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AXA Group

PRI reporting framework 2020

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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.

01.3. Additional information. [Optional]

The DOW JONES SUSTAINABILITY INDEX ranked AXA within the top 5% in the insurance sector for the third year in a row. This recognises AXA Group as leaders in the corporate responsibility and insurance space.

See: https://www.axa.com/en/newsroom/news/axa-leader-cr

 

AXA Group maintained very strong credit ratings for our principal insurance subsidiaries, as follows: 

AA - Standard & Poor’s

Aa3 - Moody’s

AA - Fitch
 

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).

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

121337 FTE

02.4. Additional information. [Optional]

AXA Group operates in 61 countries around the world.

 

The FTE staff equivalents includes:

- Average FTE of salaried workforce: 110,701.9 

- Average FTE of temporary non-salaried staff: 10,634.8

See the Universal Registration document (page 406) for further information on FTE staff: https://www-axa-com.cdn.axa-contento-118412.eu/www-axa-com%2F90abd6c7-80c4-48ef-84bf-1d038670d9b7_axa-urd2019-en.pdf

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.

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
        
          Architas

03.3. Additional information. [Optional]

AXA GIE provides insurance and financial services. The Company offers property, casualty, and life insurance, as well as savings, project funding, banking, retirement plans, and asset management services. GIE AXA serves both individuals and companies worldwide. 

AXA GIE is the AXA Group's ("AXA Group") parent entity and this report focuses on its responsible investment activities as an Asset Owner as per PRI signatory category - "Asset Owner".

AXA Group PRI landing page and historic reporting here: https://www.unpri.org/signatory-directory/axa-group/908.article

AXA GIE ("AXA Group") assets (€969bn) consist of General Account assets (€576bn), assets backing contracts with financial risk borne by policyholders (€73bn) and assets managed on behalf of third parties (€321bn) (data as at end December 2019). See the 2019 Universal Registration Document page 15 for further details (https://www-axa-com.cdn.axa-contento-118412.eu/www-axa-com%2F90abd6c7-80c4-48ef-84bf-1d038670d9b7_axa-urd2019-en.pdf).

 

AXA Group's responsible investment (RI) activities apply to the insurance group's General Account (GA) assets (covering €576bn). As discussed in this report in detail, the RI activities that relate to the GA assets that are overseen by the Group RI Committee (RIC) and are covered by the Group RI policy. The responses provided in this report focus on AXA Group's activities at the strategic and overall policy level (OO, SG), as well as at the manager selection level (SAM). 

This report focuses on practices related to General Account assets (€576bn). The Group assets in focus are managed by majority-owned and minority-owned AXA Group entities.

Life Insurance Unit Linked Accounts (€73bn) are also managed by majority-owned and minority-owned AXA Group entities, and are subject to RI policies of those entities that are in alignment with overall AXA Group policies and objectives.

 

Majority-owned investment managers:

AXA Investment Managers  (https://www.axa-im.com/) is a global asset management firm based in Paris, France. It has €673bn in assets under management (AUM) (data as at end December 2019). It is a 100% owned by the AXA Group. See the AXA 2019 Universal Registration Document (page 79): https://www-axa-com.cdn.axa-contento-118412.eu/www-axa-com%2F90abd6c7-80c4-48ef-84bf-1d038670d9b7_axa-urd2019-en.pdf

PRI INVESTMENT MANAGER SIGNATORY. Signed the Principles: 29 May 2007. Please find AXA IM PRI reporting here: https://www.unpri.org/signatory-directory/axa-investment-managers/909.article

Architas (https://www.architas.com/) is a global asset management firm providing a range of diversified multi-manager fund of funds based in London, UK. It has £24bn in AUM and advice (data as at end September 2019). It is 100% owned by the AXA Group. AXA Group fully consolidates Architas. See the Architas website for further information: https://uk.architas.com/professional-clients/about-us/who-we-are/

PRI INVESTMENT MANAGER SIGNATORY. Signed the Principles: 11 May 2018. Please find ARCHITAS PRI reporting here: https://www.unpri.org/signatory-directory/architas-limited/3123.article

 

These firms manage the Group's fixed income, listed equity, fund or funds and property portfolio.

 

Minority-owned investment manager:

Ardian (https://www.ardian.com/) (formerly AXA Private Equity) is a global asset management firm based in Paris, France. It has $96 billion in AUM (data as at end December 2019). AXA Group retains ownership of 23% of the firm. See the Ardian website for further information: https://www.ardian.com/sites/default/files/reports/Fact_Sheet_Ardian_EN_20191231_0.pdf

PRI INVESTMENT MANAGER SIGNATORY. Signed the Principles: 27 May 2009. Please find ARDIAN PRI reporting here: https://www.unpri.org/signatory-directory/ardian/879.article

The firm manages the Group's infrastructure and private equity portfolio.

 

In 2019, AXA Group was noted as a leader by the PRI in relation to the selection, appointment and monitoring of external managers in private equity. This is gratefully received and the result of the strong partnership between AXA Group and Ardian in advancing ESG considerations. See the following link for further information: https://www.unpri.org/signatories/showcasing-leadership/leaders-group-2019

 

​THE SCOPE OF THIS REPORT EXCLUDES THE FOLLOWING AXA GIE ASSET MANAGEMENT UNITS:

1) AXA INVESTMENT MANAGERS ("AXA IM") AND 2) ARCHITAS ("ARCHITAS").

As outlined above please refer to direct PRI reports for further details on how these AXA Group's subsidiaries consider responsible investment in their strategy and operations.

 

IN IT'S COMMUNICATION AXA GROUP MAY UTILISE AN AGGREGATION OF PRI ASSESSMENT AND OTHER ESG REPORTING INFORMATION FROM ALL GROUP ENTITIES TO PORTRAY HOW GROUP WIDE ESG INTEGRATION IS BEING ADVANCED AND GROUP LEVEL STRATEGIC ESG INSIGHTS IS BEING IMPLEMENTED.

OO 04. Reporting year and AUM

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

31/12/2019

04.2. Indicate your total AUM at the end of your reporting year.

Include the AUM of subsidiaries, but exclude advisory/execution only assets, and exclude the assets of your PRI signatory subsidiaries that you have chosen not to report on in OO 03.2
Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.3. Indicate the total AUM of subsidiaries you have excluded from your report (as named in OO 03.2 under “No”). Provide this figure based on the end of your reporting year

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

04.5. Additional information. [Optional]

AXA Group's total consolidated assets under management (AUM) were €969bn as at end December 2019.

(See: https://www-axa-com.cdn.axa-contento-118412.eu/www-axa-com%2F90abd6c7-80c4-48ef-84bf-1d038670d9b7_axa-urd2019-en.pdf page 15).

This includes all funds (both AXA Group and third-party) managed by other AXA companies.

As discussed in OO 03, the scope of this PRI report is the AXA Group's General Account (GA) assets. As at end December 2019, AXA Group GA invested assets totalled €576bn - reported in the indicator OO 4.2. Indicator OO 04.3 refers to the third party assets managed by AXA Group entities.

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/

 

AXA’s conviction regarding RI is that ESG integration may impact long-term investment performance, by offering an enhanced understanding of risk drivers. It is also a way to strive for alignment between our investments and broader corporate responsibility commitments. AXA Group has developed a multifaceted governance mechanism covering ESG & climate change issues:

- Responsible Investment Committee (RIC): chaired by the Group Chief Investment Officer, and represented by investment team members, Corporate Responsibility, Risk Management and internal asset managers. The RIC's remit is to define, launch and implement, as well as follow-up on, RI strategy;

​- Group Corporate Responsibility function: with individuals responsible for monitoring RI trends, proposing RI themes for further study, and managing the Group's relationship with NGOs;

​- ESG Footprint Committee: responsible for reviewing the issuers and sectors challenged from an ESG perspective. The Committee also votes on matters related to divestment and/or whether investments should still be allowed, as well as on engagements and credit reviews;

- RI Center of Expertise: composed of an expert group which present their recommendations to the RIC. Their remit is to monitor the local implementation of RI policy and coordinate investment initiatives;

​- Local CIOs: which are responsible for building entity-level RI action plans and reviewing investment mandates;

​- Group Asset Managers (AXA IM, Architas): which participate in the RIC and provide guidance on RI policy. These asset managers will also undertake ESG research, report annually to the Group on their RI progress, and take the lead in specific RI initiatives.

 

 

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

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

Internally managed (%)
Externally managed (%)

 

Listed equity 0 0 <10% 4
Fixed income 0 0 >50% 82
Private equity 0 0 <10% 2
Property 0 0 <10% 6
Infrastructure 0 0 0 0
Commodities 0 0 0 0
Hedge funds 0 0 <10% 2
Fund of hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance 0 0 0 0
Cash 0 0 <10% 4
Money market instruments 0 0 0 0
Other (1), specify 0 0 0 0
Other (2), specify 0 0 0 0

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

06.3. Indicate whether your organisation has any off-balance sheet assets [Optional].

Provide an approximate percentage breakdown of your off-balance sheet assets.
Internally managed (%)
 
Externally managed (%)
 
[a] Monetary assets
13
[b] Derivatives
87
[c] Cash
[d] Trade finance
[e] Other (1), specify
[f] Other (2), specify

06.5. Indicate whether your organisation uses fiduciary managers.

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

Note: we categorise AXA IM and Architas as external managers for the 2020 PRI report. Please refer to OO 3 for a detailed explanation of the chosen methodology.

OO 07. Fixed income AUM breakdown (Private)

OO 08. Segregated mandates or pooled funds (Private)

OO 09. Breakdown of AUM by market

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

92.4 Developed Markets
5.0 Emerging Markets
1.9 Frontier Markets
0.7 Other Markets
Total 100% 100%

09.2. Additional information. [Optional]

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