Plenary meeting on November 2023
16.01.2024
Four years after the COVID-19 health crisis and as the Group's Ambition 2023 strategic plan draws to a close, it is time to take stock and look ahead, with the main thrusts of AXA's next strategic plan. Thomas Buberl, who always attends the two annual meetings with European delegates, then took part in the all-important question and answer session.
In his speech, Thomas Buberl highlighted the Group's adaptation to a constantly changing economic and geopolitical environment. Despite the challenges, the Group recorded positive growth over the first nine months of the year. Future strategy will focus on post-transformation stabilisation, capitalising on the Group's position as the world's leading corporate insurer.
The main thrusts of the next plan include growth, via AXA XL, prevention and adaptation, and the exploration of artificial intelligence to improve work and customer service, while defining the Group's areas of commitment. Thomas Buberl expresses particular interest in certain business lines such as AXA IM and AXA Partners.
In terms of CSR, the Group is maintaining its commitment as a responsible insurer through initiatives such as the new climate plan, actions for social inclusion, and the "Care & Dare" HR plan.
Hedi ben Sedrine, Secretary of the AXA EWC, is pleased with the positive overall results, although concerns remain in Germany, the UK and Belgium. Significant efforts are being made at AXA IM, and discussions are underway to clarify the situation at AXA Partners. AXA XL's encouraging results are noted, but vigilance is still required.
During this session, the AXA European Works Council, represented by its secretary Hedi ben Sedrine, signed a charter of commitment to seniors with AXA CEO Thomas Buberl.
Gilles Moec, Group Chief Economist, then points out that inflation, which reached record levels in 2022, will slow in 2023. This trend should continue, but will lead to a slowdown in economic activity. Exogenous inflationary shocks, such as the surge in energy prices, are easing. China, which is experiencing deflation, is also helping the countries that rely on it to solve their own inflation problems. Dependence on Russian gas, which was a major factor in inflation in Europe, is also diminishing. Last winter demonstrated that Europeans can do without it, thanks in part to a milder winter and energy sobriety.
However, the endogenous drivers of inflation, such as strong demand for goods and services and rising wages, are still present. The US economy is expanding, while Europe is stagnating. Germany is experiencing structural difficulties, particularly in the automotive sector. The restrictive economic policies implemented to control inflation will also contribute to the economic slowdown. Central banks have started to raise interest rates, which is increasing the cost of credit and slowing investment. In conclusion, the slowdown in inflation is good news, but it will be accompanied by an economic slowdown. The restrictive economic policies implemented to control inflation could lead to a recession, particularly in Europe.
Kirsty Leivers, the Group's Director of Culture, Inclusion & Diversity, and Marine Palies, Director of Inclusion & Diversity, presented the results of the inclusion survey. Marine Palies explained that although participation had fallen slightly (53%), scores had improved on all dimensions, showing that the Group was moving in the right direction. The Inclusion Net Promoter Score is very good. The feeling of equal opportunities continues to grow, as does the feeling of belonging. The Group has three areas of work: continuing to involve managers and teams in creating an inclusive working environment, accelerating efforts to promote inclusion and improving HR processes to ensure inclusion from the outset.
Read the secretariat's notes and Thomas Buberl's questions and answers here: