UNDERLYING EARNINGS UP 27% TO EURO 5.0 BILLION (UP 15% ON A
COMPARABLE BASIS) PARIS, Feb. 28 /PRNewswire-FirstCall/ -- "2007
was another year of solid performance, with underlying earnings per
share growth outpacing our Ambition 2012 target" said Henri de
Castries, Chairman of AXA's Management Board. "The reported numbers
reflect the combination of a strong organic growth in all our
business lines, the successful integration of Winterthur and
confirm that the strength of our balance sheet is not affected by
the subprime crisis." "In the context of a less favorable
macroeconomic environment since the beginning of the year, AXA
should achieve positive revenue and underlying earnings growth in
2008." Important note: this press release presents AXA's FY 2007
earnings. - The definition of change on a comparable basis is: For
activity indicators, constant exchange rates and scope (notably
Winterthur's contribution is included in 2006 and 2007 figures).
For earnings and profitability indicators, constant exchange rates
(excluding Winterthur both in 2006 and 2007). - Following AXA's
exit from the Dutch market, AXA Netherlands earnings have been
reclassified in "discontinued operations" in all periods. -
Non-GAAP measures such as underlying earnings and adjusted earnings
are reconciled to net income on page 3 of this release. - All full
year 2007 information coming from AXA's consolidated financial
statements is subject to completion of audit procedures by AXA's
independent auditors. FULL YEAR 2007 KEY HIGHLIGHTS Earnings -
Underlying earnings were up 27% on a reported basis to Euro 4,963
million, or up 15% on a comparable basis, reflecting solid growth
in all segments (+10% in Life & Savings, +8% in Property &
Casualty and +21% in Asset Management). - Adjusted earnings reached
Euro 6,138 million, up 22% on a reported basis, or up 14% on a
comparable basis, as a result of higher underlying earnings and
Euro 1,175 million net capital gains, in line with last year. - Net
income was up 11% on a reported basis to Euro 5,666 million, or up
7% on a comparable basis, mainly as a result of (i) higher adjusted
earnings, (ii) negative impact from the change in fair value of
financial assets (under fair value option) and derivatives, (iii)
positive impact from the sale of the Dutch operations and (iv)
Winterthur integration costs. Earnings & Dividend per share -
Underlying earnings per share, net of interest charges on perpetual
subordinated debt(1), increased by 16% to Euro 2.27, outpacing
Ambition 2012 targets. - Dividend per share of Euro 1.20, up 13% in
line with adjusted earnings per share, will be proposed at AXA's
Annual Shareholders' Meeting that will be held on April 22, 2008.
The dividend will be payable on April 29, 2008 with an ex-dividend
date of April 24, 2008. Balance Sheet - Shareholders' equity was
Euro 45.6 billion, down Euro 1.6 billion notably due to a lower
level of unrealized capital gains and to the share buy back
program. - Assets under management(2) amounted to Euro 1,281
billion, notably fuelled by Euro 42 billion of unit linked and
third party asset management net inflows. - Asset Backed Securities
(ABS) mark-to-market impact amounted to Euro - 0.6 billion, net of
policyholders participation and tax(3), of which Euro -0.3 billion
was in the P&L and Euro -0.3 billion was in OCI(4). - Monoline
risks not considered major in the context of the Group's balance
sheet. EMBEDDED VALUE - Group EV was Euro 35 billion, down Euro 1
billion, with a strong total return of +18%. - New Business Value
(NBV) was up 18% on a reported basis to Euro 1,772 million or up
8%(5) on a comparable basis, with a stable NBV margin at 23.0%.
FULL YEAR 2007 EARNINGS IFRS Change Euro million 2006 2007 on a
Reported comparable basis Life & Savings 2,270 2,670 +18 % +10
% Property & Casualty 1,417 1,863 +31 % +8 % Asset Management
508 590 +16 % +21 % International Insurance 131 218 +67 % +54 %
Banking 18 36 +101 % +100 % Holdings(6) -424 -414 -- -- Underlying
Earnings(7) 3,919 4,963 +27 % +15 % Net capital gains 1,107 1,175
Adjusted Earnings(7) 5,026 6,138 +22 % +14 % Profit or loss on
financial assets (under Fair Value option) and derivatives -228
-596 Exceptional operations 189 2 Discontinued operations 122 480
Goodwill & related intangibles -24 -106 Integration costs --
-252 Net income 5,085 5,666 +11 % +7 % Earnings per share 2006*
2007 Change Euro Underlying earnings per share 2.03 2.41 +19 %
Underlying EPS net of interest charges on perpetual sub debt(1)
1.95 2.27 +16 % Adjusted earnings per share 2.59 2.98 +15 %
Adjusted EPS net of interest charges on perpetual sub debt(1) 2.51
2.84 +13 % Net income per share 2.56 2.75 +7 % * All 2006 earnings
per share figures are as published (Dutch operations sold in 2007
are not restated) Underlying earnings, adjusted earnings, Life
& Savings EEV, Group EV and NBV are Non-GAAP measures and as
such are not audited(7). Underlying Earnings: +27% (+15% on a
comparable basis) Underlying earnings were up 27% on a reported
basis to Euro 4,963 million, or up 15% on a comparable basis,
reflecting solid growth in all segments (+10% in Life &
Savings, +8% in Property & Casualty and +21% in Asset
Management). - Life & Savings 2007 Underlying Earnings: +10%
Life & Savings underlying earnings were up 18% to Euro 2,670
million or up 10% on a comparable basis. Underlying investment
margin was up 7% to Euro 2,439 million, or up 4% on a comparable
basis, reflecting higher net investment income. Fees & Revenues
were up 21% to Euro 7,046 million, or up 13%(8) on a comparable
basis, benefiting from (i) +6%(8) growth in loadings on premiums to
Euro 4,120 million, fuelled by new business momentum, (ii) +25% on
unit linked fees to Euro 2,297 million, as a result of higher
account balances across the board and (iii) +15%(8) in other fees
and revenues notably boosted by higher mutual funds balances in
Australia. Net technical margin was up 12% to Euro 1,409 million,
or down 9%(8) on a comparable basis, largely due to less favorable
experience, notably in the US and the UK. Expenses, net of DAC/DOC
and VBI were up 19% to Euro 7,097 million, or up 8%(8) on a
comparable basis, mainly driven by higher acquisition expenses, as
a result of more profitable collected business, and to a lesser
extent by administrative expenses. Tax and minority interests were
up 2% to Euro 1,127 million, or stable(8) on a comparable basis,
mainly as a result of more favorable non-recurring tax movements in
Germany, Belgium and the UK. - Property & Casualty 2007
Underlying Earnings: +8% Property & Casualty underlying
earnings were up 31% to Euro 1,863 million, or up 8% on a
comparable basis, as a result of (i) a lower technical result(9)
due to natural catastrophe events reflected in a higher combined
ratio (97.6%), (ii) a higher investment income and (iii) a
favorable tax development. Combined ratio Ratios in % Change on a
2007 comparable basis France 97.0 -0.5 pt Germany 98.2 +0.7 pt UK
& Ireland 101.4 +4.9 pts Belgium 97.3 +3.4 pts Mediterranean
region 95.4 -2.0 pts Other countries 96.1 +0.3 pt Total P&C
97.6* +1.0 pt * Including +2 pts related to Nat Cat events (Euro
492 million from European Windstorm "Kyrill" and floods in the UK)
Loss ratio was up 1.2 pts to 69.7% on a reported basis. On a
comparable basis, the loss ratio was up 1.0 pt, reflecting
primarily an increase in the current year loss ratio, as European
windstorm "Kyrill" and floods in the UK were partly offset by prior
accident years positive developments. Expense ratio decreased by
0.6 pt to 27.9% on a reported basis. On a comparable basis, the
expense ratio was flat as the increase in acquisition expenses
(+0.3pt) was offset by the decrease in administration expenses
(-0.3pt). Investment income(10) was up 31% to Euro 2,045 million,
or up 10% on a comparable basis, mainly reflecting both a higher
average asset base and a higher investment yield. Tax &
minority interests were up 5% to Euro 772 million, or down 17% on a
comparable basis due to favorable non-recurring tax developments,
notably in Germany. - Asset Management 2007 Underlying Earnings:
+21% Asset Management underlying earnings were up 16% to Euro 590
million, or up 21% on a comparable basis, mainly as a result of
higher average assets under management. AllianceBernstein
underlying earnings were up 4% to Euro 314 million, or up 14% on a
comparable basis, driven by higher average AUM(11) leading to
higher revenues (+15%) and a 0.4 point improvement in the
underlying cost income ratio (66.8%), partly offset by an increase
in the average tax rate due to higher business contributions from
foreign countries. AXA's increased ownership interest in
AllianceBernstein (from 60 to 63%) contributed Euro 16 million to
2007 earnings. AXA Investment Managers underlying earnings were up
34% to Euro 276 million, or up 31% on a comparable basis, driven by
higher average AUM(11) leading to higher revenues (+21%) while
expenses grew at a slower pace, resulting in a 0.7 point
improvement in the underlying cost income ratio to 67.6%. -
International insurance 2007 Underlying Earnings: +54%
International Insurance underlying earnings were up 67% to Euro 218
million, or up 54% on a comparable basis, mainly driven by a
positive reserve development on run-off portfolios (including AXA
RE) and the continued solid performance of AXA Corporate Solutions
Assurance (up 16% with a stable combined ratio at 100.1%). -
Banking and Holdings 2007 Underlying Earnings Banking underlying
earnings were up Euro 18 million to Euro 36 million driven mainly
by AXA Bank Belgium. Holdings(6) underlying earnings improved by
Euro 10 million from Euro -424 million to Euro -414 million,
including a profit related to foreign currency options hedging AXA
Group's non Euro-denominated earnings, and lower financial charges
mostly related to the strengthening of the Euro. Adjusted Earnings:
+22% (+14% on a comparable basis) Adjusted earnings reached Euro
6,138 million, up 22% on a reported basis, or up 14% on a
comparable basis, as a result of higher underlying earnings and
Euro 1,175 million net capital gains, in line with last year.
Capital gains excluding impairments amounted to Euro 1,575 million.
Impairments amounted to Euro -400 million, mainly on financial
institution equities and bonds, and included ABS impairments of
Euro -60 million. Adjusted ROE (Adjusted earnings Return on Equity)
increased from 19.2% in 2006 to 19.7% in 2007. Net Income: +11%
(+7% on a comparable basis) Net income was up 11% on a reported
basis to Euro 5,666 million, or up 7% on a comparable basis, mainly
as a result of (i) higher adjusted earnings, (ii) negative impact
from the change in fair value of financial assets (under fair value
option) and derivatives, (iii) positive impact from the sale of
AXA's Dutch operations and (iv) Winterthur integration costs. - The
impact from the sale of AXA's Dutch operations was Euro +480
million. - Change in fair value of financial assets (under fair
value option) and derivatives was Euro -596 million resulting from:
(i) Euro -205 million due to change in the fair value, of which the
ABS impact was of Euro -220 million, as well as realized gains on
mutual funds and other assets, (ii) Euro -391 million change in the
fair value of derivatives, mainly related to items not eligible for
hedge accounting (interest rates, currencies). - Goodwill and
related intangibles included a Euro 87 million client intangibles'
amortization, notably stemming from Winterthur acquisition -
Integration costs in 2007 were Euro 252 million, mainly related to
Winterthur. FULL YEAR 2007 BALANCE SHEET Shareholders' equity and
unrealized gains Shareholders' equity was Euro 45.6 billion, down
Euro 1.6 billion notably due to a Euro 3.0 billion lower level of
net unrealized capital gains(12) and Euro 2.1 billion share
buy-backs. Unrealized capital gains attributable to
shareholders(13) was Euro 6.9 billion at December 31, 2007, versus
Euro 9.6 billion at December 31, 2006, of which: - Euro 4.8
billion, representing the fair value of invested assets recorded
through shareholders' equity (of which Euro +5.2 billion in
equities and Euro -0.5 billion in fixed income securities), down
from Euro 7.8 billion in December 2006, mainly due to the impact of
the increasing interest rates and credit spreads on fixed income
securities, and the realization of equity capital gains during the
year, - Euro 2.1 billion from unrealized capital gains on real
estate and loans (not recorded through shareholders' equity),
versus Euro 1.9 billion as of December 31, 2006. AXA's European
consolidated solvency margin was 154% based on December 31, 2007
estimates, compared to 186% as of December 31, 2006, as strong net
income was more than offset by an active capital management program
(mainly dividend, share buy backs and M&A) and by financial
market evolutions (mainly increased interest rates and credit
spreads in Europe). Property & Casualty reserves Gross Property
& Casualty reserves were up Euro 0.9 billion to Euro 47.3
billion, mainly driven by business growth with strong reserving
ratios maintained at high levels: - 270% net claims reserves to net
claims paid (vs. 269% at end 2006). - 194% net technical reserves
to net earned premiums (vs. 187% at end 2006). Life & Savings
reserves Life & Savings reserves were up Euro 1 billion to Euro
492 billion as positive net inflows(14) (Euro +11 billion, mainly
in unit linked), market appreciation(14) (Euro +10 billion) and
favorable scope changes (Euro +4 billion) were offset by negative
FX impact(14) (Euro -24 billion). Unit linked reserves were up 10%
on a comparable basis to Euro 183 billion, due to strong net
inflows, notably in the US and the UK. General account reserves
were up 2% on a comparable basis to Euro 309 billion with strong
net inflows in France and Northern, Central and Eastern Europe
region (NORCEE(15)), while UK With Profits reserves were down 8%.
Assets under management Assets under management(2) amounted to Euro
1,281 billion, notably fuelled by Euro 42 billion of unit linked
and third party asset management net inflows. Invested assets AXA's
invested assets' market value amounted to Euro 615 billion(16). The
market value of the General Account's and the banking segment's
invested assets was Euro 382 billion with a diversified portfolio
mainly comprised of fixed income investments (78%), listed equities
(10%) and real estate (5%). As part of AXA's Euro 298 billion
General Account fixed income investments, Asset Backed Securities
(ABS) represented Euro 16 billion (or Euro 11 billion net of
policyholders' participation(17)) of which Euro 1.6 billion were US
Subprime and Alt-A RMBS securities and Euro 1.8 billion were CDOs
(AXA's investments in CDOs of US subprime RMBS were less than Euro
0.1 billion). The negative mark-to-market evolution of ABS over the
year amounted to Euro -1.5 billion or Euro -0.6 billion net of
policyholders participation and tax(3), of which Euro -0.3 billion
was in the P&L and Euro -0.3 billion was in OCI(4). Net
investment in securities wrapped by monolines stood at Euro 0.8
billion and was mainly included in the UK with profit accounts. AXA
had no significant direct holdings in debt or equity securities
issued by monolines. CDS are used as an alternative to investment
grade corporate bonds mainly via iTraxx Main Europe. CDS
mark-to-market was Euro -44 million. FULL YEAR 2007 EMBEDDED VALUE
Group Embedded Value ("Group EV") is defined as the sum of Life
& Savings EEV and Other Business Tangible Net Asset Value(18)
(TNAV), excluding all intangibles. Group EV was Euro 34,840 million
in 2007, vs. Euro 36,252 million in 2006. Euro million - Group
share 2006 2007 Opening Group EV as at December 31 27,565 36,252
Operating return on Group EV 5,654 20 % 6,806 19 % Investment
experience 2,382 -424 Total return on Group EV (%) 8,036 28 % 6,382
18 % Capital flows -1,244 -4,537 Exchange rate movement impact -259
-694 Scope changes and other 2,154 -2,563 Closing Group EV 36,252
34,840 o/w Ajusted Net Asset Value (ANAV) 13,424 12,088 o/w Value
of Inforce (VIF) 22,828 22,752 Total return on Group EV remained
strong (+18%), fuelled by a sustained high operating return (+19%).
Life and Savings operating return was driven by in force portfolio
and new business performance. Life & Savings New Business Value
was up 18% to Euro 1,772 million, or 8% on a comparable basis, in
line with APE growth. NBV margin stood at 23.0%. Roll-forward of
Life & Savings NBV (Euro million, group share) AXA excl.
Winterthur 1,501 Winterthur 204 2006 Life & Savings NBV 1,705
Modeling changes and opening adjustments 6 Change in scope 5 Volume
58 Business mix 162 Expenses -43 Investment market conditions -36
Forex & Other -84 2007 Life & Savings NBV 1,772 OUTLOOK
2008 2008 has started in a less favorable environment with very
volatile and bearish equity markets, a continuation of the
liquidity crisis, concerns about a slowdown in world economic
growth, lower interest rates and high credit spreads. In this
environment and assuming equity markets stabilize at current
levels, AXA should achieve positive revenue and underlying earnings
growth in 2008: - In the Life & Savings segment (50% of
earnings(19)), AXA should continue to benefit from positive
cash-flows as both our general account products and unit linked
products with secondary guarantees are well-suited for customers in
the current environment. - Our Property & Casualty and
International business (39% of earnings(19)) should continue to
benefit from our strong and growing market positions as well as
from a gradual positive turn of the cycle in some of AXA's markets.
- Asset Management (11% of earnings(19)) mix of assets, tight
expense management and long term track record should partly offset
the negative impact from equity markets. Our Ambition 2012 program
continues as planned. Information about the Full Year Earnings
Presentations Members of AXA's senior management will discuss 2007
results at a press conference to be held in Paris on February 28,
2008. The conference will be accessible through a life Webcast from
10.15 am Paris time (9.15 am London time). A slide presentation
will accompany the event. Go to http://www.axa.com/ 10-15 minutes
prior to the event to join the Webcast or to obtain the documents
available for journalists. This press release is available on the
AXA Group web site: http://www.axa.com/ (1) TSDI (perpetual
subordinated notes) and TSS (perpetual deeply subordinated notes).
(2) Assets managed by AXA Investment Managers and AllianceBernstein
and assets managed directly by insurance companies. (3) And net of
DAC and VBI reactivity. (4) Fair value changes of assets classified
as available for sale are recognized in the OCI component in
shareholders' equity. (5) NBV change on a comparable basis: at
constant exchange rates, methodology and scope. (6) And other
companies. (7) 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 (under the fair value option)
and derivatives. Life & Savings EEV, Group EV, NBV, 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 measures. 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 provides useful
and important information to shareholders and investors as measures
of AXA's financial performance. For a reconciliation of underlying
and adjusted earnings to net income see page 3. (8) Changes are
pro-forma to reflect the scope impact (related to Winterthur,
Greece and Thinc Group), the Forex impact, the impact from
commission reclassification in France and the neutral impact of
deferred expenses/loadings in the UK. Full details are provided in
AXA's Activity Report published today. (9) Net of acquisition and
administrative expenses. (10)Net of financial charges. (11)Assets
Under Management. (12)Recorded through shareholders' equity
(excluding unrealized gains on real estate and loans) and net of
policyholders' participation, tax, DAC and VBI reactivity.
(13)Excluding unrealised gains on AllianceBernstein and net of
policyholders' participation, tax, DAC and VBI reactivity.
(15)Includes Germany, Switzerland, Belgium, Luxembourg and Central
Eastern Europe countries (Poland, Czech Republic, Hungary and
Slovakia). (16)Net of minority interest on controlled investment
funds. (17)Estimated based on current PB rate. (18)Other Business
Tangible Net Asset Value is defined as: Other than Life IFRS
Shareholders' equity - Other than Life Intangibles - fair value of
debt accounted for as equity plus Other than Life Net Unrealized
gains not included in Shareholders' equity. (19)Underlying earnings
excluding holdings and other companies segment. 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. Full year 2007 IFRS revenues
amounted to Euro 94 billion and adjusted earnings to Euro 6,138
million. 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. 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 George Guerrero: +1.212.314.2868 AXA Media
Relations: Christophe Dufraux: +33.1.40.75.46.74 Clara Rodrigo:
+33.1.40.75.47.22 Laurent Secheret: +33.1.40.75.48.17 Armelle
Vercken: +33.1.40.75.46.42 Mary Taylor: +1.212.314.5845 Individual
shareholders: +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 predications 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, 2006,
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 -
UNDERLYING EARNINGS IFRS Results Change on a (Euro million) 2006
2007 Change comparable basis TOTAL Underlying earnings 3,919 4,963
27 % 15 % Life & Savings 2,270 2,670 18 % 10 % France 462 531
15 % 15 % United States 1,000 883 -12 % -4 % Japan 256 254 -1 % 1 %
United Kingdom 155 255 64 % 50 % Germany 69 182 164 % 73 %
Switzerland 3 165 - - Belgium 65 90 38 % 34 % Mediterranean Region
57 73 29 % 17 % Other Countries 203 237 17 % 19 % of which
Australia/New Zealand 83 99 19 % 17 % of which Hong Kong 111 126 13
% 20 % Property & Casualty 1,417 1,863 31 % 8 % France 382 426
12 % 12 % United Kingdom & Ireland 386 262 -32 % -32 %
Mediterranean Region 173 362 109 % 49 % Germany 181 325 79 % 46 %
Belgium 147 216 47 % 11 % Switzerland 7 125 - - Other Countries 140
147 5 % 8 % International Insurance 131 218 67 % 54 % AXA Corporate
Solutions 84 97 16 % 16 % Assurance Other International incl. 47
121 158 % 122 % AXA RE Asset Management 508 590 16 % 21 %
AllianceBernstein 302 314 4 % 14 % AXA Investment Managers 206 276
34 % 31 % Banking 18 36 101 % 100 % Holding Companies(4) -424 -414
- - APPENDIX 2 - LIFE & SAVINGS - NEW BUSINESS VALUE (NBV) AND
NBV TO APE MARGIN 12 MAIN COUNTRIES/REGIONS & MODELED BUSINESS
- FULL YEAR 2007 - GROUP SHARE 2006 2007 Change on a 2007 Change on
a (in euro million) NBV NBV comparable NBV/APE comparable basis
margin basis France 202 230 6.3 % 16.9 % +0.6 pt United States 424
397 6.9 % 18.9 % -2.2 pts United Kingdom 122 140 15.0 % 8.8 % +0.7
pt Japan 480 440 3.2 % 77.6 % +15.8 pts Germany 120 166 37.2 % 36.2
% +9.8 pts Belgium 123 144 1.2 % 42.4 % -3.0 pts Switzerland 54 46
-14.6 % 20.8 % -4.0 pts Mediterranean Region 25 43 37.5 % 20.7 %
+6.4 pts Australia / New Zealand 38 51 29.4 % 9.4 % +0.3 pt Hong
Kong 89 77 -3.9 % 55.3 % -8.9 pts Central Eastern Europe 18 19 13.6
% 18.2 % -7.2 pts South East Asia & China 19 71.8 % 29.6 %
+29.3 pts TOTAL Group 1,694* 1,772 8.4 % 23.0 % +0.1 pt * excluding
the Netherlands. APPENDIX 3 - EARNINGS SUMMARY AFTER TAXES AND
MINORITY INTERESTS - FULL YEAR 2007 (Photo:
http://www.newscom.com/cgi-bin/prnh/20080228/NYTH063 ) APPENDIX 4 -
AXA GROUP SIMPLIFIED BALANCE SHEET - END OF YEAR 2007 In Euro
billion 2006 2007 In Euro billion 2006 2007 Shareholders' Equity,
Goodwill 16.1 16.3 Gp share 47.2 45.6 VBI 5.0 4.4 Minority
interests 2.9 3.3 SH EQUITY & DAC & equivalent 15.9 16.8
MINORITY INTERESTS 50.2 48.9 Other intangibles 2.3 3.3 Technical
reserves 560.6 556.9 Provisions for Investments 599.1 597.9
risks& charges 8.8 8.7 Other assets & Financing receivables
68.0 65.9 debt 9.3 10.9 Cash & cash Other payables &
equivalents 21.2 18.7 liabilities 98.6 97.9 TOTAL ASSETS 727.6
723.2 TOTAL LIABILITIES 727.6 723.2
http://www.newscom.com/cgi-bin/prnh/20080228/NYTH063
http://photoarchive.ap.org/ DATASOURCE: AXA Group CONTACT:
Christophe Dufraux, +33-1-40-75-46-74, Clara Rodrigo,
+33-1-40-75-47-22, Laurent Secheret, +33-1-40-75-48-17, Armelle
Vercken, +33-1-40-75-46-42, Mary Taylor, +1-212-314-5845;
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,
George Guerrero, +1-212-314-2868, all for AXA Group Web site:
http://www.axa-equitable.com/
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