Resilient revenues -- Total revenues were down 2% to Euro 27,598
million PARIS, May 7 /PRNewswire-FirstCall/ -- Chairman's statement
"First quarter total revenues were slightly down, in line with
trends observed in 4Q08," said Henri de Castries, Chairman of AXA's
Management Board. "Life & Savings revenues continued to be
impacted by a negative market environment, notably for the
Unit-Linked business. We believe, however, that long-term savings
(including variable annuities) and protection products remain well
adapted to customers' needs, and that the continued product
redesign across the board will allow us to continue our successful
long-term development in a profitable way. Moreover it is pleasing
to see sustained positive Life & Savings net inflows. Asset
Management revenues declined mostly as a result of lower assets
under management. However, improved 1Q09 investment performance
makes us confident in the capacity of our Asset Management business
to recover. Property & Casualty business continued to grow in
most business lines and countries, with positive net new personal
contracts. "As anticipated, our Solvency I ratio proved resilient
in this turbulent environment and will allow us to absorb further
possible market shocks. We expect the environment to remain
difficult throughout 2009, but we remain convinced that AXA has the
business model, flexibility and strength to face the current global
economic recession." Revenues: Key figures Change Change
----------------------- Euro million, except on a Comp. Scope when
otherwise noted reported (a) & FX 1Q08 1Q09 basis basis Other
impact(b) Life & Savings revenues 16,877 16,453 -2.5% -7.4%
+0.7pt +4.2pts Net inflows (Euro billion) 4.0 3.3 APE(3) (Group
share) 1,939 1,604 -17.3% -18.5% +0.1pt +1.2pts NBV(4) (Group
share) 277 206 -25.7% -30.0% NBV to APE margin (Group share) 14.3%
12.8% -1.5pts -2.0pts Property & Casualty revenues 8,885 9,113
+2.6% +1.1% +2.9pts -1.4pts International Insurance revenues 1,136
1,179 +3.8% +3.3% +0.9pt -0.4pt Asset Management revenues 1,071 762
-28.9% -34.3% +0.1pt +5.3pts Net inflows (Euro billion) 3.5 -17.4
Total revenues 28,066 27,598 -1.7% -5.2% +1.3pts +2.2pts (a) Change
on a comparable basis was calculated at constant FX and scope. (b)
Mainly due to appreciation of USD and JPY against Euro partly
offset by the depreciation of the GBP. Numbers herein have not been
audited. 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. All comments are on a comparable
basis (constant Forex, scope and methodology) Revenues and net
inflows -- Total Revenues were resilient, down 5% to Euro 27,598
million. -- Life & Savings revenues were down 7% to Euro 16,453
million, in line with trends observed in 4Q08 (down 8%), due to
continued adverse market conditions. Net inflows were positive
(Euro +3.3 billion) with strong positive contributions across the
board driven by increased client retention. New Business Volume
(APE(3)) was down 18% to Euro 1,604 million, with unit-linked share
down from 46% to 40%. New business margin was down 2.0 pts to
12.8%, mostly as a result of (i) lower interest rates impacting
"Variable Annuity" Accumulator products, (ii) higher unit costs
across the board 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. -- Property & Casualty revenues increased by
1% to Euro 9,113 million, driven by higher volumes both in Personal
and Commercial lines. Net new personal contracts amounted to
+296,000. -- Asset Management revenues were down 34% to Euro 762
million, in line with trends observed in 4Q08 (down 32%), due to
lower management fees (-37%) mainly driven by lower average assets
under management (-27%) and unfavorable change in product mix
(-10%), as well as a reduced contribution from distribution fees.
Net outflows amounted to Euro - 17.4 billion (mainly at
AllianceBernstein). Solvency -- AXA's European consolidated
Solvency I ratio on March 31, 2009 is estimated(2) to be slightly
above Dec 31, 2008 level of 127%. Moreover, the solvency of our
local entities remained resilient, including in the US where 1Q09
IFRS earnings(5) are expected to be positive with no negative
contribution from Variable Annuity hedging results. Life &
Savings Negative new business momentum but positive net inflows --
Life & Savings revenues were down 7% to Euro 16,453 million, in
line with trends observed in 4Q08 (down 8%), due to continued
adverse market conditions. Net inflows were positive (Euro +3.3
billion). The evolution versus 1Q08 was due to lower inflows (Euro
-2.2 billion) partly offset by higher client retention (Euro +1.8
billion) with an adverse Forex and scope impact (Euro -0.4
billion). Net Inflows by country/region Euro billion 1Q08 1Q09
United States 0.8 0.6 France 0.7 1.0 United Kingdom(a) -0.3 -0.4
NORCEE(6) 2.3 1.5 Asia Pacific(7) 0.5 0.4 MedLA(8) 0.0 0.2 Total
L&S Net Inflows 4.0 3.3 (a) UK Net Inflows, excluding
with-profit funds, stood at Euro -0.1 billion in 1Q09 -- New
Business Volume (APE(3)) was down 18% (or down 3% sequentially, ie.
versus 4Q08) to Euro 1,604 million, mainly due to: (i) Adverse
financial environment: -- Decline in individual investments &
savings sales mainly in the US, Australia, the UK and Belgium,
notably due to financial market turmoil -- 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 successful developments in group
business. The unit-linked share was down from 46% to 40%, notably
impacted by the decrease in Variable Annuity type products' APE,
down 20% to Euro 290 million (US down 22%, Rest of World down 9%).
Annual Premium Equivalent by country/region Euro million 1Q08 1Q09
Change Change on a on a reported comparable basis basis United
States 418 327 -21.8% -31.9% France 357 387 +8.5% +8.5% United
Kingdom 333 228 -31.5% -17.8% NORCEE(6) 433 335 -22.7% -24.5% Asia
Pacific(7) 299 227 -24.3% -27.8% MedLA(8) 99 101 +1.9% -10.0% Total
Life & Savings APE 1,939 1,604 -17.3% -18.5% New business
margin was down 2.0 pts to 12.8%, mostly as a result of (i) lower
interest rates impacting Accumulator products, (ii) higher unit
costs across the board 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. (Chart:
http://www.newscom.com/cgi-bin/prnh/20090507/NY12932 ) Note:
Actuarial and financial assumptions are not updated on a quarterly
basis, except for interest rates which are hedged at point of sale
for Variable Annuity products Detail by country: The United States
New business APE decreased 32% to Euro 327 million, in line with
trends observed in 4Q08, driven by (i) lower Variable Annuity sales
(-22%) mainly in the wholesale channel due to difficult equity
market conditions and redesigned products with lower benefits, (ii)
lower mutual funds sales through proprietary channels (-52%), and
(iii) lower Life sales (-38%), mainly in the wholesale channel,
following Universal Life product redesign in 1Q08. NBV margin was
down 6.2 points to -1.0%, primarily as a result of lower interest
rates negatively impacting the Variable Annuity profitability and
higher unit costs (due to lower volumes), partly offset by the
improved business mix following progressive development of new
redesigned Accumulator products (November 2008 and February 2009).
A new version with lower roll-up rate will be launched in June 2009
to further restore profitability in line with our long-term
targets. France New business APE was up 8% to Euro 387 million,
driven by Group business (+82%), boosted by both retirement and
protection sales, partly offset by Individual lines (-14%) impacted
by the decrease in unit-linked products sales. NBV margin was down
1.4 points to 3.4% mainly due to lower share of individual
unit-linked products. The United Kingdom New business APE was down
18% to Euro 228 million, mainly as a result of lower offshore and
onshore bonds' sales due to lower consumer confidence stemming from
the challenging financial environment, as well as lower individual
pension sales, partly offset by Protection. NBV margin was up 0.9
point to 9.1% due to a favorable shift from savings towards higher
margin protection business, partly offset by higher unit costs.
Northern Central & Eastern Europe -- Germany new business APE
was down 13% to Euro 132 million mainly as a result of non
recurring 2008 Riester incentive measures and decreasing Twinstar
variable annuity product sales, partly offset by a one-off increase
in the Health business before legal changes later in 2009. NBV
margin was down 4.1 points to 14.5% primarily due to negative
investment experience on Twinstar products as a result of lower
interest rate. -- Switzerland new business APE was down 26% to Euro
123 million mainly due to limited new business opportunities in
Group Life (-30%) as a result of limited client turnover in the
market due to adverse financial environment, combined with a stable
individual business. NBV margin was down 2.1 points at 29.7% due to
a slight deterioration in the individual business mix. -- Belgium
new business APE was down 46% to Euro 52 million due to a decrease
in Individual Investment & Savings sales (-45%) for both unit-
linked and non unit-linked products. However, at the same time, AXA
Bank registered a strong growth in short term savings product
sales. NBV margin was down 3.9 points to 5.9% mainly driven by
higher unit costs as a consequence of lower volumes. -- Central
& Eastern Europe new business APE was down 8% to Euro 28
million, mainly driven by Poland (suspension of tax wrapper
commercialization partly offset by growth in pension funds). NBV
margin was up 2.6 points to 22.0% driven by decreased contribution
from lower margin tax wrapper products. Asia Pacific -- Japan new
business APE decreased by 21% to Euro 126 million, mainly driven by
the bankruptcy of a large independent agent (LINA). Excluding this
one-off event, APE decreased by 4% as a result of lower sales of
Term products. NBV margin was up 0.6 point to 54.7% mainly driven
by a more favorable business mix following the end of LINA's low
margin product sales. -- Australia/New Zealand new business APE was
down 42% to Euro 56 million, mainly due to a drop in mutual fund
sales as a result of negative financial market conditions, partly
offset by higher traditional savings and Accumulator products. NBV
margin was up 2.3 points to 9.3% mainly driven by decreasing sales
of lower margin mutual funds. -- Hong Kong new business APE was
down 7% to Euro 30 million, mainly due to a decrease in unit-linked
sales given adverse financial market conditions, partially offset
by higher traditional life sales. NBV margin remained stable at
64.0%. -- South East Asia & China new business APE was down 21%
to Euro 15 million mainly driven by Indonesia with a drop in single
premium unit- linked sales as a result of negative financial market
conditions, while Thailand and China continued to increase. NBV
margin was down 0.8 point to 31.6%. Mediterranean and Latin
American Region (MedLA) -- New business APE decreased by 10% to
Euro 101 million, driven by Spain (lower contribution of
traditional savings products and non recurrence of a large 1Q08
contract) and AXA Italy (lower index-linked product sales), partly
offset by AXA's Italian JV with BMPS (increased General Account
sales). -- NBV margin was down 0.9 point to 11.8%, as a result of
lower unit-linked share (down from 40% to 14%). Property &
Casualty Continued growth across the board Property & Casualty
revenues increased by 1% to Euro 9,113 million, driven by higher
volumes both in Personal and Commercial lines. Net new contracts
amounted to +296,000: Property & Casualty: IFRS revenues by
country In Euro million 1Q08 1Q09 Change on a Change on a reported
comparable basis basis NORCEE(6) 3,932 4,108 +4.5% +1.6% of which
Germany 1,602 1,619 +1.1% +1.1% of which Belgium 637 648 +1.6%
+1.6% of which Switzerland 1,652 1,795 +8.6% +1.6% France 1,821
1,864 +2.3% +2.3% United Kingdom & Ireland 1,152 968 -16.0%
-0.6% MedLA(8) 1,547 1,725 +11.5% -1.6% Other countries 432 449
+4.0% +8.3% Total P&C revenues 8,885 9,113 +2.6% +1.1% --
Personal Motor revenues (35% of total P&C revenues) were up
0.6% mainly driven by Direct business (in the UK and France),
Canada and Asia, partly offset by Germany, in a context of
competitive pressure and lower volumes, as well as Spain due to the
drop in new car sales and Turkey. Net new contracts increased by
+249,000. -- Personal Non-Motor revenues (22% of total P&C
revenues) increased by 0.5% with overall positive price effect
across the board, partially offset by a decrease in UK travel and
health. Net new contracts increased by +47,000. -- Commercial Motor
revenues (8% of total P&C revenues) down 0.8% with contrasted
contribution across the board (positive mainly in the Gulf, Belgium
and Germany, negative mainly in Spain, the UK and France) in a
context of mixed pricing trends. -- Commercial Non-Motor revenues
(35% of total P&C revenues) were up 1.4%, with positive
contribution driven by France (notably property and liability
businesses) and Switzerland (notably health business), partially
offset by flat sales in the Mediterranean and Latin American Region
and a decrease in Canada. Asset Management Revenues driven by lower
average Assets Under management -- Asset Management revenues were
down 34% to Euro 762 million, in line with trends observed in 4Q08
(down 32%), due to 37% lower management fees mainly driven by lower
average assets under management (-27%) and unfavorable changes in
product mix (-10%), as well as a reduced contribution from
distribution fees. -- Assets Under Management were down Euro 29
billion versus Dec 31, 2008 to Euro 787 billion at March 31, 2009,
as a result of : -- Net inflows: Euro -17 billion, in line with
4Q08 trends, mainly due to AllianceBernstein Institutional client
segment -- Market impact: Euro -33 billion mainly at
AllianceBernstein due to adverse financial market conditions. --
Forex impact: Euro +21 billion mainly as a result of the
appreciation of USD versus Euro. -- AllianceBernstein new
developments: -- Encouraging investment performance during 1Q09
(solid performance versus benchmark and peers' average across all
services, especially in Growth Equity and Fixed Income). -- Mandate
won with the US Treasury to provide asset management services on
securities held as part of the Capital Purchase Program. Assets
Under Management Roll-forward In Euro billion Alliance AXA IM Total
Bernstein AUM at December 31, 2008 331 485 816 Net inflows -15 -2
-17 Market impact -24 -9 -33 Scope & other impacts 0 0 0 Forex
impact +19 +3 +21 AUM at March 31, 2008 310 477 787 Average AUM
over the period 325 474 799 Change of average AUM YoY on a reported
basis -36% -11% -23% Change of average AUM YoY on a comparable
basis -44% -10% -27% International Insurance International
Insurance revenues were up 3% to Euro 1,179 million, with (i) AXA
Corporate Solutions Assurance up 1%, driven mainly by Marine (+11%)
with positive portfolio developments, partly offset by lower
volumes in Property (-7%) as well as (ii) AXA Assistance up 14%.
International Insurance IFRS revenues In Euro million 1Q08 1Q09
Change Change on a on a comparable reported basis basis AXA
Corporate Solutions Assurance 889 900 +1.2% +1.3% AXA Assistance
177 194 +9.9% +14.1% AXA Cessions 53 55 +3.4% +3.4% Other
International activities 17 30 +74.8% -1.5% Total International
Insurance 1,136 1,179 +3.8% +3.3% Notes (1) Motor and household
personal contracts (2) This estimate has not been reviewed or
approved by AXA's French insurance supervisor " Autorite de
ContrĂ´le des Assurances et des Mutuelles " (3) Annual Premium
equivalent (APE) represents 100% of new business regular premiums +
10% of new business single premiums. APE is Group share (4) New
Business Value (5) Estimate, unaudited (6) Northern Central and
Eastern Europe: Germany, Belgium, Switzerland, Central &
Eastern Europe and Luxemburg (7) Japan, Australia/New-Zealand,
Hong-Kong, South East Asia & China (8) Mediterranean and Latin
American Region: Italy, Spain, Portugal, Turkey, Mexico, Greece and
Morocco (and Gulf region for Property & Casualty). 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
2008, IFRS revenues amounted to Euro 91.2 billion and IFRS
underlying earnings to Euro 4.0 billion. AXA had Euro 981 billion
in assets under management as of December 31, 2008. 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/ 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 - 1Q09 vs. 1Q08 AXA Group IFRS revenues
- contributions & growth by segment and country/region IFRS
revenues change In Euro million 1Q08 1Q09 ---------------------
IFRS IFRS Reported Comp.basis United States 3,439 3,214 -6.6%
-18.6% France 3,976 4,012 +0.9% +0.9% NORCEE 5,310 4,984 -6.1%
-9.3% of which Germany 1,477 1,516 +2.7% +2.7% of which Switzerland
2,714 2,798 +3.1% -3.5% of which Belgium 989 534 -46.0% -46.0% of
which Central & Eastern Europe 113 115 +2.1% +13.1% United
Kingdom 935 612 -34.5% -21.4% Asia Pacific 1,897 2,188 +15.3% -0.9%
of which Japan 1,132 1,377 +21.7% -7.7% of which
Australia/New-Zealand 424 468 +10.4% +25.9% of which Hong Kong 276
314 +13.6% -1.0% of which South East Asia 66 30 -54.6% -54.8% MedLA
1,291 1,417 +9.8% +4.8% Other countries 29 28 -4.4% +3.3% Life
& Savings 16,877 16,453 -2.5% -7.4% NORCEE 2,932 4,108 +4.5%
+1.6% of which Germany 1,602 1,619 +1.1% +1.1% of which Belgium 637
648 +1.6% +1.6% of which Switzerland 1,652 1,795 +8.6% +1.6% France
1,821 1,864 +2.3% +2.3% Mediterranean Region 1,547 1,725 +11.5%
-1.6% United Kingdom & Ireland 1,152 968 -16.0% -0.6% Canada
232 237 +2.2% +10.4% Asia 200 212 +6.0% +5.9% Property &
Casualty 8,885 9,113 +2.6% +1.1% AXA Corporate Solutions Assurance
889 900 +1.2% +1.3% Others 247 279 +13.0% +10.5% International
Insurance(a) 1,136 1,179 +3.8% +3.3% AllianceBernstein 697 467
-33.0% -41.6% AXA Investment Managers 374 295 -21.2% -20.6% Asset
Management 1,071 762 -28.9% -34.3% Banking 96 90 -6.3% -4.7% Total
28,066 27,598 -1.7% -5.2% 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 (excl. mutual 1Q09 APE funds) UL change on
Group share -------------------- ------------- comparable in Euro
UL Non-UL Mutual 1Q08 1Q09 basis million Funds France 57 330 - 15%
15% +5% United States 223 52 52 82% 81% -26% United Kingdom 198 29
1 90% 87% -21% NORCEE Germany 37 95 - 39% 28% -36% Switzerland 6
117 - 3% 5% +26% Belgium 2 50 - 8% 4% -76% Central & Eastern
Europe 20 8 1 66% 72% +2% ASIA PACIFIC Japan 27 99 - 17% 21% -11%
Australia/New-Zealand 2 17 37 24% 9% -50% Hong Kong 11 19 - 50% 38%
-31% South East Asia & China 6 8 1 63% 43% -53% MedLA 13 85 3
40% 14% -67% Total 600 908 95 46% 40% -25% APPENDIX 3: AXA Group
IFRS Revenues in local currency - Discrete quarters (In million
local currency except Japan in billion) 1Q08 2Q08 3Q08 4Q08 1Q09
Life & Savings United States 5,157 5,149 5,149 4,774 4,197
France 3,976 3,465 3,215 3,615 4,012 NORCEE of which Germany 1,477
1,478 1,468 1,810 1,516 of which Switzerland 4,342 915 843 1,010
4,188 of which Belgium 989 611 419 541 534 of which Central &
Eastern Europe 113 116 121 115 115 United Kingdom 708 765 680 676
556 Asia Pacific of which Japan 185 193 207 163 174 of which
Australia/New-Zealand 701 625 748 924 918 of which Hong Kong 3,212
3,145 3,393 3,146 3,178 MedLA 1,291 1,497 920 1,104 1,417 Property
& Casualty NORCEE of which Germany 1,602 597 709 621 1,619 of
which Switzerland 2,643 256 159 142 2,686 of which Belgium 637 517
507 477 648 France 1,821 1,200 1,362 1,212 1,864 MedLA 1,547 1,436
1,215 2,215 1,725 United Kingdom & Ireland 873 979 901 770 881
Asia 200 176 187 185 212 Canada 349 463 437 423 385 International
Insurance AXA Corporate Solutions Assurance 889 331 354 380 900
Others, including AXA RE 247 205 203 232 279 Asset Management
AllianceBernstein 1,045 1,006 931 711 610 AXA Investment Managers
374 388 337 337 295 Banking & Holdings 87 89 82 110 78 APPENDIX
4: 1Q09 Property & Casualty revenues contribution & growth
Property & Casualty revenues - contribution & growth by
business line Personal Personal Commercial Commercial Motor
Non-Motor Motor Non-Motor ---------------- --------------
-------------- -------------- Change Change Change Change % on % on
% on % on Gross comp. Gross comp. Gross comp. Gross comp. in %
revenues basis revenues basis revenues basis revenues basis France
27% +2.8% 26% +3.0% 9% -2.3% 38% +2.7% United Kingdom (a) 18%
+16.2% 34% -7.2% 6% -8.2% 39% +1.5% NORCEE 38% -1.1% 18% +1.6% 6%
+3.5% 35% +1.9% of which Germany 37% -3.5% 26% +1.3% 7% +2.6% 25%
+0.9% of which Belgium 30% -0.1% 27% +1.5% 8% +8.4% 33% +2.2% of
which Switzerland 42% +0.2% 9% +2.3% 5% +0.7% 45% +2.2% MedLA 41%
-3.9% 19% +3.2% 10% -3.1% 27% +0.2% Canada 35% +19.8% 16% +16.9% 7%
+3.5% 42% -8.1% Asia 71% +6.1% 5% +5.1% 4% +21.2% 20% +2.2% Total
35% +0.6% 22% +0.5% 8% -0.8% 35% +1.4% (a) Including Ireland.
APPENDIX 5: Life & Savings New Business Volume (APE), Value
(NBV) and NBV to APE margin Change Change Change on a on a on a
compar compar 1Q09 compar 1Q08 1Q09 -able 1Q08 1Q09 -able NBV/APE
-able in Euro million APE APE basis NBV NBV basis margin basis
United States 418 327 -31.9% 22 -3 -112.9% -1.0% -6.2pts France 357
387 +8.5% 17 13 -22.5% 3.4% -1.4pts United Kingdom 333 228 -17.8%
27 21 -8.9% 9.1% +0.9pt NORCEE 433 335 -24.5% 93 65 -32.3% 19.4%
-2.2pts Germany 146 132 -12.7% 27 19 -31.7% 14.5% -4.1pts
Switzerland 157 123 -26.4% 50 37 -31.3% 29.7% -2.1pts Belgium 96 52
-46.2% 9 3 -67.5% 5.9% -3.9pts Central & Eastern Europe 34 28
-7.8% 7 6 +4.6% 22.0% +2.6pts ASIA PACIFIC 299 227 -27.8% 104 98
-18.6% 43.2% +4.5pts Japan 133 126 -21.3% 67 69 -20.4% 54.7% +0.6pt
Australia/New-Zealand 109 56 -41.7% 9 5 -24.9% 9.3% +2.3pts Hong
Kong 28 30 -7.3% 18 19 -7.5% 64.0% -0.1pt South East Asia &
China 29 15 -21.1% 10 5 -23.1% 31.6% -0.8pt MedLA 99 101 -10.0% 14
12 -16.4% 11.8% -0.9pt TOTAL 1,939 1,604 -18.5% 277 206 -30.0%
12.8% -2.0pts -- 02/19/2009 Full Year 2008 Earnings - Resilient
operating performance in a challenging environment -- 03/17/2009
AXA to subscribe to AXA Asia Pacific Holdings' capital increase: no
impact on the Group's Solvency, non material impact on liquidity --
03/24/2009 First year results of the AXA Research Fund: Over Euro
13 million allocated for research in 2008 -- 03/27/2009 Filing of
AXA's Form 20-F with the SEC -- 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 Please refer to the following web site
address for further details: http://www.axa.com/en/press/pr/
APPENDIX 7: 1Q09 operations on AXA shareholders' equity and debt
Shareholders' Equity No significant operations. Debt No significant
operations.
http://www.newscom.com/cgi-bin/prnh/20090507/NY12932DATASOURCE: AXA
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