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AXA Group

PRI reporting framework 2018

Asset class implementation gateway indicators [OO 10 - 12] Peering questions [OO LE 01 - INF 03]

Investment policy [SG 01 - 04] Objectives and strategies [SG 05 - 06] Governance and human resources [SG 07 - 08] Promoting responsible investment [SG 09 - 11] Outsourcing to fiduciary managers and investment consultants [SG 12] ESG issues in asset allocation [SG 13 - 15] Asset class implementation not reported in other modules [SG 16 - 17] Innovation [SG 18] Communication [SG 19]

Indirect – Manager Selection, Appointment and Monitoring

Selection [SAM 02 - 03] Appointment [SAM 04] Monitoring [SAM 05 - 07] Outputs and outcomes [SAM 08 - 09]

Direct - Listed Equity Incorporation

ESG incorporation in actively managed listed equities [LEI 01 - 10] Implementation processes [LEI 01 - 10] (A) Implementation: Screening [LEI 04 - 06] (C) Implementation: Integration of ESG issues [LEI 08 - 10] Outputs and outcomes [LEI 12 - 14]

Direct - Listed Equity Active Ownership

Engagement [LEA 01 - 14] Overview [LEA 01 - 02] Process [LEA 03 - 10] Process for engagements run internally [LEA 03 - 04] Process for engagements conducted via collaborations [LEA 05 - 06] General processes for all three groups of engagers [LEA 09 - 10] Outputs and outcomes [LEA 11 - 14] (Proxy) voting and shareholder resolutions [LEA 15 - 24] Overview [LEA 15] Process [LEA 16 - 20] Outputs and outcomes [LEA 21 - 24]

Direct - Fixed Income

ESG incorporation in actively managed fixed income [FI 01 - 13] Implementation processes [FI 01 - 03] (A) Implementation: Screening [FI 04 - 07] (C) Implementation: Integration [FI 11 - 13] Fixed income - Engagement [FI 15 - 17] Outputs and outcomes [FI 18 - 19]

Direct - Property

Overview [PR 01] Pre-investment (selection) [PR 04 - 06] Post-investment (monitoring and active ownership) [PR 08 - 14] Overview [PR 08] Property monitoring and management [PR 09 - 10] Property developments and major renovations [PR 11] Occupier engagement [PR 12 - 13] Outputs and outcomes [PR 15 - 16]

Direct - Infrastructure

Overview [INF 01 - 02] Pre-investment (selection) [INF 05 - 09] Selection, appointment and monitoring of third-party operators [INF 10] Post-investment (monitoring and active ownership) [INF 11 - 16] Overview [INF 11] Infrastructure monitoring and operations [INF 12 - 14] Infrastructure maintenance [INF 15] Outputs and outcomes [INF 17 - 18]

Assurance

Assurance [CM1 01.1 - 01.7]

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Basic information

OO 01. Signatory category and services

01.1. Select the type that best describes your organisation or the services you provide.

Non-corporate pension or superannuation or retirement or provident fund or plan

Corporate pension or superannuation or retirement or provident fund or plan

Insurance company

Foundation

Endowment

Development finance institution

Reserve - sovereign or government controlled fund

Family office

Other, specify

01.3. Additional information. [Optional]

OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

France

02.2. Indicate the number of countries in which you have offices (including your headquarters).

2-5

6-10

>10

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

118000 FTE

02.4. Additional information. [Optional]

OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

Yes

03.2. List your subsidiaries that are separate PRI signatories and indicate if you would like to report their RI activities in your organisation’s consolidated report.

Name of PRI signatory subsidiary (Up to six subsidiaries may be reported)	RI implementation reported here on a consolidated basis
AXA Investment Managers	Yes No
AB	Yes No
	Yes No
	Yes No
	Yes No
	Yes No

03.3. Additional information. [Optional]

AXA Group assets (covering €788bn) are managed by AXA Group entities. Namely: AXA Investment Managers (covering €448bn), AB (covering €116bn) and other AXA companies (covering €224bn) (https://www-axa-com.cdn.axa-contento-118412.eu/www-axa-com%2Fa66240fc-2d7b-444b-b798-ae2c19502e79_axa_financial_supplement_2017.pdf page 58)

Internal Investment Managers:

AXA Investment Managers is a global asset management firm based in Paris, France. It has EUR746 billion in assets under management (https://www-axa-com.cdn.axa-contento-118412.eu/www-axa-com%2Fa66240fc-2d7b-444b-b798-ae2c19502e79_axa_financial_supplement_2017.pdf). It is 100% owned by the AXA Group. AXA Group fully consolidates AB.

AllianceBernstein L.P. (AB) is a global asset management firm based in New York , U.S. It has EUR468 billion in assets under management (https://www-axa-com.cdn.axa-contento-118412.eu/www-axa-com%2Fa66240fc-2d7b-444b-b798-ae2c19502e79_axa_financial_supplement_2017.pdf). It is 63% owned by the AXA Group. AXA Group fully consolidates AB.

For the purposes of this reporting AXA IM & AB are "direct - internal" investment managers

AXA Group's responsible investment (RI) activities apply to the insurance group's general account (GA) assets only (covering €575bn). As discussed the RI activities that relate to the GA assets are overseen by the Group RI Committee (RIC) and covered by the Group RI policy.

Life Insurance Separate Account assets (covering €175bn) are managed by AXA IM, AB and Architas, another AXA company, and are subject to RI policies of those entities that are in aligment with overall AXA Group policies and objectives

As such and at large, the responses provided in this report refer to AXA Group activities at the strategic / overall policy level (OO, SG) and activities carried out by AXA IM and AB in their respective categories (LEI, LEA, FI, PR) and assets managed.

Third party assets in asset management activities owned by the AXA Group (covering €651bn) managed by either AXA IM or AB are not included, however are covered by strategies and policies of AXA IM and AB - more information available on respective websites and PRI Transparency reporting of these entities.

Notable exceptions:

INF: is an aggregation of information coming from Ardian that manages the Group's infrastructure equity portfolio and AXA IM Real Assets that manages the Group's infrastructure debt portfolio.

SAM: covers the Group's Private Equity assets (including the Group's Infrastructure Equity assets), currently managed by Ardian, a third-party investment firm (previously a subsidiary of AXA Group).

OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2017

04.2. Indicate your total AUM at the end of your reporting year, Exclude subsidiaries you have chosen not to report on and any advisory/execution only assets.

Total AUM
Total AUM	trillions	billions	millions	thousands	hundreds
Currency
Assets in USD
Assets in USD	trillions	billions	millions	thousands	hundreds

04.5. Additional information. [Optional]

AXA Group's total consolidated assets under management (AUM) were €1,439bn as at 31st December 2017. This includes all funds (both AXA Group and third-party) managed by AXA IM and AB as well as other AXA companies.

As explained, the scope of AXA Group's RI Committee and this PRI report are the Group's General Account (GA) assets. As at 31st December 2017 AXA Group GA invested assets were €575bn (https://www-axa-com.cdn.axa-contento-118412.eu/www-axa-com%2F9872a0a4-a983-44e5-85bd-93767fd2a9dd_axa_full_year_results_2017d.pdf).

Additional detail on AXA Group's business units, assets under management and financial performance is available in our annual financial results publications, all of which are available at: http://www.axa.com/en/investor/resultsreports/earnings/

OO 06. How would you like to disclose your asset class mix

New selection options have been added to this indicator. Please review your prefilled responses carefully.

06.1. Select how you would like to disclose your asset class mix.

as percentage breakdown

as broad ranges

	Internally managed (%)	Externally managed (%)
Listed equity	<10% 4	0 0
Fixed income	>50% 81	0 0
Private equity	0 0	<10% 2
Property	<10% 6	0 0
Infrastructure	<10% 2	0 0
Commodities	0 0	0 0
Hedge funds	<10% 1	0 0
Forestry	0 0	0 0
Farmland	0 0	0 0
Inclusive finance	0 0	0 0
Cash	<10% 3.9	0 0
Other (1), specify	<10% 0.1	0 0
Other (2), specify	0 0	0 0

'Other (1)' specified

          Relates to the allocation AXA Group has made to two internally managed impact investment fund of funds

06.2. Publish asset class mix as per attached image [Optional].

AXA GROUP ASSET ALLOCATION Dec2017 USER IN REPORT.png [169KB]

06.3. Provide contextual information on your AUM asset class split. [Optional]

OO 07. Fixed income AUM breakdown (Private)

OO 08. Segregated mandates or pooled funds

New selection options have been added to this indicator. Please review your prefilled responses carefully.

Provide a breakdown of your organisation’s externally managed assets between segregated mandates and pooled funds.

Asset class breakdown	Segregated mandate(s)	Pooled fund(s)	Total of the asset class (each row adds up to 100%)
[f] Private equity	0% <10% 10-50% >50 %	0% <10% 10-50% >50 %	100%

08.2. Additional information. [Optional]

OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

Developed Markets	0% <10% 10-50% >50 %
Emerging, Frontier and Other Markets	0% <10% 10-50% >50 %
Total100%

09.2. Additional information. [Optional]

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