Total Revenues down 0.9%(1) to Euro 69,458 million. PARIS, Nov. 6
/PRNewswire-FirstCall/ -- Chairman's statement -- During the first
three quarters of 2008, AXA Group proved to be resilient in an
adverse financial market environment, posting a modest 0.9%(1)
decrease in total revenues, in line with the trends observed during
the first half of the year, said Henri de Castries, Chairman of
AXA's Management Board -- Life & Savings net inflows were once
again positive during the third quarter of 2008, totaling Euro +7.8
billion year to date, as a result of solid premium flows and
increased client retention. -- Property & Casualty growth
accelerated in the third quarter of 2008, benefiting from the
positive contributions of both personal lines (with net new
personal contracts reaching circa 1 million year to date) and
commercial lines, since the beginning of the year. -- As expected,
Asset Management business was impacted by the financial turmoil,
with Euro 10 billion net outflows. -- We reiterate our confidence
in the AXA Group's ability to withstand the current financial
crisis thanks to its strong underlying profitability and cash
flows, its diversification across business lines and geographies,
its financial strength and the confidence of its customers,
distributors and employees. We expect to come out of the current
turmoil stronger and better positioned. 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. Notes are below Activity Indicators:
Key figures Change Euro million, Change
---------------------------- except when 9M07 9M08 on a Comparable
Scope & FX otherwise noted reported basis(a) Other impact(b)
basis Life & Savings APE, Group share 5,599 5,163 -7.8 % -6.9 %
+4.7 pts -5.6 pts NBV, Group 1,278 1,007 -21.3 % -19.7 % +2.4 pts
-3.9 pts share(c) 22.8 % 19.5 % -3.3 pts -3.1 pts NBV to APE
margin, 9.2 7.8 Group share Net inflows (Euro billion) Property
& Casualty revenues 19,631 20,031 +2.0 % +2.7 % +2.5 pts -3.1
pts International Insurance -32.0 pts -1.7 pts revenues 3,119 2,229
-28.5 % +5.2 % Asset Management Revenues 3,621 3,059 -15.5 % -6.9 %
+0.1 pt -8.7 pts Net inflows (Euro 25 -10 billion) Total revenues
71,652 69,458 -3.1 % -0.9 % +1.9 pts -4.1 pts (a) Change on a
comparable basis was calculated at constant FX and scope. (b)
Mainly due to continued appreciation of the Euro against USD, JPY,
GBP and CHF. (c) 9M07 and 9M08 NBVs were computed using
profitability factors by product from end of 2007, unless, notably
hedged at current conditions during the first three quarters of
2008. Unit costs were updated to reflect actual 2008 experience
(primarily the impact of reduction in volume in most entities).
Life & Savings net inflows were once again positive during 3Q08
Life & Savings New Business Volume (APE(4)) was down 7% on a
comparable basis, to Euro 5,163 million mainly due to: -- strong
performance in most NORCEE(5) countries (Switzerland up 21%,
Central and Eastern Europe up 48% and Germany up 4%) as well as
positive development of individual business in France (up 2% in a
declining market); -- as expected, (i) a slowdown in the US as a
result of lower Universal Life sales (product re-pricing) and lower
Variable Annuity sales in a challenging environment, (ii) negative
impact from fiscal changes in the UK and in Japan, as well as (iii)
non-recurrence of the favorable contribution from Australian
superannuation in 2007. New business margin was down 3.1 points on
a comparable basis to 19.5%, as a result of lower unit-linked sales
in France, lower interest rates in the United States and higher
unit costs across the board, notably due to lower volumes. Net
inflows amounted to Euro +7.8 billion with strong positive
contributions across the board driven by increased client
retention. P&C growth acceleration during 3Q08 Property &
Casualty revenues increased by 3% on a comparable basis to Euro
20,031 million, as growth in France (up 3%), the Mediterranean
Region (up 5%) and Asia (up 14%) was partly offset by a flat
contribution from Germany and a decrease in Switzerland (down 1%).
Personal lines were up 3% with Personal Motor and Household net new
contracts reaching 860,000 and 124,000 contracts, respectively,
while Commercial lines were up 2%. Asset Management
(AllianceBernstein and AXA IM) revenues decreased by 7% on a
comparable basis to Euro 3,059 million, as a result of lower
management fees (-4%) in line with lower average assets under
management, and lower distribution fees. Solid financial strength
Group Solvency position remained very solid despite tough financial
market conditions, notably benefiting from the equity hedging
program implemented and dynamically managed over the period. At end
of October 2008, Solvency I ratio estimate stood at circa 135%(3),
including -7 pts related to transactions closed after June 30, 2008
(Mexico and Turkey). Thanks to the financial flexibility of the
Group, all insurance subsidiaries remain strongly capitalized. Life
& Savings Life & Savings New Business Volume (APE(4)) was
down 7% on a comparable basis to Euro 5,163 million mainly due to:
-- strong performance in most NORCEE(5) countries (Switzerland up
21%, Central and Eastern Europe up 48% and Germany up 4%) as well
as positive development in individual business in France (up 2% in
a declining market); -- as expected, (i) a slowdown in the US as a
result of lower Universal Life sales (product re-pricing) and lower
Variable Annuity sales in a challenging environment, (ii) negative
impact from fiscal changes in the UK and in Japan, as well as (iii)
non-recurrence of the favorable contribution from Australian
superannuation in 2007. New business margin was down 3.1 points on
a comparable basis to 19.5%, as a result of lower unit-linked sales
in France, lower interest rates in the United States and higher
unit costs across the board, notably due to lower volumes. Net
inflows amounted to Euro +7.8 billion with strong positive
contributions across the board driven by increased client
retention. Annual Premium Equivalent by country/region Change on a
Change on a Euro million 9M07 9M08 reported comparable basis basis
United States 1,597 1,170 -26.7 % -15.7 % France (a) 899 982 +9.3 %
-2.0 % United Kingdom 1,227 1,007 -17.9 % -5.1 % NORCEE (b) 829 880
+6.1 % +3.0 % Asia Pacific (c) 937 832 -11.2 % -12.4 %
Mediterranean Region 110 292 +164.8 % +6.6 % Total Life &
Savings APE 5,599 5,163 -7.8 % -6.9 % New Business Value by
country/region Change on a Change on a Euro million 9M07 9M08
reported comparable basis basis United States 297 200 -32.8 % -23.9
% France 170 116 -31.9 % -31.9 % United Kingdom 115 70 -38.6 %
-29.1 % NORCEE(b) 267 221 -17.4 % -21.0 % Asia Pacific(c) 403 353
-12.4 % -11.9 % Mediterranean Region 25 46 +81.7 % +14.9 % Total
Life & Savings NBV 1,278 1,007 -21.3 % -19.7 % (a) Change on a
comparable basis included in 9M07 Euro 104m of AXA France actual
voluntary additional premiums. (b) Northern Central and Eastern
Europe: Germany, Belgium, Switzerland and Central and Eastern
Europe, as Luxemburg's APE and NBV are not modeled. (c) Including
Japan, Australia/New-Zealand, Hong-Kong, South East Asia &
China. South East Asia & China's APE was not yet modeled in
9M07 (change on a comparable basis includes 9M07 APE and NBV). Net
Inflows by country/region Euro billion 1H08 9M08 United States +1.6
+2.5 France +1.4 +1.9 United Kingdom(a) -0.5 -0.7 NORCEE +2.6 +2.6
Asia Pacific +0.8 +1.4 Mediterranean Region +0.2 -0.0 Total L&S
Net Inflows +6.2 +7.8 (a) UK Net Inflows, excluding with-profit
funds, stood at Euro +0.7bn at June 30, 2008 and at Euro +1.0bn at
September 30, 2008. The United States New business APE decreased
16% to Euro 1,170 million, mainly driven by the anticipated decline
in Universal Life sales (down 41%) following the repricing of the
Universal Life product. Variable Annuity sales were down 10% in a
context of a challenging market. This drop was mainly driven by
lower sales from Broker/Dealer and Financial institutions while
Financial Planners sales remained resilient. NBV was down 24% to
Euro 200 million, primarily as a result of lower sales volume and
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 1.8 points to 17.1%. France New business APE was down 2% to
Euro 982 million, outperforming the market, with resilient growth
in individual lines (+2%) notably in Health which was more than
offset by a decrease in Group business (-10%) due to the
non-recurrence of two large Group retirement contracts signed in
1Q07. NBV decreased by 32% to Euro 116 million as a result of a
lower share of unit-linked sales (down from 26% to 15%). NBV margin
was down 5.2 points to 11.8%. The United Kingdom New business APE
was down 5% to Euro 1,007 million, as a result of lower sales in
specific Wealth Management segments (life insurance bonds,
individual and executive pensions) as a result of fiscal changes
for bonds (Capital Gains Tax) and the non-recurrence of the
positive 2007 A day impact in the Pension business, partially
offset by positive evolutions in Group Pension and Protection. NBV
decreased by 29% to Euro 70 million as a result of lower volumes
and higher unit costs. NBV margin was down 2.4 points to 7.0%.
Northern Central & Eastern Europe -- Germany new business APE
was up 4% to Euro 335 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 from one to three
years). NBV was down 8% to Euro 105 million. NBV margin was down
4.0 points to 31.4%, slightly down compared to 1H08, as a result of
the lower contribution from Variable Annuity sales. -- Switzerland
new business APE was up 21% to Euro 230 million mainly due to the
successful annual renewal campaign in Group Life business (up 23%)
as well as positive developments in individual business (up 14%)
showing good progress, notably in unit-linked product sales. NBV
was up 51% to Euro 63 million as a result of higher volumes and
improved business mix, mainly in Group Life. NBV margin was up 5.5
points to 27.4%. -- Belgium new business APE was down 24% to Euro
193 million due to a decrease in Individual Life sales (-28%) for
both unit-linked and non unit-linked products, partly offset by
higher sales in Group Life (+11%). NBV was down 69% to Euro 33
million, notably as a result of lower volumes and higher unit
costs. NBV margin was down 24.4 points to 17.3%. -- Central &
Eastern Europe new business APE was up 48% to Euro 122 million,
mainly driven by Poland. NBV was up 21% to Euro 19 million, driven
by higher volumes, partly offset by unfavorable business mix due to
increased weight of lower margin short-term savings products. NBV
margin was down 3.5 points to 15.5%. Asia Pacific -- Japan new
business APE decreased by 8% to Euro 389 million, due to lower
sales of certain Term products, as a result of the tax
deductibility review of specific products. NBV decreased by 14% to
Euro 256 million, mainly driven by lower volumes and higher unit
costs. NBV margin was down 4.8 points to 65.9%. -- Australia/New
Zealand new business APE was down 23% to Euro 305 million, mainly
due to a drop in mutual fund and AllianceBernstein joint-venture
sales, as a result of current negative market conditions as well as
the non-recurrence of 2007 positive impact of superannuation
business. NBV was down 22% to Euro 31 million due to lower volumes.
NBV margin was stable at 10.0%. -- Hong Kong new business APE was
down 6% to Euro 87 million, mainly due to a decrease in unit-linked
sales (unit-linked share decreased from 59% to 48%) and
restructuring of tied agent distribution, partially offset by
higher Traditional Life sales. NBV was down 2% to Euro 51 million,
as the lower volumes were partially offset by an improvement in the
business mix as a result of increased sales in the higher margin
Traditional products. NBV margin improved 2.5 points to 59.0%. --
South East Asia & China new business APE was up 23% to Euro 52
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 20% to Euro 15 million, driven by volumes. NBV margin
was down 0.8 point to 29.6%. Mediterranean Region -- New business
APE increased by 7% to Euro 292 million, as a result of higher
sales in both Individual and Group businesses. The increase in
Individual business was driven by higher traditional product sales
in Spain, partially offset by lower sales from the Italian
joint-venture AXA MPS, switching production from less profitable
traditional products to innovative unit-linked products in the
context of a declining bancassurance market, while the increase in
Group business stemmed from new corporate contracts in Spain. --
NBV increased sharply by 15% to Euro 46 million, as a result of
higher volumes and a strong improvement in business mix in
Individual business (from AXA MPS joint-venture), with unit-linked
share up from 15% to 33%. NBV margin was up 1.1 points to 15.8%.
Property & Casualty Growth acceleration during 3Q08 Property
& Casualty revenues increased by 3% on a comparable basis to
Euro 20,031 million: Property & Casualty: IFRS revenues by
country Change on a Change on a In Euro million 9M07 9M08 reported
comparable basis basis NORCEE(a) 6,516 6,561 +0.7 % +0.2 % of which
Belgium 1,648 1,662 +0.8 % +0.8 % of which Switzerland 1,883 1,902
+1.0 % -0.8 % of which Germany 2,909 2,909 -0.0 % -0.0 % France
4,182 4,383 +4.8 % +3.4 % United Kingdom & Ireland 3,971 3,520
-11.4 % +1.2 % Mediterranean Region 3,823 4,198 +9.8 % +5.4 % Rest
of the World 1,140 1,369 +20.1 % +8.5 % Total P&C revenues
19,631 20,031 +2.0 % +2.7 % (a) Northern Central and Eastern
Europe: Germany, Belgium, Switzerland, Luxemburg and Central and
Eastern Europe. Personal lines up 3%, with circa 1 million net new
contracts(2) -- Personal lines (61% of P&C premiums) were up
3%. Motor revenues were up 2% due to strong growth in emerging
markets (Asia +16%, Turkey +14% and Gulf Region +42%) and growth in
most of the developed countries except Germany (-3%), which
experienced higher competition in the lower price segments.
Non-motor revenues increased by 3% with growth across the board,
notably driven by the Mediterranean Region (+7%) led by Spain and
by France (+4%), partially mitigated by lower contributions from
the UK & Ireland (+1%), Germany (+2%) and Belgium (+2%).
Commercial lines up 2% -- Commercial lines (38% of P&C
premiums) were up 2%. Motor revenues were up 1%, with Switzerland
up 8%, as a result of a new sales force compensation structure and
France up 2%, partially offset by the flat contributions of UK
& Ireland and Germany and the lower contribution of the
Mediterranean Region (-3%). Non-motor revenues were up 3%, as
strong growth (i) in the Mediterranean Region (+10%) driven by the
Gulf Region, and (ii) in France (+5%) fuelled by Construction, was
partially offset by (iii) Switzerland (-3%) mainly due to
challenging market conditions in workers' compensation and (iv) the
UK & Ireland (-1%). Asset Management Lower revenues, in line
with lower average AUM, and lower distribution fees -- Asset
Management (AllianceBernstein and AXA IM) revenues decreased by 7%
on a comparable basis to Euro 3,059 million, as a result of lower
management fees (-4%), in line with lower average assets under
management, and lower distribution fees. AllianceBernstein revenues
were down 5% to Euro 1,959 million, mainly driven by lower
management fees (-5%), in line with decrease in average Assets
Under Management, lower performance fees and lower distribution
fees, partially offset by strong performance of institutional
research services. AXA Investment Managers revenues were down 10%
to Euro 1,099 million, driven by management fees down 1%, in line
with decrease in average Assets Under Management, lower performance
fees and lower distribution fees. -- Assets Under Management of
AllianceBernstein and AXA Investment Managers were down Euro 163
billion to Euro 929 billion as of September 30, 2008, as a result
of negative market conditions and net outflows, while exchange rate
impact and scope effects were positive. Euro 10 billion net
outflows at September 30, 2008 AllianceBernstein recorded net
outflows of Euro -14 billion, mainly driven by retail (Euro -11
billion), but also by institutional clients (Euro -3 billion) and
private clients (Euro -1 billion). AXA Investment Managers net
inflows of Euro +4 billion were driven by AXA's Main funds (Euro +9
billion) and Institutional clients (Euro +1 billion), partially
offset by the Retail segment (Euro -5 billion). Assets under
Management roll-forward In Euro billion Alliance AXA IM Total
Bernstein AUM at FY07 543.5 548.4 1,091.9 Net inflows -13.8 +4.0
-9.8 Market appreciation -124.7 -36.8 -161.6 Scope & other
impacts - +3.6 +3.6 Forex impact +7.3 -2.7 +4.6 AUM at 9M08 412.2
516.5 928.7 Average AUM over the period 476.3 526.0 1,002.3 Change
of average AUM on a reported basis -16 % -3 % -10 % Change of
average AUM on a comparable basis -5 % -1 % -3 % International
Insurance International Insurance revenues were up 5% to Euro 2,229
million, with (i) AXA Corporate Solutions Assurance up 6%, driven
mainly by positive portfolio developments in Marine, Construction
and Liability and increased business from existing clients in
Property as well as (ii) AXA Assistance up 5%, notably driven by
favorable developments in Mexico. International Insurance IFRS
revenues Change on a Change on a In Euro million 9M07 9M08 reported
comparable basis basis AXA Corporate Solutions 1,511 1,574 +4.2 %
+5.7 % Assurance AXA Assistance 531 541 +2.0 % +5.4 % AXA Cessions
59 53 -9.4 % +7.3 % Other International activities(a) 1,019 61
-94.1 % -7.8 % Total International Insurance 3,119 2,229 -28.5 %
+5.2 % (a) Included AXA RE's business 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 941 million at 9M07. 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 1, 2007 Financial Strength Solid financial strength Group
Solvency position remained very solid despite tough financial
market conditions, notably benefiting from: -- the equity hedging
program implemented and dynamically managed during the first three
quarters of 2008; -- the well diversified fixed-income portfolio,
with limited impacts from credit events beyond those resulting from
previously disclosed exposures (notably Lehman and Washington
Mutual). At end of October 2008, Solvency I ratio estimate stood at
circa 135%(3), including -7 pts related to transactions closed
after June 30, 2008 (Mexico and Turkey). Thanks to the financial
flexibility of the Group, all insurance subsidiaries remain
strongly capitalized. Selected information on US Life and Savings
operations in 3Q08 Underlying earnings(6) from Life and Savings
operations in the United States remained positive during the third
quarter 2008, despite the following impacts: -- Variable Annuity
hedging costs Combined with prudent product design, the Variable
Annuity hedging program mitigates equity market and interest rate
movement impacts on underlying earnings. The hedge program utilizes
interest rate and equity index futures as well as interest rate
swaps and options to mitigate market risk. During the third quarter
of 2008, margins were notably impacted by high volatility and
equity market turbulence, as shown below: GMXB hedging costs In
Euro million, net of tax & DAC 1H08 3Q08 discrete Equity market
volatility -10 -15 Interest rate movements -12 -8 All other,
including basis risk -42 -100 -- DAC adjustments 3Q08 after tax DAC
impact, attributable to lower future margins from lower separate
account assets, was approximately Euro -32 million, in-line with
the following sensitivities provided in 1H08 earnings presentation:
-10%: ~ Euro 0.0 billion -20%: < Euro 0.1 billion -30%: <
Euro 0.2 billion In addition, in the third quarter of 2008, US Life
and Savings General Account net capital losses amounted to circa
Euro 95 million after tax and DAC, primarily due to losses on
impairments and sales of distressed bonds, mainly Lehman and
Washington Mutual. Notes 1 Change on a comparable basis: at
constant FX and scope. 2 Motor and household personal contracts. 3
Estimate, this calculation has not been reviewed by the French
regulator -- Autorite de Controle des Assurances et des Mutuelles.
4 Annual Premium Equivalent (APE) represents 100% of new business
regular premiums + 10% of new business single premiums. APE is
Group share. 5 Northern Central and Eastern Europe: Germany,
Belgium, Switzerland and Central and Eastern Europe. 6 Estimate,
unaudited. 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 93.6
billion and IFRS adjusted earnings to Euro 6.1 billion. 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 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/ Breakdown of APE - 12 main countries,
regions and modeled businesses % UL in APE UL change Group share
9M08 APE (excl. mutual on in Euro million funds) comparable UL
Non-UL Mutual 9M07 9M08 basis Funds France 149 833 26 % 15 % -44 %
United States 746 160 264 73 % 82 % -8 % United Kingdom 904 103 91
% 90 % -6 % NORCEE Germany 130 204 35 % 39 % +18 % Switzerland 15
214 1 7 % 6 % +16 % Belgium 18 175 14 % 9 % -50 % Central &
Eastern Europe 69 47 6 71 % 59 % +18 % ASIA PACIFIC Japan 83 306 21
% 21 % -7 % Australia/New-Zealand 10 40 254 30 % 20 % -11 % Hong
Kong 42 45 59 % 48 % -24 % South East Asia & China 28 20 1 --
59 % +17 % Mediterranean Region 95 189 9 15 % 33 % +191 % Total
2,288 2,338 535 54 % 49 % -8 % APPENDIX 2: 9M08 Property &
Casualty revenues contribution & growth by business line/
Property & Casualty revenues - Contribution & growth by
business line Personal Motor Personal Commercial Commercial
Non-Motor Motor Non-Motor in % % Gross Change % Gross Change %
Gross Change % Gross Change revenues on revenues on revenues on
revenues on comp. comp. comp. comp. basis basis basis basis France
31 % +2 % 27 % +4 % 9 % +2 % 33 % +5 % United Kingdom & Ireland
15 % +1 % 37 % +1 % 7 % -0 % 39 % -1 % NORCEE 34 % -1 % 25 % +2 % 6
% +3 % 32 % -1 % of which Germany 32 % -3 % 31 % +2 % 6 % -0 % 24 %
+0 % of which Belgium 34 % +0 % 27 % +2 % 6 % +2 % 31 % +1 % of
which Switzerland 36 % -0 % 14 % +5 % 4 % +8 % 46 % -3 %
Mediterranean Region 52 % +4 % 18 % +7 % 6 % -3 % 22 % +10 % Canada
35 % +7 % 17 % +9 % 8 % -2 % 40 % +10 % Asia 67 % +16 % 7 % +15 % 4
% 1 % 22 % +14 % Total 36 % +2 % 26 % +3 % 6 % +1 % 32 % +3 %
APPENDIX 3: AXA Group IFRS revenues - 9M08 vs. 9M07/ AXA Group IFRS
revenues - Contributions & growth by segment and country/region
9M07 9M08 IFRS revenues change In Euro million IFRS IFRS Reported
Comp. basis United States 12,285 10,155 -17.3 % -6.2 % France
11,199 10,656 -4.8 % -2.4 % NORCEE 10,642 10,631 -0.1 % -1.0 % of
which Germany 4,471 4,423 -1.1 % -1.1 % of which Switzerland 3,575
3,794 +6.1 % +4.3 % of which Belgium 2,245 2,019 -10.1 % -10.1 % of
which Central & Eastern Europe 308 350 +13.8 % +3.6 % United
Kingdom 3,521 2,753 -21.8 % -9.6 % Asia Pacific 6,029 5,859 -2.8 %
+1.3 % of which Japan 3,867 3,621 -6.3 % -3.6 % of which
Australia/New-Zealand 1,056 1,243 +17.7 % +16.7 % of which Hong
Kong 907 822 -9.4 % +2.1 % of which South East Asia & China 199
173 -13.0 % +8.9 % Mediterranean Region 1,265 3,709 +193.2 % +9.0 %
Canada 90 82 -9.2 % -5.2 % Life & Savings 45,032 43,845 -2.6 %
-2.3 % NORCEE 6,516 6,561 +0.7 % +0.2 % of which Germany 2,909
2,909 -0.0 % -0.0 % of which Belgium 1,648 1,662 +0.8 % +0.8 % of
which Switzerland 1,883 1,902 +1.0 % -0.8 % France 4,182 4,383 +4.8
% +3.4 % Mediterranean Region 3,823 4,198 +9.8 % +5.4 % United
Kingdom & Ireland 3,971 3,520 -11.4 % +1.2 % Canada 804 806
+0.3 % +4.7 % Asia 336 563 +67.5 % +14.0 % Property & Casualty
19,631 20,031 +2.0 % +2.7 % AXA Corporate Solutions Assurance 1,511
1,574 +4.2 % +5.7 % Others 1,608 655 -59.3 % +3.9 % International
Insurance(a) 3,119 2,229 -28.5 % +5.2 % AllianceBernstein 2,336
1,959 -16.1 % -5.0 % AXA Investment Managers 1,285 1,099 -14.4 %
-10.4 % Asset Management 3,621 3,059 -15.5 % -6.9 % Banking 245 290
+18.2 % +7.0 % Total 71,652 69,458 -3.1 % -0.9 % (a) Revenues from
AXA RE's business amounted to Euro 941 million at 9M07 and are
excluded from comparison between 9M07 and 9M08 on a comparable
basis. APPENDIX 4: AXA Group IFRS Revenues in local currency -
Discrete quarters/ Total revenues - Discrete contribution by
country/region in local currency (In million local currency except
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 Japan in billion) Life &
Savings United States 5,258 5,654 5,601 5,738 5,157 5,149 5,149
France 4,313 3,479 3,407 3,846 3,976 3,465 3,215 NORCEE of which
Germany 1,518 1,467 1,486 1,729 1,477 1,478 1,468 of which
Switzerland 4,434 837 580 907 4,342 915 843 of which Belgium 957
671 617 828 989 611 419 of which Central & Eastern Europe 103
98 106 115 113 116 121 United Kingdom 765 846 771 785 708 765 680
Asia Pacific of which Japan 201 210 197 202 185 193 207 of which
Australia/ New-Zealand 515 600 614 537 701 625 748 of which Hong
Kong 3,690 2,729 3,131 3,820 3,212 3,145 3,393 Mediterranean Region
390 540 335 653 1,291 1,497 920 Property & Casualty NORCEE of
which Germany 1,620 582 707 597 1,602 597 709 of which Switzerland
2,676 250 156 160 2,643 256 159 of which Belgium 641 514 493 464
637 517 507 France 1,744 1,151 1,286 1,148 1,821 1,200 1,362
Mediterranean Region 1,342 1,353 1,128 1,453 1,547 1,436 1,215
United Kingdom & Ireland 863 975 849 787 873 979 901 Canada 334
442 417 393 349 463 437 International Insurance AXA Corporate
Solutions Assurance 859 337 314 294 889 331 353 Others, including
AXA RE 859 433 316 154 247 205 203 Asset Management
AllianceBernstein 987 1,077 1,076 1,148 1,045 1,006 931 AXA
Investment Managers 397 458 430 447 374 388 337 Banking & Other
80 76 89 79 88 89 82 APPENDIX 5: Life & Savings New Business
Volume (APE), Value (NBV) and NBV to APE margin/ APE, NBV & NBV
margin - 12 main countries, regions and modeled businesses Change
Change 9M08 Change in Euro 9M07 9M08 on a 9M07 9M08 on a NBV/ on a
million APE APE compar- NBV NBV compar- APE compar- able able
margin able basis basis basis United States 1,597 1,170 -15.7 % 297
200 -23.9 % 17.1 % -1.8 pts France 899 982 -2.0 % 170 116 -31.9 %
11.8 % -5.2 pts United Kingdom 1,227 1,007 -5.1 % 115 70 -29.1 %
7.0 % -2.4 pts NORCEE 829 880 +3.0 % 267 221 -21.0 % 25.1 % -7.7
pts Germany 313 335 +4.1 % 105 105 -7.6 % 31.4 % -4.0 pts
Switzerland 187 230 +20.8 % 41 63 +51.2 % 27.4 % +5.5 pts Belgium
255 193 -24.4 % 106 33 -68.6 % 17.3 % -24.4pts Central &
Eastern Europe 74 122 +47.5 % 14 19 +20.7 % 15.5 % -3.5 pts ASIA
PACIFIC 937 832 -12.4 % 403 353 -11.9 % 42.5 % +0.2 pts Japan 431
389 -7.5 % 305 256 -13.8 % 65.9 % -4.8 pts Australia/ New-Zealand
402 305 -23.2 % 40 31 -22.4 % 10.0 % +0.1 pt Hong Kong 104 87 -6.4
% 59 51 -2.3 % 59.0 % +2.5 pts South East Asia & China 52 +23.0
% 15 +19.9 % 29.6 % -0.8 pt Mediterra- nean Region 110 292 +6.6 %
25 46 +14.9 % 15.8 % +1.1 pts TOTAL 5,599 5,163 -6.9 % 1,278 1,007
-19.7 % 19.5 % -3.1 pts APPENDIX 6: 3Q08 Main Press Releases/
Earnings -- 08/07/2008 Half Year 2008 Earnings Mergers,
acquisitions and disposals -- 07/22/2008 AXA completes the
acquisition of Mexican insurer Seguros ING Other -- 07/10/2008 Two
new members to join the executive committee of the AXA Group --
09/16/2008 AXA - Non material equity exposure to Lehman Brothers
and AIG -- 09/16/2008 AXA announces the subscription prices for its
2008 employee share offering (Shareplan 2008) Please refer to the
following web site address for further details:
http://www.axa.com/en/press/pr/ APPENDIX 7: 3Q08 operations on AXA
shareholders' equity and debt/ Shareholders' Equity No significant
operations. Debt No significant operations. DATASOURCE: AXA
CONTACT: 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,
+1-212-314-28-68; AXA Media Relations: Christophe Dufraux,
+33-1-40-75-46-74, Laurent Secheret, +33-1-40-75-48-17, Armelle
Vercken, +33-1-40-75-46-42, Chris Winans, +1-212-314-55-19; AXA
Individual shareholders Relations: +33-1-40-75-48-43 Web site:
http://www.axa-equitable.com/
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