AXA has announced the completion of its 2024 employee share offering, Shareplan 2024, which was launched in September. Over 26,000 employees across 40 countries participated, representing approximately 22% of eligible employees, according to a news release. The initiative raised nearly €400 million, contributing to the issuance of approximately 13 million new shares, equivalent to 0.58% of AXA’s outstanding shares.
The new shares were offered at €28.10 for the Classic option and €32.87 for the Guarantee Plus option. This capital increase brings the total number of AXA shares to 2,213,481,878. To counteract the dilutive effect of the issuance, AXA plans to cancel an equivalent number of shares, pending regulatory approval, under its authorised share repurchase program.
Following this offering, AXA employees now own 4.32% of the company’s share capital and hold 5.83% of the voting rights. Helen Browne, group general counsel and employee shareholder representative on AXA’s board of directors, highlighted the importance of Shareplan in fostering alignment within the company.
“Launched for the first time in 1993, Shareplan continues to be an important way for the group to share value created by the company with its employees,” she said. “The excellent results of this new edition once again demonstrate our collective commitment to this model. Shareplan is a powerful lever to strengthen alignment among our teams by involving them even more closely in the group’s long-term performance.”
In 2023, AXA reported IFRS revenues of €102.7 billion and underlying earnings of €7.6 billion. AXA’s interim earnings report for the first nine months of 2024 showed growth across all divisions, with total gross written premiums and other revenues rising to €84 billion, up from €78.8 billion in 2023. The insurer saw a 7% increase in revenue, driven by strong performance in property & casualty (P&C) and life & health. P&C premiums grew 7%, and life & health premiums were up 7%, bolstered by employee benefits and unit-linked sales. AXA’s Solvency II ratio stood at 221%.
The company managed €946 billion in assets. AXA is also included in sustainability indexes such as the Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
The Shareplan program is now in its 31st year.
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