On a comparable basis: PARIS, May 10 /PRNewswire-FirstCall/ -- --
Life and Savings new business volume (APE)(1) was up 13%(2), or
33%(3) on a reported basis, to Euro 2,099 million demonstrating
AXA's capacity to maintain its organic growth momentum while
integrating Winterthur. This growth was supported by the solid
performance in the US, France and the UK, more than offsetting
Japan's volume decrease. New growth drivers emerged with Central
and Eastern Europe (up 24%) and the progressive international
roll-out of Accumulator-type products, notably in Germany.
Unit-linked new business APE increased by 24% on a comparable basis
to represent 48.9% of total Life & Savings APE in 1Q07. New
business value (NBV)(4) was up 13%(2) to Euro 467 million, or 33%
on a reported basis, with a margin of 22.3%, up 0.1 point(2)
compared to 1Q06 as a result of margin improvement in Germany,
Japan and in the UK. -- Property & Casualty revenues increased
by 3%(2), or 42%(3) on a reported basis, to Euro 8,786 million.
Personal lines were up 5% with strong contributions from the UK
& Ireland and Southern Europe. Commercial lines were up 1%,
mainly driven by France and Switzerland. Growth also stemmed from
fast growing markets, with Turkey up 22%, Morocco up 21% and Asia
up 14%. -- Asset Management revenues increased by 22%(2), or 15%(3)
on a reported basis, to Euro 1,150 million driven by higher average
assets under management (+19% compared to 1Q06) as well as a
favorable mix evolution. In 1Q07, Asset Management net inflows
amounted to Euro 19 billion. Both AllianceBernstein and AXA
Investment Managers contributed actively to this strong
performance. Three months ended March 31, March 31, Change (a)
Change on a (Euro million, except when 2006 2007 comparable
otherwise noted) basis (a) Life & Savings new business, group
share APE 1 573 2 099 + 33.4 % +12.5 % NBV 352 467 + 32.9 % +12.9 %
NBV to APE margin 22.3 % 22.3 % -0.1 pt +0.1 pt Property &
Casualty revenues 6 181 8 786 +42.1 % +3.0 % Asset Management
Revenues 1 004 1 150 +14.6 % +21.8 % Net inflows (Euro billion): 19
19 International Insurance 1 793 1 718 -4.2 % +4.8 % revenues of
which ACSA 833 859 +3.1 % +3.8 % (a) 1Q07 figures include
Winterthur contributions while 1Q06 did not include Winterthur.
Changes on a comparable basis were calculated at constant FX and
scope (including Winterthur contributions both in 2007 and 2006).
"AXA revenues increased by 34% in the first quarter of the year,
demonstrating the efficiency of our business model, a combination
of strong organic growth and complementary acquisitions focused on
distribution," said Henri de Castries, Chairman of the AXA
Management Board. "Our Life & Savings activities delivered once
more double digit growth, and the progressive international
roll-out plan of our variable annuity product, Accumulator, is on
track." "The Property & Casualty revenues demonstrated good
resilience in a competitive pricing environment, especially in
retail lines. Our recent acquisition in Korea will reinforce the
contribution of our Asian platform in the future." "Our Asset
Management business continued to record strong net inflows with
both AllianceBernstein and AXA Investment Managers revenues growing
at a strong double digit." Numbers herein have not been audited or
adjusted for scope and currency changes. Changes on a comparable
basis have been adjusted for changes in scope (notably the impact
of Winterthur), accounting methods and currency. APE and NBV are
both in line with the Group's EEV disclosure. They are non- GAAP
measures, which Management uses as key indicators of performance in
assessing AXA's Life & Savings business and believes to provide
useful and important information to shareholders and investors.
IFRS revenues are available in Appendix 3 of this release. LIFE
& SAVINGS: AXA maintained its organic growth momentum, while
integrating Winterthur. APE increased by 13%, or 33% on a reported
basis, to Euro 2,099 million supported by the very solid
performance in the US, France and the UK, more than offsetting
Japan's volume decrease. New growth drivers emerged with Central
and Eastern Europe (up 24%) and the progressive international
roll-out of Accumulator-type products, notably in Germany.
Unit-linked new business APE increased by 24% on a comparable basis
to represent 48.9% of total Life & Savings APE in 1Q07. New
business value (NBV) was up 13% to Euro 467 million, or 33% on a
reported basis, with a margin of 22.3%(5), up 0.1 point versus 1Q06
on a comparable basis. NBV margins improved overall notably in
Germany, driven by TwinStar, in Japan following a strategy of
improved business mix to offset the impact of volume decrease and
in the UK. Annual Premium Equivalent, March 31, March 31, Change
Change on a Group share (Euro million) 2006 2007 comparable Three
months ended basis Life & Savings 1 573 2 099 33.4 % 12.5 %
United States 502 555 10.6 % 20.6 % France* 324 354 9.1 % 11.7 %
Japan 182 164 -9.9 % -16.0 % United Kingdom 230 433 88.3 % 38.5 %
Germany 72 123 70.5 % 4.3 % Switzerland - 128 - 0.5 % Benelux 119
143 20.2 % 0.5 % Southern Europe 25 37 50.0 % 13.6 % Central &
Eastern Europe - 21 - 24.1 % Australia/New Zealand 101 100 -0.6 %
2.3 % Hong Kong 19 41 110.9 % 14.0 % * The change between reported
and comparable basis is explained by a refinement in the modeling
related to flexible premiums. New Business Value, March 31, March
31, Change Change on a Group share (Euro million) 2006 2007
comparable Three months ended basis Life & Savings 352 467 32.9
% 12.9 % United States 107 113 5.9 % 15.5 % France 49 56 13.6 %
13.6 % Japan 94 98 4.0 % -0.5 % United Kingdom 19 43 120.5 % 79.6 %
Germany 14 35 156.8 % 55.9 % Switzerland - 39 - 2.3 % Benelux 43 42
-3.2 % -8.8 % Southern Europe 5 4 -23.2 % -25.9 % Central &
Eastern Europe - 8 - 43.5 % Australia/New Zealand 7 10 33.5 % 37.5
% Hong Kong 12 20 58.5 % 6.5 % The United States new business APE
increased by 21%, primarily driven by the continued expansion of
the wholesale distribution networks. Overall, variable annuity
sales were up 13%, primarily driven by a 26% growth in sales
through the wholesale financial planner channel and product
enhancements. The United States NBV was up 15% to Euro 113 million,
with a margin of 20.4%, down 0.9 point. Margin was down from 1Q06
due to a slight change in business mix reflecting an increase in
fixed life insurance sales. France new business APE increased by
12% to Euro 354 million driven by Group retirement. Individual
Investment & Savings decreased in the wake of French market
slowdown in 1Q07 following buoyant activity in 1Q06. France NBV
increased 14% to Euro 56 million, driven by the increase in APE.
NBV margin was up 0.3 point to 15.8% thanks to improvement in Group
retirement margin. Japan new business APE decreased by 16% due to
(i) lower LTPA sales as this product benefited from a favorable tax
environment up until April 2006, (ii) increased competition in the
Increasing Term market leading to a significant drop in AXA Agents'
(non tied agency channel) sales of this product, (iii) a strong
shift in AXA Partner's (large corporate clients including large
independent financial advisors) business mix away from term to more
profitable Medical products, (iv) lower SPA (index-linked annuity
product) sales, partly offset by (v) strong growth in Winterthur
Japan sales coming predominantly from Medical products (notably
cancer product),. Japan NBV remained stable at Euro 98 million as
the improved business mix (NBV margin up 9.3 points to 60.0% due to
higher share of medical products) compensated for lower volumes. In
the United Kingdom, new business APE was up 39% to Euro 433 million
with a 69% Investments & Savings growth notably explained by a
particularly strong performance in respect of low margin wholesale
offshore bond deals in 1Q07 (although volumes from these deals are
expected to be lower for the remainder of 2007) and a 25% pension
growth reflecting the strength of the combined AXA and Winterthur
Individual pension offering. The United Kingdom NBV increased 80%
to Euro 43 million as a result of improved volumes and the NBV
margin increase. Margin increased by 2.3 points to 9.8% as the
additional volumes have been achieved whilst continuing effective
cost control in the business. Germany new business APE was up 4% to
Euro 123 million due to strong growth in Investment & Savings
unit-linked products, especially with TwinStar which represented
Euro 13 million, as well as an increase in Health insurance. Non
unit-linked (excluding Health) decreased by 22% following the
abolition of tax privilege for conventional life and general move
of clients to higher margin unit-linked business. Germany NBV
recorded a sharp 56% growth to Euro 35 million driven by TwinStar.
NBV margin was up 9.5 points to 28.7%. Switzerland new business APE
was up 1% to Euro 128 million, with non unit-linked Group business
up 2% to Euro 116 million. Individual business remained weak
despite the strong increase in unit-linked contracts. Swiss NBV
increased by 2% to Euro 39 million stemming from Group Life sales
increase. The 30.6% NBV margin resulted from the combination of the
33.5% Group business margin and the 4.0% individual business
margin. Benelux new business APE was up 1% to Euro 143 million due
to Belgium up 3% to Euro 110 million following an increase in non
unit-linked products (Crest). The Netherlands APE were down 21% as
a result of a depressed market environment. Benelux NBV was down 9%
to Euro 42 million due to the Netherlands following both a volume
decrease and a higher portion of low margin pension business.
Overall, NBV margin remained high at 29.1% supported by Belgium
recording a strong 38.3% NBV margin. Southern Europe new business
APE increased by 14% to Euro 37 million following an increase of 9%
in Individual segments and 32% in Group. The growth in Group
segment is mainly attributable to a new agreement with a Spanish
credit card issuer. In Spain, the Accumulator product was launched
as planned in March 2007. Southern Europe NBV decreased by 26% to
Euro 4 million, with a margin of 11.0% down 5.8 points as a result
of less favorable business mix. Central & Eastern Europe new
business APE was up 24% to Euro 21 million mainly driven by Czech
Republic (+41% to Euro 8 million) and Hungary (+69% to Euro 5
million), benefiting from strong Life unit-linked sales (+54% to
Euro 7 million) and Pension Fund transfers from competitors (+15%
to Euro 14 million). Overall, growth of new business APE was mainly
driven by the brokers network (+35%). Central & Eastern Europe
NBV was up 44% to Euro 8 million following APE growth and
benefiting from higher margins. NBV margin was very strong at
35.8%, up 4.8 points. Australia/New-Zealand new business APE was up
2% to Euro 100 million mainly due to continued strong inflows into
the mezzanine Global Equity Value fund and strong personal
superannuation flows into the Summit and Generations platforms.
This was offset by lower wholesale flows into the AllianceBernstein
joint venture as 1Q06 included two large mandates. Australia/New
Zealand NBV was up 38% to Euro 10 million. The NBV margin increased
from 7.2% to 9.6% due to scale benefits from the increasing funds
under management in wealth management. Hong Kong new business APE
was up 14% to Euro 41 million driven by strong sales from the
agency channel and AXA Advisors. Group retirement and investment
products were up as a result of the buoyant economic environment
and strong sales through the broker channel. Hong Kong NBV was up
7% to Euro 20 million. The increase in sales was partly offset by a
drop in NBV margin further to a higher proportion of Mandatory
Provident Fund products with a lower profitability than traditional
products. NBV margin remained very strong at 48.0%, down 3.2
points. PROPERTY & CASUALTY: Property & Casualty revenues
increased by 3% to Euro 8,786 million. Personal lines were up 5%
with strong contributions from the UK & Ireland and Southern
Europe, as well as a favorable evolution in Benelux Household
lines. Commercial lines were up 1%, mainly driven by France and
Switzerland. Growth also stemmed from fast growing markets, with
Turkey up 22%, Morocco up 21% and Asia up 14%. Personal Motor and
Household net new inflows were significantly up compared to 1Q06,
reaching 352,000 contracts and 94,000 contracts, respectively. IFRS
Revenues March 31, March 31, Change Change on a Three months ended
2006 2007 comparable (Euro million) basis Property & Casualty 6
181 8 786 +42.1 % +3.0 % - France 1 709 1 744 +2.1 % +2.1 % -
Germany 1 348 1 620 +20.2 % +1.0 % - Switzerland 47 1 657 ns +0.6 %
- United Kingdom & Ireland 1 172 1 287 +9.8 % +7.6 % - Southern
Europe 799 1 131 +41.6 % +2.9 % - Belgium 444 641 +44.5 % +1.5 % -
Other countries 665 707 +6.4 % +9.1 % of which Canada 241 217 -9.9
% +0.6 % of which Turkey 138 146 +5.8 % +22.1 % of which Morocco 55
65 +19.4 % +21.2 % of which Asia (a) 80 84 +5.3 % +13.9 % (a)
Singapore, Hong Kong and Japan Personal lines (57% of P&C
premiums) were up 5%. Motor revenues grew by 4% mainly driven by
(i) the UK & Ireland, largely as a result of the new business
written through the newly acquired Internet player Swiftcover, (ii)
Southern Europe up 7%, boosted by strong net inflows of 117,000
policies due to the success of the new products launched in 2006
and 2007, (iii) Asia (up 21%), Turkey (up 19%) and Morocco (up 8%)
which confirmed their strong momentum. Germany increased revenues
by 1% despite a softening market due to positive net inflows
(97,153 new contracts). Positive net inflows of 23,500 new
contracts were also recorded in France. Non-motor revenues
increased by 6% mainly driven by (i) new business growth in UK
Property and Health lines, (ii) as well as Accident and Health
products in Southern Europe, (iii) along with higher average
premiums across the board including the implementation of natural
catastrophe guarantees in Belgium Household activity. Commercial
lines (43% of P&C premiums) were up 1%. Motor revenues were
flat, as steady growth in Germany (+8%), Switzerland (+7%) and
France (+3%) was offset by the decrease in revenues in Ireland (-
18%) as a result of decreasing average premiums in a context of
intense competition and in Southern Europe (-11%) due to a shift in
product mix towards third-party liability and an increase in
cancellations. Non-motor revenues were up 2%, with France up 4%
driven by Construction and Liability, Switzerland up 2% mainly
driven by Property and Liability, and Germany up 1%. The UK was
flat, growth in Property and Health being offset by the decline in
Casualty business, while Southern Europe was down 3% due to the non
renewals of some less profitable contracts. ASSET MANAGEMENT: Asset
Management revenues increased by 22% to Euro 1,150 million driven
by higher average assets under management (+19% compared to 1Q06),
as a result of strong net inflows (Euro 19 billion) and favorable
market conditions, as well as a favorable mix evolution. Both
AllianceBernstein and AXA Investment Managers grew at a strong
double digit pace. IFRS revenues(6) March 31, March 31, Change
Change on a Three months ended 2006 2007 comparable (Euro million)
basis Asset Management 1 004 1 150 +14.6 % +21.8 % -
AllianceBernstein(a) 690 753 +9.2 % +19.1 % - AXA Investment
Managers(b) 314 397 +26.4 % +27.8 % (a) Lower reported change than
comparable basis is due to Euro appreciation versus Dollar. (b)
Excluding management and front-end fees collected by AXA Investment
Managers on behalf of external distributors, gross revenues
increased by 21% on a comparable basis. AllianceBernstein: Revenues
increased by 19% compared to 1Q06, due primarily to higher
investment advisory fees driven by 21% higher average AUM.
Institutional fees were up 27%, Retail up 18%, and Private Client
up 24%. AUM increased by Euro 13 billion from year-end 2006 to Euro
557 billion at the end of March 2007 driven by strong global net
inflows of Euro 10 billion across all client categories (Euro 5
billion from institutional clients, Euro 2 billion from retail and
Euro 3 billion from private clients). The Euro 9 billion market
appreciation was largely offset by a negative Euro 6 billion
exchange rate impact. AXA Investment Managers: Revenues increased
by 28%, while gross revenues, excluding management and front-end
fees collected on behalf of external distributors, increased by
21%, driven by higher average AUM (+16%) and higher average fees as
a result of a favorable client and product mix evolution. AUM
increased by Euro 65 billion from year-end 2006 to Euro 550 billion
at the end of March 2007 driven by Euro 8 billion of net inflows
mainly from institutional clients and third party retail clients, a
Euro 5 billion increase due to market appreciation as well as a
Euro 54 billion positive scope impact linked to the transfer of
assets from Winterthur, partly offset by a Euro 2 billion negative
foreign exchange rate impact. INTERNATIONAL INSURANCE:
International Insurance revenues were up 5% to Euro 1,718 million,
with AXA Corporate Solutions Assurance up 4%, driven by selective
portfolio development. Other transnational activities were mainly
driven by AXA Assistance which was up 12%. IFRS Revenues March 31,
March 31, Change Change on a Three months ended 2006 2007
comparable (Euro million) basis International Insurance 1 793 1 718
-4.2 % +4.8 % - AXA Corporate Solutions Assurance 833 859 +3.1 %
+3.8 % - Others including AXA RE(a) 959 859 -10.5 % +8.4 % (a) The
sale of AXA RE's business to Paris Re Holdings was completed on
December 21, 2006. AXA RE's revenues, reported under "Other
Transnational Activities" amounted to Euro 579 million in 1Q07
versus Euro 723 million in 1Q06 and are excluded from comparison
between 1Q07 and 1Q06 on a comparable basis. 100% of the business
fronted on behalf of Paris Re was retroceded in 1Q07 to Paris Re
Holdings or its affiliates. 1 Annual Premium Equivalent (APE)
represents 100% of new business regular premiums + 10% of new
business single premiums. APE is group share. 2 On a comparable
basis: changes on a comparable basis were calculated at constant FX
and scope (Winterthur contributions are included both in 2007 and
2006). 3 1Q07 include Winterthur contributions while 1Q06 did not
include Winterthur. Change on a reported basis is the difference in
percentage. 4 New Business Value (NBV) is Group share. NBV for both
1Q06 and 1Q07 were computed using profitability factors by products
from year-end 2006. Economic and actuarial assumptions remained
unchanged. 5 Lower NBV margin compared to December 06 AXA
standalone reported figure is attributable to the slight dilution
caused by Winterthur acquisition and a smaller contribution of AXA
Japan. 6 Net of inter-company transactions. About AXA: AXA Group is
a global leader in Financial Protection. AXA's operations are
diverse geographically, with major operations in Europe, North
America and the Asia/Pacific area. AXA had Euro 1,315 billion in
assets under management as of December 31, 2006. For full year
2006, IFRS revenues amounted to Euro 79 billion, IFRS underlying
earnings amounted to Euro 4,010 million and IFRS adjusted earnings
to Euro 5,140 million. In 1Q07, IFRS revenues amounted to Euro 29
billion. The AXA ordinary share is listed and trades under the
symbol AXA on the Paris Stock Exchange. The AXA American Depository
Share is also listed on the NYSE under the ticker symbol AXA. AXA
Investor Relations: Etienne Bouas-Laurent : +33.1.40.75.46.85
Paul-Antoine Cristofari: +33.1.40.75.73.60 Emmanuel Touzeau:
+33.1.40.75.49.05 Kevin Molloy: +1.212.314.2893 AXA Media
Relations: Christophe Dufraux: +33.1.40.75.46.74 Clara Rodrigo:
+33.1.40.75.47.22 Armelle Vercken: +33.1.40.75.46.42 Mary Taylor:
+1.212.314.5845 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 (including statements herein
with respect to AXA's Ambition 2012 project and the objectives,
financial and other, associated with that project, and to the
integration of Winterthur). Undue reliance should not be placed on
such statements because, by their nature, they are subject to known
and unknown risks and uncertainties and can be affected by numerous
factors that could cause actual results and AXA's plans and
objectives to differ materially from those expressed or implied in
the forward looking statements (or from past results). These risks
and uncertainties include, without limitation, the risk that the
AXA and Winterthur businesses will not be integrated successfully,
our inability to achieve anticipated synergies from the Winterthur
acquisition, the risk of future catastrophic events (including
possible future pandemic and/or weather- related catastrophic
events and/or terrorist related incidents), economic and market
developments, legislative developments, regulatory actions or
investigations, as well as litigations and/or other proceedings.
Please refer to AXA's Document de Reference for the year ended
December 31, 2006 and Annual Report on Form 20-F for the year ended
December 31, 2005 for a description of certain important factors,
risks and uncertainties that may affect AXA's business. 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 LIFE &
SAVINGS - Breakdown of APE between unit-linked, non unit-linked and
mutual funds 11 main countries/regions and modeled business First
Quarter 2007 - Group Share % UL in APE 1Q07 APE (excl. mutual UL
change on funds) comparable Euro million UL Non-UL Mutual 1Q06 1Q07
basis Funds France 94 260 27 % 27 % 0 % United States 294 130 131
69 % 69 % + 25 % Japan 24 140 8 % 14 % - 5 % United Kingdom 399 35
89 % 92 % + 39 % Germany 33 90 27 % 27 % + 58 % Switzerland 3 125
-- 3 % NS Benelux 23 119 1 24 % 16 % - 35 % Southern Europe* 3 32 2
6 % 9 % + 76 % Central & Eastern Europe 14 7 -- 65 % NS
Australia/New -Zealand* 3 7 91 28 % 31 % - 4 % Hong-Kong 26 15 31 %
63 % + 31 % TOTAL 915 958 226 46 % 49 % + 24 % * Classification of
APE between unit-linked and non unit-linked products was refined in
Southern Europe and Australia with an impact on 2006 figures.
APPENDIX 2 PROPERTY & CASUALTY - Split by business lines -
First Quarter 2007 Personal Personal Commercial Commercial Motor
Non-Motor Motor Non-Motor Change Change Change Change % Gross on %
Gross on % Gross on % Gross on Revenues comp. Revenues comp.
Revenues comp. Revenues comp. basis Basis Basis basis France 27% +
0% 25% + 1% 10% + 3% 38% + 4% Germany 40% + 1% 25% + 2% 7% + 8% 26%
+ 1% Switzerland 41% - 1% 8% + 3% 4% + 7% 46% + 2% United Kingdom
(a) 15% + 27% 38% + 15% 7% - 3% 41% - 0% Southern Europe 50% + 7%
22% + 8% 7% - 11% 21% - 3% Belgium 30% + 4% 24% + 7% 8% - 1% 38% -
3% Canada 33% + 3% 15% - 0% 8% - 1% 45% - 3% The Netherlands 13% -
5% 47% + 9% 18% - 12% 23% - 0% Others 52% + 18% 4% + 12% 5% + 10%
41% + 26% TOTAL 35% + 4% 23% + 6% 7% + 0% 36% + 2% (a) Including
Ireland APPENDIX 3 - AXA GROUP IFRS Revenues - Comparison 1Q07 vs.
1Q06 1Q 06 1Q 07 IFRS revenue change Euro million IFRS IFRS
Reported Comp. basis TOTAL 21 993 29 367 33.5 % 5.6 % Life &
Savings 12 929 17 633 36.4 % 6.0 % United States 3 998 4 012 0.3 %
9.4 % France 3 809 4 313 13.2 % 13.3 % Japan 1 262 1 321 4.6 % -0.4
% United Kingdom 1 077 1 140 5.9 % -1.5 % Germany 856 1 518 77.3 %
2.5 % Switzerland 56 2 745 ns -2.1 % Belgium 761 957 25.7 % 17.6 %
Southern Europe 280 356 27.3 % -4.1 % Other countries (1) 829 1 272
53.4 % 5.9 % of which Australia/New-Zealand 293 309 5.3 % 5.9 % of
which Hong-Kong (2) 227 362 59.2 % 26.8 % of which Central &
Eastern Europe -- 103 ns 12.1 % Property & Casualty 6 181 8 786
42.1 % 3.0 % France 1 709 1 744 2.1 % 2.1 % Germany 1 348 1 620
20.2 % 1.0 % Switzerland 47 1 657 ns 0.6 % United Kingdom + Ireland
1 172 1 287 9.8 % 7.6 % Southern Europe 799 1 131 41.6 % 2.9 %
Belgium 444 641 44.5 % 1.5 % Other countries 665 707 6.4 % 9.1 %
International Insurance(3) 1 793 1 718 -4.2 % 4.8 % AXA Corporate
Solutions Assurance 833 859 3.1 % 3.8 % Others, including AXA RE
959 859 -10.5 % 8.4 % Asset Management 1 004 1 150 14.6 % 21.8 %
AllianceBernstein 690 753 9.2 % 19.1 % AXA Investment Managers 314
397 26.4 % 27.8 % Other Financial Services 87 80 -7.3 % 0.1 % Note:
Winterthur was acquired on December 22, 2006. AXA's 1Q07 revenues
include the contribution from Winterthur while 1Q06 revenues did
not. Winterthur's 1Q06 revenues amounted to Euro 6 716 million of
which Euro 4 229 million in Life & savings and Euro 2 472
million in Property & Casualty. (1) Newly consolidated South
Eastern Asia entities contributed Euro 12 million to "other
countries" Life & Savings revenues. (2) MLC which was acquired
on May 8, 2006 contributed Euro 28 million to Hong Kong Life &
Savings revenues. (3) AXA RE's revenues amounted to Euro 579
million in 1Q07 versus Euro 723 million in 1Q06 and are excluded
from comparison between 1Q07 and 1Q06 on a comparable basis.
DATASOURCE: AXA CONTACT: Christophe Dufraux, +33-1-40-75-46-74,
Clara Rodrigo, +33-1-40-75-47-22, Armelle Vercken,
+33-1-40-75-46-42, Mary Taylor, +1-212-314-5845; or INVESTORS:
Etienne Bouas-Laurent, +33-1-40-75-46-85, Paul-Antoine Cristofari:
+33-1-40-75-73-60, Emmanuel Touzeau, +33-1-40-75-49-05, Kevin
Molloy, +1-212-314-2893; all of AXA Web site: http://www.axa.com/
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