AXA: Solid Half Year 2009 Earnings

PARIS -

Earnings recovery in 1H09 versus 2H08:

- Underlying Earnings: Euro 2,116 million down 26% yoy, up 63% sequentially - Adjusted Earnings: Euro 1,736 million down 50% yoy, up 327% sequentially - Net Income: Euro 1,323 million down 38% yoy, up Euro 2,577 million sequentially

Confirmation of financial strength:

- Solvency I ratio: 133% up 6 pts vs. December 31, 2008 - Shareholders’ equity: Euro 38.8 billion up Euro 1.4 billion vs. December 31, 2008 - Debt gearing: 31% down 3 pts vs. December 31, 2008

PARIS, August 5 /PRNewswire/ –

Overall resilient customer base:

- Revenues: Euro 48.4 billion down 1.8% yoy (down 5.7% on a comparable basis) - Positive Insurance net inflows - Assets under Management: Euro 967 billion down 1.5% vs. December 31, 2008

Strong management actions to weather the market turmoil:

- Focus on profitability in Property & Casualty and Life & Savings (Variable Annuities) through repricing measures - Productivity efforts in all business lines - Risk Management actions, notably in the US (stabilizing capital and improved Variable Annuity hedging margin)

Chairman’s statement

“Our confidence in AXA Group’s strategy is supported by the solid performance recorded during the first half of 2009, as well as the efficiency of the risk management actions undertaken to mitigate the consequences of the crisis”, said Henri de Castries Chairman of the AXA Management Board.

The insurance sector and AXA were not immune to the adverse market environment. However, the Group demonstrated its capacity to act quickly and to take the necessary actions in order to preserve a solid balance sheet, manage business efficiently and maintain the trust of our customers.

Going forward, we are prepared to withstand a further possible market downturn and we are well positioned to benefit from a market upturn: we have not stopped investing and focusing on our core business in a market with continuing growth potential.”

Press conference - London 9.00 CET Analyst conference - London 11.00 CET Listen via FR: +33-1-72-28-01-56 UK: +44-161-601-89-20

HY09 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 were down 6% to Euro 48,414 million. - Life & Savings revenues were down 7% to Euro 30,065 million, in line with trends observed in 4Q08 and 1Q09, mostly due to the adverse market environment. Net inflows remained positive at Euro +5.6 billion, flat on a comparable basis versus 1H08. New Business Volume (APE(1)) was down 16% to Euro 3,111 million, with unit-linked share down from 48% to 40%. New business margin was down 0.9 pt to 13.7%. - Property & Casualty revenues increased by 1% to Euro 14,919 million, driven by Personal lines (+1%) while Commercial lines remained stable. Personal Net New contracts amounted to +695,000. - Asset Management revenues were down 34% to Euro 1,503 million, due to 36% lower management fees mainly driven by lower average assets under management (-26%), unfavorable change in product mix, as well as the reduced contribution from distribution fees. Net outflows amounted to Euro -38 billion.

Earnings

1H09 earnings were significantly up versus 2H08: Underlying Earnings were up 63% to Euro 2,116 million, Adjusted Earnings were up 327% to Euro 1,736 million and Net Income was up Euro 2,577 million to Euro 1,323 million. Compared to 1H08: - Underlying Earnings were down 26% to Euro 2,116 million, mainly due to (i) lower average assets under management negatively impacting underlying earnings in both Life & Savings (down 16%) and Asset Management (down 42%), and (ii) combined ratio up 1.7pts to 98.0% (mostly related to natural events) impacting underlying earnings in Property & Casualty (down 12%). - Adjusted Earnings were down Euro 1,640 million (-50%) to Euro 1,736 million, as a result of (i) Euro 714 million lower underlying earnings, (ii) Euro 614 million lower realized capital gains (mostly on equities), (iii) Euro 312 million higher impairments net of hedging (mostly on equities). - Net Income was down Euro 821 million (-38%) to Euro 1,323 million as a result of (i) Euro 1,640 million lower adjusted earnings, partly offset by (ii) Euro 819 million lower negative contribution from change in value of assets and derivatives net of forex and other items, mainly due to credit spread tightening.

Balance sheet

- Group Solvency I ratio was up 6 pts (vs. December 31, 2008) to 133%, as a result of 10 pts positive impact from underlying earnings partly offset by 4 pts adverse impact notably from real estate and private equity asset valuations. Solvency I surplus increased by Euro +1 billion to Euro 7 billion. Stabilizing capital situation in the US: no capital increase expected this year. - Shareholders’ equity was up Euro 1.4 billion (vs. December 31, 2008) to Euro 38.8 billion, as a result of (i) Euro 1.3 billion of net income contribution, (ii) Euro 0.9 billion positive variation in unrealized capital gains (mostly related to equities), partly offset by (iii) Euro 0.8 billion dividend payment. Debt gearing(2) was down 3 pts (vs. December 31, 2008) to 31% mainly as a result of Euro 2.0 billion lower net financial debt partly due to seasonality effect.

Non-GAAP measures such as Underlying Earnings and Adjusted Earnings are reconciled to Net Income on page 7 of this release. AXA’s 1H09 financial statements are subject to completion of limited review by AXA’s independent auditors.

REVENUES

Revenues : Key figures Euro million, except Change Change when otherwise noted on a reported Comp.(a) Scope & FX 1H08 1H09 basis basis Other impact(b) Life & Savings revenues 30,826 30,065 -2.5% -7.5% +0.7pt +4.3pts Net inflows (Euro billion) +6.2 +5.6 APE (Group share) 3,611 3,111 -13.9% -16.3% +1.1pts +1.3pts NBV (c) (Group share) 505 427 -15.3% -22.0% +1.0pt +5.7pts NBV to APE margin (Group share) 14.0% 13.7% -0.2pt -0.9pt Property & Casualty revenues 14,519 14,919 +2.8% +0.8% +3.8pts -1.8pts International Insurance revenues 1,673 1,731 +3.5% +2.7% +1.1pts -0.3pt Asset Management revenues 2,102 1,503 -28.5% -34.0% -0.1pt +5.4pts Net inflows (Euro billion) +2.2 -37.7 Total revenues 49,319 48,414 -1.8% -5.7% +1.5pts +2.3pts

(a) Change on a comparable basis was calculated at constant FX and scope. (b) Mainly appreciation of the Euro against GBP and depreciation against USD and JPY. (c) New Business Value. Life & Savings Positive net inflows despite negative new business momentum - Life & Savings revenues were down 7% to Euro 30,065 million, in line with trends observed in 4Q08 and 1Q09, mostly due to the adverse market environment. Net inflows remained positive at Euro +5.6 billion, flat on a comparable basis versus 1H08, as lower inflows (Euro -3.4 billion) were offset by higher client retention (Euro +3.4 billion). Net inflows were positive in both General Account (Euro +2.1 billion) and Unit-linked (Euro +3.5 billion) businesses.

Net Inflows by country/region Euro billion 1H08 1H09 United States +1.6 +0.7 France +1.4 +2.2 United Kingdom(a) -0.5 -0.3 NORCEE(b) +2.6 +1.6 Asia Pacific(c) +0.9 +0.8 MedLA(d) +0.2 +0.7 Total L&S Net Inflows +6.2 +5.6 (a) UK Net Inflows, excluding with-profit funds, stood at Euro+0.4 billion at June 30, 2009. (b) Northern Central and Eastern Europe: Germany, Belgium, Switzerland, Central & Eastern Europe and Luxemburg. (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(1)) was down 16% to Euro 3,111 million, mainly due to: (i) Adverse market environment: - Decline in individual investments & savings sales mainly in the US, Australia, the UK and Belgium - 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 (+13%), with positive developments in both group and individual business.

The unit-linked share was down from 48% to 40%, notably impacted by France and the US.

Annual Premium Equivalent by country Euro million 1H08 1H09 Change Change on on a a reported comparable basis basis United States 808 576 -28.7% -37.8% France 690 776 +12.5% +12.5% United Kingdom 692 493 -28.7% -17.7% NORCEE (a) 660 562 -14.8% -16.0% Asia Pacific (b) 558 483 -13.3% -24.8% MedLA(c) 204 219 +7.3% -4.0% Total Life & Savings APE 3,611 3,111 -13.9% -16.3% (a) Northern Central and Eastern Europe: Germany, Belgium, Switzerland and Central and Eastern Europe. Luxemburg’s APE and NBV are not yet modelled. (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 from 1H09 (Changes on comparable basis calculated including India’s 1H08 APE and NBV, consolidated under the equity method). (c) Mediterranean and Latin American Region: Italy, Spain, Portugal, Turkey, Mexico and Greece. 1H08 APE and NBV included Turkey at 50%, 1H09 APE and NBV include Turkey at 100%. (Changes on comparable basis calculated including Turkey’s 1H08 APE and NBV at 100%.). Morocco’s APE and NBV are not yet modelled.

Stabilizing NBV margin

New business margin was down 0.9pt to 13.7%, mostly as a result of (i) lower interest rates impacting Variable Annuity products, (ii) higher unit costs in most countries due to lower volumes, partly offset by (iii) favorable business mix mainly driven by the US (progressive development of new redesigned Accumulator products), as well as Japan and the UK.

Note: Actuarial and financial assumptions are not updated on a half year basis, except for interest rates which are hedged at point of sale for Variable Annuity products

PARIS, August 5 /PRNewswire/ –

Property & Casualty

Growing Personal lines

Stable Commercial lines

Property & Casualty revenues increased by 1% to Euro 14,919 million, driven by Personal lines (+1%) while Commercial lines remained stable:

Property & Casualty : IFRS revenues by country In Euro million 1H08 1H09 Change on a Change on reported a comparable basis basis NORCEE(a) 5,224 5,394 +3.3% +1.0% of which Germany 2,199 2,206 +0.3% +0.3% of which 1,805 1,957 +8.4% +1.6% Switzerland of which Belgium 1,155 1,160 +0.5% +0.5% France 3,021 3,088 +2.2% +2.2% United Kingdom & 2,389 2,048 -14.2% -2.0% Ireland MedLA(b) 2,984 3,402 +14.0% -1.3% Rest of the World 902 986 +9.3% +10.9% Total P&C revenues 14,519 14,919 +2.8% +0.8% (a) Northern Central and Eastern Europe: Germany, Belgium, Switzerland, Central and 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 with Net new personal contracts amounting to +695,000.

- Personal Motor revenues (35% of total P&C revenues) were up 1% mainly driven by higher volumes in the Direct business (UK, Asia and France), partly offset by Spain and Germany, operating in difficult market conditions. - Personal Non-Motor revenues (24% of total P&C revenues) increased by 1% mainly due to Canada and France, partly offset by the UK. Revenues were stable in commercial lines. - Commercial Motor revenues (7% of total P&C revenues) were down 1% driven by lower volumes in the UK and France partly compensated by the Gulf region and Asia. - Commercial Non-Motor revenues (33% of total P&C revenues) were stable as negative evolution in Spain and the UK was offset by Switzerland (mainly new Health contracts), Turkey (SME business) and Mexico (renewal of a large contract). Asset Management Revenues mainly driven by lower average Assets Under management - Asset Management revenues were down 34% to Euro 1,503 million, due to 36% lower management fees mainly driven by lower average assets under management (-26%), unfavorable change in product mix, as well as a reduced contribution from distribution fees. - Assets Under Management were down Euro 13 billion (vs. December 31, 2008) to Euro 803 billion(3) at June 30, 2009: - Net inflows: Euro -38 billion due to AllianceBernstein (Euro -33 billion, mostly in the Institutional channel) and AXA Investment Managers (Euro -5 billion), - Market appreciation: Euro +18 billion, mostly at AllianceBernstein, - Forex, scope & other impacts: Euro +6 billion mainly due to the positive evolution of the GBP.

Assets Under Management Roll-forward In Euro billion Alliance AXA IM Total Bernstein AUM at FY08 331 485 816 Net inflows -33 -5 -38 Market appreciation +22 -4 +18 Scope & other impacts - +1 +1 Forex impact -2 +7 +5 AUM at 1H09 318 485 803 Average AUM over the period (FY08-1H09) 325 474 799 Change of average AUM 1H09 vs. 1H08 On a reported basis -34% -11% -22% On a comparable basis -43% -10% -26%

International Insurance

International Insurance revenues were up 3% to Euro 1,731 million, with (i) AXA Corporate Solutions Assurance up 3%, driven mainly by positive business developments in Liability, as well as (ii) AXA Assistance up 3%.

International Insurance IFRS revenues In Euro million 1H08 1H09 Change Change on on a a reported comparable basis basis AXA Corporate 1,220 1,256 +2.9% +2.9% Solutions Assurance AXA Assistance 362 366 +1.1% +3.2% AXA Cessions 53 57 +8.3% +8.3% Other International 37 52 +38.4% -14.3% activities Total International 1,673 1,731 +3.5% +2.7% Insurance

Earnings : Key figures In Euro million 1H08 1H09 Change Change on a on a Reported comparable basis basis Life & Savings 1,396 1,232 -12% -16% Property & Casualty 1,133 986 -13% -12% Asset Management 285 176 -38% -42% International Insurance 172 122 -29% -30% Banking 24 15 -38% -40% Holdings(4) -245 -415 69% 67% Underlying Earnings(5) 2,766 2,116 -24% -26% Net realized capital gains 834 241 -71% -74% Net impairments -786 -691 -12% -12% Equity portfolio hedging (intrinsic value) 477 71 -85% -85% Adjusted Earnings(5) 3,290 1,736 -47% -50% Change in the fair value -1,012 -280 Of which from credit spreads n.a. 309 Of which MtM of alternative investments n.a. -317 Of which MtM effects of derivatives related to balance sheet items n.a. -210 including interest rate derivatives -87 89 including FX and related derivatives (excluding impairments) -113 45 including time value of equity hedging -152 -290 Of which MtM of ABS -237 -62 Other -116 -134 Net income 2,162 1,323 -39% -38% Earnings per share In Euro Underlying EPS(6) 1.28 0.95 -26% Adjusted EPS(6) 1.54 0.77 -50% Net income per share 1.07 0.50 -53%

Items of the analysis of change in fair value are Non-GAAP measures and as such are not audited

Underlying Earnings

Compared to 2H08, Underlying Earnings were up 63% to Euro 2,116 million mainly as a result of improvement in Variable Annuity hedging margin.

Compared to 1H08, Underlying Earnings were down 26% to Euro 2,116 million, mainly due to (i) lower average assets under management negatively impacting underlying earnings in both Life & Savings (down 16%) and Asset Management (down 42%), and (ii) combined ratio up 1.7pts to 98.0% (mostly related to natural events) impacting underlying earnings in Property & Casualty (down 12%).

Life & Savings Underlying Earnings were down 16% to Euro 1,232 million.

Life & Savings: lower margins on assets partly offset by higher Technical margin

Margin on revenues was down 2%76to Euro 2,219 million as the decrease in revenues (-7%) was partly offset by higher margins (+6%) mainly resulting from an improved country mix.

Margin on assets was down 22%7 to Euro 2,209 million:

- Unit-linked management fees were down 21%7 to Euro 865 million, impacted by lower average reserves (-18%) as well as lower margins (-3%) driven by an unfavourable country mix. - General Account investment margin was down 23%7 to Euro 1,057 million, as a consequence of lower returns in the US, France and the UK (mainly dividend yield). Average General Account reserves were stable. - Other fees were down 24%7 as a result of lower mutual funds under management.

Technical margin was up 85% to Euro 1,099 million mainly benefiting from (i) Euro 199 million improvement in Variable Annuity hedging margin in the US (breakeven in 1H09) as a result of significantly lower basis cost, credit spreads tightening and gains from interest rate hedging partly offset by higher financial market volatility, (ii) Euro 165 million one-off gain in the UK following internal restructuring of an annuity portfolio and (iii) Euro 71 million higher prior year reserve developments in Group Health and Life in France.

Expenses, net of DAC/DOC were up 6%(7) to Euro 3,639 million, with acquisition expenses up 10% mainly due to higher DAC amortization partly offsetting technical margin gains, and administrative expenses up 2%.

Expenses gross of DAC/DOC as a percentage of reserves were flat at 1.7%(8).

VBI amortization was down 12%(7) to Euro 137 million.

Tax and minority interests were down 15%(7) to Euro 512 million mainly driven by lower pre-tax earnings.

Property & Casualty combined ratio up 1.7 pts to 98.0%, reflecting adverse natural events

- Property & Casualty Underlying Earnings were down 12% to Euro 986 million mainly due to the deterioration of the combined ratio (up 1.7 pts to 98.0%). Property & Casualty : Combined ratio by country In % 1H08 1H09 Change on a comparable basis NORCEE (a) 96.7 96.8 +0.1pt of which Belgium 98.0 99.0 +1.0pt of which Switzerland 92.8 93.9 +1.1pts of which Germany 98.0 97.0 -1.0pt France 96.9 99.4 +2.6pts MedLA (b) 93.8 97.3 +3.8pts UK & Ireland 98.2 100.3 +2.2pts Rest of the world 97.1 96.4 -0.7pt Total P&C 96.4 98.0 +1.7pts (a) Northern Central and Eastern Europe: Germany, Belgium, Switzerland, Central and Eastern Europe and Luxembourg (b) Mediterranean and Latin American Region: Italy, Spain, Portugal, Turkey, Mexico, Gulf region, Greece and Morocco Loss ratio increased by 2.0 points to 70.3%, as a result of: - +2.1 points from natural events (mainly Klaus storm in continental Europe), - +1.6 points from current year loss ratio excluding natural events (o/w -0.1 point of pricing, +0.8 point of frequency and severity, +0.3 point in Health, +0.2 point of business mix and +0.4 point of other incl. reinsurance), - +0.2 point of scope, - -2.0 points from higher favorable prior year reserve developments

Reserves ratio(9) stood at 198%, flat versus last year.

Expense ratio improved by 0.2 point to 27.7% with administrative expense ratio down 0.5 point and acquisition expense ratio up 0.3 point.

Investment income(10) was down 3% to Euro 1,105 million mainly reflecting a drop in asset yield (-4%) while average assets were up +1%.

Tax and minority interests were down 21% to Euro 377 million mainly due to lower pre-tax earnings.

Asset Management: Lower fees on AUM partly offset by lower expenses

- Asset Management Underlying Earnings were down 42% to Euro 176 million.

AllianceBernstein Underlying Earnings were down 35% to Euro 95 million as the decrease in revenues (-40%) was partly offset by lower expenses (-22%(11)) and a favorable one-off tax impact (Euro +65 million).

AXA Investment Managers Underlying Earnings were down 47% to Euro 81 million, as a result of lower revenues (-24%) and the non-recurrence of 1H08 investment result (carried interest), partly offset by lower expenses (-18%(11)).

- International Insurance Underlying Earnings were down 30% to Euro 122 million, mainly as a result of a lower contribution from the Property & Casualty run-off portfolio, while AXA Corporate Solutions Assurance underlying earnings were up 7% (losses on Aviation being more Than offset by the non-recurrence of 2008 large claims in Property). - Banking Underlying Earnings were down 40% at Euro 15 million, mainly due to higher provisions for doubtful receivables on loans. - Holdings(6) Underlying Earnings decreased by Euro 164 million on a comparable basis to Euro -415 million, mainly due to higher financing costs related to currency impacts and 2H08 acquisitions, lower result on hedging of earnings denominated in foreign currencies and higher administrative costs partly offset by lower taxes.

PARIS, August 5 /PRNewswire/ –

Adjusted Earnings

Reduced net realized capital gains on equities

Compared to 2H08, Adjusted Earnings were up 327% to Euro 1,736 million benefiting from higher realized capital gains and lower impairments.

Compared to 1H08, Adjusted Earnings were down Euro 1,640 million (-50%) to Euro 1,736 million, as a result of (i) Euro 714 million lower underlying earnings, (ii) Euro 614 million lower realized capital gains (mostly on equities), (iii) Euro 312 million higher impairments net of hedging (mostly on equities).

In 1H09, realized capital gains amounted to Euro 241 million.

Impairments amounted to Euro -691 million, of which Euro -339 million on equities, Euro -162 million on fixed income assets and Euro -191 million on private equity, real estate and other. Equity hedges had a positive impact of Euro 71 million.

Net Income

Credit spread tightening positively impacting Net Income

Compared to 2H08, Net Income was up Euro 2,577 million to Euro 1,323 million, benefiting from favorable credit spread evolution.

Compared to 1H08, Net Income was down Euro 821 million (-38%) to Euro 1,323 million as a result of (i) Euro 1,640 million lower adjusted earnings, partly offset by (ii) Euro 819 million lower negative contribution from change in value of assets and derivatives net of forex and other items, mainly due to credit spread tightening.

1H09 change in fair value amounted to Euro -280 million mainly as a result of:

(i) Euro +309 million impact from credit spreads, offset by

(ii) Euro -317 million mark to market of alternative assets (mainly private equity)

(iii) Euro -290 million of equity derivatives (including Euro -220 million hedging program in the US to protect balance sheet)

Balance sheet

PARIS, August 5 /PRNewswire/ –

Confirmation of financial strength

- Group Solvency I ratio was up 6 pts (vs. December 31, 2008) to 133%, as a result of 10 pts positive impact from underlying earnings partly offset by 4 pts adverse impact notably from real estate and private equity asset valuations. Solvency I surplus increased by Euro +1 billion to Euro 7 billion. Stabilizing capital situation in the US: no capital increase expected this year. - Shareholders’ equity was up Euro 1.4 billion (vs. December 31, 2008) to Euro 38.8 billion, as a result of (i) Euro 1.3 billion of net income contribution, (ii) Euro 0.9 billion positive variation in unrealized capital gains (mostly related to equities), partly offset by (iii) Euro 0.8 billion dividend payment. - Debt gearing(2) was down 3 pts (vs. December 31, 2008) to 31% mainly as a result of Euro 2.0 billion lower net financial debt partly due to seasonality effect.

Invested assets

AXA’s invested assets amounted to Euro 561 billion including a Euro 391 billion General Account, invested in a diversified portfolio comprised of fixed income investments (79%), cash (7%), real estate (5%), listed equities (4%), policy loans (2%) and alternative investments (2%).

Changes vs. December 31, 2008 were attributable to:

- Asset movements with notably: - Increased investments in govies (Euro +10 billion) notably benefiting from reduced corporate bond CDS positions (Euro 6 billion) and net inflows - Sale of listed equities - Lower cash mainly due to a Euro 3 billion decrease related to cash used to settle Variable Annuity hedge positions, mainly as a result of higher interest rates in the US - Change in asset values mainly related to: - Corporate bonds valuation up as a result of spread tightening - ABS values down 3 pts to 66% of par, notably on CLO’s and non conforming RMBS - Real estate down ca. 6% and private equity down ca. 13%

PARIS, August 5 /PRNewswire/ –

APPENDIX 1: AXA Group IFRS revenues - 1H09 vs. 1H08 / AXA Group IFRS revenues - contributions & growth by segment and country/region In Euro million 1H08 1H09 IFRS revenues change IFRS IFRS Reported Comp. basis United States 6,732 5,584 -17.1% -27.7% France 7,441 8,024 +7.8% +7.8% NORCEE 8,089 7,762 -4.0% -6.3% of which Germany 2,955 3,055 +3.4% +3.4% of which Switzerland 3,274 3,395 +3.7% -2.8% of which Belgium 1,600 1,047 -34.5% -34.5% of which Central & Eastern Europe 229 228 -0.5% +10.8% United Kingdom 1,900 1,292 -32.0% -22.8% Asia Pacific 3,822 4,398 +15.1% -3.2% of which Japan 2,354 2,909 +23.6% -5.2% of which Australia/New-Zealand 801 813 +1.4% +9.2% of which Hong Kong 533 607 +13.9% -1.3% of which South East Asia 134 70 -47.8% -49.2% MedLA 2,788 2,949 +5.8% +1.2% Other countries 55 56 +2.1% +6.5% Life & Savings 30,826 30,065 -2.5% -7.5% NORCEE 5,224 5,394 +3.3% +1.0% of which Germany 2,199 2,206 +0.3% +0.3% of which Belgium 1,155 1,160 +0.5% +0.5% of which Switzerland 1,805 1,957 +8.4% +1.6% France 3,021 3,088 +2.2% +2.2% Mediterranean Region 2,984 3,402 +14.0% -1.3% United Kingdom & Ireland 2,389 2,048 -14.2% -2.0% Canada 527 569 +8.0% +12.7% Asia 375 417 +11.1% +8.3% Property & Casualty 14,519 14,919 +2.8% +0.8% AXA Corporate Solutions Assurance 1,220 1,256 +2.9% +2.9% Others 452 475 +5.1% +2.1% International Insurance 1,673 1,731 +3.5% +2.7% AllianceBernstein 1,340 924 -31.0% -39.8% AXA Investment Managers 763 579 -24.1% -23.9% Asset Management 2,102 1,503 -28.5% -34.0% Banking 197 195 -0.7% +1.0% Total 49,319 48,414 -1.8% -5.7%

APPENDIX 2: Life and Savings - Breakdown of APE - 12 main countries, regions and modelled businesses Group share 1H09 APE In Euro million UL Non-UL Mutual Funds France 87 690 United States 357 101 118 United Kingdom 430 60 4 NORCEE Germany 65 153 Switzerland 15 156 0 Belgium 6 100 Central & Eastern 41 19 8 Europe ASIA PACIFIC Japan 62 191 Australia/New-Zealand 4 28 96 Hong Kong 21 39 0 South East Asia & China 20 16 2 MedLA 37 177 5 Total 1,144 1,731 234

(Table Continued…)

Life and Savings - Breakdown of APE - 12 main countries, regions and modelled businesses Group share % UL in APE UL change (excl. mutual funds) on In Euro million comparable basis 1H08 1H09 France 15% 11% -17% United States 82% 78% -39% United Kingdom 90% 88% -20% NORCEE Germany 40% 30% -31% Switzerland 5% 9% +40% Belgium 9% 5% -57% Central & Eastern 60% 68% +5% Europe ASIA PACIFIC Japan 19% 25% +1% Australia/New-Zealand 23% 13% -328% Hong Kong 50% 35% -34% South East Asia & China 66% 55% -22% MedLA 18% 17% -53% Total 48% 40% -27%

APPENDIX 3: AXA Group IFRS Revenues in local currency - Discrete quarters

(In million local currency except 1Q08 2Q08 3Q08 Japan in billion) Life & Savings United States 5,157 5,149 5,149 France 3,976 3,465 3,215 NORCEE of which Germany 1,477 1,478 1,468 of which Switzerland 4,342 915 843 of which Belgium 989 611 419 of which Central & Eastern Europe 113 116 121 United Kingdom 708 765 680 Asia Pacific of which Japan 185 193 207 of which Australia/New-Zealand 701 625 748 of which Hong Kong 3,212 3,145 3,393 MedLA 1,291 1,497 920 Property & Casualty NORCEE of which Germany 1,602 597 709 of which Switzerland 2,643 256 159 of which Belgium 637 517 507 France 1,821 1,200 1,362 MedLA 1,547 1,436 1,215 United Kingdom & Ireland 873 979 901 Asia 200 176 187 Canada 349 463 437 International Insurance AXA Corporate Solutions Assurance 889 331 354 Others 247 205 203 Asset Management AllianceBernstein 1,045 1,006 931 AXA Investment Managers 374 388 337 Banking & Holdings 88 89 82

(Table Continued…)

(In million local currency except 4Q08 1Q09 2Q09 Japan in billion) Life & Savings United States 4,774 4,197 3,257 France 3,615 4,012 4,012 NORCEE of which Germany 1,810 1,516 1,540 of which Switzerland 1,010 4,188 922 of which Belgium 541 534 514 of which Central & Eastern Europe 115 115 113 United Kingdom 676 556 599 Asia Pacific of which Japan 163 174 188 of which Australia/New-Zealand 924 918 607 of which Hong Kong 3,146 3,178 3,099 MedLA 1,104 1,417 1,532 Property & Casualty NORCEE of which Germany 621 1,619 587 of which Switzerland 142 2,686 260 of which Belgium 477 648 513 France 1,212 1,864 1,224 MedLA 2,215 1,725 1,678 United Kingdom & Ireland 770 881 952 Asia 185 212 205 Canada 423 385 530 International Insurance AXA Corporate Solutions Assurance 379 900 355 Others 233 279 196 Asset Management AllianceBernstein 711 610 624 AXA Investment Managers 337 295 284 Banking & Holdings 112 78 89

APPENDIX 4: 1H09 Property & Casualty revenues contribution &

growth by business line /

Property & Casualty revenues - contribution & growth by business line In % Personal Motor Personal Non-Motor % Gross Change % Gross Change revenues on revenues on comp. comp. basis basis France 32% +3.3% 28% +3.8% United Kingdom (a) 18% +19.1% 35% -6.8% NORCEE Of which Germany 32% -3.3% 30% -0.7% Of which Belgium 34% +0.1% 28% +3.3% Of which Switzerland 38% -1.0% 12% +3.1% MedLA 44% -3.9% 19% +2.4% Canada 39% +20.9% 19% +25.9% Asia 75% +7.7% 7% +3.6% Total 35% +1.4% 24% +0.6%

(a) Including Ireland.

(Table Continued…)

Property & Casualty revenues - contribution & growth by business line In % Commercial Motor Commercial Non-Motor % Gross Change % Gross Change revenues on revenues on comp. comp. basis basis France 8% -3.1% 32% +1.2% United 6% -7.5% 40% -3.0% Kingdom (a) NORCEE Of which Germany 6% +1.1% 25% +0.1% Of which Belgium 7% +1.7% 32% +0.6% Of which Switzerland 4% +1.3% 46% +2.5% MedLA 10% +0.1% 27% +0.1% Canada 7% +2.2% 38% -3.1% Asia 4% +31.0% 18% +3.0% Total 7% -0.8% 33% +0.1%

APPENDIX 5: 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 1H08 1H09 Change on a 1H08 NBV APE APE comparable basis United States 808 576 -37.8% 40 France 690 776 +12.5% 36 United Kingdom 692 493 -17.7% 69 NORCEE 660 562 -16.0% 132 Germany 236 218 -10.5% 44 Switzerland 193 170 -17.2% 58 Belgium 154 106 -31.2% 16 Central & Eastern Europe 76 68 -0.6% 14 ASIA PACIFIC 558 483 -24.8% 201 Japan 253 254 -23.0% 136 Australia/New-Zealand 212 129 -36.0% 17 Hong Kong 56 60 -6.8% 37 South East Asia & China 36 40 -2.4% 11 MedLA 204 219 -4.0% 27 TOTAL 3,611 3,111 -16.3% 505

(Table Continued…)

APE, NBV & NBV margin - 12 main countries, regions and modelled businesses In Euro million 1H09 NBV Change on a 1H09 Change on a comparable NBV/APE comparable basis margin basis United States 16 -64.4% 2.8% -2.1pts France 36 -0.8% 4.6% -0.6pt United Kingdom 48 -19.4% 9.7% -0.2pt NORCEE 102 -24.2% 18.2% -2.0pts Germany 31 -31.0% 14.4% -4.3pts Switzerland 47 -24.4% 27.4% -2.6pts Belgium 11 -34.9% 10.0% -0.6pt Central & Eastern Europe 14 +8.4% 19.9% +1.7pts ASIA PACIFIC 196 -20.3% 40.6% +2.2pts Japan 134 -24.1% 52.7% -0.7pt Australia/New-Zealand 13 -19.6% 9.7% +2.1pts Hong Kong 38 -10.9% 62.4% -2.9pts South East Asia & China 12 -8.1% 30.4% -1.9pts MedLA 29 +2.3% 13.4% +0.8pt TOTAL 427 -22.0% 13.7% -0.9pt

Consolidated Earnings Net income Income from Integration Goodwill Group discontinued costs and related (in Euro million) Share operations intangibles 1H08 1H09 1H08 1H09 1H08 1H09 1H08 1H09 Life & Savings 1,007 364 - (4) (13) (6) (12) (10) France 596 213 - - - - - United States 297 (131) - - - (2) (1) United Kingdom 113 (43) - (2) (2) (1) (6) (6) Japan (28) 7 - (2) (2) - - Germany 43 (30) - (1) (2) - - Switzerland (24) 46 - (2) - (2) (3) Belgium (85) 213 - (4) (2) (1) - Mediterranean Region 39 59 - (2) - (0) - Other countries 56 30 - (2) - - (1) (1) of which Australia/New (12) (23) - (2) - - - - Zealand of which Hong Kong 60 62 - - - - - Property & Casualty 1,028 722 - (24) (18) (27) (32) France 184 168 - - - - - United Kingdom & 105 5 - - - (10) (3) Ireland Germany 194 127 - (6) (10) - - Belgium 161 92 - (9) (5) (0) (1) MedLA 266 170 - (5) (3) (3) (12) Switzerland 67 90 - (4) - (10) (12) Other countries 51 71 - - - (4) (4) International Insurance 155 117 - - - - - AXA Corporate Solutions 25 46 - - - - - Assurance Other 130 71 - - - - - Asset Management 198 187 - (1) - (4) - AllianceBernstein 122 95 - - - (4) - AXA Investment Managers 76 92 - (1) - - - Banking 11 (3) - (3) (1) (0) - Holdings & other (238) (63) - - - - - TOTAL 2,162 1,323 - (4) (41) (26) (43) (42)

(Table Continued…)

Consolidated Earnings Exceptional Profit or Adjusted operations loss Earnings (in Euro million) (including change) on financial assets (under Fair Value option) & derivatives 1H08 1H09 1H08 1H09 1H08 1H09 Life & Savings 1 (24) (469) (646) 1,501 1,054 France - (114) (10) 710 223 United States 1 (8) (418) 306 287 United Kingdom - 44 (122) 76 88 Japan - (183) (170) 157 178 Germany - (7) (9) 6 53 (28) Switzerland - (3) (49) (17) 30 68 Belgium - (133) 100 52 115 Mediterranean Region - (11) 6 53 53 Other countries - (14) (6) (23) 63 69 of which Australia/New — (3) (16) (9) (5) Zealand of which Hong Kong - (1) (9) 61 71 Property & Casualty 2 (12) (192) (15) 1,269 775 France (4) (91) (27) 278 195 United Kingdom & - (4) 1 118 6 Ireland Germany - (12) (45) (18) 244 143 Belgium - (22) 21 194 77 MedLA 6 (12) 5 281 179 Switzerland - (1) (17) (1) 99 104 Other countries - 0 4 55 71 International Insurance — (24) (10) 179 17 AXA Corporate Solutions - (23) (10) 48 56 Assurance Other - (1) - 131 71 Asset Management 10 (5) (93) 16 285 176 AllianceBernstein 10 (5) (12) 5 128 95 AXA Investment Managers - (81) 11 158 81 Banking - (4) (10) 19 8 Holdings & other - 10 (275) 331 37 (404) TOTAL 13 (6)(1,057) (335) 3,290 1,736

(Table Continued…)

Consolidated Earnings Net realized Underlying Underlying capital Earnings Earnings (in Euro million) gains attributable to shareholders 1H08 1H09 1H08 1H09 Change Change at constant FX Life & Savings 105 (178) 1,396 1,232 (12%) (16%) France 279 (42) 431 264 (39%) (39%) United States (20) 16 326 271 (17%) (28%) United Kingdom (16) (45) 92 133 44% 67% Japan 24 10 132 168 27% (2%) Germany (14) (58) 67 29 (56%) (56%) Switzerland (63) (15) 93 84 (10%) (16%) Belgium (32) (9) 84 124 48% 48% Mediterranean Region 10 (10) 43 64 48% 50% Other countries (65) (25) 128 95 (26%) (32%) of which Australia/New (57) (18) 48 13 (72%) (69%) Zealand of which Hong Kong (2) (5) 64 76 19% 3% Property & Casualty 136 (210) 1,133 986 (13%) (12%) France 24 (35) 254 230 (10%) (10%) United Kingdom & (55) (80) 174 87 (50%) (46%) Ireland Germany 72 (23) 173 166 (4%) (4%) Belgium 86 (16) 107 93 (13%) (13%) MedLA 38 (38) 243 217 (10%) (10%) Switzerland (32) (19) 131 123 (6%) (12%) Other countries 3 1 52 70 35% 45% International Insurance 7 5 172 122 (29%) (30%) AXA Corporate Solutions 2 9 46 48 3% 7% Assurance Other 6 (4) 126 75 (41%) (43%) Asset Management - 0 285 176 (38%) (42%) AllianceBernstein - 0 128 95 (26%) (35%) AXA Investment Managers - 0 158 81 (49%) (47%) Banking (5) (7) 24 15 (38%) (40%) Holdings & other 282 11 (245) (415) 69% 67% TOTAL 524 (379) 2,766 2,116 (24%) (26%)

APPENDIX 7: AXA Group simplified Balance Sheet /

AXA Group Assets In Euro billion FY08 1H09 Goodwill 17.0 17.0 VBI 4.4 4.2 DAC & equivalent 18,8 19.4 Other intangibles 3.2 3.1 Investments 526.7 534.3 Other assets & receivables 71.3 70.1 Cash & cash equivalents 32.2 26.6 TOTAL ASSETS 673.6 674.7 AXA Group Liabilities In Euro billion FY08 1H09 Shareholders’ Equity, Group share 37.4 38.8 Minority interests 3.1 3.4 SH EQUITY & MINORITY INTERESTS 40.5 42.2 Technical reserves 517.5 530.6 Provisions for risks & charges 9.3 9.5 Financing debt 14.5 11.7 Other payables & liabilities 91.7 80.8 TOTAL LIABILITIES 673.6 674.7

APPENDIX 8: 2Q09 Main Press Releases

- 04/08/2009 AXA opens its first Campus in the Japan Asia-Pacific region in Singapore - 04/30/2009 AXA Shareholders’ Meeting - Approval of all resolutions submitted to a vote of shareholders - 05/07/2009 1Q 2009 Activity Indicators Please refer to the following web site address for further details: www.axa.com/en/press/pr/

APPENDIX 9: 2Q09 Operations on AXA Shareholders’ Equity and Debt

Shareholders’ Equity

No significant operations.

Debt

AXA issued in June 2009 a Euro 1.0 billion senior debt (Maturity 2015, 4.5% annual coupon, all-in issuance spread 146 bps over Euribor)

Notes

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1 Annual Premium Equivalent (APE) represents 100% of new business regular premiums + 10% of new business single premiums. APE is Group share.

2 (net financing debt + perpetual subordinated debt) / (shareholders’ equity, excluding fair value recorded in shareholders’ equity + net financing debt)

3 The difference with Euro 967 billion of total assets under management corresponds to assets directly managed by AXA insurance companies

4 And other companies

5 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.

6 Net of interest charges on perpetual subordinated notes (TSDI) and perpetual deeply subordinated notes (TSS).

7 Changes are pro-forma i.e. restated from the scope impact of AXA Mexico, Genesys in Australia, QF Vita in Italy and SBJ in the UK, the Forex and the reclassification of deferred expenses/loadings in France. Full details are provided in the activity report’s sections related to these countries.

8 Corresponds to annualized administrative and acquisition expenses excluding DAC impacts divided by total reserves (General Account, Unit-Linked and UK with profit) at closing date.

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 1H09, IFRS revenues amounted to Euro 48.4 billion and IFRS underlying earnings to Euro 2.1 billion. AXA had Euro 967 billion in assets under management as of June 30, 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: www.axa.com

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 Référence 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.

Source: AXA

AXA Investor Relations: Etienne Bouas-Laurent : +33-1-40-75-46-85; Marie-Elodie Bazy: +33-1-40-75-97-24; 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; Laurent Sécheret: +33-1-40-75-48-17; Armelle Vercken: +33-1-40-75-46-42; Chris Winans +1-212-314-55-19; +33-1-40-75-71-81; AXA Individual shareholders Relations: +33-1-40-75-48-43