Trends in Line With 1H09 PARIS, Oct. 29 /PRNewswire-FirstCall/ --
Resilient revenues Total revenues were down 2% to EUR68,094 million
On a comparable basis, total revenues were down 5%: -- Life &
Savings down 6% to EUR42,706 million -- Property & Casualty up
1% to EUR20,524 million -- Asset Management down 31% to EUR2,253
million Positive insurance net inflows Life & Savings: EUR +7.0
billion P&C: +919,000(1) net new personal contracts Asset
Management: EUR-51 billion Enhanced Solvency September 30, 2009
Solvency I ratio slightly above 140%(2) (vs. 133% as of June 30,
2009) Chairman's statement "Our top line trends for the first nine
months are in line with the ones observed in the first half of
2009, with a modest revenue drop and continued positive insurance
net inflows," said Henri de Castries, Chairman of AXA's Management
Board. "Life and Savings revenues recovered modestly in the third
quarter, notably with a solid performance in France. Our
unit-linked business remained below normal trends, as clients
evaluate the impact of the market environment on their investment
plans and investment decisions. Current US sales have been impacted
by lower consumer confidence following the market and economic
turmoil combined with our recent product redesigns. However, we
continue to believe in the strong potential of variable annuities
and other unit-linked savings products to meet our clients' needs.
In Property & Casualty, sales growth remained slightly positive
and we expect prices to generally increase over the coming months.
Assets under management have increased in the third quarter mainly
as a result of higher equity markets. AllianceBernstein improved
its investment performance and experienced lower levels of outflows
from their institutional clients compared to those seen earlier in
the year." "The outlook in global financial markets has improved
over the last six months, which provides a more favorable
environment for our business." 9M09 KEY HIGHLIGHTS / Revenues : Key
figures Euro million, except Change Change when otherwise noted on
a ----------------------- reported Comp.(a) Scope & FX 9M08
9M09 basis basis Other impact(b) Life & Savings revenues 43,845
42,706 -2.6% -6.4% 0.4% 3.5% Net inflows (Euro billion) 7.8 7.0
APE(3) (Group share) 5,163 4,508 -12.7% -14.7% 0.9% 1.0% NBV(4)
(Group share) 738 649 -12.2% -17.8% 0.5% 5.1% NBV to APE margin
(Group share) 14.3% 14.4% 0.1pt -0.5pt Property & Casualty
revenues 20,031 20,524 2.5% 0.6% 4.0% -2.1% International Insurance
revenues 2,229 2,308 3.5% 2.8% 0.1% 0.6% Asset Management revenues
3,059 2,253 -26.3% -30.9% 0.1% 4.4% Net inflows (Euro billion) -10
-51 Total revenues 69,458 68,094 -2.0% -5.1% 1.4% 1.8% (a) Change
on a comparable basis was calculated at constant FX and scope. (b)
Mainly due to the appreciation of the USD and JPY against the 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) - Total Revenues were
resilient, down 5% to Euro 68,094 million (down 6% in 1H09). - Life
& Savings revenues were down 6% to Euro 42,706 million (down 7%
in 1H09). France, Italy and Germany experienced positive growth,
whereas the US and the UK faced unfavorable market conditions,
notably in their unit-linked business. Net inflows were positive at
Euro +7.0 billion (Euro +5.6 billion in 1H09) with strong positive
contributions across the board driven by increased client
retention. New Business Volume (APE3) was down 15% to Euro 4,508
million, mainly driven by a slowdown in Investment & Savings
products through non proprietary channels. Unit-linked share was
down from 50% to 38%: variable annuity "Accumulator" sales dropped
in the US as a result of both declining markets and AXA's redesign
actions. New business margin was down 0.5 pt to 14.4% (up vs. 13.7%
in 1H09), mostly as a result of (i) higher unit costs due to lower
volumes and (ii) unfavorable market conditions, partly offset by
(iii) a better business mix mainly driven by the US (progressive
development of new redesigned Accumulator products), the UK (more
Protection business) and Japan. - Property & Casualty revenues
increased by 1% to Euro 20,524 million, driven by higher volumes in
Personal lines, partly offset by negative momentum in Commercial
lines as a result of the unfavorable economic environment. Net new
personal contracts amounted to +919,000 (+695,000 in 1H09). - Asset
Management revenues were down 31% to Euro 2,253 million (down 34%
in 1H09), mostly due to lower average assets under management and
unfavourable change in product mix (lower equity component). Net
outflows amounted to Euro -51 billion (Euro -38 billion in 1H09),
mainly due to AllianceBernstein's institutional clients. Assets
under management reached Euro 840 billion, significantly above June
30, 2009 levels (Euro 803 billion), benefiting from positive market
appreciation LIFE & SAVINGS / Life & Savings -- Life &
Savings revenues were down 6% to Euro 42,706 million (down 7% in
1H09). France, Italy and Germany experienced positive growth,
whereas the US and the UK faced unfavorable market conditions,
notably in their unit-linked business. -- Net inflows remained
positive at Euro +7.0 billion (Euro +5.6 billion in 1H09) with
strong positive contributions across the board driven by increased
client retention, both in General Account (Euro +3.6 billion) and
unit-linked (Euro +3.4 billion) businesses. The Euro 0.8 billion
decrease versus 9M08 was due to lower inflows (Euro -4.5 billion)
and an adverse forex and scope impact (Euro -0.9 billion), partly
compensated by higher client retention (Euro +4.6 billion). Net
Inflows by country/region Euro billion 9M08 9M09 United States +2.5
+0.3 France +1.9 +3.2 United Kingdom(a) -0.7 -0.6 NORCEE(5) +2.6
+2.0 Asia Pacific(6) +1.4 +0.9 MedLA(7) -0.0 +1.2 Total L&S Net
Inflows +7.8 +7.0 (a) UK Net Inflows, excluding with-profit funds,
stood at Euro +0.4 billion at 9M09 -- New Business Volume (APE3)
was down 15% to Euro 4,508 million, due to: (i) Adverse financial
environment: - Decline in individual investments & savings
sales mainly in the US, the UK and Australia, notably due to
financial market turmoil impacting unit-linked and Mutual Funds -
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)
(iii) Partly offset by a solid performance in France, with
successful developments in Group business, Italy (Joint-Venture
with BMPS) and Germany. Unit-linked share was down from 50% to 38%:
variable annuity "Accumulator" sales dropped in the US as a result
of both declining market and AXA's redesign actions. Annual Premium
Equivalent by country/region Change Change on a on a reported
comparable Euro million 9M08 9M09 basis basis United States 1,170
770 -34.2% -40.9% France 982 1,120 14.1% 14.1% United Kingdom 1,007
711 -29.4% -19.9% NORCEE(a) 880 841 -4.3% -5.5% Asia Pacific (b)
832 733 -11.9% -22.4% MedLA (c) 292 332 13.7% 3.5% Total Life &
Savings APE 5,163 4,508 -12.7% -14.7% (a) Northern Central and
Eastern Europe: Germany, Belgium, Switzerland and Central and
Eastern Europe. Luxemburg's APE and NBV are not modeled. (b) Asia
Pacific: Japan, Australia/New Zealand, Hong Kong, South East Asia
& China. India's APE and NBV are included in South East Asia
& China's APE and NBV from 1H09 (Changes on a comparable basis
calculated including India's 3Q08 APE and NBV, consolidated under
the equity method). (c) Mediterranean and Latin America Region:
Italy, Spain, Portugal, Turkey, Mexico and Greece. Morocco's APE
and NBV are not modeled. New business margin was down 0.5 pt to
14.4% (up vs. 13.7% in 1H09), mostly as a result of (i) higher unit
costs due to lower volumes and (ii) unfavorable market conditions,
partly offset by (iii) a better business mix mainly driven by the
US (progressive development of new redesigned Accumulator
products), the UK (more Protection business) and Japan. (Chart:
http://www.newscom.com/cgi-bin/prnh/20091029/NY01477) 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 41% to Euro 770 million, primarily
driven by (i) lower variable annuity sales (-43%), mainly in
third-party channels (brokers, banks, independent advisors), due to
a decline in overall industry sales as a result of uncertain market
conditions and redesigned Accumulator products with reduced
benefits, (ii) lower mutual fund sales through proprietary channels
(-38%), and (iii) lower Life sales (-38%), mainly in third-party
channels, following a Universal Life product redesign in 1Q09. NBV
margin was down 2.4 points to 2.5%, primarily as a result of higher
unit costs (due to lower volumes), and lower interest rates
negatively impacting the variable annuity profitability, partly
offset by an improved business mix following the introduction of
newly redesigned Accumulator products. A next-generation variable
annuity with a variable roll-up rate is expected to be launched by
the end of the year, continuing AXA's commitment to client needs
and innovation in the variable annuity marketplace. Evolution
versus 1H09 NBV margin (2.8%): Despite the improvement in business
mix (+4.2 pts) and in market conditions (+0.5 pt), the NBV margin
was slightly down as a result of deteriorating unit costs (-4.9
pts) due to lower volumes. France New business APE was up 14% to
Euro 1,120 million, driven by (i) Group business (+27%), boosted by
both Retirement and Protection sales, and by (ii) Individual lines
(+9%), supported by non unit-linked Savings products notably
benefiting from the low short-term interest rate environment,
partly offset by a drop in unit-linked Savings. NBV margin was down
0.1 point to 5.6%, as a result of lower share of individual
unit-linked products compensated by lower unit costs due to higher
volumes. The United Kingdom New business APE was down 20% to Euro
711 million, mainly as a result of a sharp decline in offshore and
onshore bond sales due to lower consumer confidence, partly offset
by increasing sales in Protection. NBV margin was up 0.6 point to
10.0% due to a favorable product mix, partly offset by higher unit
costs. Northern Central & Eastern Europe - Germany new business
APE was up 1% to Euro 342 million mainly as a result of higher non
unit-linked short term investment products and a one-off increase
in Health following a change in regulation, partly offset by non
recurring 2008 Riester incentive measures and lower regular premium
annuities. NBV margin was down 4.6 points to 14.1% primarily due to
negative investment market conditions (lower interest rates
impacting "TwinStar" variable annuity profitability). - Switzerland
new business APE was down 15% to Euro 208 million mainly due to
limited new business opportunities in Group Life (-22%) as a result
of low client turnover in the market due to adverse financial
environment, partly offset by higher individual variable annuity
sales ("TwinStar Income"). NBV margin was down 2.7 points to 26.3%
due to a slight deterioration in business mix. - Belgium new
business APE was down 10% to Euro 174 million mostly due to a
decrease in individual investment & savings sales (-11%) for
both unit-linked and non unit-linked products. NBV margin was up
1.2 points to 12.5% driven by a better business mix partly offset
by higher unit costs due to lower volumes. - Central & Eastern
Europe new business APE was up 1% to Euro 118 million. Excluding
the one-off impact of lower sales of Tax wrapper products
(voluntary decision), APE was up 21%, mainly driven by Hungary (new
distribution agreements and products). NBV margin was up 3.4 points
to 20.9% driven by better business mix (lower share of Tax wrapper
products). Asia Pacific - Japan new business APE decreased by 20%
to Euro 380 million, mainly driven by the bankruptcy of a large
independent agent (LINA). Excluding this one-off event, APE
decreased by 11% as a result of lower sales of Term products,
partly offset by resilient medical and variable annuity sales. NBV
margin was down 4.8 points to 52.8% mainly driven by higher unit
costs and difficult investment market conditions (lower interest
rate impacting the "Yen variable annuity" business) partly offset
by a more favorable business mix following the end of LINA's low
margin product sales. - Australia/New Zealand new business APE was
down 36% to Euro 198 million, mainly due to a drop in mutual fund
sales as a result of unfavorable market conditions, partly offset
by increased variable annuity sales ("North" product) and growth in
traditional life sales. NBV margin was up 2.5 points to 10.6%
partly due to improved business mix (lower share of low margin
mutual fund sales). - Hong Kong new business APE was down 8% to
Euro 89 million, mainly due to a decrease in unit-linked sales
given adverse market conditions, partially offset by higher
traditional life sales. NBV margin was down 2.9 points to 63.6% as
a result of higher unit costs due to lower volumes. - South East
Asia & China new business APE was up 13% to Euro 66 million
mainly driven by higher sales in Singapore, Thailand and Indonesia.
NBV margin was up 1.8 points to 32.8% due to improved business mix.
Mediterranean and Latin America Region (MedLA) - New business APE
increased by 3% to Euro 332 million, driven by higher sales in non
unit-linked Investment & Savings products at AXA MPS Italian
Joint-Venture in particular over the last quarter, partly offset by
lower sales in unit-linked products across the board and in Group
lines in Spain. - NBV margin was up 1.3 points to 13.8%, as a
result of improved business mix. PROPERTY & CASUALTY / Property
& Casualty - Property & Casualty revenues increased by 1%
to Euro 20,524 million, driven by higher volumes in Personal lines,
partly offset by negative momentum in Commercial lines as a result
of the unfavourable economic environment. Net new personal
contracts amounted to +919,000 (+695,000 in 1H09): Property &
Casualty : IFRS revenues by country Change on a Change on a
reported comparable In Euro million 9M08 9M09 basis basis NORCEE(5)
6,561 6,713 2.3% 0.5% of which Germany 2,909 2,905 -0.1% -0.1% of
which Belgium 1,662 1,651 -0.6% -0.6% of which Switzerland 1,902
2,058 8.2% 1.6% France 4,383 4,434 1.2% 1.2% United Kingdom &
Ireland 3,520 3,071 -12.8% -1.8% MedLA(7) 4,198 4,806 14.5% -1.0%
Rest of the world 1,369 1,500 9.5% 10.5% Total P&C revenues
20,031 20,524 2.5% 0.6% - Personal Motor revenues (35% of total
P&C revenues) were up 1.8% mainly driven by the UK (success of
Swiftcover direct business platform), Canada (tariff increase),
Asia (tariff increase and new business), and France (agents and
direct business), partly offset by Spain (due to the drop in car
sales and strong competition) and Germany (in a context of
competitive pressure and lower volumes). Motor Net new contracts
amounted to +815,000. - Personal Non-Motor revenues (25% of total
P&C revenues) increased by 0.7% with overall positive price
effect across the board, partially offset by a decrease in the UK.
Household Net new contracts amounted to +104,000. - Commercial
Motor revenues (7% of total P&C revenues) were down 1.9% with
negative contributions mainly in the UK (with tariff increase
impacting retention) and Spain, and positive ones mainly in Asia
and Germany. - Commercial Non-Motor revenues (31% of total P&C
revenues) were down 0.4%, with negative contribution mainly driven
by Spain (notably liability and construction), partially offset by
Switzerland (Health), Mexico (Property) and Turkey (Property
through SME business). ASSET MANAGEMENT & INTERNATIONAL
INSURANCE / Asset Management -- Asset Management revenues were down
31% to Euro 2,253 million (down 34% in 1H09), mostly due to lower
average assets under management and unfavorable change in product
mix (lower equity component). -- Assets Under Management were up
Euro 24 billion versus Dec 31, 2008 to Euro 840 billion at
September 30, 2009, mainly as a result of : -- Net inflows: Euro
-51 billion (vs. Euro -38 billion in 1H09), mainly due to
AllianceBernstein Institutional client segment, following 2008
investment underperformance. Year-to-date investment performance
showed improvement on Value and Fixed Income, and remained mixed in
Growth. AllianceBernstein launched a new commercial Real Estate
business and was one of five asset managers to successfully raise
assets for the US Government PPIP8 program. -- Market impact: Euro
+89 billion mainly at AllianceBernstein due to market recovery. --
Forex impact: Euro -16 billion mainly as a result of the
depreciation of the USD versus the Euro. Assets Under Management
Roll-forward Alliance In Euro billion Bernstein AXA IM Total AUM at
December 31, 2008 331 485 816 Net inflows -42 -9 -51 Market impact
68 21 89 Scope & other impacts - 1 1 Forex impact -17 2 -16 AUM
at September 30, 2009 340 500 840 Average AUM over the period
(FY08-9M09) 328 479 806 Change of average AUM 9M09 vs. 9M08 On a
reported basis -31% -9% -20% On a comparable basis -38% -9% -23%
International Insurance International Insurance revenues were up 3%
to Euro 2,308 million, with (i) AXA Corporate Solutions Assurance
up 2%, driven mainly by Liability (+14%) with higher new business,
partly offset by lower volumes in Property (-7%) as well as (ii)
AXA Assistance up 7%. International Insurance IFRS revenues Change
Change on a on a reported comparable In Euro million 9M08 9M09
basis basis AXA Corporate Solutions 1,574 1,598 1.5% 1.9% Assurance
AXA Assistance 541 573 5.8% 7.4% AXA Cessions 53 57 7.5% 7.5% Other
International Activities 61 79 30.8% -15.9% Total International
Insurance 2,229 2,308 3.5% 2.8% NOTES & OTHER INFORMATION /
Notes 1. Motor and household personal contracts 2. Assuming no
Unrealized Capital Gains on the Fixed Income portfolio. This
estimate has not been reviewed or approved by AXA's French
insurance supervisor "Autorite de Controle 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. Northern
Central and Eastern Europe: Germany, Belgium, Switzerland, Central
& Eastern Europe and Luxemburg. 6. Japan, Australia/New
Zealand, Hong Kong, South East Asia & China 7. Mediterranean
and Latin America Region: Italy, Spain, Portugal, Turkey, Mexico,
Greece and Morocco (and Gulf region for Property & Casualty) 8.
Public-Private Investment Program 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 - 9M09 vs. 9M08 / AXA Group IFRS revenues -
contributions & growth by segment and country/region IFRS
revenues change -------------------- 9M08 9M09 Comp. In Euro
million IFRS IFRS Reported basis United States 10,155 7,405 -27.1%
-34.5% France 10,656 11,646 9.3% 9.3% NORCEE 10,631 10,811 1.7%
-0.2% of which Germany 4,423 4,885 10.4% 10.4% of which Switzerland
3,794 3,880 2.3% -3.9% of which Belgium 2,019 1,651 -18.2% -18.2%
of which Central & Eastern Europe 350 344 -1.8% 9.1% United
Kingdom 2,753 2,002 -27.3% -18.1% Asia Pacific 5,859 6,337 8.2%
-5.9% of which Japan 3,621 4,156 14.8% -7.0% of which Australia/New
Zealand 1,243 1,158 -6.8% -1.8% of which Hong Kong 822 905 10.2%
-1.6% of which South East Asia 173 118 -31.7% -32.6% MedLA 3,709
4,420 19.2% 13.5% Other countries 82 85 3.9% 7.0% Life &
Savings 43,845 42,706 -2.6% -6.4% NORCEE 6,561 6,713 2.3% 0.5% of
which Germany 2,909 2,905 -0.1% -0.1% of which Belgium 1,662 1,651
-0.6% -0.6% of which Switzerland 1,902 2,058 8.2% 1.6% France 4,383
4,434 1.2% 1.2% MedLA 4,198 4,806 14.5% -1.0% United Kingdom &
Ireland 3,520 3,071 -12.8% -1.8% Canada 806 877 8.8% 12.1% Asia 563
623 10.6% 8.3% Property & Casualty 20,031 20,524 2.5% 0.6% AXA
Corporate Solutions Assurance 1,574 1,598 1.5% 1.9% Others 655 709
8.3% 5.0% International Insurance 2,229 2,308 3.5% 2.8%
AllianceBernstein 1,959 1,390 -29.0% -36.3% AXA Investment Managers
1,099 863 -21.5% -21.3% Asset Management 3,059 2,253 -26.3% -30.9%
Banking & Holding 294 303 3.2% 5.5% Total 69,458 68,094 -2.0%
-5.1% 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 Group share 9M09 APE funds) in Euro million
--------------------- -------------- UL change on Mutual comparable
UL Non-UL Funds 9M08 9M09 basis France 115 1,005 15% 10% -23%
United States 441 145 183 82% 75% -47% United Kingdom 611 90 10 90%
87% -23% NORCEE Germany 97 245 39% 28% -25% Switzerland 21 186 0 6%
10% 35% Belgium 11 163 9% 6% -38% Central & Eastern 70 36 12
59% 66% 12% Europe ASIA PACIFIC Japan 86 294 21% 23% -7%
Australia/New Zealand 6 39 153 20% 14% -221% Hong Kong 31 58 0 48%
35% -34% South East Asia & China 39 27 63% 59% 9% MedLA 55 271
7 33% 17% -49% Total 1,583 2,560 366 50% 38% -30% Appendix 3: AXA
Group IFRS Revenues in local currency - Discrete quarters / (In
million local currency except Japan in billion) 1Q08 2Q08 3Q08 4Q08
1Q09 2Q09 3Q09 Life & Savings United States 5,157 5,149 5,149
4,774 4,197 3,257 2,670 France 3,976 3,465 3,215 3,615 4,012 4,012
3,623 NORCEE of which Germany 1,477 1,478 1,468 1,810 1,516 1,540
1,829 of which Switzerland 4,342 915 843 1,010 4,188 922 749 of
which Belgium 989 611 419 541 534 514 603 of which Central &
Eastern Europe 113 116 121 115 115 113 116 United Kingdom 708 765
680 676 556 599 620 Asia Pacific of which Japan 185 193 207 163 174
188 167 of which Australia/ New Zealand 701 625 748 924 918 607 586
of which Hong Kong 3,212 3,145 3,393 3,146 3,178 3,099 3,317 MedLA
1,291 1,497 920 1,104 1,417 1,532 1,471 Property & Casualty
NORCEE of which Germany 1,602 597 709 621 1,619 587 699 of which
Switzerland 2,643 256 159 142 2,686 260 162 of which Belgium 637
517 507 477 648 513 491 France 1,821 1,200 1,362 1,212 1,864 1,224
1,346 MedLA 1,547 1,436 1,215 2,215 1,725 1,678 1,403 United
Kingdom & Ireland 873 979 901 770 881 952 891 Asia 200 176 187
185 212 205 206 Canada 349 463 437 423 385 530 484 International
Insurance AXA Corporate Solutions Assurance 889 331 354 380 900 355
343 Others, including AXA RE 247 205 203 232 279 196 234 Asset
Management AllianceBernstein 1,045 1,006 931 711 610 624 667 AXA
Investment Managers 374 388 337 337 295 284 284 Banking &
Holdings 87 89 82 110 78 89 91 Appendix 4: 9M09 Property &
casualty revenues contribution & growth by business line /
Property & Casualty revenues - contribution & growth by
business line Personal Commercial Commercial Personal Motor
Non-Motor Motor Non-Motor in % --------------- ----------------
--------------- --------------- 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
32% 2.8% 28% 2.6% 8% -2.1% 32% -0.7% United Kingdom(a) 19% 18.2%
36% -5.4% 6% -9.2% 39% -3.0% NORCEE of which Germany 31% -3.5% 35%
-0.6% 6% 1.3% 22% -0.1% of which Belgium 35% -0.0% 28% 2.8% 6%
-2.6% 31% -1.3% of which Switzer- land 36% -1.0% 14% 2.3% 4% 1.4%
46% 2.2% MedLA 45% -3.3% 19% 2.9% 10% -2.1% 26% 1.3% Canada 39%
20.0% 20% 25.2% 7% 2.9% 37% -2.3% Asia 75% 7.5% 7% 8.1% 4% 36.9%
17% 1.4% Total 35% 1.8% 25% 0.7% 7% -1.9% 31% -0.4% (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- 9M09 compar- 9M08 9M09 able 9M08 9M09 able
NBV/APE able in Euro million APE APE basis NBV NBV basis margin
basis United States 1,170 770 -40.9% 57 19 -69.9% 2.5% -2.4pts
France 982 1,120 14.1% 56 63 12.6% 5.6% -0.1pt United Kingdom 1,007
711 -19.9% 95 71 -15.2% 10.0% 0.6pt NORCEE 880 841 -5.5% 173 149
-14.4% 17.8% -1.8pts Germany 335 342 1.0% 63 48 -23.7% 14.1%
-4.6pts Switzerland 230 208 -15.1% 67 55 -22.9% 26.3% -2.7pts
Belgium 193 174 -10.0% 22 22 -0.0% 12.5% 1.2pts Central &
Eastern Europe 122 118 0.9% 22 25 20.2% 20.9% 3.4pts ASIA PACIFIC
832 733 -22.4% 316 300 -20.6% 40.9% 0.9pt Japan 389 380 -19.9% 214
201 -26.5% 52.8% -4.8pts Australia/New Zealand 305 198 -35.8% 27 21
-17.4% 10.6% 2.5pts Hong Kong 87 89 -8.2% 58 57 -12.1% 63.6%
-2.9pts South East Asia & China 52 66 12.7% 17 22 19.2% 32.8%
1.8pts MedLA 292 332 3.5% 41 46 14.4% 13.8% 1.3pts TOTAL 5,163
4,508 -14.7% 738 649 -17.8% 14.4% -0.5pt APPENDIX 6: 3Q09 Main
Press Releases / -- 10/07/2009 - AXA proposes a simplification of
its governance structure -- 08/25/2009 - AXA launches its 2009
employee share offering (Shareplan 2009) -- 08/05/2009 - Solid Half
Year 2009 earnings -- 07/17/2009 - Jean-Laurent Granier appointed
CEO of the Mediterranean-Latin America Region and joins AXA's
Executive Committee Please refer to the following web site address
for further details: http://www.axa.com/en/press/pr/ APPENDIX 7:
3Q09 operations on AXA shareholders' equity and debt /
Shareholders' Equity No significant operations. Debt No significant
operations. http://www.newscom.com/cgi-bin/prnh/20091029/NY01477
DATASOURCE: AXA Group CONTACT: Investors: Etienne Bouas-Laurent,
+33-1-40-75-46-85, Marie-Elodie Bazy, +33-1-40-75-97-24, Gilbert
Chahine, +33-1-40-75-56-07, Paul-Antoine Cristofari,
+33-1-40-75-73-60, Sylvie Gleises, +33-1-40-75-49-05, or George
Guerrero, +1-212-314-28-68, or Media: Emmanuel Touzeau,
+33-1-40-75-46-74, Laurent Secheret, +33-1-40-75-48-17, Armelle
Vercken, +33-1-40-75-46-42, or Chris Winans, +1-212-314-55-19, all
of AXA; AXA Individual shareholders Relations, +33-1-40-75-48-43
Web Site: http://www.axa.com/
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