AXA Axa

PARIS, Feb. 18 /PRNewswire-FirstCall/ -- Resilient business activity - Total revenues: down 3% to Euro 90.1 billion - Life & Savings: net inflows of Euro +8.6 billion and NBV up 5% to Euro 1.1 billion Solid earnings - Underlying earnings: Euro 3.9 billion (vs. Euro 4.0 billion in FY08) - Net income: Euro 3.6 billion (vs. Euro 0.9 billion in FY08) Increased balance sheet strength - Solvency I up 44 pts to 171% - Debt gearing down 8 pts to 26% Strong rebound in dividend & EV - Dividend up 38% to Euro 0.55 per share - Group Embedded Value up 49% to Euro 13.4 per share "In what has been the most severe financial crisis in recent decades, AXA has demonstrated its capacity to deliver results by remaining focused on its core business: insurance and asset management. AXA's commitment is to stand by its clients with financial protection and savings solutions. 2009 results confirm the strength of our business model, illustrated by the return of our solvency to pre-crisis levels and the strong rebound in our net income. Based on this solid performance, AXA's Management Board will propose to shareholders a 38% increase in dividend. In spite of uncertainties around the macro-economic context and taking into account the evolution of the regulatory framework, AXA should benefit from favorable trends in the insurance and asset management markets, its leading brand, innovative products and improving quality of service. The growth of the Group will be supported by the continued increase in exposure to emerging markets and the synergies generated by the new life and property & casualty global organization. Our 2010 priorities will also focus on optimizing margins in all business lines, through improvement of business mix in life, combined ratio in property & casualty, and net inflows in asset management." Henri de Castries, Chairman of AXA's Management Board FY09 KEY HIGHLIGHTS / All comments are on a comparable basis (constant Forex, scope and methodology for activity indicators and constant Forex for earnings). Revenues - Total Revenues remained resilient, down 3% to Euro 90,124 million (down 5% in 9M09). - Life & Savings revenues were down 4% to Euro 57,620 million (down 6% in 9M09). France, Italy and Germany experienced positive growth, whereas the US and the UK declined. In the US, product redesign actions generated a drop in market share. Net inflows remained comparable to last year's level at Euro +8.6 billion, mainly driven by higher client retention. New Business Value (NBV(1)) was up 5% to Euro 1,113 million, primarily due to improved product mix and financial market conditions partly offset by lower volumes (APE(2) down 11% to Euro 6,188 million). New Business margin was up from 14.5% to 18.0%. - Property & Casualty revenues increased by 1% to Euro 26,174 million, driven by tariff increases, higher volumes in Personal lines (personal net new contracts amounted to +1,135,000) partly offset by lower volumes in Commercial lines. - Asset Management revenues were down 25% to Euro 3,074 million, mostly due to lower average assets under management (-18%) and unfavorable change in product mix (lower equity component). Assets under management reached Euro 845 billion, up Euro 29 billion vs. December 31, 2008 levels, benefiting from positive market appreciation, partly offset by net outflows mainly in institutional clients. Earnings - Underlying Earnings were down 6% to Euro 3,854 million, as the recovery in Life & Savings (+51%) primarily due to improved Variable Annuity hedging margin was mitigated by Property & Casualty (-30%) impacted by an adverse market cycle and Asset Management (-41%) mainly as a result of lower average assets under management. - Adjusted Earnings were down 8% to Euro 3,468 million, mainly as a result of lower underlying earnings (net realized capital gains were comparable for FY08 and FY09). - Net Income was up 283% to Euro 3,606 million, as lower adjusted earnings were more than offset by a higher contribution from the change in value of assets and derivatives, net of foreign exchange and other items (Euro +137 million in FY09 vs. Euro -2,776 million in FY08), mainly due to credit spread tightening. Dividend A dividend of Euro 0.55 per share (up 38% vs. FY08) will be proposed at the Annual General Meeting that will be held on April 29, 2010. The dividend is expected to be paid on May 6, 2010 with an ex-dividend date of May 3, 2010. Balance sheet - Shareholders' equity was Euro 46.2 billion, up Euro 8.8 billion, benefiting from Euro 2.4 billion capital increases, Euro 5.0 billion increase in net unrealized capital gains and Euro 3.6 billion net income for the period, partially offset by a Euro 1.0 billion increase in pension deficits and Euro 0.8 billion 2008 dividend payment. - Solvency I ratio was 171% post-dividend, up 44 points vs. December 31, 2008, notably benefiting from earnings (+18 points), capital increases (+11 points) and favorable market conditions, mainly on fixed income assets (+17 points) as a result of credit spreads tightening. - Debt gearing(3) decreased by 8 points to 26% as a result of shareholders' equity increase and Euro 4.1 billion decrease in net financial debt. - Group EV was up Euro 11.8 billion from Euro 18.6 billion to Euro 30.4 billion, or up 49% to Euro 13.4 per share. Based on CFO Forum methodology (notably including non life intangibles and perpetual subordinated debt) Group EV would have been up Euro 12.8 billion to Euro 44.0 billion. Non-GAAP measures such as Underlying Earnings and Adjusted Earnings are reconciled to Net Income in the "EARNINGS /" section of this release. AXA's 2009 financial statements have been examined by the Supervisory Board on February 17, 2010 and are subject to completion of audit procedures by AXA's independent auditors. Notes are in the "NOTES & OTHER INFORMATION /" section of this release REVENUES / Revenues : Key figures Change --------------------------- Euro million, except FY08 FY09 Change on Comp.(a) Scope & FX when otherwise noted a reported basis Other impact(b) basis Life & Savings revenues 57,977 57,620 -0.6% -3.7% +0.7 pt +2.4 pts Net inflows (Euro billion) 8.4 8.6 APE(2) (Group share) 6,789 6,188 -8.8% -10.6% +0.6 pt +1.1 pts NBV(1) (Group share) 985 1,113 +13.0% +5.1% +1.7 pts +6.2 pts NBV to APE margin (Group share) 14.5% 18.0% +3.5 pts +2.6 pts Property & Casualty revenues 26,039 26,174 +0.5% +0.6% +2.1 pts -2.1 pts Asset Management revenues 3,947 3,074 -22.1% -24.7% +0.4 pt +2.1 pts Net inflows (Euro billion) -28.2 -71.3 International Insurance revenues 2,841 2,860 +0.7% +2.4% +1.2 pts -3.0 pts Total revenues(c) 91,221 90,124 -1.2% -3.2% +1.1 pts +0.9 pt (a) Change on a comparable basis was calculated at constant FX and scope. (b) Mainly due to the appreciation of the USD and JPY against the Euro, partly offset by the depreciation of the GBP. (c) Including banking revenues down 3.2% to Euro 395 million in FY09 (vs. Euro 412 million in FY08). Life & Savings Continued positive net inflows (Euro +8.6 billion) - Life & Savings revenues were down 4% to Euro 57,620 million (down 6% in 9M09). France, Italy and Germany experienced positive growth, whereas the US and the UK declined. In the US, product redesign actions generated a drop in market share. Net inflows remained comparable to last year's level at Euro +8.6 billion, with strong positive contributions across the board from both General Account (Euro +4.1 billion) and unit-linked (Euro +4.6 billion) businesses. The Euro 0.2 billion increase versus FY08 was due to higher client retention (Euro +5.4 billion) partly offset by lower inflows (Euro -4.0 billion) and an adverse Forex impact (Euro -1.1 billion). Net Inflows by country/region Euro billion FY08 FY09 France +2.1 +4.7 NORCEE(a) +2.3 +2.4 United States +3.2 +0.0 United Kingdom(b) -0.7 -1.0 Asia Pacific(c) +2.0 +0.5 MedLA(d) -0.6 +2.0 Total L&S Net Inflows +8.4 +8.6 (a) Northern Central and Eastern Europe: Germany, Belgium, Switzerland, Central & Eastern Europe and Luxembourg (b) UK Net Inflows, excluding with-profit funds, stood at Euro+0.3 billion at December 31, 2009. (c) Asia Pacific: Australia, New Zealand, Hong Kong, Japan and South East Asia (d) Mediterranean and Latin American Region: Italy, Spain, Portugal, Turkey, Mexico, Greece and Morocco. - New Business Volume (APE(2)) was down 11% to Euro 6,188 million, mainly due to: (i) Adverse market environment: - Decline in individual investments & savings sales mainly in the US, Australia and the UK. In the US, product redesign actions generated a drop in market share - Decrease in group life sales in Switzerland as a result of limited client turnover in the market (ii) Negative impact from one-off events, mainly in Japan (bankruptcy of a major independent agent) and Germany (non-recurring 2008 Riester incentive measures) (iii) Partly offset by a solid performance in France, with positive developments in both group and individual businesses, Italy (Joint-Venture with BMPS) and high growth markets (Hong Kong, CEE and South East Asia). Unit-linked share was down from 49% to 38% mainly in the US and the UK. Annual Premium Equivalent by country/region Euro million FY08 FY09 Change on a Change on a reported comparable basis basis France 1,347 1,602 +18.9% +18.9% NORCEE (a) 1,171 1,156 -1.3% -2.5% United States 1,540 994 -35.4% -38.8% United Kingdom 1,287 926 -28.0% -19.5% Asia Pacific (b) 1,037 1,013 -2.5% -17.3% MedLA(c) 406 497 +22.5% +19.6% Total Life & Savings APE(2) 6,789 6,188 -8.8% -10.6% (a) Northern Central and Eastern Europe: Germany, Belgium, Switzerland and Central and Eastern Europe. Luxemburg's APE and NBV are not modeled. (b) Asia Pacific: Japan, Australia/New Zealand, Hong Kong, South East Asia & China. India's APE and NBV are included in South East Asia & China's APE and NBV since 2009. Changes on a comparable basis were calculated including India's FY08 APE and NBV, consolidated under the equity method. (c) Mediterranean and Latin American Region: Italy, Spain, Portugal, Turkey, Mexico and Greece. Morocco's APE and NBV are not modeled. New Business Value up 5% - New Business Value (NBV(1)) was up 5% to Euro 1,113 million, primarily due to : - improved product mix (mainly due to VA product redesign in the US and higher protection sales in the UK, partially offset by lower unit-linked sales notably in France), - improved financial market conditions, partly offset by - lower volumes (APE(2) down 11%). As a result, New Business margin was up from 14.5% to 18.0%. (Chart: http://www.newscom.com/cgi-bin/prnh/20100218/NY56963-a ) Property & Casualty P&C revenues growth supported by tariff increases Property & Casualty revenues increased by 1% to Euro 26,174 million, driven by tariff increases, higher volumes in Personal lines (personal net new contracts amounted to +1,135,000) partly offset by lower volumes in Commercial lines. Property & Casualty : IFRS revenues by country/region In Euro million FY08 FY09 Change on a Change on a reported comparable basis basis NORCEE(a) 7,793 7,907 +1.5% +0.1% of which Germany 3,530 3,501 -0.8% -0.8% of which Belgium 2,139 2,130 -0.4% -0.4% of which Switzerland 2,017 2,154 +6.8% +1.6% MedLA(b) 6,414 6,697 +4.4% -0.6% France 5,595 5,684 +1.6% +1.6% United Kingdom & Ireland 4,420 3,905 -11.6% -1.8% Canada 1,070 1,167 +9.1% +10.7% Asia 748 813 +8.8% +7.4% Total P&C revenues 26,039 26,174 +0.5% +0.6% (a) Northern Central and Eastern Europe: Germany, Belgium, Switzerland, Central an Eastern Europe and Luxembourg (b) Mediterranean and Latin American Region: Italy, Spain, Portugal, Turkey, Mexico, Gulf region, Greece and Morocco. Revenues increased in Personal lines and decreased in Commercial lines: - Personal Motor revenues (35% of total P&C revenues) were up 2.0% mainly driven by the UK (success of Swiftcover direct platform), Canada (volumes and tariff increase) and France (volumes and tariff increase) partly offset by Spain (drop in car sales and strong competition) and Germany (competitive pressure). Motor net new contracts amounted to +989,000. - Personal Non-Motor revenues (26% of total P&C revenues) increased by 1.7% with overall positive price effect across the board, partly offset by the UK. Household net new contracts amounted to +146,000. - Commercial Motor revenues (7% of total P&C revenues) were down 1.2% with negative contributions mainly in the UK, Spain and France. - Commercial non-Motor revenues (31% of total P&C revenues) were down 1.7%, driven by the UK (selective underwriting and strong competition) and Spain (notably Liability and Construction). Asset Management Asset Management revenues impacted by lower average assets under management (-18%) - Asset Management revenues were down 25% to Euro 3,074 million, mostly due to lower average assets under management (-18%) and unfavorable change in product mix (lower equity component). - Assets Under Management were up Euro 29 billion versus December 31, 2008 to Euro 845 billion(4) mainly as a result of: - Net inflows: Euro -71 billion primarily in the institutional clients segment, following investment underperformance at AllianceBernstein in 2008 and for some AXA IM expertises in 2009, - Market impact: Euro +108 billion due to market recovery, - Forex impact: Euro -4 billion as the USD depreciation was partly offset by the GBP appreciation versus the Euro. Assets Under Management Roll-forward In Euro billion Alliance AXA IM Total Bernstein AUM at FY08 331 485 816 Net inflows -53 -19 -71 Market appreciation +77 +31 +108 Scope & other impacts - -4 -4 Forex impact -9 +5 -4 AUM at FY09 346 499 845 Average AUM over the period 329 481 810 Change of average AUM on a reported basis -27% -7% -16% Change of average AUM on a comparable basis -31% -6% -18% International Insurance International Insurance revenues were up 2% to Euro 2,860 million, as AXA Corporate Solutions Assurance was up 2%, mainly driven by new business in Liability and Marine, partly offset by Construction. International Insurance IFRS revenues In Euro million FY08 FY09 Change on a Change on a reported comparable basis basis AXA Corporate Solutions Assurance 1,954 1,930 -1.2% +2.3% AXA Assistance 751 765 +1.9% +3.8% AXA Cessions 50 58 +15.7% +15.7% Other International activities 86 107 +24.3% -13.4% Total International Insurance 2,841 2,860 +0.7% +2.4% EARNINGS / Earnings : Key figures Change ------------------ In Euro million FY08 FY09 Reported on a comparable basis Life & Savings 1,508 2,336 +55% +51% Property & Casualty 2,394 1,670 -30% -30% Asset Management 589 355 -40% -41% International Insurance 188 286 +52% +54% Banking 33 -2 -105% -105% Holdings(5) -668 -793 +19% +18% Underlying Earnings(6) 4,044 3,854 -5% -6% Net realized capital gains 792 725 Net impairments -2,773 -1,028 Equity portfolio hedging (intrinsic value) 1,636 -83 Adjusted Earnings(6) 3,699 3,468 -6% -8% Change in fair value -2,732 612 Of which impact from credit spreads -1,507 1,116 Of which alternative investments -447 -263 Of which ABS -412 63 Of which effects related to balance sheet protection items -222 -361 including interest rate derivatives 187 -107 including FX and related derivatives (excluding Forex on impairments) -393 149 including equity derivatives -16 -403 Of which other assets -144 57 Exceptional and discontinued -49 -202 operations Other 5 -273 Net income 923 3,606 +291% +283% Earnings per share In Euro FY08 FY09* Reported restated* Underlying EPS(7) 1.79 1.67 -7% Adjusted EPS(7) 1.63 1.49 -8% Net income per share 0.43 1.51 +251% Underlying earnings, Adjusted Earnings, NBV and items of the analysis of change in fair value are non-GAAP measures and as such are not audited * Following AXA's rights issue in 4Q09, the average number of shares has been restated to take into account an adjustment factor of 1.023. In the average number of shares calculation, the adjustment factor has been applied on outstanding shares prior to the date of the capital increase leading to an adjustment on average number of shares of 48.4 million shares in 2009 and 47.7 million in 2008. As of December 31, 2009, total net outstanding number of shares was 2,264 million and average fully diluted number of shares was 2,133 million. Underlying Earnings Rebound in Life & Savings Underlying Earnings - Underlying Earnings were down 6% to Euro 3,854 million, as the recovery in Life & Savings (+51%) primarily due to improved variable annuity hedging margin was mitigated by Property & Casualty (-30%) impacted by an adverse market cycle and Asset Management (-41%) mainly due to lower average assets under management. - Life & Savings Underlying Earnings were up 51% to Euro 2,336 million. Margin on revenues was flat(8) at Euro 4,569 million as the decrease in revenues (-4%) was offset by higher margins (+3%) mainly resulting from an improved country mix (decrease of countries with lower exposure to high margin protection business). Margin on assets was down 10%(8) to Euro 4,635 million: - Unit-linked management fees were down 8%(8) to Euro 1,822 million, mainly impacted by lower average reserves (-3%) as well as unfavorable country mix (-4%) following lower contribution from higher margin countries like France and the US. - General Account investment margin was down 14%(8) to Euro 2,179 million, as a consequence of lower returns in the US, the UK and MedLA, as well as higher policyholders participation in Switzerland and France. Average General Account reserves were up 2%. - Other fees were stable(8). Technical margin was up Euro 1,853(8) million to Euro 2,003 million, mainly benefiting from (i) Euro 1,411 million improvement in variable annuity hedging margin, mostly in the US, primarily as a result of significantly lower basis cost, lower financial market volatility as well as credit spreads tightening and gains from interest rate hedging partly offset by lower lapse assumptions, (ii) Euro 165 million one-off gain in the UK mainly as a result of internal restructuring of an annuity portfolio and (iii) Euro 68 million higher positive prior year reserve developments in Group lines in France, partly offset by (iv) Euro -103 million in Japan following reserve strengthening. Expenses, net of DAC/DOC were up 5%(8) to Euro 7,642 million, with administrative expenses up 2% and acquisition expenses up 9% mainly due to higher DAC amortization as a result of improved margins (notably technical margin in the US). Expenses gross of DAC/DOC as a percentage of reserves were down from 1.8% to 1.7%. VBI amortization was down 27%(8) to Euro -363 million, driven by the UK, Australia and Hong Kong. Tax and minority interests were up 76%(8) to Euro 864 million, mainly driven by higher pre-tax earnings. Positive tax one-offs amounted to Euro 129 million (slightly higher than FY08). Decreased P&C profitability in an adverse market cycle - Property & Casualty Underlying Earnings were down 30% to Euro 1,670 million, in an adverse market cycle with a combined ratio up 3.6 pts to 99.0%. Property & Casualty : Combined ratio by country/region In % FY08 FY09 Change on a comparable basis NORCEE(a) 97.2 97.8 +0.6 pt of which Belgium 98.8 99.8 +1.0 pt of which Switzerland 93.6 94.0 +0.3 pt of which Germany 98.2 98.7 +0.5 pt France 93.0 99.1 +6.1 pts MedLA(b) 93.3 99.0 +5.8 pts UK & Ireland 99.0 102.2 +3.3 pts Rest of the world 95.2 96.6 +1.4 pts Total P&C 95.5 99.0 +3.6 pts (a) Northern Central and Eastern Europe: Germany, Belgium, Switzerland, Central an Eastern Europe and Luxembourg (b) Mediterranean and Latin American Region: Italy, Spain, Portugal, Turkey, Mexico, Gulf region, Greece and Morocco. Loss ratio increased by 3.8 points to 70.9%. Excluding change in scope , the loss ratio increased by 3.7 points, as a result of: - +1.7 pts from natural catastrophes (in particular Klaus storm in continental Europe, floods in the UK and difficult winter conditions overall), - +1.7 pts current year loss ratio excluding natural events, with +2.1 pts impact from frequency and severity partly offset by -0.5 pt impact from price increases which started to be implemented, - +0.3 pt prior year reserve developments. Reserving ratio(9) stood at 187%, flat versus last year. Reserving ratio (9) (Chart: http://www.newscom.com/cgi-bin/prnh/20100218/NY56963-b ) Expense ratio decreased by 0.2 point to 28.1% with acquisition expense ratio up 0.3 point, while administrative expense ratio was down 0.5 point mainly driven by the UK (cost savings initiatives). Investment income(10) was down 7% to Euro 2,062 million, reflecting a decrease in investment yield (-9%), partly offset by a higher average asset base (+2%). Tax and minority interests were down 35% to Euro 659 million, due to lower pre-tax earnings. Positive tax one-offs amounted to Euro 61 million (in line with FY08). Decrease in Asset Management Underlying Earnings - Asset Management Underlying Earnings were down 41% to Euro 355 million mainly as a result of lower average assets under management. AllianceBernstein Underlying Earnings were down 45% to Euro 185 million as the decrease in revenues (-29%) was partly offset by lower expenses (-13%(11)). Positive tax one-offs amounted to Euro 62 million (in line with FY08). AXA Investment Managers Underlying Earnings were down 36% to Euro 171 million due to lower revenues (-17%) and the non repeat of 2008 carried interest one-off, partly offset by lower expenses (-14%(11)). - International Insurance Underlying Earnings were up 54% to Euro 286 million due to both AXA Corporate Solutions Assurance's performance and lower losses from Life run-off portfolio. - Banking Underlying Earnings were Euro -2 million (vs. Euro 33 million in FY08). - Holdings(5) Underlying Earnings decreased by Euro 120 million on a comparable basis to Euro -793 million, mainly due to higher financing costs and lower result on hedging of earnings denominated in foreign currencies. Adjusted Earnings Stable realized gains net of impairments and derivatives Adjusted Earnings were down 8% to Euro 3,468 million, mainly as a result of lower underlying earnings (net realized capital gains were comparable for FY08 and FY09). FY09 realized capital gains amounted to Euro 725 million. Impairments amounted to Euro 1,028 million of which Euro 459 million on equities, Euro 316 million on fixed income assets and Euro 253 million on private equity, real estate and other. The change in intrinsic value of derivatives amounted to Euro -83 million. Net Income Credit spreads tightening positively impacting net Income Net Income was up 283% to Euro 3,606 million, as lower adjusted earnings were more than offset by a higher contribution from the change in value of assets and derivatives, net of Forex and other items (Euro +137 million in FY09 vs. Euro -2,776 million in FY08), mainly due to credit spreads tightening. FY09 change in fair value amounted to Euro 612 million mainly as a result of: (i) Euro +1,116 million impact from credit spreads (ii) Euro -263 million mark to market of alternative assets, mainly Private Equity (iii) Euro -403 million impact from equity derivatives, including Euro -381 million impact from equity hedging program in the US to protect the balance sheet FY09 impact from exceptional and discontinued operations amounted to Euro -202 million mainly related to a tax impact following the planned sale of Australia & New Zealand businesses. Other items (mainly integration costs, intangibles amortization and undiscounted tax adjustments) amounted to Euro -273 million. Dividend A dividend of Euro 0.55 per share (up 38% vs. FY08) will be proposed at the Annual General Meeting that will be held on April 29, 2010. The dividend is expected to be paid on May 6, 2010 with an ex-dividend date of May 3, 2010. BALANCE SHEET / Shareholders' Equity & Solvency - Shareholders' equity was Euro 46.2 billion, up Euro 8.8 billion as a result of Euro 5.0 billion higher level of net unrealized capital gains from both equities and fixed income, net income contribution for the period for Euro 3.6 billion and Euro 2.4 billion capital increases (o/w Euro 2.0 billion rights issue and Euro 0.4 billion employee Shareplan) partially offset by Euro 1.0 billion increase in pension deficits and 2008 dividend of Euro 0.8 billion. Net unrealized gains on real estate & loans (not included in shareholders' equity) amounted to Euro 2.6 billion as of December 31, 2009. Solvency I ratio up 44 points to 171% - Solvency I ratio was 171% post-dividend (o/w 17 points from unrealized gains on fixed income assets) up 44 points vs. December 31, 2008, notably benefiting from earnings (+18 points), capital increases (+11 points, of which +9 points of rights issue) and favorable market conditions, mainly on fixed income assets (+17 points) as a result of credit spreads tightening. Indicative sensitivities to market movements are: -5 pts to -10% in equity markets, -6 pts to -10% in real estate markets, -2 pts to -10% in private equity market value. On fixed income assets, sensitivities to market movements are: -7 pts to 10 bps increase in interest rates, -3 pts to 10 bps increase in credit spreads, with the combination of both impacts capped at -17 pts of Solvency. Solvency II ratio (QIS4) amounted to ca. 185% as of December 31, 2009 (vs. ca. 150% as of December 31, 2008). Debt gearing down 8 pts to 26% - Financial structure AXA's net financial debt was down Euro 4.1 billion to Euro 13.5 billion notably benefiting from Euro 2.4 billion capital increases as well as Euro 2.1 billion cash proceeds from equity hedges. Debt gearing was down 8 pts benefiting from the decrease in net financial debt as well as higher shareholders' equity. Excluding the positive impact from the rights issue, AXA's debt gearing would have been 30%. Interest coverage ratio was 7.9x (vs. 8.5x in FY08). Invested assets AXA's invested assets amounted to Euro 590 billion including Euro 403 billion in the General Account, invested in a diversified portfolio mainly comprised of fixed income investments (81%), real estate (5%), cash (5%) and listed equities (4%). In 2H09, asset valuations: - Were stable for Real Estate and Private Equity - Increased for Equity, Corporate Bonds and ABS. General Account movements included: (i) Net inflows: investment in government bonds and corporate bonds (ii) Cash position: decrease due to reinvestment in fixed income assets and impact from lower collateral on Variable Annuity hedges (iii) Scope effect: Euro 5bn of Australia & New Zealand assets reclassified as held for sale in FY09. Market concern on some European government bonds: AXA's exposure net of policyholders' participation and tax was estimated at Euro 4.0bn on Italy, Euro 3.9bn on Spain, Euro 0.9bn on Portugal, Euro 0.6bn on Greece and Euro 0.2bn on Ireland. EMBEDDED VALUE / Group Embedded Value Group EV up 49% to Euro 13.4 per share - Group EV was up Euro 11.8 billion from Euro 18.6 billion to Euro 30.4 billion, or up 49% to Euro 13.4 per share. Based on CFO Forum methodology (notably including non life intangibles and perpetual subordinated debt), Group EV would have been up Euro 12.8 billion to Euro 44.0 billion. In Euro million 2008 In % of 2009 In % of Group EV Group EV Opening Group EV 34,840 18,600 Operating return 6,234 +18% 4,974 +27% Investment experience -22,075 -63% 4,397 +24% Total return on Group EV -15,841 -46% 9,371 +50% Dividend paid -2,135 -836 Exchange rate movement impact -1,271 272 Capital increases -260 2,434 Change in scope and other -260 579 Closing Group EV 18,600 30,422 o/w VIF 12,459 18,456 o/w TNAV 6,141 11 967 Total return was up Euro 25.2 billion to Euro 9.4 billion mainly as a result of financial markets recovery. The following is an estimated break-down of the investment experience impacts: - Equity market rebound: Euro +2.8 billion - Credit spreads tightening: Euro +1.7 billion - Higher interest rates: Euro +0.2 billion - Higher volatilities: Euro -0.3 billion In 2009, the Group EV benefited from a Euro 2.6 billion impact from the use of a liquidity premium (ca. 30 bps on average) versus Euro 4.4 billion in 2008 (above 50 bps on average). NOTES & OTHER INFORMATION / Notes 1. New Business Value is Group share. 2. Premium Equivalent (APE) represents 100% of new business regular premiums + 10% of new business single premiums. APE is Group share. 3. (net financing debt + perpetual subordinated debt) / (shareholders' equity, excluding fair value recorded in shareholders' equity + net financing debt) 4. The difference with Euro 1,014 billion of total assets under management corresponds to assets directly managed by AXA insurance companies 5. And other companies 6. Underlying earnings are Adjusted earnings, excluding net capital gains attributable to shareholders. Adjusted earnings represent Net income before the impact of exceptional operations, goodwill and related intangibles amortization/impairments, and profit or loss on financial assets (classified under the fair value option) and derivatives. Life & Savings NBV and APE, adjusted and underlying earnings are non-GAAP measures and as such are not audited, may not be comparable to similarly titled measures reported by other companies, and should be read together with our GAAP measure. Management uses these non-GAAP measures as key indicators of performance in assessing AXA's various businesses and believes that the presentation of these measures provide useful and important information to shareholders and investors as measures of AXA's financial performance. 7. Net of interest charges on perpetual subordinated notes (TSDI) and perpetual deeply subordinated notes (TSS). 8. On a pro-forma basis, i.e. restated from the scope impact of AXA Mexico, Genesys in Australia, QF Vita in Italy, SBJ in the UK and Minorities in Turkey, the Forex and the reclassification in France from technical margin to acquisition expenses of charges in the context of contractual changes in Group protection contracts. Full details are provided in the activity report sections related to these countries. 9. Net technical reserves / Net earned premiums 10. Net of financial charges 11. Change is calculated using expenses net of inter company eliminations About AXA AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area. For full year 2009, IFRS revenues amounted to Euro 90.1 billion and IFRS underlying earnings to Euro 3.9 billion. AXA had Euro 1,014 billion in assets under management as of December 31, 2009. The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISIN FR0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA). The American Depository Share is also listed on the NYSE under the ticker symbol AXA. This press release is available on the AXA Group website: http://www.axa.com/ AXA Investor Relations: ----------------------- Etienne Bouas-Laurent : +33.1.40.75.46.85 (until March 1, 2010) Mattieu Rouot : +33.1.40.75.46.85 (from March 1, 2010) Gilbert Chahine : +33.1.40.75.56.07 Paul-Antoine Cristofari: +33.1.40.75.73.60 Sylvie Gleises: +33.1.40.75.49.05 George Guerrero: +1.212.314.28.68 AXA Media Relations: -------------------- Emmanuel Touzeau: +33.1.40.75.46.74 Sara Gori: +33.1.40.75.48.17 Armelle Vercken: +33.1.40.75.46.42 Chris Winans: +1.212.314.55.19 AXA Individual shareholders Relations: +33.1.40.75.48.43 -------------------------------------------------------- IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Please refer to AXA's Annual Report on Form 20-F and AXA's Document de Reference for the year ended December 31, 2008, for a description of certain important factors, risks and uncertainties that may affect AXA's business. In particular, please refer to the section "Special Note Regarding Forward-Looking Statements" in AXA's Annual Report on Form 20-F. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. APPENDIX 1: AXA Group IFRS revenues - FY09 vs. FY08 / AXA Group IFRS revenues - contributions & growth by segment and country/region IFRS revenues change In Euro million FY08 FY09 -------------------- IFRS IFRS Reported Comp. basis United States 13,755 9,384 -31.8% -35.3% France 14,271 16,340 +14.5% +14.5% NORCEE 13,798 14,187 +2.8% +1.6% of which Germany 6,233 6,694 +7.4% +7.4% of which Switzerland 4,482 4,437 -1.0% -5.8% of which Belgium 2,559 2,515 -1.7% -1.7% of which Central & Eastern Europe 465 468 +0.6% +10.0% United Kingdom 3,549 2,783 -21.6% -14.0% Asia Pacific 7,682 8,337 +8.5% -8.4% of which Japan 4,628 5,438 +17.5% -8.8% of which Australia/New Zealand 1,719 1,532 -10.9% -11.9% of which Hong Kong 1,126 1,203 +6.8% +0.8% of which South East Asia 210 164 -21.7% -22.1% MedLA 4,813 6,473 +34.5% +31.3% Canada 108 115 +6.9% +8.6% Life & Savings 57,977 57,620 -0.6% -3.7% NORCEE 7,793 7,907 +1.5% +0.1% of which Germany 3,530 3,501 -0.8% -0.8% of which Belgium 2,139 2,130 -0.4% -0.4% of which Switzerland 2,017 2,154 +6.8% +1.6% France 5,595 5,684 +1.6% +1.6% Mediterranean Region 6,414 6,697 +4.4% -0.6% United Kingdom & Ireland 4,420 3,905 -11.6% -1.8% Canada 1,070 1,167 +9.1% +10.7% Asia 748 813 +8.8% +7.4% Property & Casualty 26,039 26,174 +0.5% +0.6% AXA Corporate Solutions Assurance 1,954 1,930 -1.2% +2.3% Others 887 930 +4.9% +2.7% International Insurance 2,841 2,860 +0.7% +2.4% AllianceBernstein 2,511 1,887 -24.9% -28.7% AXA Investment Managers 1,436 1,187 -17.3% -17.6% Asset Management 3,947 3,074 -22.1% -24.7% Banking 412 395 -4.1% -2.4% Total 91,221 90,124 -1.2% -3.2% APPENDIX 2: Life & Savings - Breakdown of APE between unit-linked non unit-linked and mutual funds / Breakdown of APE - 12 main countries, regions and modelled businesses % UL in APE Group share FY09 APE (excl. mutual in Euro million funds) UL change on ------------------- ------------- comparable UL Non-UL Mutual FY08 FY09 basis Funds France 186 1,415 14% 12% -1% United States 544 194 256 82% 74% -48% United Kingdom 797 107 22 90% 88% -23% NORCEE Germany 132 337 37% 28% -23% Switzerland 30 224 0 8% 12% +36% Belgium 13 250 9% 5% -45% Central & Eastern 104 29 35 66% 78% +23% Europe ASIA PACIFIC Japan 109 423 20% 20% -15% Australia/New Zealand 37 50 183 26% 43% +79% Hong Kong 44 79 0 47% 36% -22% South East Asia & China 48 40 61% 55% +3% MedLA 100 386 12 33% 21% -20% Total 2,144 3,536 509 49% 38% -27% APPENDIX 3: AXA Group IFRS Revenues in local currency - Discrete quarters / (In million local currency 1Q08 2Q08 3Q08 4Q08 except Japan in billion) Life & Savings United States 5,157 5,149 5,149 4,774 France 3,976 3,465 3,215 3,615 NORCEE of which Germany 1,477 1,478 1,468 1,810 of which Switzerland 4,342 915 843 1,010 of which Belgium 989 611 419 541 of which Central & Eastern Europe 113 116 121 115 United Kingdom 708 765 680 676 Asia Pacific of which Japan 185 193 207 163 of which Australia/New Zealand 701 625 748 924 of which Hong Kong 3,212 3,145 3,393 3,146 MedLA 1,291 1,497 920 1,104 Property & Casualty NORCEE of which Germany 1,602 597 709 621 of which Switzerland 2,643 256 159 142 of which Belgium 637 517 507 477 France 1,821 1,200 1,362 1,212 MedLA 1,547 1,436 1,215 2,215 United Kingdom & Ireland 873 979 901 770 Asia 200 176 187 185 Canada 349 463 437 423 International Insurance AXA Corporate Solutions Assurance 889 331 354 379 Others 247 205 203 233 Asset Management AllianceBernstein 1,045 1,006 931 711 AXA Investment Managers 374 388 337 337 Banking & Holdings 87 89 82 112 (In million local currency 1Q09 2Q09 3Q09 4Q09 except Japan in billion) Life & Savings United States 4,197 3,257 2,670 2,962 France 4,012 4,012 3,623 4,694 NORCEE of which Germany 1,516 1,540 1,829 1,810 of which Switzerland 4,188 922 749 838 of which Belgium 534 514 603 865 of which Central & Eastern Europe 115 113 116 124 United Kingdom 556 599 620 705 Asia Pacific of which Japan 174 188 167 176 of which Australia/New Zealand 918 607 586 606 of which Hong Kong 3,178 3,099 3,317 3,407 MedLA 1,417 1,532 1,471 2,053 Property & Casualty NORCEE of which Germany 1,619 587 699 596 of which Switzerland 2,686 260 162 144 of which Belgium 648 513 491 479 France 1,864 1,224 1,346 1,250 MedLA 1,725 1,678 1,403 1,891 United Kingdom & Ireland 881 952 891 757 Asia 212 205 206 191 Canada 385 530 484 452 International Insurance AXA Corporate Solutions Assurance 900 355 343 332 Others 279 196 234 221 Asset Management AllianceBernstein 610 624 667 731 AXA Investment Managers 295 284 284 325 Banking & Holdings 78 89 91 80 APPENDIX 4: FY09 Property & Casualty revenues contribution & growth by business line / Property & Casualty revenues - contribution & growth by business line in % Personal Motor Personal Non-Motor --------------------- ----------------------- % Gross Change on % Gross Change on revenues comp. basis revenues comp. basis France 33% +3% 28% +3% United Kingdom (a) 20% +19% 37% -4% NORCEE 32% -1% 29% +1% Of which Germany 28% -3% 37% -0% Of which Belgium 35% +0% 28% +2% Of which Switzerland 35% -0% 17% +2% MedLA 43% -3% 19% +5% Canada 38% +17% 20% +24% Asia 76% +6% 7% +12% Total 35% +2% 26% +2% in % Commercial Motor Commercial Non-Motor --------------------- ----------------------- % Gross Change on % Gross Change on revenues comp. basis revenues comp. basis France 8% -3% 31% +0% United Kingdom (a) 6% -9% 37% -6% NORCEE 6% +0% 31% -1% Of which Germany 6% +2% 22% -2% Of which Belgium 6% -4% 31% -2% Of which Switzerland 4% +1% 45% +1% MedLA 11% +0% 26% -1% Canada 7% +2% 37% -2% Asia 4% +36% 15% -2% Total 7% -1% 31% -2% (a) Including Ireland. APPENDIX 5: Life & Savings quarterly New Business Value (NBV) and NBV margin restated based on FY09 profitability factors / Quarterly NBV and NBV margin restated based on FY09 profitability factors in Euro million 1Q09 2Q09 ---------------------- ---------------------- NBV APE NBV margin NBV APE NBV margin ---------------------- ---------------------- United States -16 327 -5.0% 22 249 9.0% France 34 387 8.8% 33 389 8.4% United Kingdom 21 228 9.3% 28 265 10.6% NORCEE 76 335 22.6% 42 228 18.6% Germany 22 132 16.9% 12 86 14.4% Switzerland 42 123 33.8% 16 47 33.0% Belgium 6 52 11.7% 8 55 14.3% Central & Eastern Europe 6 28 21.0% 7 40 16.8% ASIA PACIFIC 106 227 46.9% 117 257 45.6% Japan 74 126 58.7% 74 128 58.2% Australia/New Zealand 7 56 12.2% 10 74 13.9% Hong Kong 19 30 62.6% 19 30 64.2% South East Asia & China 7 15 46.5% 13 25 51.4% MedLA 13 101 13.3% 19 119 16.2% TOTAL 234 1,604 14.6% 262 1,507 17.4% in Euro million 3Q09 4Q09 ---------------------- ---------------------- NBV APE NBV margin NBV APE NBV margin ---------------------- ---------------------- United States 28 193 14.6% 38 224 17.0% France 30 344 8.8% 48 481 9.9% United Kingdom 31 218 14.1% 17 216 8.0% NORCEE 49 279 17.5% 56 315 17.8% Germany 13 124 10.1% 16 128 12.5% Switzerland 12 38 32.8% 15 47 31.7% Belgium 13 67 18.9% 15 90 16.6% Central & Eastern Europe 11 50 22.1% 10 50 20.6% ASIA PACIFIC 125 250 49.9% 148 279 53.0% Japan 80 126 63.3% 101 152 66.7% Australia/New Zealand 10 69 14.9% 10 71 14.8% Hong Kong 19 29 65.3% 21 34 63.5% South East Asia & China 15 25 61.1% 15 23 65.0% MedLA 17 114 14.9% 30 163 18.2% TOTAL 280 1,398 20.0% 337 1,679 20.1% APPENDIX 6: Life & Savings New Business Volume (APE), Value (NBV) and NBV to APE margin / APE, NBV & NBV margin - 12 main countries, regions and modelled businesses in Euro million FY08 FY09 Change on a APE APE comparable basis United States 1,540 994 -38.8% France 1,347 1,602 +18.9% United Kingdom 1,287 926 -19.5% NORCEE 1,171 1,156 -2.5% Germany 468 469 -3.2% Switzerland 280 255 -13.4% Belgium 260 264 +1.5% Central & Eastern Europe 164 168 +10.6% ASIA PACIFIC 1,037 1,013 -17.3% Japan 482 532 -15.6% Australia/New Zealand 378 269 -32.3% Hong Kong 112 123 +2.7% South East Asia & China 66 88 +17.7% MedLA 406 497 +19.6% TOTAL 6,789 6,188 -10.6% Continued in Euro million FY08 FY09 Change FY09 Change NBV NBV on a NBV/APE on a comparable margin comparable basis basis United States 73 73 -6.3% 7.3% +2.5 pts France 78 145 +86.0% 9.0% +3.3 pts United Kingdom 125 97 -13.3% 10.5% +0.8 pt NORCEE 223 223 -1.5% 19.3% +0.2 pts Germany 86 63 -28.8% 13.5% -4.8 pts Switzerland 78 84 +3.4% 33.1% +5.4 pts Belgium 29 41 +43.7% 15.7% +4.6 pts Central & Eastern Europe 31 34 +21.3% 20.2% +1.8 pts ASIA PACIFIC 430 496 -3.7% 49.0% +6.8 pts Japan 299 330 -14.2% 61.9% +1.0 pt Australia/New Zealand 35 38 +7.9% 14.0% +5.5 pts Hong Kong 75 78 -2.6% 63.9% -3.5 pts South East Asia & China 21 50 +117.1% 56.8% +25.9 pts MedLA 55 79 +46.2% 16.0% +2.9 pts TOTAL 985 1,113 +5.1% 18.0% +2.6 pts APPENDIX 7: Earnings summary after taxes and minority interests / Consolidated Earnings Net income Income from Integration Goodwill and (in Euro million) Group Share discontinued costs related operations intangibles FY08 FY09 FY08 FY09 FY08 FY09 FY08 FY09 Life & Savings (446) 2,075 (21) 7 (38) (11) (25) (21) France 425 842 - - - - - - United States (296) (28) - - - - (2) (1) United Kingdom 257 (33) - (3) (12) - (14) (13) Japan (151) 420 - - (3) (2) - - Germany (70) (50) - - (4) (3) - - Switzerland (93) 185 - - (5) - (5) (5) Belgium (597) 439 - - (10) (4) (2) 0 Mediterranean Region 52 139 - - (4) (1) (0) (0) Other countries 29 161 (21) 10 - - (2) (2) of which Australia/ New Zealand (70) 27 (21) 10 - - - - of which Hong Kong 97 132 - - - - - - Property & Casualty 926 1,516 - - (78) (46) (69) (64) France 245 445 - - - - - - United Kingdom & Ireland 62 44 - - - - (24) (6) Germany 127 207 - - (25) (21) - - Belgium (17) 186 - - (24) (18) (1) (2) MedLA 447 277 - - (20) (7) (16) (25) Switzerland (14) 227 - - (10) - (21) (25) Other countries 77 130 - - - - (7) (6) International Insurance 103 326 - - - - - (1) AXA Corporate Solutions Assurance 27 160 - - - - - - Other 75 166 - - - - - (1) Asset Management 396 409 - - (2) - (5) - AllianceBernstein 245 205 - - - - (5) - AXA Investment Managers 151 204 - - (2) - - - Banking (38) (17) - - (10) (4) (0) - Holdings & other (19) (703) - 1 - - - - TOTAL 923 3,606 (21) 8 (127) (60) (99) (85) Consolidated Exceptional Profit or loss Adjusted Earnings operations (including change) Earnings (in Euro million) on financial assets (under Fair Value option) & derivatives FY08 FY09 FY08 FY09 FY08 FY09 Life & Savings (8) (111) (1,079) (52) 725 2,263 France - - (561) 281 986 561 United States 2 - 83 (555) (378) 529 United Kingdom - - 232 (165) 50 148 Japan - - (478) 191 330 231 Germany (10) (84) (59) 25 2 12 Switzerland - (16) (56) (19) (27) 225 Belgium - - (249) 188 (338) 256 Mediterranean Region - 1 (12) 20 68 119 Other countries - (13) 21 (17) 31 183 of which Australia/ New Zealand - - 20 (12) (70) 29 of which Hong Kong - - 8 (4) 89 137 Property & Casualty 1 32 (656) 187 1,728 1,406 France (4) - (290) 65 539 380 United Kingdom & Ireland - - 7 7 78 42 Germany (1) 26 (146) 23 298 179 Belgium - - (133) 62 140 143 MedLA 6 7 (37) 22 515 281 Switzerland - (1) (52) 5 68 247 Other countries - - (6) 3 90 133 International Insurance 1 1 (71) 20 172 306 AXA Corporate Solutions Assurance - - (77) 16 105 144 Other 1 1 7 5 67 161 Asset Management (22) 5 (163) 49 589 355 AllianceBernstein (22) - (45) 20 318 185 AXA Investment Managers - 5 (118) 29 271 171 Banking - - 4 (8) (32) (6) Holdings & other - (136) (535) 288 517 (857) TOTAL (28) (210) (2,501) 485 3,699 3,468 Consolidated Net realized Underlying Underlying Earnings capital gains Earnings Earnings (in Euro million) attributable to shareholders FY08 FY09 FY08 FY09 Change Change at constant FX Life & Savings (784) (73) 1,508 2,336 55% 51% France 311 91 675 470 (30%) (30%) United States (153) (16) (225) 545 342% 330% United Kingdom (71) (38) 122 186 53% 71% Japan 92 20 238 211 (11%) (29%) Germany (41) (145) 43 157 264% 264% Switzerland (245) (1) 218 226 4% (1%) Belgium (474) 24 136 231 69% 69% Mediterranean Region (40) 4 108 115 6% 7% Other countries (161) (12) 192 195 2% (1%) of which Australia/ New Zealand (100) (17) 31 46 51% 53% of which Hong Kong (44) 2 133 135 1% (5%) Property & Casualty (665) (264) 2,394 1,670 (30%) (30%) France (83) (26) 623 406 (35%) (35%) United Kingdom & Ireland (227) (58) 306 100 (67%) (65%) Germany (57) (105) 355 283 (20%) (20%) Belgium (41) (25) 181 168 (7%) (7%) MedLA (43) (44) 557 326 (42%) (41%) Switzerland (170) (13) 238 260 9% 4% Other countries (44) 7 134 126 (6%) (3%) International Insurance (16) 19 188 286 +52% +54% AXA Corporate Solutions Assurance (8) 12 113 132 +17% +19% Other (8) 7 75 154 +105% +107% Asset Management - - 589 355 -40% -41% AllianceBernstein - - 318 185 -42% -45% AXA Investment Managers - - 271 171 -37% -36% Banking (64) (4) 33 (2) -105% -105% Holdings & other 1,185 (64) (668) (793) +19% +18% TOTAL (345) (386) 4,044 3,854 -5% -6% APPENDIX 8: AXA Group simplified Balance Sheet / AXA Group Assets AXA Group liabilities In Euro billion FY08 FY09 In Euro billion FY08 FY09 (preliminary) (preliminary) Goodwill 17.0 16.5 Shareholders' Equity, Group share 37.4 46.2 VBI 4.4 3.6 Minority interests 3.1 3.7 DAC & equivalent 18.8 18.8 SH EQUITY & MINORITY INTERESTS 40.5 49.9 Other intangibles 3.2 3.1 Technical reserves 517.5 545.3 Investments 526.7 572.4 Provisions for risks & charges 9.3 9.5 Other assets & Financing debt 14.5 10.2 receivables 71.3 74.7 Cash & cash Other payables & equivalents 32.2 19.6 liabilities 91.7 93.7 TOTAL ASSETS 673.6 708.6 TOTAL LIABILITIES 673.6 708.6 APPENDIX 9: 4Q09 Main Press Releases / - 10/29/2009 9M09 Activity Indicators - 11/08/2009 AXA announced today a joint offer with AMP whereby AXA would acquire 100% of AXA APH's Asian businesses while AMP would acquire 100% of AXA APH's Australia & New Zealand businesses - 11/09/2009 AXA announced today the launch of a Euro 2 billion rights issue to finance acquisition opportunities - 11/17/2009 Claude Brunet resigns his mandate as an AXA Management Board member - 11/19/2009 Information to AXA shareholders with respect to the joint proposal by AXA and AMP to AXA APH - 11/24/2009 AXA to hold its Autumn Investor Seminar today - 12/10/2009 AXA announces a new organization to support a new stage of Its development - 12/13/2009 AXA and AMP announce they have submitted their best and final joint proposal to AXA Asia Pacific Holdings' committee of independent directors - 12/14/2009 Success of AXA employee share offering in 2009 - 12/17/2009 Update on proposal to AXA APH committee of independent directors - 12/18/2009 AXA to strengthen its position in Central and Eastern Europe Please refer to the following web site address for further details: http://www.axa.com/en/press/pr/ APPENDIX 10: 4Q09 operations on AXA shareholders' equity and debt / Shareholders' Equity Rights issue of Euro 2.0 billion and employee shareplan of Euro 0.4 billion. Debt No significant operations. http://www.newscom.com/cgi-bin/prnh/20100218/NY56963-a http://www.newscom.com/cgi-bin/prnh/20100218/NY56963-b http://photoarchive.ap.org/ DATASOURCE: AXA Group CONTACT: AXA Investor Relations: Etienne Bouas-Laurent, +33-1-40-75-46-85 (until March 1, 2010), or Mattieu Rouot, +33-1-40-75-46-85 (from March 1, 2010), or Gilbert Chahine, +33-1-40-75-56-07, or Paul-Antoine Cristofari, +33-1-40-75-73-60, or Sylvie Gleises, +33-1-40-75-49-05, or George Guerrero, +1-212-314-28-68; AXA Media Relations: Emmanuel Touzeau, +33-1-40-75-46-74, or Sara Gori, +33-1-40-75-48-17, or Armelle Vercken, +33-1-40-75-46-42, or Chris Winans, +1-212-314-55-19, or AXA Individual shareholders Relations, +33-1-40-75-48-43 Web Site: http://www.axa.com/

Copyright