Axa Sa · EURONEXT:CS
Axa Sa — Merger or Acquisition (June 2010)
16 slides from Axa Sa's merger presentation, Jun 24, 2010
Slide 1: Focus on Wealth Management in the UK life & pension market
Focus on Wealth Management in the UK life & pension market June 24, 2010
Slide 2: Cautionary note concerning forward-looking statements
Cautionary note concerning forward-looking statements Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements be
Slide 3: Table of contents
Table of contents Transaction highlights Page 4 Strategic rationale & scope Page 6 Terms & financial impacts Page 10 Timetable to closing Page 13 Q&A Page 15 3 – AXA – June 2010
Slide 4: Transaction Highlights
Transaction Highlights Opportunity to dispose of Traditional life & pension, IFA protection and corporate pension the capital intensive parts businesses, and annuities businesses to be sold to Resolution of UK life business… …and to focus on capital Leading AXA Wealth management and AXA Direct prote
Slide 5: Table of contents
Table of contents Transaction highlights Page 4 Strategic rationale & scope Page 6 Terms and financial impacts Page 10 Timetable to closing Page 13 Q&A Page 15 5 – AXA – June 2010
Slide 6: Strategic rationale of the transaction for the Group
Strategic rationale of the transaction for the Group Focus on businesses with the right combination of scale, competitive position, growth prospects and profitability Use of proceeds: Further 1 Redeploy capital more 2 Continue to invest While improving our efficiently throughout the in the developme
Slide 7: Strategic rationale of the transaction for AXA UK Life
Strategic rationale of the transaction for AXA UK Life In continuity of strategic repositioning of AXA UK life business in recent years Lower growth / capital intensive Higher growth / capital light Growth / yield Legacy life & pensions (including annuities) Corporate Pensions Protection (IFA)
Slide 8: Scope of the transaction
Scope of the transaction Business retained vs. business sold FY09 EV retained vs. sold business In £ million 709 3,567 ■ AXA Wealth 1,813 2,858 374 3,193 ► AXA Winterthur Wealth Management 1,045 ► AXA Wealth International ► Elevate wrap platform ANAV VIF Published AAPH Adjusted Retained Sold Archita
Slide 9: AXA UK business profile going forward
AXA UK business profile going forward AXA remains strongly committed to the UK market Build on UK market franchises AXA Wealth IFA 14% market share with 5 Star service record 1 20% IFA offshore market share 2 RDR* ready business model Bancassurance distribution Wealth Management £1bn Asset
Slide 10: Table of contents
Table of contents Transaction highlights Page 4 Strategic rationale & scope Page 6 Terms and financial impacts Page 10 Timetable to closing Page 13 Q&A Page 15 10 – AXA – June 2010
Slide 11: Key transaction parameters
Key transaction parameters Consideration Implied multiples Note: exchange rate £/€ of 1.218 as of June 23, 2010 0.86x 0.82x Total Consideration £2.75 billion €3.3 billion P/EV(2) Of which: 2009A Transaction Precedent transactions Cash £2.25(1) billion €2.7 billion in the UK Note: Only transactions s
Slide 12: Financial impacts on AXA Group
Financial impacts on AXA Group Key figures Expected impact o/w €-2.1bn of intangibles, thus P&L 9 Net income €3.6 billion (as of December 31, 2009) €-1.4billion an impact of €+0.8bn on SHE exc. intangibles 9 Solvency I ratio > 180% (as of March 31, 2010) +4 pts B/S 9 Debt gearing ratio 26% (as o
Slide 13: Table of contents
Table of contents Transaction highlights Page 4 Strategic rationale & scope Page 6 Terms and financial impacts Page 10 Timetable to closing Page 13 Q&A Page 15 13 – AXA – June 2010
Slide 14: Expected timetable of closing of transaction
Expected timetable of closing of transaction Key dates Events End of June Publication of Resolution Ltd’s prospectus Mid July Resolution Ltd shareholders’ vote (50% support needed) Immediately thereafter Start of Resolution Ltd rights issue offer period Early August Closing of Resolution Ltd rights
Slide 15: Table of contents
Table of contents Transaction highlights Page 4 Strategic rationale & scope Page 6 Terms and financial impacts Page 10 Timetable to closing Page 13 Q&A Page 15 15 – AXA – June 2010
Slide 16: Q&A
&A 16 — AXA — June 2010 redefining / standards La |