Bureau meeting on March 10
03/18/2021 - 00:00
Third session of the year for the AXA EWC Bureau, held remotely. For the third time in the last 12 months, Thomas Buberl, CEO of the AXA Group, participated in a monthly meeting of the Bureau. The AXA Group European Works Council is once again a central place for social dialogue at AXA.
Insurance market ecosystem
Invited by Hedi ben Sedrine, Secretary of the EWC, Gilles Moec, Chief Economist of the Group, presented an analysis of the insurance market evolution through the different stages of the global health crisis linked to COVID19. It is interesting to note that the overall impact on the economy was less negative in the second wave than in the first, as companies generally adapted to the constraints by implementing new solutions to maintain their activities. This analysis includes a perspective on the various recovery and resilience plans initiated by governments, which are trying to control artificially the evolution of unemployment. The savings accumulated over the last few months are mainly due to older people, while the tension remains strong on the employment prospects of younger people, hence the questioning of the trend of recovery in household consumption. Gilles Moec also mentions the battle against climate change. The encouraging signs given by China to reduce its carbon emissions would give Europe a reprieve to reach an acceptable level of emissions for the planet (as a reminder, AXA's decision on one of the largest carbon emitters in Europe).
2020 results & feedback from the investor market
After the presentation of the AXA Group's financial results to investors on February 25, Thomas Buberl, CEO of AXA, came to comment on them at the EWC Bureau and answer the numerous questions of the secretariat members.
In 2020, AXA Group showed great resilience despite a very difficult year, particularly in terms of Natural Catastrophe and operating losses on the XL perimeter. Turnover remained stable and profit, although down, remained at a good level given the context. The Solvency II ratio reached 200% after the integration of XL and the payment of a dividend are signs of the group's good financial health, which were very well received by investors.
XL continues to evolve, with significant rate increases and an Adverse Development Cover (a guarantee by which AXA protects itself from a possible deterioration in technical reserves or an unfavourable evolution of estimated but not yet reported losses) has been taken out with ENSTAR. Thomas Buberl also reaffirmed the Group's support to the XL and AXA Partners entities, which are experiencing profitability difficulties but have good growth prospects.
AXA's strong involvement in society during the crisis has improved the satisfaction of employees, customers and distributors. The EWC was able to measure the effects of this in its exchanges with local representatives. Hedi ben Sedrine reaffirmed the EWC's commitment to monitor and support the Group's strategy through social dialogue. He drew the attention of the CEO to a number of structuring points for the Group.
AXA's New Employer promise
Amanda Vaughan, Head of Talent and Development, then presented the results of the diversity policy and the values held by the Group and its employees. Workshops and discussions on AXA's purpose resulted in four pillars, which are propositions for employees: grow your potential, shape the way you work (smartworking), thrive within in a diverse community, and move the world forward.
The EWC Secretariat welcomes this initiative and asked the Management about the methodology and implementation in various cultural contexts. In the current context, particularly difficult, it will be necessary to explain this concept and align it with the reality on the ground.
Find the notes of the meeting:
Q&A to Thomas (connection needed) :