AXA SA (CS) Earnings Call Transcript & Summary

[Interpreted] Ladies and gentlemen, good day. Welcome dear shareholders, dear friends. I'm very pleased to welcome you today at the Salle Pleyel. The General meeting is an important moment in the life of a company. This is the moment which allows each year, shareholders, directors and the senior leadership to meet. More precisely, this is the moment that allows the senior leadership to set out its strategy, the Board to report about its work and shareholders to raise the questions which they care for. For this important moment, I am surrounded by Thomas Buberl, the CEO; and Frederic de Courtois, Deputy CEO. Dear shareholder friends, I would like to thank you for your presence and your loyalty. Also, I would like to salute the presence in the front row of the members of the Board whom I thank now for their commitment and their active contribution to the work of our Board. By the way, I'd like to say a few words about the occurrences this year in our Board. First of all, to remind you that Ramon de Oliveira, who was a director of your company for over 16 years, decided not to request the reappointment. He will be leaving this board at the end of this meeting. During the years that he spent with us, Ramon De Oliveira turned out to be a very mindful and committed director. He always put his in-depth knowledge of the U.S. market and his financial expertise to serve the Board and more widely the AXA Group. On behalf of all the Board members, I would like to express my sincere gratefulness and I wish him the best for the future. Besides, we are welcoming Ewout Steenbergen, who succeeded Rachel Duan several months ago, and Ewout will provide us with his solid experience of insurance, his digital experience as well as his good knowledge of the United States, something that will be useful given the current context. We will now proceed with the preliminary formalities as we open the session and make sure we have this registration committee appointed. First of all, there are non-shareholders being present in the room. Our general session is a public meeting. And besides that it will be broadcast directly and indirectly on our Internet, axa.com. This general meeting is convening on first notice today, it was convened thanks to legal provisions through a Notice of Meeting published on 28th of February 2025 in the Bulletin des Annonces L gales Obligatoires and two, Notice of Meeting published in the same bulletin, the 26th of March as well in the legal announcement journal [Foreign Language] on the 26th of March. I have just been informed that the meeting can be formally held in its ordinary and extraordinary form. Let me read now the interim quorum, which allows to hold this meeting. 1,563,998,939 shares are represented today. And these shares represent themselves 1,930,000,728 votes, which gives us a quorum at 72.46%. I will let you know the final quorum before we vote the resolutions once all the shares of the present or shareholders' proxies have been totaled. And now -- so the general combined meeting will take place now. I will now proceed with the formation of the registration committee. I will chair this session in my capacity as the Chair of the Board, and I call as scrutineers the two shareholders who have on their own and as proxies of the largest number of votes. That is the company AXA Assurances IARD Mutuelle represented by Mr. Philippe Gu rand, Director of that company, duly entitled and also the company AXA Assurances Vie Mutuelle, represented by Mr. Benoit Soury, Director of that company and also duly eligible, Mr. Gu rand and Soury have let us know in advance that they accepted the rules of scrutineers if they were offered to them, which is the case. I thank them for the agreement. I propose that be appointed as Secretary of the meeting, Mr. Frederic de Courtois. The meeting panel is now formed. Let me inform the session of the presence of Mrs. Guillaume Faury, appointed on request of the company, will be charged to acknowledge the due process of this session. The auditors that work in accordance with the law by registered office our present here. It is Mr. Patrick Menard and Olivier Durand, who represent Erst & Young audit; and Mr. Antoine Esquieu and Pierre Planchon, who represent KPMG SA. Lastly, I'm making available to the session all the legal documents. Additionally, the shareholders who so requested have received the documents and information as per the law or were able to read it in the registered office or on Internet website of the company within the time framework as per regulations. Let's now -- sorry for these formalities which are maybe tedious, but necessary. Let's now come to the simplified agenda. We are missing today in a combined general meeting so that you approve 29 resolutions. I suggest that we take as read in expense of the agenda. You can read now the simplified form of it, which is up on the screen behind me. I suggest that we also let go of the reading of the reports of the [ batch ] that was made available to you and the legal conditions. This will allow us to have more time for the presentation as well as to answer your questions. Let me point out that as for previous sessions, we'll be using electronic voting whose modalities will be explained before we vote the various resolutions. Before we delve in the votes of the resolutions, we help you to carry out your powers as shareholders. A few words about the conduct of our meeting. As I said, the general meeting is a strong moment in the year, which allows to make sure there's a good alignment between the senior management of the company, the Board members and shareholders. For this we suggest several sequences, which will allow you first to listen to Mr. Thomas Buberl, who will present the strategic outlook of the group and Frederic de Courtois who will be outlining our KPIs. After that, we'll hold a roundtable on the topic of the insurance today and tomorrow, given the context of the 40th anniversary of our group. This roundtable will allow us to gauge how much all the work we've done for this period and the major challenges tomorrow, given the increase in the risk and the changes, mainly technological ones that upend our company. We will see before a small video that will be going over these 40 years, which marked the existence of AXA. The third sequence will be dedicated to governance with a presentation by Guillaume Faury, Chair of the Governance and Sustainable Development Committee as well as with the reports of the statutory auditors. Then we'll open up to the Q&A session that are so important to allow us to understand properly your expectations and queries, especially given economic and geopolitical context, which is uncertain nowadays. I was referring several moments ago to the 40 years of AXA when the company was formed by Claude B b ar in 1985. We were living in a different world. That was before the fall of the Berlin Wall. At the time when the world seemed to be fairly in order were natural catastrophes in a world with cyber risk didn't exist. Today, everything seems to be upended. It's on this new context that I would like to stop. Before I turn it over to Thomas Buberl for the strategy of the group. As it comes out clearly from the last addition of our report on the future risk. Today, we are facing a sharp increase of the overall general level of risk with two new trends. Firstly, there were simultaneous worsening of the major risk, especially geopolitical risk, economic risk and climatic risk and after that, their strong interconnection with risks that are self-feeding. As we are talking about risk, I'd like to say a few words about the climate risk. Today, climate risk is considered by the political risk, but it still exists and more than ever. And this is the reason why AXA decided to confirm without any qualification, it's climate-related strategy and even speed it up because the cost of not acting far exceeds the cost of adapting. It is felt that when you invested into adaptation represents EUR 8 of less in damage. You'll have possibility of asking questions about this in the latter part of our meeting, when we come back to the Q&A session. Beyond that, very strong commitment to find against climate imbalance. I'd like to say that AXA appears to be as a center of stability and performance. 2024 turned out to be a year of very strong growth, not only of our revenues, but also of our earnings and the group is solidly equipped to continue to grow. Even though the environment is deteriorating, such solidity of our group and it's our level of performance. I'm not owing anything to accident. This is the result of the in-depth transformation of the group and the reduction of our exposure to risks, financial risks, that was led this year impacts by Thomas Buberl. And today, what we need is stability and continuity. For this reason, the Board has decided yesterday to propose the reappointment of Thomas Buberl as a Director at the next Annual General Meeting and then to renew him as a CEO, so that he can continue the action that he kicked in. As you know, Thomas is only the third top leader of our group in the past 4 years, Claude B b ar has headed AXA for 17 years and Henri de Castries for 16 years. At AXA, we know that insurance is a long-term business, and that action has to be part of that long-termness. This very strong conviction has led the Board to consider unanimously to offer to the reappointment of Thomas in 2026 would be the best decision to be taken. And by extending his term of office, this decision will help him, without any further ado, to work on the strategic plan in 2027 and beyond. The world is moving quickly, no time to waste. We have to prepare ourselves to the challenges that come. Dear shareholder friends moment ago, I was underlining the excellent results for 2024. These earnings are the result of a very strong commitment of the group as a whole. Before I turn it over to Thomas Buberl, I'd like to thank him. He and his team for the work that they have carried out. My thanks also go to all the AXA teams in France and around the world. They also are intended to my director colleagues who were strongly involved in the life of the Board and have always been available when we requested that from them. I also thank you all, dear shareholders for your trust constantly renewed. I will now hand it over to Thomas, who will present the strategic prospects of our group.

[Interpreted] Thank you, Antoine, and good day, everyone. I'm very pleased to meet you all again for this new shareholders meeting of your company. I will start with a review of the strategic outlook for the AXA Group. 2024 was a significant importance for AXA as it showed the kicking off of our new strategic plan " Unlock the Future", which was presented to you last year in this same venue. For this first year of implementing this plan, which aims at fostering our growth and expansion, AXA has delivered outstanding performance, which reflects the relevance of our strategy in a more and more unstable environment. Despite these tough conditions, AXA was able of maintaining its performance levels. We remain strongly committed towards our clients, i.e., commitment, which is bolstered by our performance being delivered and our ability to meet the current challenges out there. AXA is celebrating its 40 years of existence this very year. Now the key role played by insurance company has never been as strong in a world which is characterized by high volatility and growing risks and perils of all types. We are determined to reinvent our services. We are determined to meet the new challenges and needs of our clients and to enable them to thrive in these very uncertain context and environment. Now let me go into some more detail of the key performance indicators. The growth of our revenue was 8% in fiscal 2024. Revenue reached EUR 110 billion, which is a record level for the AXA Group which represents an increase of EUR 8 billion of growth gross written premiums compared with 2023. Now this organic growth originates partly in price effects as well as a strong business momentum, which enabled us to increase the number of contracts and clients in many markets. Now this good performance also builds upon the high degree of satisfaction of our existing customers and clients as well as our ability to gain new targets, including micro and auto or self-employed auto entrepreneurs. And underlying earnings has reached a record level increasing by 7% to reach for the first time, EUR 8.1 billion. This is the result of a strong pricing discipline. This is the result of a high diversification of our risk portfolio, and it is also the result of better underwriting business. Now this underlying earnings per share have increased by 8%, which is positioned in the top of the bracket of our guidance, which was between 6% to 8%. And I would like to emphasize the fact that we have posted very strong growth in our net profit, up 11%. So our balance sheet is very robust with the solvency ratio with a Solvency II ratio being maintained at a high level at 216%. Given these excellent results, the Board of Directors of AXA Group carries that the dividend should be EUR 2.15 per share to the shareholders in meeting up 9% over last year. And the Board also approved a new share buyback program in the amount of a maximum EUR 1.2 billion which was started on the 28th of February 2025. Now AXA Group is thus very well positioned to reach its key financial goals in the context of its Unlock the Future strategic plan. I will now go into the detail of this performance by business line. Now as I told you, our revenue increased sharply. We are having this very strong momentum across all lines of business. In P&C, revenues reached EUR 56.5 billion, up 7%. This growth originated both in commercial lines, which grew by 6% as well as personal lines, up 7%. In Life Insurance, our revenues reached EUR 34.5 billion, up 9%. The health insurance business also showed outstanding momentum and dynamics with revenues up 8%. Thus, revenues increased strongly across all our geographies, i.e., up 7% in France, up 6% in Europe and up 15% in the emerging markets. Furthering the core trial, we'll be reviewing the performance by business line in some more detail. Now these numbers illustrate the relevance of our strategy and our ability to offer our policyholders, those offerings and services, which are the most adapted, the most suited to their protection needs and be it in the field of insurance and/or prevention. Now the business model, which has helped us deliver this good performance is the result of the transformational process, which AXA started a bit more than 10 years ago. And your group today has been refocused on its core business, i.e., the insurance business, your group now is equipped with very robust positions in those markets where we operate. And your group benefits from an appropriate equilibrium between commercial lines and personal lines. Thanks to these strong fundamentals, we have successfully generated organic growth across all our lines of business and across all of our geographies, as I mentioned a minute ago. Now I would like to share with you some successes, which I'm very proud of. We are now the leading operator in the commercial insurance market, serving all types of businesses, large and small, large corporations as well as SMEs, knowing that SMEs play a key role in our economic fabric. For a little while, we've been introducing new products and services, which were well adapted to the micro and auto entrepreneurs to also gain new business in these fields, thanks to our inclusive insurance program. We also are very well positioned on the protection segments on the Employee Benefits segment, among others, which has been growing very steadily. Finally, in Japan and in Hong Kong, we hold historically strong positions in the protection and health insurance segments. Now artificial intelligence has been a powerful instrument serving our insurance business, especially in the way we have been managing risks as it has enabled us to build up advanced and sophisticated models, which can anticipate perils and threats and simulate scenarios of crisis in real time. Over time, artificial intelligence will bolster the effectiveness and efficiency of our employees by letting them use large volumes of data, which we've been collecting in our business units, but which we are not using and utilizing well enough. It will also enable us to focus on those high added-value tasks and activities, which require human intelligence. Now AXA plays innovation and artificial intelligence at the core of its new strategic plan and unlock the future which was presented in the early part of 2024. Now incorporating AI into our operations will help us better serve and support our clients and our employees in order to strengthen our market positions. AXA today has been engaging more than 2,000 experts, including a bit more than 900 data scientists and data engineers. We have identified more than 400 use cases involving data and AI solutions across the business units of the group, covering all of the insurance value chain. AXA has been incorporating AI capabilities, including in large language models, both into its operations with some special initiatives such as making sure that AXA Secure GPT is being made available to more than 154,000 employees of the AXA Group. Moreover, we've been developing use cases for processing claims for underwriting and for interacting with our clients and customers. In a context where environmental risks and perils keep growing and changing, AXA has been exploring innovative solutions to improve the safety and security and minimizing perils and threats including by using AI and geospatial technology, which has helped combating forest fires, among others, via the digital commercial platform, which was recently introduced. By strategically incorporating AI into our operations, AXA Group has aimed to position itself as an innovative leader in the insurance industry as an operator, which is ready to meet any types of challenge, while improving customer and client experience and risk control and management. We are placing the efficiency of AXA at the service of all of our stakeholders. Right from its inception, some 40 years ago, AXA is determined to share equitably and fairly the added value generated by its operations. We have paid back more than EUR 50 billion of compensation to our policyholders last year. We've been investing more than EUR 30 billion each and every year in the economies last year, we have paid out more than EUR 13 billion of taxes, levies, duties and social charges, including 36% of those in France only. we have returned some EUR 4.7 billion of dividend to our shareholders compensating them for their support to our corporate strategy. Now with respect to our employees, we are paying EUR 9.2 billion in compensation and bonuses. As I already said, our employees are the key assets in ensuring our success and we have been engaged in a dynamic recruitment policy, by the way. AXA remains the first insurance company to have received, for the second year running, the certification, which certifies that all of our employees have been getting compensation higher than the local decent pay, i.e., the level of compensation, which is sufficient to pay for the essential needs of a household. This certification is a result of in-depth disciplined work, which was carried out last year across all of our countries with the support of an independent organization, which is affiliated with the United Nations and which is called "Fair Wage Network" called -- and our ambition goes beyond the certification because AXA Group committed to providing to all of its employees a cash compensation package, which will be at least equivalent to 110% of the local vital pay level by the end of 2026. Now these commitments, which fosters an inclusive and supportive corporate culture across the entire well comes as an addition to the program called "We Care" as well as other types of compensation and employee benefits, which are provided at the local level. Also, some 30% of our employees are shareholders of the AXA Group. And the employee shareholding scheme is a major scheme of AXA has always been, right from its inception, with our employees being one of the key shareholder group in the AXA Group holding more than 4% of capital stock and more than 6% of voting rights, which enables our employees to express their voices and to fully contribute to corporate strategy. Now as I told you already, this year, we'll be celebrating our 40th anniversary. These 40 years of service have been a great venture, which was buoyed up by a spirit of boldness and innovation with our mission of protecting people and property which stem from an action to serve human progress. As a responsible, civic-minded company, we keep planning and maintaining our commitment towards our clients and customers as well as towards societies and communities at large. And I would like to pay a true and sincere tribute to my predecessors, Claude B b ar and Henri de Castries for this unique heritage that I strive to continue and I have been trying to do so for the last 9 years. Now the exceptional outstanding story and history of AXA also builds upon the engagement, dedication, professionalism and bold action of our employees and agents across the world, which have been contributing day in and day out to the social and economic impact of the AXA Group. It is important that we recognize them, and we are doing so through our shareholding program called share plan, which was started in 1993 and which every year was rolled out every year, making it possible for AXA Group employees to become shareholders of AXA at preferred terms and conditions. For this 40th anniversary, we'll be beefing up our share plan offering which is subject to your vote, of course, as every year, and we'll be adding an exceptional matching contribution, which will offer to beneficiaries up to 23 shares for any 20 shares subscribed by the beneficiaries provided that the French AMF stock authority approved the scheme and that the social partners approve this. So employees will have the opportunity to receive a total of 40 shares for 20 shares that they will have subscribed to at a discounted price. This initiative will recognize and reward our team for contributing to the success of our group while strengthening the community of the employee shareholders. AXA Group is also a dedicated player to serve and support its clients and customers for the last 30 years. we are continually changing and modifying our contracts to meet their expectations, their needs at best and to best support them. In the face of new needs and challengers and societal challenges. I would like to mention two examples. In 2024, we launched a so-called green insurance cover, which has made the systems to energy renovation expenses mainstream to all of our policyholders. And in the last few weeks to protect the rata number, the cover policy of our home insurance contract in France has changed. As we've recently included legal and psychological support system as well as a scheme to provide emergency rehousing in the event of domestic violence because our role and vocation of an insurance company is to protect households and those living in those households. For the last 40 years, AXA has continually reinvented itself and its businesses in order to best adapt to the key changes in our world by incorporating digital solutions and advanced technology. We have been anticipating emerging risks and payrolls, while making sure we strive for a safer and more sustainable future. In the face of climate change, we have continued to develop preventative actions. We have been developing offerings helping our clients to adapt, be their individuals and businesses, and we've been maintaining investments towards transition and it's factors and players. Similarly, we have extended inclusive insurance to the European market players. We want to protect more than 20 million clients with this inclusive insurance business by 2026 across the world. In parallel to these commitments, the program called AXA [Foreign Language] in France, which is called AXA Hearts in Action in English, testifies to our desire to actively contribute to the communities by bolstering and supporting local initiatives and by fostering the support and health and assistance provided to these communities. Now we also wish that our employees be active participants in these changes and our goal is that 50% of our employees can be pro bono volunteers in grassroots organizations being supported by this Hearts in Action program by 2026. And in 2024, some 40% of employees were pro bono volunteers supporting these grassroots organizations. In this period of time, which has growing doubts on the social and environmental roles of the businesses. It is key to recall that at the AXA Group, these values are deeply rooted into our DNA and into our history. The societal and environmental challenges we are facing today will only be strengthening our dedication and commitment to take responsible and sustainable action to support this in the face of the current challenges, we will resolutely continue in our mission. To us all, the costs of inaction, of not taking action is higher than the cost of adapting to these changes. So all together, I'm confident that we will keep reinforcing our social and environmental roles at AXA. Thank you for your attention.

[Interpreted] I'd like to thank Thomas for this very comprehensive presentation. Without any further ado, I will ask Frederic de Courtois to introduce to you the performance of fiscal year 2024.

[Interpreted] Ladies and gentlemen, shareholders, good day. I will tell you more about the financial and extra financial performance of AXA. I will start with the performance of our four main business lines. Thomas reminded it, revenue 2024 EUR 110 billion, a record, an 8% growth and this revenue is made up over a very good performance in our four business lines. The first business line is the P&C business. You will recall that it represents nearly half of AXA's revenues. Total of premiums, up by 7%, and such growth was driven not only by the good performance of commercial lines but also you -- to the personal lines. So commercial lines, sharply higher, as I said, by 6% and commercial insurance, if you stick to its 2/3 of our revenues, 50%, P&C out of which 2/3 were insuring companies and 6% growth, highly balanced. Balance, on the one hand, between the growth of large corporations with AXA XL and also the growth of SMEs and smaller ones with all our companies. It's a balanced growth as well between higher prices on the one hand and client gains about 3% each. In addition, I'd like to point out again, but that's very important, the excellent performance of AXA XL, which remains this year with AXA France, the second profitability engine for the group. In the personal lines that represents 1/3 of the P&C, good growth of 7%. Such growth is supported, first of all, by price-related steps in Germany and in the U.K., aiming at turning around the technical profitability of our portfolios. But as well due to client gains in the markets where we decided to grow essentially France, Italy, Switzerland and emerging markets. So 50% of our P&C in now premiums, the second 50% is the Life & Health business. So the second business line I would like to focus on is the life business, which is a business line, I said this last year, which is strategic for us with premiums up by 9%, driven by rising contracts in unit-linked accounts for 18% as well as more contracts in euros with a rise of 15%. Strong growth of protection as well, thanks to the momentum in the Japanese and Swiss markets. Now in the Life-related insurance, which is our third business line, which is very strategic for us. Premiums are up by 8% chiefly due to favorable price effects across our markets as well as due to the growth of premiums as regards employee benefits insurance. Now if we look at the net new cash that is premiums minus outflows, it stands at EUR 1.5 billion, mainly up, thanks do the protection business in Hong Kong, in Japan, in France as well as thanks to the health business in Germany, in Japan and in France. To end with regard to our businesses, a few words about asset management. Now Revenue of the asset management is raising by 8% at EUR 1.7 billion, thanks mainly to the increase of our asset average volume and the management and a favorable product mix. Now about this asset management, again, as you know, we announced the disposal of AXA IM to AXA IM on the 2nd of August. We signed the disposal contract last December. The process is following through. The transaction is undergoing to the usual authorizations, regulations, et cetera, in order to be closed around the end of the second quarter 2025. Pertaining the profitability of our business now. As you know, the insurance is a complicated business. It's one of the rare businesses where more earnings does not mean more income. And the beauty of our 2024 earnings is that growth was profitable, we are able to grow our volumes together with margins that are quite decent. So our underlying earnings, as Thomas said, is exceeding for the first time EUR 8 billion, up by 7%. It can be accounted for, first of all, by the underlying earnings of the P&C business up by 10% at EUR 5.5 billion related to our operational and technical excellence. To be more specific, the increase is driven by the growth in revenues and the P&C, the quality of our underwriting, which translates in a beautiful combined ratio, which is a key factor for us, which is the claims and the expenses divided by premiums and the combined ratio reaches the excellent level of 91%. And the third element is the increase in our investment income both through thanks to the skills of our team and also thanks to higher interest rates. Now regarding the Life Savings Pension and Health business, the second 50%. The underlying earnings up by 4%, and it stands at EUR 3.3 billion. That rise is fully aligned with our expectations, and it reflects mainly the recovery of the technical margin of our business in Health and Well Being U.K. and we dealt with this very well, so very sharp increase in the U.K. in terms of the health business. Now the financial structure and the profitability of our shareholders' equity. Now shareholders' equity stands at EUR 49.9 billion. They are increasing income minus dividend and buybacks of shares. Now the underlying profitability of our equity stands at 15.2%, up by 0.3 points, driven mainly by the rise of the underlying earnings that are commented just before. Now the cash remittance, the cash in the holding in our account stands at EUR 4 billion with a cash remittance organically from our subsidiaries amounting to EUR 7.1 billion, which is an excellent performance and allows to pay the dividend and do many share buybacks with a number of other investments. Now to conclude, our group is extremely solid financially. How does all this reflect and translate for the shareholders? One, significant aspect of our equity -- capital management policy and how we manage our earnings is striking a good balance between paying our shareholders and how we fund our growth. And you also noticed that our growth is very strong and even gained momentum and to finance that growth, we need equity capital to bolster it. If we now look at our earnings, we allocate 25% of our earnings to organic growth. We are financing it. And we allocate 75% to our shareholders in the form of dividends on the one hand at 60% and through share buybacks, which represent 15%. All of these accounts -- it's a math calculation. All of this accounts for the dividend of EUR 2.15, which represents a 9% increase as well as the buyback program scheduled for 2025, amounting at EUR 1.2 billion. To finish off on all of this, we announced and confirmed that we will have a share buyback of EUR 3.8 billion that will be launched once the sale of AXA IM has been finalized to compensate the dilutive effect on our earnings of our disposal of that particular asset. On the next page, just simply, the state of our results compared to the targets of the plan, you can see that we are aligned with the main financial targets of the plan. All of this allows me as well to confirm that we are very well positioned to hit the main financial targets of our plan in 2025 and 2026. Now a topic which is very interesting for you, which is the performance of the share. Despite the turmoil in the last few weeks, we are satisfied with our performance since January 2025, see that the growth of the AXA share with dividend reinvested since January 2025 amounts to over 110%, which is -- what is even more important is that we outperformed. You can see it on these graphs, the CAC 40, the STOXX insurance, the MSCI World as well as the EURO STOXX 50, which are the four indices that we track, in particular. All of this is not the result of accident is due also to a good financial and extra financial performance of AXA. So a good strategy, well implemented, I would say. To end, I would like to spell out our extra financial performance, I said last year that we can improve only what you can measure. So we launched therefore, in 2021, the AXA for Progress Index. This page is a bit complicated. I will try to be as clear as possible. This index allows us to track several indicators, which testify to our commitments for the environment and society at large. There are three categories. The first one is our so-called the insurance, which is our core business. We contribute as an insurer here. You see that we obtained in 2024, EUR 2.1 billion of premiums promoting climate transition. These premiums include assets and activities will contribute to mitigating climate change to circular economy and to biodiversity. We also including these figures all the personal insurance that cover, for example, electric vehicles, renewables for domestic use, also the grid cover mentioned by Thomas. Our goal here is to achieve EUR 6 billion accrued by 2026. Now the second factor, the solutions provided to our corporate clients about services and adjustments to climate changes. Notice that EUR 1,052 million, we want to propose over 9,000 of these solutions till 2026. The second element, and Thomas mentioned it, is what we call the inclusive insurance, which started in emerging countries and extended recently across Europe, especially among which France and recovering today in 17.4 million clients with the ambition of reaching 20 million in 2026. The second category is AXA as an investor. We are a large investor, obviously. And there, again, our goals are very clear. First of all, our goal is to invest at least EUR 5 billion per annum into a climate transition. In 2024, we widely exceeded this by investing EUR 7 billion. Alongside this, we wish to invest even more into the resilience of communities, and our goal is EUR 500 million per year, and we reached EUR 1.3 billion last year. So we are quite widely beyond our targets. The third chapter is AXA as a responsible corporation. First of all, we launched a new training program dedicated to the change to a climate change for our employees, which is called the Sustainability Academy, and 80,000 of our people will be trained by 2026. The program was kicked off this year, and we will give the first figures updated next year. In addition, we wish also -- and Thomas mentioned it, that our employees be actors of change, lead change. We want that we have the ever larger number of them being involved in AXA today, 40% are, and the aim is to reach 50% in 2026 on the basis, of course, on voluntary service. All these topics -- and I insist because the context is complicated. All these topics are ever more important for us and it seems important to me to spend some time on this extra financial performance. Thank you very much for your attention.

[Interpreted] Thank you, Frederic. As we told you earlier, I suggest we watch a video showing the first 40 years of AXA's existence. And this short video will be followed by a panel session with the AXA experts. And then [ Nadia Sabi ], a journalist will be moderating this panel session. The topic being 40 years of bold action to innovate for the future. Let's watch the video. [Presentation]

It is very close to my heart that a 4-degree trajectory is not sustainable. We all need to take leadership and aim for a 2-degree trajectory. This is not a burden for us. This requires collective action, and we should see it as an opportunity, an opportunity where we can be comprehensive, an opportunity where we should be tangible and really verifiable to make sure that we invest. This requires collective action, and we should see it as an opportunity, an opportunity where we can be comprehensive, an opportunity where we should be tangible and really verifiable to make sure that we invest in sustainable projects and stop projects that are not following the sustainable 2-degree trajectory. Thank you very much.

Thank you so much, sir. [Presentation]

Hello. My name is Nadia Charbit. I'm a journalist, I'll be moderating this session. It will be my great pleasure to do that for this shareholders' meeting of 2025 under the title: Being 40 Years of Bold Action Innovating for the Future. And in this video, indeed, the first 40 years of AXA were bold actions, which made it a global insurance company and international corporations and a French success model. So this boldness builds upon senior leaders who are attentive to the world changes and is illustrated in the AXA's capacity to anticipate market changes, new payrolls taking advanced positions and taking on very strong decisions. All this as a service of the growth for AXA Group as well as its clients, be the individuals and businesses, which count on the expertise and know-how of the group to meet their needs and event the next-generation insurance industry, which takes us to the second part of our panel session, innovation. Innovation is key to adapt to climate change and the increasing loss ratio proves this and also to combat and face up to new challenges, including new technology and AI. Now following these 40 years of bold action, what can we expect from AXA for the next 10, 20 or 40 years. Now to discuss this, it is my pleasure to have 4 experts of the AXA Group, which I will introduce without further ado. Francoise Gilles is the Chief Risk Officer for the group. Hello, Francoise.

Hello, everyone.

Pierre du Rostu, on my left is the CEO of AXA Digital Commercial Platform.

Hello.

Marcin Detyniecki is the R&D Director and the Chief Data Officer for AXA Group operations.

Hello.

And to add up, we have Alice Holzman, who is Director for Client Branding and Marketing for AXA France. Hello Alice.

Hello, everyone.

Now I suggest we start this panel session with you, Francoise Gilles. We saw that in the video, the key perils and risks have been changing over time, sometimes very significantly. So as the CRO, as the Chief Risk Officer of AXA Group, can you tell us how the main perils and risk covered by AXA have changed in the last 40 years.

Thank you, Nadia. Well, interconnectedness of risk and perils and the intensity levels of the risks have changed tremendously in the last few years. Now just looking at our major perils. Today, we have the geopolitical risk, we have the cyber risk, we have risk connected with climate change. Well, clearly, those risks are interconnected and they are impacting each other. The cyber attacks will impact the geopolitical risk and vice versa, the same with climate change and climate transitioning. And with respect to the intensity of climate change, you read this in the news daily, you can see changes on the global geopolitical front, right? And with respect to cybersecurity attacks in 2024, every 11 seconds there were cybersecurity attacks, every 11 seconds. And with respect to climate-related risk, we all remember the huge forest fires in California, which reached an unprecedented losses. Now in the face of these circumstances, jointly with the teams at AXA Group, we work on inventing new solutions. I would like to share with you some tangible examples of what we are working on to address these risks and help our clients to navigate this difficult environment.

So you mentioned the climate risk, the increase of the loss ratio and you've made a preventative policies mainstream to keep minimizing and combating this risk, so prevention and preventative action play a key role in AXA strategy. Turning to you, Pierre du Rostu. You are the CEO of the AXA Digital Commercial Platform. To start off, can you explain what this digital commercial platform is about. DCP, which was introduced by AXA, Who is it addressed to and what technology does it use?

Well, this was very well explained by Francoise, right? The world we are living in is a world in transition for businesses, for individuals alike, for societies and communities at large. Well, this transitional process requires that as individuals and as organizations that we adapt quickly to these changes. The good news that we are strongly convinced that this transitioning towards new perils and new risks is supported by another transitional process, which is new technology, which is giving us new instruments, new tools to meet these new challenges. And this is why AXA Group, a bit more than 2 years ago, introduced the so-called digital commercial platform with a very clear role and mission, which is to combine the very strong expertise and experience to understand risks and perils cumulatively by all of our data, by all of our employees, building upon the most modern next-generation technology to come up with new solutions to help our clients and customers anticipate risks, understand risks and minimize risks. And the way the DCP platform works is that around us, we've been putting together an ecosystem of partners, solutions and services involving very small companies and very large corporations, which each of them come up with part of the answer. And our role as a platform is to orchestrate all this to support our clients in a resilience pathway, which is organized around understanding risks and minimizing risks. And this is a virtuous cycle because we've been co-innovating to come up with new solutions jointly with our clients. And by making our clients more resilient, then we are making communities and societies more resilient.

Thank you very much. Very clear. So to keep innovating and better meeting the needs of policyholders, the key stake and challenge is to keep banking on this new technology and embrace its full potential. Marcin Detyniecki, you are the Head of R&D, you are the Chief Data Officer for AXA GO, AXA Group Operations, what is AXA strategy to tap into this new technology bets, including AI, artificial intelligence, which has been a buzzword in the last few years.

Well, it's been a buzzword, and we've been discussing for the last 2.5 years, only 2.5 years that these large language models were discovered that the general public have discovered that, which can do wonderful things, and I being an expert of this field, I wonder with the ability to come up with executive summary, sorting of e-mail and do so many things as large language model. Now what have we done? Well, as usual, and you saw that in the video. We addressed this with some bold action and some practicality. We looked at how we could use it, and we looked at the associated risks, especially with respect to the data feed, the data leaks and data breaches. Already back in 2021, we launched program called "Secure GPT." And we are one of the first global financial service company to give access to this solution. Today, 150,000 employees have access to this incredible technology. Since then, we, of course, tried and systematically integrate and merge this technology on the back of a number of use cases. And Alice will tell you more about it. It's been fantastic, really as a journey. Now it so happens that artificial intelligence is not such a new thing for the world and not such a new thing for AXA either. And we've done lots of things in the past with digital models, which are machine learning and artificial learning models. What have these models been doing? Well, they learn to predict things using examples on developing new examples and prediction, predictability is key in our business operations. Just look at the historical loss ratio, you can predict the loss ratio of your future portfolio, but you can predict many other things like fires, right, or other natural catastrophes; you can predict the pathways of hurricanes, but you can also predict the operation. You can forecast the required scalable size of a call center to meet the needs of our clients and customers. Now you mentioned strategy. Well, what is our AI-related strategy? Well, it builds upon an inventory of some 400 use cases, which are already operational, which already have been generating added value, as you heard a few minutes ago, and we've been investing significantly in the IT systems. And by combining these 2 factors, strategy is crystal clear. It's a question of industrializing to scale up these use cases, which are fragmented here then everywhere and to scale them up across the group.

So much for the strategy. Now what about practice, right? I will turn to you, Alice Holzman, who are a Director for Clients, Branding and Marketing for AXA France. How has AI changed the game? And how have you been putting it as a service of AXA's clients and customers.

I will focus on AI as applied to customer experience, why customer experience? Because perceived and live AI experience is as important for our clients than the quality of our insurance coverage. And AI will meet the key concern for our clients to have a more straightforward, more personalize client and customer experience, a very tangible experience. Thanks to AI today, we've been offering our clients to report a simple motor claim like a scratch or a little bump in your car body in a very straightforward, simple manner by just sending a few photographs via the mobile application. In just 24 hours, you can come up with a reimbursement offer and pay back the claim instantly, very simple, very automatic. Now for example, to support our relationship managers and our agents and distributors, we enable our agents and employees to access our library of information on AXA's contracts and contractual terms, simpler and more intuitively so that they can better answer and quicker answer their clients. And we can make available offers and services, which are already customized, which are already contextualized to meet the exact and precise needs of the customers they are facing with. So AI will be simplifying the lives of our agents, our distributors and our relationship managers and our clients and customers.

And what about the changing needs of these customers or clients, how has AXA France been meeting these new societal changes? What are we talking about when we speak of inclusive insurance?

Well, our key role has been and will be to protect all people, all French people. There are 18 million French people about 27% of world population, which have low to medium income level, which are very often very poorly insured, most often for cost reasons, but not only, and one of them being they don't know the insurance coverage, they don't understand it well or they do not find insurance products that meet their needs. In order to meet these needs of these clients, we basically engage in inclusive insurance under the AXA essential program, and we come up with products and services, which we meet their needs. Recently, we've launched the My Entrepreneur Pack (sic) [ My Pack Entrepreneur ] Program. It's a very simple package with a one-stop shopping kind of contract, which protects the individual and the business of the small entrepreneur above and beyond this specific customer segment. We need to remain connected to societies and their weaknesses and fragility. Thomas Buberl mentioned the domestic violence, which is a critical issue. But above and beyond these cases, we've been supporting households and societies. Today, 11 million French people have [indiscernible] they are taking care of. In our contracts, we have administrative support and psychological support for these people. Another example is school harassment, which unfortunately has become a reality in French schools and all over. Well, as part of the school, insurance package, we have psychological and legal support services for victims of school harassment cases. So AXA has been strongly and fully connected to societies. We are a dedicated player, and we keep innovating to launch products and services which meet the new needs of our customers and clients.

Thank you very much for that. So when we talk about the new deals, but also new clients with specific needs, I guess that it involves new strategy. So Francoise, on what pillar is based the risk management strategy and how do you adjust it to align it with the new news of your clients -- the new needs? Because even if you have a difficult world, it is insurable.

Main topic, we try to maintain the insurability around the world through different pillars, which are prevention of risks. We talked about innovation in solutions and also diversification when it comes to risk portfolios. Thomas mentioned this diversification of this kind is what allows us to provide -- to cover risk for our clients. And we can do it because we have a robust balance sheet with solvency at a level of 216%. And it's a solvency which is resilient, thanks to the diversification of risk. We have risks, which are spread out through regions, through the lines of businesses, through the types of risk and through client segmentation. So it's not the result of accident, it's a work that helps us to be resilient and to support this risk for our clients.

Thank you for this explanation. Sticking to strategy and the tools to implement it, Pierre du Rostu back to you, you explained what this DCP platform was. Can you share now some examples that are tangible that illustrate how DCP can become a group prevention strategy pillar and make sure there is still insurability for some highly exposed goods? Now the value offer is about prediction that is how you diagnose a risk and can anticipate them and also prevention, how can you reduce such risks?

Taking a few very concrete examples now. Last summer, it was mentioned by Thomas we are working with the AXA France teams with Guillaume's team to put in place a new model that watches the -- in real time, the forest-related risks. In real-time, you can score any type of point in the world to know a risk for a given client. This is the prediction but -- and once it starts, we can anticipate how it will evolve in the next 24 hours, 48 hours, et cetera. So much for the prediction. Now for the prevention part, we have made available agents, tied agents of AXA France, who have the most export clients, very straightforward tools so that they can kick in dialogue with their clients to provide them some prevention actions to be carried out, maybe clean up things around buildings and put in place some steps in order to reduce these risks. Now second example on cyber risk, our value offer is organized around solutions that will scan or assess the weaknesses of a company. This is about prediction. Now for the prevention but we launched the Cyber Academy. You know the Climate Academy of the Cyber Academy is the same principle, how can you make available to the employees to our customer, to our clients to train them on cyber risk. And the last step is what concrete solution can we provide, and this is based on part -- ecosystem of partners who can give an answer to the weaknesses identified. Now one last example, you all remember the major floods that took place in Valencia in Spain or the fires in Los Angeles, there again by innovating, we're able to make available claims teams of AXA Spain or AXA XL tools, which, in real-time, help to know if a site is impacted, it was fully -- if it was fully or partially destroyed. And this is key in our relationship with our clients. And there are many clients, by the way, who told us, "Look, I cannot go on-site because no one during the event can go there, but we transfer the relationship with the client by being in a position from a distance to provide them a concrete answer to say whether their building is being hit or not. And this, again, transforms fully the relationship between the insurer and the client.

Thank you very much for these examples. Now we talked about changes in the risk and use of AI, Marcin, according to you, what are the major opportunities and the major challenges that AXA will have to anticipate in the next 5 to 10 years to guarantee an ethical use and a beneficial use of this technology?

I would like to quote something, "A major power involves great responsibilities." No, it was not Spiderman. His uncle told him this. Maybe he was not a major philosopher, but it's really true. Look, we have ethics and responsibility at the center of our strategy. We didn't wait for a lot enacted by the European Union to have authorities dedicated to the control of such technology. And why? Because our conviction, it's not purely a technological leap, it's also a human challenge. As a matter of fact, its challenge is about trust. Without trust, you cannot be into insurance because trust helps to guarantee that we will be where we need to be when we are needed. This is the guiding logic. It help us to be ethical and responsible. Now of course, the world is changing, risks are evolving, as you said, of course, our challenges are waiting for us, but I'm very enthusiastic with regard to the collective adaptability we have. We saw this in the last 40 years. I'm also enthusiastic about science, research and technology will be playing in all of this. In reality, I'm convinced the technology in high tech will do better -- will help us to do better what we are already doing that is protect everything that matters for each one of us.

Thank you very much. On your enthusiasm, we will complete this in 20 minutes, we have talked about new technologies, concrete examples, risk management, new needs of clients and innovation and prevention strategy so that, hopefully, we can respond to some of the many numerous questions from shareholders. I thank you heartily for participating in this front table. Thank you very much.

Thank you, Nadia. Thank you, Francoise, Alice, Pierre and Marcin for such exchanges. I will now ask Guillaume Faury, who is the Chair of our Compensation and Sustainable Committee, to present the governance of the company and the compensation policy of [indiscernible] over to you.

Ladies and gentlemen, good day. As a Chair of the Compensation Governance and Sustainability Committee, I will report about the governance and the work of the AXA work in 2024 and also the compensation policy of its senior leaders. Let's start with the governance and the work that was conducted in 2024. You can see on the screen, a simplified representation of AXA's governance. There haven't been any major changes in the organization relative to the last AGM. However, as part of the earnings of the annual evaluation of the Board and its committees in 2023 and to take into account of the feedback since we started thinking about this in 2022, we have reconsidered our internal rules. So in particular, in order to be able to continue to connect the various roles of the various committees as far as ESG goes. As you know, the Compensation, Governance and Sustainability Committee follows the questions related to the strategy of the group as regards to sustainability. While the audit committee follows or tracks the process of reporting in terms of information related to sustainability. Given the interconnectness between these 2 committees, joint meetings were put in place, especially to ensure the quality of the information when it comes to sustainability included in the management report. The financial and risk committee is reconsidering the appetite to risk in terms of sustainability as well as the responsible investment policy. We also specified in 2024, the role of the Board and of the Audit Committee as regards risk management related to the technologies of information and communication, including AI and the strategy of digital operational resilience, including cybersecurity. I will come back with further details on this when we take up the business of the Board in 2024. Let's now look at the makeup of the Board in 2024. So last year, we saw Andr Fran ois-Poncet, who left, who did not request reappointment during the last AGM as well as Rachel Duan, who resigned due to agenda conflicts with its various responsibility. She was replaced by Ewout Steenbergen, who was co-opted by the Board in force in -- on the 1st of January 2025. And let's now take a look at the short video where we present Ewout's track record. [Presentation]

What a track record. You have to work a little bit on the French accent. This appointment is part of the valuation of the Board in 2023, which had identified [indiscernible] the appointment of a director with previous experience in the insurance business. Besides, given his expertise in the fields of finance, technology as well as artificial intelligence as well as in the ESG, the Board decided to appoint him as a member of the Audit Committee and of the Financial and Risk Committee. It is proposed to you today to ratify his co-opting. You will note, besides the 3 terms of office will be expiring at the end of this meeting, those of Ramon Fernandez, the one -- Ramon de Oliveira, as mentioned by Antoine [indiscernible] as well as mine. It is suggested to renew the terms of office Ramon Fernandez and mine for a period of 4 years, as indicated by Antoine previously. Ramon de Oliveira, who has been sitting for nearly 16 years has not offered himself for the reappointment and will not be replaced. The Board will continue in the move of the reduction of its size initiated in 2023, moving from 17 down to 14 members. So depending on your favorable vote, the Board will be made up at the end of the session of 8 women and 6 men out of which are 9 Independent Directors. With regard to the makeup of the committees on the screen, they will be made up in the following way, and this composition is satisfactory in our view to make sure there's a proper functioning of the group. Let's move on to the activity of the board in 2024. As you can see, I was -- but it's not easy to read everything. As you can see, it was supported this year, again, with 9 Board meetings out of which today strategic seminar for so-called executive sessions and many training courses as well as 22 committee meetings. You will note also the large number of people who attended of the Board with an average rate of 98.8% of attendance rate. And as indicated, 98.55% for the Board itself. Among the points of attention of the Board, there's a launch and tracking of the strategic plan unlock the future, geopolitical environment, the disposal of AXA IM and more general the strategy of the -- when it comes to mergers and acquisitions. Also, the implementation of the directive on the reporting about sustainability known under the name of CSRD and also the succession plans of senior management, also the risk management related to technology of the information and communication and the digital operation resilience strategy. In addition, as is the case each year, the Board has made the assessment of its operation that exercise conducted internally this year has highlighted the positive perceptions of the Directors about the compensation, the organization of the Board and the committees. The Directors have acknowledged the progress made following the previous evaluation, especially with the appointment of Ewout Steenbergen reviewing the approval process when it comes to mergers and acquisitions, the revision of the internal rules of the Board, the organization of the joint sessions of the committees to handle ESG topics that I mentioned before. The main points of improvement that have been identified are the following ones: Continue to more even ever more operation, the organization of the responsibilities between committees and the Board. In terms of sustainability, talk more regularly about the competition in which AXA is and regarding the risks for the group and continue to refine the project approval process when it comes to mergers and acquisitions. And also dive into the evolution and strategy when it comes to human resources within the Board and also provide more information on regulatory changes and the potential consequences for the group. Finally, several trainings have been organized by our Chairman about the CSRD directive and the analysis of double materiality as well as the ESRS standards, which is new, and also the transition low carbon via the climate AXA platform dedicated to the Board, also mitigating the carbon intensification in terms of the investments of the group decarbonation of their own operations and also alignment with the compensation policy of the group with a sustainable management and responsible team it comes to the forest. So also, we visited one of the forests managed by the group end-to-end. And you cannot escape this, the risk related to information technologies, including cybersecurity. Following this first part dedicated to the governance of AXA, let's now move on to the compensation of senior managers in line with legal provisions. You are to approve the policy in terms of compensation of the executive ones for the company for 2025 and '24. The various components of the Chief Executive are presented up on the screen. First of all, the remuneration is made up of fixed salary to which you add a variable remuneration out of which 30% is deferred over a period of 3 years. For 2025, the Board upon proposal of its Remuneration Governance and Sustainable Development Committee decided to maintain unchanged the target annual remuneration in cash of the Chief Executive made up of EUR 1,650,000 fixed part and of a variable part standing at EUR 1,750,000. The Chief Executive receives also performance shares submitted to a 3-year performance period as well as to a accrual year of 2 years. The Chief Executive does not benefit from any additional defined elements for us. And also, he receives a share plan dedicated to his pension fund, and this is assessed annually. This part is allocates to all the senior executives of Group in France. He also will be benefiting from a severance compensation if his role is terminated, subject to performance terms and conditions, the amount being set on a value of 12 months of compensation being increased by 1 additional month per an additional year of service without exceeding 24 months in total. For more detail, I would encourage you to look at the universal registration document for fiscal 2024. This compensation structure, which is subject to strict and consistent performance terms and conditions aims at aligning the goals and targets of the CEO with the interests and targets of the company and its shareholders over the medium and the long term. These performance terms and conditions are displayed here behind me up on the screen. I would like to draw your attention on the change of performance shares with respect to the performance terms and conditions. In the context of our process of shareholder engagement, some investors and voting advisory agencies have challenged us as to the choice of performance conditions related with the proportion of women in the leadership of the group, pointing out that this condition was not sufficiently holistic nor connected with the commercial strategy of the group. Based on these insights, the Board decided to replace this condition by new targets connected with AXA Essential, i.e., the inclusive insurance strategy of the group, i.e., increasing the number of clients covered by AXA Essential. This new criteria is consistent with the group's ambition to place and put financial inclusion at the core of its strategy, and is a key part of the Unlock the Future Program. This is an internal auditable and actionable indicator, which directly connected with the CSR and ESG strategy of the group with the general weight of nonfinancial criteria remaining 30%, 70% being the financial criteria. I now suggest we look at the variable compensation portion for the CEO for fiscal '24. As mentioned earlier, the assessment of the annual performance of the CEO built upon 2 components: Number one, group performance being weighed 70% and his individual performance being weighed 30%. The group performance is assessed based on the change in 4 criteria: underlying earnings per share, number one; cash remittance, number two; reduction of carbon footprint in the assets, proprietary assets of the group; and number four, the recommendation index by clients. And for fiscal '24 performance level reached 108%. So much for the group performance. With respect to the CEO's individual performance, it was assessed based on the targets and goals, as said by the Board in the early part of 2024. Number one was to finalize and start the strategic plan, "Unlock the Future;" number two, implement this plan, roll it out and achieve the goals and targets set for fiscal 2024; number three, to ensure the stability of the management board, building upon the robust succession planning and strong collaboration between the members while growing diversity and inclusion inside the leadership team; number four, managing the group while taking into consideration the complex political and geopolitical environment with the associated risk; and number five, continue the review of opportunities to optimize the scope of the group with a merger and acquisition aspects, which I mentioned earlier. Now the individual performance of Thomas Buberl for fiscal 2024 was assessed by the Board to be 116.25%. The total performance ratio for Thomas Buberl reached 110.48%, which represents annual variable compensation of EUR 1,933,313, including the deferred part of this compensation package as mentioned earlier; deferred payment mechanism, covering 30% of the variable portion over a 3-year period will be applied. The amount of the deferred variable portion of Thomas Buberl's compensation for fiscal 2024 will be paid out in 3 equal blocks in 2026, 2027 and 2028 with the total amount being actually paid varying depending on the change in the AXA stock price during the deferred period with a limit of a -- ceiling being 130% of the deferred amount without any floor level being set. I suggest, we review the compensation of the Chairman of the Board of Directors, in line with the French AFEP/MEDEF code, the Board considered that the most appropriate compensation structure was to pay out a fixed compensation to the Chair of the Board, while setting the amount of this amount to EUR 925,000. The proposal is to maintain this compensation unchanged in fiscal 2025. AXA has also been engaged in a policy to grant performance shares to its French and non-French employees in '24 and '25. Some 6,000 employees were granted performance shares, which irrespective of the statutes were subject to performance conditions. These performance conditions and criteria, as reviewed and revised by the Board in late 2024, cover the performance of the operating entity, the weighting being 35%. Financial performance of the group being weighted 35% and performance with respect to sustainability of the group being weighted 30%. Finally, and this is in line with the best practice in the industry as well as with the recommendations of the financial regulators and supervisors as well as other stakeholders, the performance shares granted to the CEO in addition to be subject to a vesting period of 3 years are associated with a mandatory lock-up period of 2 years in March 2025 117,997 performance shares of an IFRS value of EUR 3,149,994 were granted to the Chief Executive Officer of the AXA Group. I would like to emphasize the fact that the granting of performance shares are affected without any dilution for the shareholders given the fact that these are existing shares, which are being granted. Now some information about the involvement of employees in AXA's capital stock. As you know, the group reserves, a shareholder and employee shareholder plan to all shareholders, French and non-French called share plan in the form of a capital increase, which is reserved to them. In fiscal 2024, some 26,000 employees benefited from that out of 40 countries, which is an increase of 12.6% for total subscription amount of some EUR 400 million in total. In order to eliminate the dilutive effect of the transaction for shareholders, it was proceeded as with in the previous years to the buyback and the cancellation of an equivalent number of shares. As at the 31st of December 2024, the employees and agents of the AXA Group were holding 4.26% of AXA's capital stock and 6.25% of the voting rights of the AXA Group. So much for what I wanted to share with you. Ladies and gentlemen, thank you for your attention.

Thank you, Guillaume, for this presentation. You will have noted, as Guillaume said, that our Board of Directors is made up of a larger proportion of women than of men. Now the report on corporate governance has drawn up in line with Article L225-37 in sequel and AL-22, 10 and 8 of the French Commercial Code are displayed in the fiscal 2025 Annual Report of the AXA Group. Now I will ask Mr. Olivier Durand of Ernst & Young and Mr. Pierre Planchon of KPMG to please report back on their auditing in shareholders' meeting.

Dear shareholders, ladies and gentlemen, Olivier Durand and I will report back on our role as statutory auditors for the AXA Group in this capacity. As statutory auditors for AXA SA as the parent company and the AXA Group in a consolidated manner, we've audited the annual financial statements of the AXA parent company as well as the consolidated financial statements with the additional procedures and diligence work on related party agreements and transactions. We audited the transactions connected with marketable securities and capital stock of the company and we verified the sustainability chapter connected with the European taxonomy. Now the goal of our role on the auditing of the parent company and consolidated financial statements is to vouch on the truth and sincerity of the financial statements and that they are free from material misstatements. And we build up on the auditing work conducted by our firms and their agents across the consolidated scope of the group. Now with respect to the parent company financial statements for AXA SA, we are issuing an unqualified opinion without any observation on these financial statements, which were approved by the Board of Directors. Just to mention, as provided for by law, we are conducting more detailed verifications and procedures on the most significant items on this balance sheet, especially everything with respect to interest and investments into companies and business units of the group and for the reinsurance business, the assessment of the provisions for claims that the reinsurance business are launched with, and we gave the report on these specific procedures, and we have no observation to make with respect to this auditing work. With respect to the consolidated financial statements, we have applied the same rationale, unqualified opinion being issued with some justification on our assessment on 3 aspects. The assessment of liabilities connected with the life and health insurance contracts, which are extremely complicated with the introduction of the new IFRS 17 standards, which are quite complicated and complex. Obviously, in the P&C insurance and long-term insurance branches covering many periods of time, we paid special attention to that. And finally, as very often in such large corporations, we assessed the value of recoverable goodwill. No observations on the fact that the financial statements are fair and true to the information and representations in the management report. No further information to be reported on. And Olivier will mention the other reports.

Now our report on related party transactions and agreements was very straightforward. We are not informed of any authorized related party transaction and agreement signed during the fiscal year, nor of any such agreement or transaction being continued as being previously authorized and approved. Now the report, which is a new one, is the so-called sustainability certification report, this report is being published in its first year of application, which we are explaining in our report. Its goal and purpose is issue a limited degree of assurance with respect to compliance with the sustainability reporting requirements as to what AXA implemented with respect to practices and standards and compliance with the respective requirements. Now based on the procedures being conducted and based on our current auditing work, we have not identified any misstatements, any errors or significant and material noncompliance. We are just coming up with 2 observations, which are connected with the fact that it's the first year of application of this sustainability report as well as the way this information and representation were produced. We then have 4 pages describing the various reports on capital-related transactions. And with respect to transaction connected with transferable market securities, Resolution #5 connects with reduction in capital, no observation. On Resolution 17 to 23 relative to increase of capital with and without preferential subscription rights. We have come up with some observations of 3 of these transactions relative to information, which is missing. Having said that, we are not coming up with any material observation. A number of these resolutions will be the subject of an additional report on our part [Audio Gap] now Resolutions 24 and 25, covering increased in capital reserved for employees. Same thing, no observation to be made with respect to these resolutions, and we'll be coming up with additional reports if the needs be when these transactions will be affected. And finally, as to Resolution 26 and 27, covering the granting of free shares, we have no observations to make. Thank you very much for your attention.

I would like to thank our statutory auditors for their review of their reports. And now will be the time for questions-and-answers with you. And I suggest that we watch a short on the Investor Relations system being set up in the group. [Presentation]

I would like to inform you that we received 4 e-mail, 4 pieces of e-mail with questions in writing, which were addressed by the Forum for Responsible Investment by Mirova by Mr. [ Frederic Meeye ] and by Reclaim Finance. These questions as well as the answers being provided in writing by the Board are displayed on the website of the AXA Group in a section for the written questions being put to the management. During this session, I will ask Ulrike Decoene, the Head of Communication Branding and Sustainability for the group; Alban de Nesle, CFO; Guillaume Borie, CEO of AXA France; as well as Karima Silvent, the HR Director for the AXA Group, to come to the stage for this Q&A session. They are now on the stage and we'll start.

Before we take any questions, I would ask you to please -- for those of you who want to ask questions, to please raise your hand so that the hostesses can see you and can bring you a microphone so that the greater number can speak and that as many questions as possible be addressed. I would like to be concise and short in your points and your questions. And last point of information, if your questions are connected with a specific contract or with a specific claim, well, I would ask you to please go directly to the client booth, which is in the lobby of the -- of this venue and our expert teams are available to answer you, and they will do this more effectively, more efficiently than we would be doing this as we speak from the stage here. Let us start with the first question. So let's start on the right-hand side number 1.

Hello, everyone. I am [ Olga Vialone ]. I'm AXA shareholder, have been so since half of its life. I have a question pertaining to AXA's position relative to the demands from the U.S. government to relinquish the diversity -- equity and diversity that is protecting the diversity in their decisions, which generate programs that promote the hiring of people who are victims of discrimination. And concretely, have you received any documents whether at AXA XL or AXA Group requesting your commitment and signature?

Thank you for the your short and accurate question. I will try to be as accurate and short. No, we have not received such request nor any observation nor any remark of this type. In addition, and this is part of the genes of AXA. We have a DEI policy and have had since the very beginning, and this is embodied, in particular, in the actions that we undertake to help progress constantly equality men and women and by illustration, I mentioned that the Board was made up of a larger number of women than men. And if we look at the management team around Thomas Buberl, the 40 top managers of the group, the number of women, I mean, it's 48% are executives, and this trickles down. So to sum up, no requests, no changes and a very proactive policy still in this regard. Now let's move to the other side, #6.

I have been a shareholder for half of my life. I have a question pertaining the -- how you distribute the values to shareholders. You mentioned 75% in the form of dividends and 25% in the share buybacks. I'd like to know if it's strategy, whether it's part of a long-term period. Also in terms of taxation of the company, is there a tax cost difference between the dividend part and the buyback part?

Thank you very much. I will let Thomas answer. But yes, this is for us for the long term to give enough visibility to our partners and shareholders. So it's not an indication for 1 given year only. It's an indication for the medium term.

Thank you for your question. Thomas Buberl now. Of course, we are looking always at this remuneration policy for the shareholders versus our earnings and the nature of our earnings. Because sometimes an insurer has suffered some volatility, we try to reduce it as much as possible. And if you look now today, as you said, we have 75% which are made up of 60% of dividend and 15% is made up of share buyback. It represents a good combination. For the dividends, we want to continue to constantly show a good trajectory, which is more on the very stable part of our earnings. And then the 15% of share buyback, which is also decided each year, we find that this combination is, on the one hand, a good combination, also a combination that can be here for the long term if the Board of Directors wishes so and which can be compared to our peers, the 25% that remain are invested in the company. And if you look -- you certainly look at the value of these 25% that are invested or reinvested. So growth is also very attractive, and this is why we want to keep alive such stability, always with the order of priority. First of all, the dividends followed by share buybacks of 15%, and after that, investing -- the additional investment in our business beyond the organic investment if there are transactions that present themselves and that you have seen in the last few years, some transactions of a level of the medium, small size like in Spain, in Ireland, in Italy, in Turkey. You also raised the question about the cost factor, the additional cost following the legal provisions that were decided. It is true that the share buyback has become costlier this year relative to last year. Having said that, it's a cost that can be measured. It's just under 2%. It will not negatively impact the dividend or our profits because that cost goes directly through the balance sheet and the capital, and this is why I really want to continue with this policy that you underlined.

Very well. Question -- next question, #7.

AXA is an inclusive insurance company. You mentioned that AXA invests in prevention, in protection. And I insist on the last term as AXA shareholders, may I ask the following question? According to the report by the ECHO and American Friends Service Committee NGOs based on data coming from the independent research profile, AXA has investments in at least 14 weapons companies. 13 of them produce uranium, nuclear arms and phosphorus. AXA owns also, according to this report, shares and bonds in 11 weapons company involved directly in the Israeli genocidal war in Gaza. The report underlines the investments by AXA in weapons companies such as Boeing and General Dynamics whose weapons were directly connected with Israeli attacks against the civil population in Gaza, in particular, of massacres that went in [ Arafah ] bombardment against a refugee camp in December 2024, and at night, the one in al-Mawasi on the 10th of December 2024. Here is my question. In light of the responsible policies of AXA and your policies against -- how do you account for these investments in weapons companies? And what is the situation today?

Thank you for your question. I must reassure you, many of the things that you indicated actually are not right based on facts. And more generally, I believe that one should not oppose responsible investment policy and investing in the defense sector. On this point, we have a very clear policy. We stick -- we move away from any weapons prohibited by international treaties. On the other hand, we do not exclude ourselves in being involved in sectors that are authorized, bearing in mind that the strengthening of our defense tool is necessary to protect our freedoms. But when it comes to respecting international treaties, more generally speaking, because your question was going beyond investments in this field, I can assure you that AXA is extremely mindful to strictly comply with all the agreements that exist and that are in force. Now on the other side, [ Pete ], question #3.

I'm a student at HEC, the business school. I'm highly interested in the -- in finance and insurance. And additionally, I'm highly committed when it comes to environment issues. I have then followed everything that you said about this, and my generation is very much sensitive to all of this. Be sure of that. To me, there's a red line about the fact that AXA continues to ensure the oil and gas expansion projects. In relation to this, is it possible for AXA to stop this? It's an effort that is, first of all, necessary to be consistent because also it could constitute a real factor of appeal for a generation like mine, but also it's an effort that can be overcome. First of all, it's Generali, the Italian insurer who decided the last October to stop to ensure projects about natural gas that is in the GNL (sic) [ LNG ]. And the second point is underlying the fact that AXA was a pioneer when it comes to coal in 2015. And thirdly, in 2021, it even decided to say no to the [ ICOP ] summit of TotalEnergies. So my question, therefore, is straightforward. Are you ready to commit yourselves in this view so that you don't deprive yourselves of young talents?

Thank you very much for these points and the questions. We need engaged and dedicated people because climate disregulation is an existential challenge for all of us. And as Thomas Buberl said in his introductory remarks, climate transitioning and climate change is at the core of our strategy. We are an active participant in transitioning. We are very much engaged in preventative actions. So one, I'm saying that we are an active participant in transitioning. What I mean is that we are even more engaged and committed than in the past. In fiscal 2024, we invested some EUR 7 billion in investments related to accelerating this transitioning process. And with respect to the plans and projects you are talking about in the field of oil and gas, well, they account for a very small and slight share in our investments. And in the same time, we troubled our investments in renewable over the same period. So we can support transitioning, and we want to do so in the most responsible manner as possible. Thomas, would you like to add anything?

Well, first, we have lots of young talent in the AXA Group who love these activities of ours and who are pushing us to go the extra mile and to go further. And I encourage you to look into what AXA can offer you so that you can help us. So climate transitioning, as Antoine just said, is a dimension which is very dear to us, to our strategy and that we want to keep promoting and pushing. Despite that, we've had some different trends and dynamics happening recently. But we need to take in the reality of things today, and we need to take in the geopolitical trends, and we need to acknowledge the fact that energy transitioning takes longer than thought. And there's also the question and issue of the need of the communities and population. This is why AXA, after this very clear decision to move out of oil and to rechannel our investments into green projects, green investments, so as to support companies and to focus on means and resources on those companies who really want to transition, who really want to transform via very credible climate transitioning plans, knowing that we have a highly diversified balance sheet, right, and our exposures for the insurance business and for the investments vis-a-vis the oil and gas segment is less than 2%. Exposure is less than 2% out of this 2%. And you mentioned the oilfields and deposit. We stopped since January of 2024. We stopped investing into oilfields, i.e., we are continuing with great discipline and sense of direction. We need young talent to do that to help us, and I do encourage you to come and help us.

Thank you. Let's move on to the other side of the hall, question #8.

Mr. Chair, [ Christian Chevroni ]. I'm an individual shareholder. I have first a comment to make. Congrats and kudos to your teams for anticipating the technicality of the AI solutions and data solutions. I've seen that you've been an active participant on this front for years and even decades. It's outstanding for a French corporation. My question was on the health insurance side of things. We heard the French Minister of Health speak about preventative action, prevention. What do you think you'll be doing on this aspect? And what can you tell us about your business activities in connection with the personal health data?

It's a very good point and a very good question because health and health insurance is one of our strategic priorities. And basically, health and prevention and preventative action go together.

Health insurance is a key business. We discovered this very early on, right from 2014 already. We expanded in this health insurance field. And in the health insurance business, there's a big issue, i.e., medical cost inflation is increasing much faster than general inflation. And this is very much connected with a number of factors, including misaligned interests in the stakeholders of the health and medical sector. So our role and mission is and has been and will be to help our policyholders to have a better life and to remain protected, to remain insured. This is why the aspect of prevention and making policyholders play -- making sure the policyholders are put back at the heart, at the core of the process and make sure they have an active participation. There are such question marks as whether the climate risks are still insurable. Well, I'm convinced that health and climate-related issues are insurable provided that we help policyholders and patients to engage in more preventative activities to avoid the next claims, to avoid the next issues and the next disasters.

Thank you. Back to this part of the whole, question #1.

My name is [ Paulo Torres ]. I'm an employee representative of the AXA Group. But I'll be speaking in my capacity of the secretary and steward for the first trade union organization of the AXA Group. First, I would like to thank you for this information on the matching contribution of the AXA Group in terms of performance share. It's been a long time request of ours. It's important that you increase the share of employee shareholding. As you know, profit-sharing amount can be used to contribute to the share plan. And this is a very much appreciated measure, very much appreciated by employees. Can you tell us whether all French entities will be benefiting from the same amount, i.e., this additional contribution, this additional matching contribution you mentioned?

So this is a question for France, right? We may ask Guillaume Borie, the Head of France in -- for AXA to answer this question.

Hello, everyone. Thank you very much for your question. So indeed, in the context of what Thomas Buberl indicated earlier and provided once again, that we get regulatory clearance and that the employee representative bodies approve this, we are contemplating a transaction which will make it possible for all share plan beneficiaries, which is usually during the fall, to benefit from 23 shares for any 20 shares being acquired in the context of this transaction. And then the usual mechanisms connected with profit sharing and incentive plans, including these matching contributions, will be repeated, in line with what has been usually done with the same quality of sharing and exchanging and information and consultation with the employee representatives. And I would like to thank the employee representatives for the high quality of industrial relations we enjoy in AXA. Is Karima Silvent, the HR Director, with us? Do you have anything to add?

Yes. I would like to say -- so first, hello everyone. I would like to add, yes, that this transaction, we are very happy to launch this year. It's an exceptional transaction for our 40th anniversary, which will cover all of the AXA employees in the world, i.e., all of the companies and business units where share plan scheme is being implemented. I know that there are many employee shareholders following us. I would like to send out a large call for participating. We have 26,000 employees who took part in the share plan scheme last year and this exceptional transaction, which will make it possible for employees to get a free share for a share you will be subscribing with a limit of 20 shares, i.e., 40 -- a total of 40 shares, including 20 such shares being acquired at a discount. It's a very preferable and attractive transaction, especially for young junior employees who are new in the company.

Well, I do concur with this call for participation. Let's go on and go back to this side of the auditorium, at the very back, #10.

My name is [ Tom Saur ]. I'm an individual shareholder. I have 2 questions on AXA IM. Can the regulators and authorities delay the disposal of AXA IM to BNPP? Can you share some light about the agreements and the reasons why they might want to delay? The second question on AXA IM. So they teamed up with Wendel to acquire an American company, which I'm a shareholder of. Do you have any synergistic strategy with this acquisition?

Thank you very much. Now the quality of the audio feed was not great. So I was -- I find it difficult to understand you. But with respect to your first question, let me reassure you. Our partner, BNP Paribas, did confirm that there wouldn't be any delay in the execution of this disposal transaction, which will be go ahead according to the planned time line. With respect to the second question, Thomas has a keener ear and will answer you more effectively.

On your second question, sir, AXA IM and AXA Prime business, which is the company which has investments in general partners, in GPs, did team up with Wendel to facilitate the acquisition of Monroe Capital by Wendel. This is something that AXA Prime does from time to time. And the terms and conditions were very attractive at the time to go ahead with this transaction.

Great. Thank you. Moving on to that part of the auditorium, question #3. Question #3 disappeared. Question #4.

My name is [ Luke Manlangion ]. I'm an individual shareholder, and I'm very much committed to and engage with issues connected with disabilities. In 2015, AXA signed the ILO, International Labour Organization's charter on businesses and employees with disabilities, which requires that such corporations roll out policies for employees with disabilities. Now 10 years after this convention was signed, what about the disability policy of AXA? And what about the rolling out of this policy on the African continent?

This is a question of great importance. I would like to thank you for this question. Karima Silvent will answer you.

Thank you very much for your question, which indeed is of great importance for the AXA Group. And when we surveyed our employees -- because every year, we have a so-called inclusion survey administered with all of our employees, and the question items of disabilities and age are the 2 questions which generate the highest degree of concern for employees of AXA in the world. And so for a number of years, we have put together a global program on employees with disability. And I would like to thank Frederic de Courtois who accepted some years ago to sponsor this program. And as part of this program, practically speaking, what have we been doing? Well, first and foremost, we've been looking at the products we have on offer to our customers. We -- this is a program we started. For example, with policyholders who have children with disabilities, there is a special cover that we include in our products. So we are looking at what we can do better as part of our product offerings. And for our employees, we take measure to adapt and adjust the working environment, making sure that our venues and premises are disability friendly. And I have Guillaume next to me, and AXA France is one of these business units which improved a lot in the hiring of employees with disability. And you spoke about the African continent. Well, I went to Africa not for long ago in a number of countries. I was very pleased to see what progress was achieved. It's not enough. We need to continue. We need to keep pushing everywhere in the world to hire more employees with disability to adapt and adjust workstations and also to work on changing the corporate culture because very often, we have employees with disabilities on our teams. But this remained a taboo, and they don't speak about it, or they don't want to or dare to speak about it. So we're trying to make this more public, making this more visible. We are working on this via our policy. I would like to thank above and beyond Frederic de Courtois. I would like to thank all of our managers and all of the employees who help us in this effort. Thank you very much for your question.

Thank you. Thank you, Karima. We'll take the last 2 questions, question #6.

I'm an individual shareholder. I'm a member of the advisory committee of the shareholders of the AXA Group. You've spoke at length about the support you're giving to the small and midsized companies. I would like to focus on those very small yet innovative SMEs who are working for the French Ministry for Defense. You may know that these small businesses are undercapitalized. So they need to strengthen their equity before they are capable of investing into long-term production programs for the defense sector. My question is as follows. I would like to know how you will be doing and what action you will take to engage the private funding to benefit this type of small companies operating in the field of defense.

Thank you very much. In order to answer you in some general terms, in Europe, there is a volume of savings in Europe at large which is sufficiently high and large to meet the needs for investing in this industry. The question is to know how this can be channeled into such type of funding and investing. And I believe there are 3 conditions possible. Number one, and this was discussed earlier, we shouldn't be opposing socially responsible investments and defense and military-related investments, even though we need to make a distinction between what's lawful and what's not. Number two, these small businesses also must be open and transparent as much as possible, i.e., so that an investor has sufficient visibility on the assets and operations of the company and on the operations they want to carry out. And the third term or condition is that there be a European framework, which is to be set up in order to give investors sufficient visibility and insight on the long-term programs by the European states and by the European governments. And this European framework involves that true European preference is applied, sharing and pooling of purchasing and procurement with a set of clear rules, which will make it attractive for investors to invest into these areas. All right. Let's just take a very last question. Number 3 came back. It had disappeared. It's come back.

My name is Ariel Le Bourdonnec for the Reclaim Finance organization. Dear Board members, dear Chair, dear CEO, in this meeting of shareholders, you have reviewed and reported on unprecedented performance numbers. AXA is being presented as the yearly blockbuster in the stock exchanges. Such performance and numbers were made possible thanks to strategy to protect the profitability levels of the group in the face of climate change, which involve continual increases in prices and reinsurance post natural disasters, all this to profit and to benefit the shareholders who are here attending this meeting and to the detriment of your employees who do not see any connection of your unprecedented profit in excess of EUR 7 billion with their own pay levels. At the same time, EUR 400 billion were the cost of natural disasters, costing several dozens of thousands of fatalities. Your solution seems to be preventative action and affordable home insurance. Now my question is as follows. How can you call simultaneously on more preventative action against climate change on the part of your policyholders while continuing with your insurance policies and contract to support the development of building new natural liquefied gas. I'm talking about natural liquefied gas. I'm not talking about oil. Thank you for my question, and I will be delivering a letter to you in the name of my organization Reclaim Finance. Thank you in advance for your answer.

Thank you for your question, sir. I will let Thomas Buberl answer you. Let me say, first, by way of an introduction that the AXA Group is extremely active and engaged on the field -- in the field of natural disasters. Just looking at France last year, there were 11 major climate events, and AXA was very much involved to support its policyholders, to protect them. 11 events, up from 7 the year before, which just shows the pace of change. Number two, you spoke about prevention. I didn't understand whether you found it a good idea or not. We're convinced that it is totally essential. I gave you earlier this number, which is not off the cuff, i.e., EUR 1 being invested in adaptation solutions, avoid EUR 8 of loss and damage. Anything which can be done to encourage and promote preventative action goes to benefit our policyholders. I will let Thomas Buberl answer you more precisely on the other aspects of your question.

Thank you first for your question, sir. Yes, indeed, I will take your letter following this meeting. So please come to me to deliver this letter. Now there are 2 questions I find in your question. There are -- the first question is on our exposure to natural disasters. Truly, generally speaking, we did reduce our exposure to natural disasters, while at the same time, we've experienced events, including so-called secondary apparels like flooding and drought and heatwaves have increased significantly. It is true to say that climate-related protection and insurance coverage comes with a higher cost year in, year out. And for insurance activity to work over time, premiums need to be connected with the disasters, which means that there are always increases in pricing. But we also know, and I will share with you very tangible examples of this, if you take the Katrina hurricane, which went over Louisiana at the time, and the Irma hurricane 15 years after Katrina. Well, the second hurricane event came with a lower cost than the first, which shows that preventative action has been effective and has been working today. Unfortunately, this notion of preventative action remains a marginal one and underinvested one. As you said, rightly so, we are truly active in promoting preventative action. And you heard in my remarks with the so-called green insurance cover that we really want to forge ahead in this direction. My dream would be that preventative action would become a key mandatory component in each and every insurance contract over time because truly, jointly with policyholders, jointly with our clients and customers, we can help and do much more to reduce the levels of claim. Now as to your second question, sir, on the liquefied natural gas, this falls within the answer I indicated earlier when I answered the question of the -- by the student of the HEC business school. Basically, today, we are engaged in a position to support climate transitioning, supporting our clients and focusing our means and resources and focusing on those businesses, which are really engaged in a transformational pathway. But there is a reality with this climate transitioning. And this is connected with the very word, the climate transitioning, quote/unquote, i.e., we need to use transitioning energy sources, including LNG and liquefied natural gas. And clearly, these are transitioning -- these are transition sources of energy. This is why AXA decided that it wanted to commit to this yet in a very restrictive manner, restrictive in the sense that we want to focus on those LNG terminals based in Europe and in the U.S. to help meet this European-level challenge of changing our paradigm in the field of energy and to help our providers transition before the 22nd of February 2024. We know that this sort of energy is not a low-carbon energy, but this is a transitioning source of energy. Once the transitioning is over, then we will terminate our exposures and our commitments in this respect.

Okay. Great. I would like to thank you all for your questions and your comments, which were very challenging and stimulating yet varied. I suggest we go on to voting the resolutions. In order to proceed with the voting of the resolution, Frederic de Courtois will present the terms and conditions of this voting. Before that, I've just received, and let me indicate the final quorum that has just been transmitted to me. It's a bit tedious, but it's important. So we have in shares represent 1,565,024,734 that represent all in all 1,932,358,798 votes, all of us giving us a quorum. Actually, the final one of 72.5%. I thank you very much for staying here until the final voting of the resolution. To this effect, you have an electronic personalized keypad. The screen helps you to check the number of votes that you represent or hold for our session. You can see it up on the screen. To vote on each resolution, you must press firmly onto one of the following keys. In favor, that's the green one. Abstaining is the yellow one. Or against is the red key. Your vote will be displayed for several seconds on the screen of your keypad in order to vote within the allotted time. Wait for the indication. The vote is open. And limit yourself to one single vote per resolution. If you do not press on any one, you will be considered as having abstained from voting. As I said at the early part of our meeting, that the vote is taking under the control of [indiscernible], who is the justice representative. The voting keypads will have to be given back to the hostesses. You would not be able to use them for yourselves. I thank you besides for switching off your cell phones during the voting period. And all these details having been made, we will now move on to voting the resolutions on the agenda of our session.

Thank you, Mr. Chairman. The moment we are all waiting for, the vote. You're requested to approve or not 29 Resolution, 14 of the ordinary session, 15 of the extraordinary session. By the way, the resolutions of the ordinary session require in order to be approved of more than 50% of votes expressed, whereas the resolutions part of the extraordinary session require a majority of more than 2/3 of the votes to be approved. I suggest that we do away with the text. As indicated before, this is in the notice of the meeting published in the mandatory [ tenure ] in February 2025. It was made available to you under the legal conditions. Now moving to the 14 first resolutions of the ordinary shareholders' meeting. First resolution aims at approving the parent company consolidated financial statements for the 2024 fiscal year. The vote is open. [Voting]

It is now closed. And the resolution is passed. Now the second resolution which aims at approving the consolidated financial statements for the fiscal year ended December 31, 2024. The vote is open. [Voting]

It is now closed. The resolution has been approved. The third resolution aims at the income appropriation for the fiscal year ended December 31, 2024, setting of a dividend of EUR 2.15 per share. The vote is open now. [Voting]

It is now closed. The resolution has been passed. Now the fourth resolution relates to the information required by Article L.22-10-9 of the French Commercial Code and concerns all corporate offices of the company. It is now open to vote. [Voting]

It is now closed. Resolution has been approved. The fifth resolution relates to the compensation paid or allocated for the period of 2024 to Antoine Gosset-Grainville, Chairman of the Board of Directors. The vote is open. [Voting]

It is now closed. The resolution is approved. The sixth resolution relates to the compensation paid out for the financial year ended December 2024 to Thomas Buberl, Chief Executive Officer. It's now open to vote. [Voting]

It is closed. The resolution has been passed. The seventh resolution aims at approving the remuneration policy of the Chair of the Board. The vote is now open. [Voting]

It is now closed. The resolution has been passed. The eighth resolution aims at approving the compensation policy of the Chief Executive Officer. The vote is now open. [Voting]

The vote is closed. The resolution is carried. The ninth nice resolution concerns approving the compensation policy of the directors. The voting is open. [Voting]

It is now closed. The resolution is passed. The tenth resolution is about the statutory auditors' special report on agreements referred to in Article L.225-38. The voting is open now. [Voting]

It is now closed. Resolution has been passed. Now the 11th resolution aims at the renewal of the mandates of Guillaume Faury for a period of 4 years. The vote is open. [Voting]

The resolution is carried. Congratulations, Guillaume. The 12th resolution aims at renewing the mandate as a director of Ramon Fernandez for a period of 4 years. The voting is open. [Voting]

It is now closed. The resolution is passed. Congratulations, Ramon. The 13th resolution aims at ratifying the cooptation of Ewout Steenbergen as director. The voting is open. [Voting]

It is now closed. The resolution is carried. Congratulations, Ewout. The 14th resolution aims at authorizing the Board to operate on the shares of the company within the limit of 10% of the equity for the maximum unit of EUR 45 per share and for a period of 18 months. The voting is open. [Voting]

It is closed. The resolution has been approved. Moving on to the 15th resolution, which are part of the extraordinary session. The 15th resolution aims at authorizing the Board to reduce the share capital through cancellation of treasury shares within a limit of 10% of the treasury shares for a period of 18 months. The voting is open. [Voting]

It is now closed. The resolution has been approved. The 16th resolution aims at delegating authority granted to the Board of Directors to increase the share capital through the capitalization of reserves, earnings or share premiums. The voting is open. [Voting]

It is now closed. Resolution is carried. The 17th resolution, delegation of authority granted to the Board of Directors to increase the share capital by issuing shares and/or securities giving a right to shares to be issued by the company or one of its subsidiaries, either immediately or in the future, with preferential subscription rights of the shareholders. The voting is open. [Voting]

It is now closed. The resolution has been carried. The 18th resolution is about delegation of authority granted to the Board of Directors to increase the share capital by issuing shares and/or securities giving a right to shares to be issued by the company or one of its subsidiaries, either immediately or in the future, without preferential subscription rights of the shareholders in case of public offerings other than those set forth in the Article L.411-2 of the French Monetary and Financial Code. The voting is open. [Voting]

Voting is closed. The resolution has been passed. The 19th resolution relates to delegating authority to the Board of Directors to increase the share capital by issuing shares and/or securities giving a right to shares to be issued by the company one of the subsidiaries, either immediately or in the future, without preferential subscription rights of the shareholders through public offerings as set forth in paragraph 1 of Article L.411-2 of the French Monetary and Financial Code. Voting is open. [Voting]

Voting is closed. This resolution is passed. The 20th resolution relates to delegating authority to the Board of Directors to increase the share capital by issuing shares and/or the marketable securities giving a right to shares to be issued by the company, either immediately or in the future, in the event of a public exchange offer initiated by the company without preferential subscription rights of the shareholders. Voting is open. [Voting]

The voting is closed. The resolution is carried. 21st resolution relative to delegating authority to the Board of Directors to increase the share capital by issuing shares and/or securities giving a right to shares to be issued by the company, either immediately or in the future, in return for contributions in kind of shares or securities giving access to share capital outside of a public exchange offer initiated by the company. Voting is open. [Voting]

This resolution -- sorry, voting is closed. This resolution is passed. 22nd resolution relative to delegating authority to the Board of Directors to increase the share capital by issuing shares without preferential subscription rights of the shareholders resulting from the issue by the subsidiaries of the company of securities giving a right to shares to be issued by the company. Voting is open. [Voting]

The voting is closed. The resolution is approved. 23rd resolution relative to delegating authority to the Board of Directors to increase the share capital by issuing shares with preferential subscription rights of the shareholders resulting from the issue by the subsidiaries of the company of securities giving a right to shares to be issued by the company. Voting is open. [Voting]

Voting is closed. The resolution is passed. 24th resolution relative to delegating power to the Board of Directors to increase the share capital by issuing shares or securities giving a right to the company's shares reserved for employees enrolled in an employee-sponsored company savings plan without preferential subscription rights of the shareholders. Voting is open. [Voting]

Voting is closed. The resolution is passed. 25th resolution relative to delegating power to the Board of Directors to increase the share capital by issuing shares without preferential subscription rights of the shareholders in favor of a specific category of beneficiaries. Voting is open. [Voting]

Voting is closed. The resolution is passed. 26th resolution relative to authorizing the Board to freely grant existing or to-be-issued shares subject to performance conditions to eligible employees and corporate officers of the AXA Group in the limit of 1% of the total number of shares making up the share capital without preferential subscription rights for a 3-year period. Voting is open. [Voting]

Voting is closed. The resolution is passed. 27th resolution authorizing the Board to freely grant existing or to-be-issued shares dedicated to retirement and subject to performance conditions to eligible employees and corporate officers of the AXA Group in the limit of 0.40% of the total number of shares making up the share capital on the dates when the Board grants the shares for a 3-year period. Voting is open. [Voting]

Voting is closed. The resolution is passed. 28th resolution relates to harmonizing the bylaws with the legal and regulatory provisions. Voting is open. [Voting]

Voting is closed. The resolution is carried. 29th resolution relates to -- and last resolution relates to amending Article 14 of the bylaws relative to the meetings of the Board of the Directors to allow the Board of Directors to take decisions by written -- by way of written consultation. Voting is open. [Voting]

Resolution is passed. My role is done. Thank you very much.

Ladies and gentlemen, I would like to thank you all for being here with us today. I hope this meeting was conclusive and give you all the insights and answers you expect. I would like to thank the meeting panel for their efficient support. So that you can organize next year's meeting, please note that the AGM should be -- should take place on the 30th of April 2026. With no further matter on the agenda, I adjourn this meeting. I would like to thank you all again. [Statements in English on this transcript were spoken by an interpreter present on the live call.]