LIFE & SAVINGS PARIS, May 7 /PRNewswire-FirstCall/ -- "First
quarter 2008 top-line performance proved resilient within the
context of a turbulent market and evolving regulatory and tax
environment in certain countries," said Henri de Castries, Chairman
of the AXA Management Board. "Life new business volume was below
last year's level, but new business margin was up 0.4 point and net
new inflows were strong, reaching Euro 4 billion for the quarter,
notably reflecting the successful roll-out of Accumulator products.
"Our P&C business, up 2%, should accelerate its growth in the
upcoming quarters confirming our positive outlook for 2008. "Asset
management net inflows stayed in positive territory, demonstrating
the enduring reputation for quality of AllianceBernstein and AXA
Investment Managers franchises. "We remain confident in the
strength of our business model and continue, in line with our
Ambition 2012 program, to invest for our development." 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. IFRS revenues
are available in Appendix 3 of this release. (1) Annual Premium
Equivalent (APE) represents 100% of new business regular premiums +
10% of new business single premiums. APE is Group share. (2) Change
is on a comparable basis and calculated at constant FX and scope.
KEY HIGHLIGHTS Change Three months ended Change on (Euro million,
except a reported Comp.(a) Scope & FX when otherwise noted)
1Q07 1Q08 basis basis Other impact(b) Life & Savings (Group
share) APE 2,066 1,939 -6.2 % -6.3 % +5.4 % -5.2 % NBV (c) 455 423
-6.9 % -4.7 % +2.5 % -4.6 % NBV to APE margin 22.0 % 21.8 % -0.2 pt
+0.4 pt Net inflows (Euro billion) 4.8 4.0 Property & Casualty
revenues 8,625 8,885 +3.0 % +2.0 % +2.7 % -1.7 % International
Insurance revenues 1,718 1,134 -33.9 % +5.0 % -36.9 % -2.0 % Asset
Management Revenues 1,150 1,071 -6.8 % +3.3 % +0.1 % -10.2 % Net
inflows (Euro billion) 18.6 3.5 Total revenues 28,850 28,066 -2.7 %
-0.5 % +1.3 % -3.5 % (a) Change on a comparable basis was
calculated at constant FX and scope. (b) Mainly due to continued
appreciation of the Euro against US Dollar, Yen, GBP and CHF. (c)
New Business Value is Group share. NBV for both 1Q07 and 1Q08 were
computed using profitability factors by product from year-end 2007
unless hedged at current conditions in 1Q08. Economic and actuarial
assumptions remained unchanged. -- Life & Savings new business
volume (APE(1)) was down 6% to Euro 1,939 million on a comparable
basis(2) mainly due to: -- Positive development in individual
business in France (up 11%) and strong performance in most
NORCEE(3) countries (Germany up 12%, Switzerland up 11% and CEE up
48%) as well as increasing Variable Annuities sales (up 12%)
fuelled by European roll out of Accumulator products while US
business remained resilient; -- As expected, (i) slowdown in the UK
and in Japan as a result of an adverse tax environment for
Unit-linked bonds and Term products respectively and (ii) lower
Universal Life sales in the United States in 1Q08 as a result of
product re-pricing. New business margin was up 0.4 point to 21.8%,
as a result of improvement in both business mix (+0.2 pt) and
country mix (+0.1 pt). Unit-linked share was down from 49% to 45%
as a result of unfavorable country mix (-2 points due to lower
contribution from the US and the UK in total sales) and business
mix (-2 points, mainly France). Net new inflows were positive
across the board reaching a strong Euro 4.0 billion in the first
quarter, notably supported by lower outflows. -- Property &
Casualty revenues increased by 2% to Euro 8,885 million on a
comparable basis(2), as growth in France (up 3%), the Mediterranean
Region (up 8%) and Asia (up 16%) was partly offset by a flat
contribution from the United Kingdom and decreases in Switzerland
and Germany (both down 1%). This solid performance resulted from
positive new business volumes with Personal Motor and Household net
new contracts reaching 246,000 and 17,000 contracts respectively as
well as prices holding up well across the board. Both Personal
lines and Commercial lines were up 2%. High growth markets (Asia,
Turkey, Morocco and Gulf region), contributing 6% of total
revenues, were up 19%. Growth should accelerate in the upcoming
quarters as 1Q08 was impacted by declines in Germany and
Switzerland, which renew most of their business on January 1st. --
Asset Management revenues of AllianceBernstein and AXA Investment
Managers increased by 3% to Euro 1,071 million on a comparable
basis(2), driven by higher average assets under management
including positive net new inflows of Euro 3.5 billion. * * * LIFE
& SAVINGS Life & Savings new business volume (APE(1)) was
down 6% to Euro 1,939 million on a comparable basis(2) mainly due
to: -- Positive development in individual business in France (up
11%) and strong performance in most NORCEE(3) countries (Germany up
12%, Switzerland up 11% and CEE up 48%) as well as increasing
Variable Annuities sales (up 12%) fuelled by European roll out of
Accumulator products while US business remained resilient; -- As
expected, (i) slowdown in the UK and in Japan as a result of an
adverse tax environment for Unit-linked bonds and Term products
respectively and (ii) lower Universal Life sales in the United
States in 1Q08 as a result of product re-pricing. New business
margin was up 0.4 point to 21.8%, as a result of improvement in
both business mix (+0.2 pt) and country mix (+0.1 pt). Unit-linked
share was down from 49% to 45% as a result of unfavorable country
mix (-2 points due to lower contribution from the US and the UK in
total sales) and business mix (-2 points, mainly France). Net new
inflows were positive across the board reaching a strong Euro 4.0
billion in the first quarter, notably supported by lower outflows.
Annual Premium Equivalent, Change on Change on a Group share (Euro
million) March 31, March 31, a reported comparable Three months
ended 2007 2008 basis basis Life & Savings 2,066 1,939 -6.2 %
-6.3 % United States 555 418 -24.6 % -11.4 % France (a) 354 357 0.9
% -8.7 % United Kingdom 433 333 -23.2 % -13.3 % NORCEE (a) (b) 383
433 13.0 % 6.6 % Asia Pacific (c) 305 299 -1.7 % -2.1 %
Mediterranean Region 37 99 169.3 % -5.2 % New Business Value,
Change on Change on a Group share (Euro million) March 31, March
31, a reported comparable Three months ended 2007 2008 basis basis
Life & Savings 455 423 -6.9 % -4.7 % United States 96 68 -29.4
% -19.2 % France 65 47 -28.6 % -28.6 % United Kingdom 36 17 -51.7 %
-45.5 % NORCEE (b) 120 146 21.3 % 17.1 % Asia Pacific (c) 132 131
-0.5 % 4.0 % Mediterranean Region 6 15 150.2 % 44.1 % (a) Change on
a comparable basis included respectively Euro 37 million and Euro
12 million in 1Q07 of actual voluntary additional premiums for AXA
France and AXA Switzerland. (b) Northern Central and Eastern
Europe: Germany, Belgium, Switzerland and Central and Eastern
Europe as Luxemburg's APE and NBV are not yet modeled. (c)
Including Japan, Australia/New-Zealand, Hong-Kong, South East Asia
and China. South East Asia & China APE was not yet modeled in
1Q07 (change on a comparable basis includes 1Q07 APE and NBV). The
following comments are on a comparable basis. -- The United States
new business APE decreased 11% mainly driven by the anticipated
decline in Universal Life sales (down 59%) following product
re-pricing. Variable Annuity sales for the core Accumulator
products were up 3% offset by a decline in other Variable Annuity
product sales in a context of a challenging market. NBV was down
19% to Euro 68 million, primarily as a result of the negative
impact of lower interest rates on Variable Annuity profitability,
partly offset by the improvement in margin on Universal Life
products due to product re-pricing. NBV margin was down 1.6 points
to 16.2%. -- France new business APE was down 9% to Euro 357
million, outperforming the market, with strong growth in individual
lines (up Euro 28 million or +11%) which was more than offset by a
decrease in Group business (down Euro 61 million or -43%) due to
the non recurrence of two large Group retirement contracts which
totaled Euro 66 million in 1Q07. NBV decreased by 29% to Euro 47
million as a result of a lower share of unit-linked sales (down
from 27% to 15%) and the impact from lower volumes. NBV margin was
down 3.6 points to 13.1%. -- In the United Kingdom, new business
APE was down 13% to Euro 333 million, due in part to changes to
relative competitiveness of Bond products as a result of the change
in Capital Gains Tax (CGT) rates announced in 4Q07 (implemented in
1Q08), but also due to reduced sales of Cash offshore bonds, which
have not been actively marketed since 1H07. NBV decreased by 45% to
Euro 17 million as a result of lower expense coverage as well as
lower volumes. NBV margin was down 3.1 points to 5.2%. -- NORTHERN
CENTRAL AND EASTERN EUROPE(3) -- Germany new business APE was up
12% to Euro 146 million as a result of strong TwinStar Riester
sales partly offset by a decrease in the Health business due to the
2007 Reform (waiting period for new salaried employees to enter
Private Health Insurance extended to three years). NBV was up 29%
to Euro 55 million as a result of improved business mix towards
Variable Annuity products (unit-linked share up from 27% to 39%)
and higher volumes. NBV margin was up 4.9 points to 37.3%. --
Switzerland new business APE was up 11% to Euro 157 million mainly
due to successful annual renewal campaign in Group Life business
(up 9%) as well as strong development in individual business (up
27%) showing good progress in unit-linked sales notably with AXA
Comfort. NBV was up 40% to Euro 47 million as a result of higher
volumes and improved business mix. NBV margin was up 6.2 points to
29.7%. -- Belgium new business APE was down 13% to Euro 96 million
due to a decrease in individual life sales (-17%) for both
unit-linked and non unit-linked products partly offset by higher
sales in Group Life (+40%). NBV was down 11% to Euro 40 million as
the lower volume effect was partly offset by an improvement in the
business mix due to an increased proportion of high margin Group
Life products. NBV margin was up 1.2 points to 41.7%. -- Central
& Eastern Europe new business APE was up 48% to Euro 34
million, mainly driven by Poland and Czech Republic, with strong
sales in life tax wrapper product and unit-linked contracts. NBV
was up 10% to Euro 5 million driven by higher volumes, partly
offset by unfavorable business mix in Poland due to increased
weight of lower margin life tax wrapper product. NBV margin was
down 4.9 points to 13.9%. -- ASIA PACIFIC -- Japan new business APE
decreased by 12% (Euro -20 million) to Euro 133 million due to the
2H07 discontinuation of Increasing Term products following changes
in the tax environment (Euro -35 million), partly offset by (i)
increased other Term sales (Euro +12 million) mainly coming from
LTTP (Long Term Term Product),(ii) continued medical sales growth
(Euro +5 million) and (iii) Variable Annuity sales which, due to
the 2007-Q2 launch of a Yen-denominated Accumulator product, rose
slightly in contrast to a market which experienced a double digit
decline. NBV increased by 2% to Euro 97 million as a result of the
continued focus on higher margin products to offset negative volume
effects. NBV margin was up 9.9 points to 72.9%. --
Australia/New-Zealand new business APE was up 5% to Euro 109
million mainly due to strong inflows through the Ipac network. NBV
was up 6% to Euro 9 million. NBV margin increased slightly to 8.3%.
-- Hong Kong new business APE was down 6% to Euro 28 million.
Growth in both traditional agency and bancassurance sales were more
than offset by lower retirement sales through Hong Kong's broker
channel and lower individual life sales from salaried advisers. NBV
was up 1% to Euro 16 million as the lower volumes were more than
offset by an improvement in the business mix as a result of
increased sales in the higher margin Traditional products. NBV
margin improved 4.2 points to 57.0%. -- South East Asia & China
new business APE was up 45% to Euro 28 million. Indonesia and
Thailand experienced particularly strong growth, driven by
increases in productivity of the bancassurance channels and
continued expansion in agent numbers and productivity. NBV was up
48% driven by volumes. NBV margin improved 0.5 point to 29.2%. --
MEDITERRANEAN REGION -- Mediterranean Region new business APE
decreased by 5% to Euro 99 million as a result of a greater focus
on profitable lines both in Individual and Group businesses. The
decrease in individual lines was mainly driven by our Italian JV
AXA MPS, switching production from less profitable traditional
products to more innovative unit-linked products (Accumulator and
Double Engine) in the context of a declining market, while the
decrease in Group business stemmed from the non recurrence of a low
margin credit card agreement negotiated in 1Q07 in Spain. NBV
increased sharply by 44% to Euro 15 million as a result of the
strong improvement in business mix, with unit-linked share up from
9% to 27%. NBV margin was up 5.3 points to 15.4%. * * * PROPERTY
& CASUALTY Property & Casualty revenues increased by 2% to
Euro 8,885 million on a comparable basis(2), as growth in France
(up 3%), the Mediterranean Region (up 8%) and Asia (up 16%) was
partly offset by a flat contribution from the United Kingdom and
decreases in Switzerland and Germany (both down 1%). This solid
performance resulted from positive new business volumes with
Personal Motor and Household net new contracts reaching 246,000 and
17,000 contracts respectively as well as prices holding up well
across the board. Both Personal lines and Commercial lines were up
2%. High growth markets (Asia, Turkey, Morocco and Gulf region),
contributing 6% of total revenues, were up 19%. Growth should
accelerate in the upcoming quarters as 1Q08 was impacted by
declines in Germany and Switzerland which renew most of their
business on January 1st. IFRS P&C Revenues Change on Change on
a Three months ended March 31, March 31, a reported comparable
(Euro million) 2007 2008 basis basis Property & Casualty 8,625
8,885 +3.0 % +2.0 % France 1,744 1,821 +4.4 % +3.2 % United Kingdom
& Ireland 1,287 1,152 -10.4 % -0.1 % NORCEE(3) 3,950 3,932 -0.5
% -0.7 % of which Belgium 641 637 -0.6 % -0.0 % of which
Switzerland 1,657 1,652 -0.3 % -0.9 % of which Germany 1,620 1,602
-1.1 % -1.1 % Mediterranean Region 1,342 1,547 +15.3 % +7.7 %
Canada 217 232 +6.6 % +4.4 % Asia 84 200 +136.4 % +16.4 % The
following comments are on a comparable basis. -- Personal lines
(57% of P&C premiums) were up 2%. Motor revenues grew by 2%
mainly driven by (i) the Mediterranean Region (+6%), with Turkey
(+16%) and the Gulf Region (+58%) as a result of strong net inflows
and increase in average premiums, (ii) Asia (+19%) led by Korea and
Japan benefiting from increases in both volumes and tariffs, partly
offset (iii) by Germany (-3%) with continued pressure on tariffs
and new competitors in the lower price segments and (iv) the United
Kingdom (-5%) following actions taken to focus on profitability in
the intermediary business partly offset by strong growth at
Swiftcover (+31%). Non-motor revenues increased by 3% with strong
growth in (i) the Mediterranean Region (+7%) led by Spain (+6%)
with strong inflows in Health, (ii) France (+3%) and (iii)
Switzerland (+4%), partly offset by lower contributions from (iv)
the UK & Ireland (+1%) and (v) Germany (+2%). -- Commercial
lines (41% of P&C premiums) were up 2%. Motor revenues were up
1%, as the growth in France (+2%) driven by tariff increases and in
Switzerland (+4%) further to new product launches (e.g. Auto basic)
was offset by a flat evolution in the UK & Ireland and Germany.
Non-motor revenues were up 2%, as the strong growth (i) in the
Mediterranean Region (+12%) driven by health business in the Gulf
region and (ii) in France (+5%) fuelled by Construction, was partly
offset by (iii) Switzerland (-4%) mainly due to a portfolio
transfer in Travel business to AXA Corporate Solutions in 1Q08 and
a competitive market in health and accident and (iv) Germany (-2%)
mainly as a result of a weak market in Industrial Property. * * *
ASSET MANAGEMENT Asset Management revenues of AllianceBernstein and
AXA Investment Managers increased by 3% to Euro 1,071 million on a
comparable basis(2), driven by higher average assets under
management including positive net new inflows of Euro 3.5 billion.
-- AllianceBernstein revenues increased by 6% (or Euro +44 million)
on a comparable basis to Euro 697 million. Management fees grew 7%
(or Euro +39 million), the result of higher average assets under
management (+4%) and improved business mix largely driven by the
continued growth in Global and International services, partly
offset by lower performance fees (or Euro -7 million).
Institutional Research Services were up 20% (or Euro +15 million)
to a record Euro 79 million. -- AXA Investment Managers revenues
decreased by 2% (or Euro -6 million) on a comparable basis to Euro
374 million, with net management fees up 1% (or Euro +2 million) as
the favorable impact from higher average assets under management
(up 8%) was partially offset by an unfavorable product and client
mix evolution due to equity market drop mainly impacting third
party AUM. Other revenues were impacted by performance fees down
Euro 5 million and real estate transactions down Euro 2 million. --
Assets Under Management of AllianceBernstein and AXA Investment
Managers were Euro 992 billion as of March 31, 2008, as a result of
negative market conditions (Euro -60 billion) and negative exchange
rate impact (Euro - 45 billion, mainly dollar), partly offset by
positive net inflows (Euro +4 billion). AllianceBernstein recorded
net outflows of Euro -1.0 billion, as Euro -3.0 billion net
outflows from retail clients were partly offset by Euro +1.7
billion net inflows from institutional clients and Euro +0.3
billion net inflows from private clients. AXA Investment Managers
net inflows of Euro +4.5 billion were driven by AXA's Main funds
(Euro +7.5 billion) partially offset by the retail segment (Euro -2
billion) and the institutional clients (Euro -1 billion). 1Q 2008
AUM Roll-forward Alliance (Euro billion) Bernstein AXA IM Total AUM
at FY07 543.5 548.4 1,091.9 Net inflows -1.0 4.5 3.6 Market
appreciation -42.4 -17.5 -59.9 Scope & other impacts - 1.1 1.1
Forex impact -35.3 -9.4 -44.8 AUM at 1Q08 464.7 527.2 991.9 Average
AUM over the period 505.8 533.7 1,039.5 Change of average AUM on a
reported basis -9% 5% -2% Change of average AUM on a comparable
basis 4% 8% 6% * * * INTERNATIONAL INSURANCE International
Insurance revenues were up 5% to Euro 1,136 million on a comparable
basis(2), with AXA Corporate Solutions Assurance up 6%, driven by
Marine and Property businesses, and AXA Assistance up 5%. IFRS
Revenues Change on Change on a Three months ended March 31, March
31, a reported comparable (Euro million) 2007 2008 basis basis
International Insurance 1,718 1,136 -33.9 % +5.0 % AXA Corporate
Solutions Assurance 859 889 +3.5 % +5.7 % AXA Assistance 173 177
+2.2 % +4.6 % AXA Cessions 72 53 -25.5 % +2.7 % Other International
activities (a) 614 17 N/A -11.1 % (a) Other international
activities included AXA RE in 2007. The sale of AXA RE's business
to Paris Re Holdings was completed on December 21, 2006. AXA RE's
revenues, reported under "Other international activities" amounted
to Euro 579 million in 1Q07. 100% of the business fronted on behalf
of Paris Re was retroceded to Paris Re Holdings or its affiliates
and therefore these amounts have been excluded from comparison on a
comparable basis. The fronting was terminated on October 1st, 2007.
* * * Notes (1) Annual Premium Equivalent (APE) represents 100% of
new business regular premiums + 10% of new business single
premiums. APE is Group share. (2) Change is on a comparable basis
and calculated at constant FX and scope. (3) Northern Central and
Eastern Europe: Germany, Belgium, Switzerland, Central and Eastern
Europe and Luxemburg. * * * 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. AXA had Euro 1,281 billion in assets under
management as of December 31, 2007. For full year 2007, IFRS
revenues amounted to Euro 94 billion, IFRS underlying earnings
amounted to Euro 4,963 million and IFRS 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
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Relations: Christophe Dufraux: +33.1.40.75.46.74 Clara Rodrigo:
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+1.212.314.5845 AXA Individual shareholders Relations:
+33.1.40.75.48.43 IMPORTANT LEGAL INFORMATION AND CAUTIONARY
STATEMENTS CONCERNING FORWARD- LOOKING STATEMENTS Certain
statements contained herein are forward-looking statements
including, but not limited to, statements that are 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, 2007,
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 LIFE
& SAVINGS - Breakdown of APE between unit-linked, non
unit-linked and mutual funds 12 main countries/regions and modeled
business First Quarter 2008 - Group Share % UL in APE (excl. mutual
1Q08 APE funds) UL change on Mutual comparable (Euro million) UL
Non-UL Funds 1Q07 1Q08 basis France 54 303 27 % 15 % -47 % United
States 263 60 96 69 % 82 % +2 % United Kingdom 300 32 92 % 90 % -15
% NORCEE Germany 57 89 27 % 39 % +68 % Switzerland 4 152 1 3 % 3 %
+28 % Belgium 8 88 10 % 8 % -26 % Central & Eastern Europe 22
11 1 65 % 66 % +46 % ASIA PACIFIC Japan 22 111 14 % 17 % +2 %
Australia/New-Zealand 4 13 92 31 % 24 % +37 % Hong Kong 14 14 63 %
50 % -15 % South East Asia & China 17 11 -- 64 % +39 %
Mediterranean Region 26 70 2 9 % 27 % +188 % Total 794 954 191 49 %
45 % -5 % APPENDIX 2 Property & Casualty revenues - Split by
business line - First Quarter 2008 Personal Motor Personal
Commercial Commercial Non-Motor Motor Non-Motor Change Change
Change Change on on on on % Gross comp. % Gross comp. % Gross comp.
% Gross comp. revenues basis revenues basis revenues basis revenues
basis France 27 % +1 % 25 % +3 % 9 % +2 % 38 % +5 % United
Kingdom(a) 14 % -5 % 37 % +1 % 7 % -0 % 39 % -0 % NORCEE 38 % -0 %
19 % +2 % 6 % +1 % 35 % -3 % Of which Germany 38 % -3 % 26 % +2 % 6
% -0 % 25 % -2 % Of which Belgium 30 % +1 % 27 % +1 % 7 % -4 % 33 %
-1 % Of which Switzerland 42 % +1 % 9 % +4 % 5 % +4 % 45 % -4 %
Mediterranean Region 47 % +6 % 18 % +7 % 7 % -0 % 26 % +12 % Canada
31 % +7 % 15 % +16 % 7 % -3 % 48 % +22 % Asia 72 % +19 % 5 % +16 %
3 % -9 % 22 % +11 % Total 35 % +2 % 22 % +3 % 7 % +1 % 34 % +2 %
(a) Including Ireland. APPENDIX 3 AXA Group IFRS Revenues -
Comparison 1Q08 vs. 1Q07 Euro million 1Q07 1Q08 IFRS revenue change
IFRS IFRS Reported Comp. basis Life & Savings 17,277 16,877
-2.3 % -2.4 % United States 4,012 3,439 -14.3 % -1.9 % France 4,313
3,976 -7.8 % -5.4 % United Kingdom 1,140 935 -18.0 % -8.7 % NORCEE
5,338 5,310 -0.5 % +0.8 % Of which Germany 1,518 1,477 -2.7 % -2.7
% Of which Switzerland 2,745 2,714 -1.1 % 1.8 % Of which Belgium
957 989 3.4 % 3.4 % Of which Central & Eastern Europe 103 113
8.9 % 2.5 % Asia Pacific 2,053 1,897 -7.6 % -1.4 % Of which Japan
1,321 1,132 -14.3 % -7.6 % Of which Australia/New-Zealand 309 424
37.3 % 36.2 % Of which Hong Kong 362 276 -23.6 % -13.0 % Of which
South East Asia 108 113 4.4 % 9.6 % Mediterranean Region 390 1,291
230.7 % -2.5 % Other countries 31 29 -5.2 % -7.2 % Property &
Casualty 8,625 8,885 3.0 % 2.0 % France 1,744 1,821 4.4 % 3.2 %
United Kingdom & Ireland 1,287 1,152 -10.4 % -0.1 % NORCEE
3,950 3,932 -0.5 % -0.7 % Of which Germany 1,620 1,602 -1.1 % -1.1
% Of which Belgium 641 637 -0.6 % -0.0 % Of which Switzerland 1,657
1,652 -0.3 % -0.9 % Mediterranean Region 1,342 1,547 15.3 % 7.7 %
Canada 217 232 6.6 % 4.4 % Asia 84 200 136.4 % 16.4 % International
Insurance(a) 1,718 1,136 -33.9 % 5.0 % AXA Corporate Solutions
Assurance 859 889 3.5 % 5.7 % Others 859 247 -71.2 % 9.9 % Asset
Management 1,150 1,071 -6.8 % 3.3 % AllianceBernstein 753 697 -7.4
% 5.9 % AXA Investment Managers 397 374 -5.7 % -1.7 % Banking 79 96
22.5 % 12.0 % Total 28,850 28,066 -2.7 % -0.5 % (a) AXA RE's
revenues amounted to Euro 579 million at 1Q07 and are excluded from
comparison between 1Q07 and 1Q08 on a comparable basis. APPENDIX 4
Life & Savings APE breakdown by country - 12 main
countries/regions Change Change (Euro million) on a on a reported
comparable 1Q07 HY07 9M07 FY07 1Q08 basis basis United States 555
1,107 1,597 2,099 418 -24.6 % -11.4 % France 354 642 899 1,360 357
0.9 % -8.7 % United Kingdom 433 819 1,227 1,588 333 -23.2 % -13.3 %
NORCEE 383 582 829 1,126 433 13.0 % 6.6 % of which Germany 123 207
313 457 146 18.8 % 12.2 % of which Belgium 110 183 255 340 96 -13.2
% -13.2 % of which Switzerland 128 147 187 222 157 22.2 % 10.6 % of
which Central & Eastern Europe 21 44 74 107 34 59.1 % 48.5 %
Asia Pacific 305 642 937 1,314 299 -1.7 % -2.1 % of which Japan 164
308 431 567 133 -18.7 % -12.1 % of which Australia/New-Zealand 100
266 402 545 109 8.4 % 5.2 % of which Hong Kong 41 69 104 139 28
-30.6 % -6.3 % of which South East Asia & China 63 29 44.2 %
Mediterranean Region 37 84 110 206 99 169.3 % -5.2 % Life &
Savings APE 2,066 3,877 5,599 7,694 1,939 -6.2 % -6.3 % APPENDIX 5
Life & Savings NBV restated based on FY07 profitability factors
- 2007/2008 Change Change (Euro million) on a on a reported
comparable 1Q07 HY07 9M07 FY07 1Q08 basis basis United States 96
196 297 397 68 -29.4 % -19.2 % France 65 119 170 230 47 -28.6 %
-28.6 % United Kingdom 36 74 115 140 17 -51.7 % -45.5 % NORCEE 120
183 267 376 146 21.3 % 17.1 % of which Germany 40 64 105 166 55
37.7 % 29.1 % of which Belgium 45 76 106 144 40 -10.6 % -10.6 % of
which Switzerland 32 35 41 46 47 45.9 % 39.9 % of which Central
& Eastern Europe 4 8 14 19 5 16.3 % 10.4 % Asia Pacific 132 260
403 586 131 -0.5 % 4.0 % of which Japan 103 197 305 440 97 -5.5 %
1.7 % of which Australia/New-Zealand 8 24 40 51 9 9.1 % 5.9 % of
which Hong Kong 21 39 59 77 16 -21.3 % 1.1 % of which South East
Asia & China 18 8 47.0 % Mediterranean Region 6 17 26 43 15
150.2 % 44.1 % Life & Savings NBV 455 848 1,278 1,772 423 -6.9
% -4.7 % APPENDIX 6 AXA Group IFRS Revenues in local currency -
Discrete quarters 2007/2008 (In million local currency except Japan
in billion) 1Q07 2Q07 3Q07 4Q07 1Q08 Life & Savings United
States 5,258 5,654 5,601 5,738 5,157 France 4,313 3,479 3,407 3,846
3,976 United Kingdom 765 846 771 785 708 Asia Pacific of which
Japan 201 210 197 202 185 of which Australia/ New-Zealand 515 600
614 537 701 of which Hong Kong 3,690 2,729 3,131 3,820 3,212 NORCEE
of which Germany 1,518 1,467 1,486 1,729 1,477 of which Switzerland
4,434 837 580 907 4,342 of which Belgium 957 671 617 828 989 of
which Central & Eastern Europe 103 98 106 115 113 Mediterranean
Region 390 540 335 653 1,291 Property & Casualty France 1,744
1,151 1,286 1,148 1,821 United Kingdom & Ireland 863 975 849
787 873 NORCEE of which Germany 1,620 582 707 597 1,602 of which
Switzerland 2,676 250 156 160 2,643 of which Belgium 641 514 493
464 637 Mediterranean Region 1,342 1,353 1,128 1,453 1,547 Canada
334 442 417 393 349 International Insurance AXA Corporate Solutions
Assurance 859 337 314 294 889 Others, including AXA RE 859 433 316
154 247 Asset Management AllianceBernstein 987 1,077 1,076 1,148
1,045 AXA Investment Managers 397 458 430 447 374 Banking 80 76 89
79 87 APPENDIX 7 - 1Q08 press releases Earnings -- 01/31/2008 AXA
FY07 activity indicators -- 02/28/2008 AXA FY07 earnings Merger,
acquisitions and disposals -- 02/06/2008 AXA to buy out OYAK's 50%
stake in AXA OYAK -- 02/12/2008 AXA acquires leading Mexican
insurer ING Seguros Other -- 02/28/2008 Chair of the AXA
Supervisory Board Please refer to the following web site address
for further details: http://www.axa.com/en/press/pr/ APPENDIX 8 -
1Q08 significant operations on AXA shareholders equity and debt
Shareholders equity No significant change. Debt No significant
change. DATASOURCE: AXA: 1Q08 Activity Indicators CONTACT: 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, +1-212-314-2893; or 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, or Mary Taylor,
+1-212-314-5845, all of AXA; AXA Individual shareholders Relations,
+33-1-40-75-48-43 Web site: http://www.axa-equitable.com/
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