ensure 70% of entities with a

high proportion of seniors have a plan for inclusiveness

Offer paid time for volunteering in every entity (during CR Week

or beyond)

Customers Gain €100M of new business from green commercial

insurance products

Insure 5-7 million lives with micro-insurance products (vs. 1.7

million in 2012)

Suppliers Include CR clause in 100% of new supplier contracts

Update CR assessments for 90% of key suppliers

Environment Reduce by 10% vs. 2012 our CO2 emissions linked to energy
consumption, business travel (air, train and car) and paper

Reduce by 25% vs. 2012 our paper consumption, which includes

office, marketing and distribution paper

Community An additional €100m to support research on risk through the AXA

Research Fund by 2018

Launch new disaster risk reduction programs with CARE,

reaching 1.2M beneficiaries and incorporating an innovative
evaluation approach

Involve 40,000 volunteers in AHIA by 2015, including 12,000

(+30%) in risk education programs

— 40 —
DATA CENTER > KEY GROUP INDICATORS

Key Group indicators

SOCIAL 2010 2011 2012 2011-2012

variation

Total headcounti 124.480 114.488 113.422 -0.9%

Gender 52.1% 51.9% 52.3% +0,8%

balance: Total
proportion
Executives
of women 22.6% 23.7% 26.3% +11,0%

Employee turnover 14.4% 15.4% 14.8% -3,9%

Employee satisfaction 65% 66% 66% 0%

Proportion of variable pay 17.2% 27.2% 22.0% -19,1%

Average number of training

2.6 2.6 2.6 0%
days per employee

Absenteismii 4.9% 4.8% 4.9% +2.7%

ENVIRONMENTAL 2010 2011 2012 2011-2012

variation

Power consumption
4,928 4,662 4,315 -7%
(kWh / employee)

CO2 emissionsiii
2.76 2.38 2.28 -4%
(T.CO2 eq. / employee)

Water consumption
10.41 10.12 9.96 -2%
(m3 / employee)

Paper consumption
41 31 28 -11%
(kg / employee)
i
Salaried workforce, open and fixed-term contracts.
ii
Related to sick leave, maternity leave and workplace accidents.
iii
CO2 emissions resulting from onsite power consumption, business travel and AXA vehicle fleet.
— 41 —
 AXA — CORPORATE RESPONSIBILITY

ECONOMIC 2010 2011 2012 2011-2012

variation

Customer satisfaction 79% 79% 79.5% +0.6%

Micro-insurance: n° of
640,000 660,000 1.700 000 +61%
insured lives

TRANSVERSAL CORPORATE 2010 2011 2012 2011-2012

RESPONSIBILITY variation

Corporate responsibility
55% 58% 63% +8.6%
maturity KPIIV

Corporate responsibility
69% 69% 69% 0%
Employee Perception IndexV

FOR MORE INFORMATION AND ABSOLUTE FIGURES:

AXA’s Annual Activity and Corporate Responsibility Report
www.axa.com/en/shareholders/anr

See pg 14 for more details on the CR Maturity Self-Assessment tool

iv
v
Employee perception of AXA’s CR is measured as part of AXA’s annual employee satisfaction survey.
The results have shown a high correlation between employees’ engagement levels and their perception of CR.
— 42 —
DATA CENTER > SRI RATINGS

SRI ratings

AXA’s social, environmental and governance AXA is ranked above the average for its industry and
performance is rated by a number of specialists, is included in the four major global SRI indices:
including investors, brokers and rating agencies
—DowJones Sustainability Index Europe and
that serve the Socially Responsible Investment
World (based on Robecosam research)
(SRI) market.
—FTSE4GOOD (based on EIRIS Research)
—Europe 120 and France 20 (based on
Vigeo* Research)
—Carbon Performance Leadership Index
(based on Carbon Disclosure Project research)

SRI AGENCY ESG THEME AXA RATING / SCORE

Overall score 78% (sector average: 48%)

Economic 79% (sector average: 60%)

RobecoSAM (2013) Social 69% (sector average: 40%)

Environmental 88% (sector average: 45%)

Inclusion in SAM indices Runner Up

Sustainalytics (2013) Overall score 81% (sector average: 55%)

Governance 86% (sector average: 55%)

Social 78% (sector average: 61%)

Environmental 80% (sector average: 48%)

Oekom (2013) Overall score C Prime (Recommended)
EIRIS (2012) General score 3.7

Environmental Management Theme 5

Human and Labor Rights Theme 2

Corporate Governance Theme 4

Countering Bribery Theme 4

Carbon Disclosure Project Carbon Performance 94/100
(2013)
Climate Performance
Inclusion in CDP indices
Leadership Index (CPLI)

* Vigeo does not publish details on its ratings

— 43 —
 AXA — CORPORATE RESPONSIBILITY

Find out more about

the AXA Group

Activity and Corporate

Responsibility Report, online
annualreport.axa.com
See the news, key
figures and highlights
of the year in photos
and video.

> AXA PAPERS

These papers are part of the Group’s efforts to share its expertise
and engage in an informed and constructive debate about the
major changes occuring in our societies.

No. 1 — Longevity No. 3 — Dependency

Advancements in longevity How do we define and assess
over the last few decades have dependency? What are the
been dramatic. The factors trends regarding the number
contributing to longer lives of dependent elders and the
remain complex and are the arrangements made to care for AXA People Protectors
subject of much controversy them, on the public and private on Facebook
and debate. levels? This paper takes stock of facebook.com/
the challenges of this situation. axapeopleprotectors
No. 2 — Retirement Join in discussions
Retirement is an important No. 4 — Climate risks with the AXA People
stage of life, one that is Can we identify the source of the Protectors’ community
viewed by most individuals increase in natural disasters? on topics and services
in a positive light. As life Is our climate system changing that redefine protection.
expectancy increases, the and to what extent? The latest
retirement question has scientific data and projections
become central to public policy help us analyze the risks
issues in the areas of budgeting, associated with the climate and Do you have any
social affairs and employment. its changing patterns. questions or comments
about this brochure?
Please send them to
[email protected]

FOR MORE INFORMATION

ON CORPORATE
RESPONSIBILITY:
axa.com/en/responsibility

— 44 —
www.axa.com