AXA — Earnings Release 2012

Oct 25, 2012

press release

9M 2012 Activity Indicators

• Total revenues up 1% to Euro 68.4 billion
• Life & Savings APE stable at Euro 4.5 billion, with a 25% New Business Value margin
• Property & Casualty revenues up 4% to Euro 22.2 billion
• Asset Management net outflows reduced to Euro -8 billion

"Top line trends for the first nine months of 2012 are overall in line with those observed over the previous quarters, with a continued focus on Ambition AXA. Growth is driven by Protection & Health and Property & Casualty, which are less sensitive to financial markets", commented Denis Duverne, Deputy CEO of AXA.

"In Life & Savings, the shift in business mix towards more Protection & Health remained a priority. This translated into a stable NBV margin, despite a low interest rate environment."

"Property & Casualty revenue growth maintained its momentum in most countries driven by our disciplined underwriting policy, both in terms of rates and selectivity, and higher volumes."

"Assets under management increased over the period driven by market appreciation while net outflows reduced significantly."

Investor Relations	Contents:
+33 1 40 75 46 85	1H12 key highlights	2
	Life & Savings	3
Media Relations +33 1 40 75 46 74	Property & Casualty	7
	Asset Management	9
Individual Shareholder Relations	International Insurance	9
+33 1 40 75 48 43	Notes & Other information	10
	Appendices	11

All comments are on a comparable basis (constant Forex, scope and methodology for activity indicators; constant Forex for earnings unless otherwise specified).

Actuarial and financial assumptions are not updated on a quarterly basis in NBV calculation, except for interest rates which are hedged at point of sale for GMxB Variable Annuity products. Actuarial and other financial assumptions will be updated at year-end 2012.

Activity indicators: Key figures
				Change
In Euro million, except when otherwise noted	9M11	9M12	Change on a reported basis	Comp.(a) basis	Scope & Other	FX impact(b)
Life & Savings revenues	39,790	40,946	+2.9%	+0.4%	-1.2%	+3.7%
Net inflows (Euro billion)	4.5	3.0
APE1 (Group share)	4,255	4,461	+4.8%	-0.2%	+0.5%	+4.5%
NBV2 (Group share)	1,068	1,121	+5.0%	-1.1%	+0.5%	+5.6%
NBV to APE margin (Group share)	25.1%	25.1%	0 pt	-0.2 pt
Property & Casualty revenues	21,087	22,222	+5.4%	+3.6%	0%	+1.8%
International Insurance revenues	2,288	2,389	+4.4%	+1.4%	+0.1%	+2.9%
Asset Management revenues	2,443	2,460	+0.7%	-5.7%	0%	+6.7%
Net inflows (Euro billion)	-33	-8
Total revenues(c)	65,945	68,358	+3.7%	+1.3%	-0.7%	+3.1%

(a) Change on a comparable basis was calculated at constant FX, scope and methodology.

(b) Mainly due to the depreciation of the Euro against major currencies.

(c) Including Banking & Holdings revenues up 3% to Euro 340 million in 9M12 (vs. Euro 335 million in 9M11).

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.

Revenues

• Total Revenues were up 1% to Euro 68,358 million.
• Life & Savings revenues were stable at Euro 40,946 million.

New Business Volume (APE1) was stable at Euro 4,461 million as the 4% growth in General Account ("G/A") Protection & Health business, which represents 40% of total APE, was offset by a 1% decrease in Unit-Linked APE and by a 11% decrease in G/A Savings business. Mutual funds & Other APE was up 5%.

New Business Value (NBV2) was down 1% to Euro 1,121 million, as the increased contribution of G/A Protection & Health and lower unit-costs were more than offset by the impact of lower interest rates vs. 9M11 on GMxB products.

As a result, new business margin was stable at 25%, with high margin levels in both G/A Protection & Health business at 44% and Unit-Linked business at 24%.

Net inflows amounted to Euro +3.0 billion down from Euro +4.5 billion in 9M11, mainly driven by increased net outflows in G/A Savings, down Euro -1.9 billion. By business, we experienced strong net inflows in G/A Protection & Health (Euro +4.1 billion) and continued positive net inflows in Unit-Linked (Euro +2.1 billion), partly offset by net outflows in G/A Savings (Euro -3.3 billion) mainly at AXA MPS in Italy and in France.

• Property & Casualty revenues were up 4% to Euro 22,222 million. Personal lines revenues grew 3% largely driven by 2.9% average price increase. Commercial lines revenues grew 5% mainly driven by 2.9% average price increase and higher sum insured. On average, prices increased by 2.9% overall.
• Asset Management revenues were down 6% to Euro 2,460 million, mainly impacted by lower management fees at AllianceBernstein, resulting from lower average bps (down 3.9 bps) as well as lower average assets under management. Revenues at AXA IM were stable, as higher management fees were offset by lower real estate transaction fees and lower performance fees. Assets under management increased by Euro 52 billion over the period. Net outflows improved by Euro 25 billion to Euro -8 billion, with Euro -8.4 billion at AllianceBernstein and Euro +0.1 billion at AXA IM.

Solvency update (as of 09/30/2012)

• Regulatory solvency I ratio was estimated at above 220%.
• Economic capital ratio5 was estimated at ca. 183% including the benefit of third country equivalence for the US.

Life & Savings

Continued improvement in business mix towards G/A Protection & Health

New Business Volume (APE1) and margin by business

Life & Savings: analysis by business
		APE		NBV margin
In Euro million	9M11	9M12	Change on a comparable basis	9M12
G/A Protection & Health	1,632	1,796	+4%	44%
Unit-Linked	1,338	1,403	-1%	24%
o/w Continental Europe3	316	303	-4%	22%
G/A Savings	837	753	-11%	-4%
Mutual funds & Other	448	509	+5%	+3%
Total	4,255	4,461	0%	25%

• G/A Protection & Health new business APE (40% of total) was up 4% to Euro 1,796 million, mainly driven by Hong Kong up 33% (mainly due to strong agency sales supported by a marketing campaign), South-East Asia, India & China up 28% (notably in Thailand) and Japan up 7% (mainly driven by strong sales of Term Rider and Long Term Protection products), partly offset by lower Group Life sales in Switzerland (down 10%) after exceptionally strong sales in 9M11.
• Unit-Linked new business APE (31% of total) was down 1% to Euro 1,403 million, with:
• (i) Continental Europe3 down 4%, impacted by Germany (down 37%) mainly as a result of the curtailment of "Twinstar" GMxB Variable Annuity product, and France down 5% driven by individual savings affected by the negative performance of the French individual Unit-Linked savings market (down 29%). Yet French Unit-Linked share in Savings premiums was up 1 point to 24% in 9M12 (above market average of 13%);
• (ii) Central and Eastern Europe down 46%, mainly driven by Poland, due to a change in regulation affecting pension fund new business;
• (iii) The UK down 19%, mainly due to lower volumes in offshore bond business;
• (iv) the US up 26%, driven by the increase of non GMxB Variable Annuity products with the continued success of the "Structured Capital Strategies" product now distributed through wholesale channels, along with increased sales of GMxB Variable Annuity products, notably driven by the refreshed "Accumulator" with lower risk profile;
• (v) Italy up 29%, mainly at AXA MPS (+31%) driven by the successful launch of a new structured product.
• G/A Savings new business APE (17% of total) was down 11% to Euro 753 million, driven by France down 9% mainly due to individual savings affected by continued selective sales in a context of lower interest rates as well as by the negative performance of the French traditional savings market (down 12%), and by Italy down 28% mainly at AXA MPS given more selective sales with a stronger focus on Unit-Linked, and increased competition from banking products.
• Mutual funds & Other new business APE (11% of total) was up 5% to Euro 509 million driven by strong performance in the UK through the wrap platform Elevate.

As a result, new business value (NBV2) was down 1% to Euro 1,121 million as higher contribution of G/A Protection & Health and lower unit costs were more than offset by the impact of lower interest rates on the profitability of GMxB Variable Annuity products.

In mature markets, NBV was down 3% to Euro 809 million. In high growth markets, NBV was up 3% to Euro 313 million (28% of total NBV) mainly in South-East Asia, India & China (up 14%), as a result of higher volumes, partly offset by CEE (down 24%) driven by lower volumes following a change in regulation affecting pension fund new business in Poland, partly offset by an improved business mix and lower expenses.

NBV margin was stable at 25%, comprised of 22% NBV margin in mature markets and 43% NBV margin in high growth markets.

Actuarial and financial assumptions are not updated on a quarterly basis in NBV calculation, except for interest rates which are hedged at point of sale for GMxB Variable Annuity products. Actuarial and other financial assumptions will be updated at year-end 2012 and will notably take into account, if current market conditions were to persist, the decline in interest rates.

New Business Volume (APE1) and margins by country

New Business Volume (APE1) was stable at Euro 4,461 million, as strong sales in the US (+11%), South-East Asia, India & China (+20%), Japan (+13%) and Hong Kong (+10%) were offset by decreases in CEE (-35%), France (-4%), the UK (-10%) and Switzerland (-11%).

Annual Premium Equivalent by country/region
9M11	9M12	Change on a reported basis	Change on a comparable basis
956	937	-2%	-4%
749	914	+22%	+11%
418	406	-3%	-10%
1,010	903	-11%	-11%
377	343	-9%	-9%
338	309	-9%	-11%
128	147	+15%	+15%
168	105	-38%	-35%
820	1,016	+24%	+14%
337	418	+24%	+13%
243	295	+21%	+10%
240	304	+26%	+20%
302	283	-6%	-6%
55	41	-25%	-25%
184	185	+1%	+1%
63	57	-10%	-10%
4,255	4,461	+5%	0%
3,566	3,717	+4%	-1%
689	744	+8%	+2%

(a) Northern, Central and Eastern Europe: Germany, Belgium, Switzerland and Central & Eastern Europe. Luxembourg's APE and NBV are not modelled.

(b) Mediterranean and Latin American Region: Italy, Spain, Portugal, Turkey, Mexico, Morocco and Greece.

The United States

New business APE increased by 11% to Euro 914 million, primarily driven by strong increase in non GMxB Variable Annuity products with the continued success of the "Structured Capital Strategies" product now distributed through wholesale channels, along with increased sales of GMxB Variable Annuity products, notably driven by the refreshed "Accumulator" with lower risk profile.

NBV margin was up 2 points to 15%, mainly driven by both lower unit costs reflecting higher volumes and lower expenses along with improved business mix, partly compensated by the impact of lower interest rates on the profitability of GMxB Variable Annuity products.

France

New business APE was down 4% to Euro 937 million, mostly impacted by:

(i) G/A Savings sales down 9% mainly in individual savings, affected by continued selective sales in a context of lower interest rates as well as by the negative performance of the French traditional savings market (down 12%), and by

(ii) Unit-Linked sales down 5% driven by individual savings affected by the negative performance of the French individual Unit-Linked savings market (down 29%). Yet Unit-Linked share in Savings premiums increased by 1 point to 24% in 9M12 (above market average of 13%) partly offset by (iii) G/A Protection & Health sales up 2%, mainly driven by an increased new business in individual

Life, notably with the launch of the new Entour'age and Essen'ciel products, partly offset by lower sales in Individual Health before the launch of a new Health product line in October.

NBV margin was up 1 point at 15%, as the improvement in business mix (higher proportion of G/A Protection & Health products as well as higher share of Unit-Linked products within Savings sales) was partly offset by higher unit costs reflecting lower volumes.

The United Kingdom

New business APE was down 10% to Euro 406 million, mainly due to lower volumes in offshore bond business partly offset by strong Mutual Funds sales through the Elevate wrap platform.

NBV margin was down 6 points to 0% following a deterioration of business mix as market uncertainties triggered a decrease in higher margin offshore bond Unit-Linked products while lower margin Corporate pension products sales increased.

Northern, Central & Eastern Europe

Germany new business APE was down 9% to Euro 343 million, mainly as a result of the curtailment of "Twinstar" GMxB Variable Annuity product as well as lower sales of single premium G/A Savings products. This was partly offset by Health sales (up 5%) supported by brokers' anticipation of a change in regulation capping their commissions starting from April 1, 2012, as well as higher sales in G/A Savings Group pension business.

NBV margin was down 2 points to 21%, mainly due to lower volumes of "Twinstar" Variable Annuity product.

Switzerland new business APE was down 11% to Euro 309 million, due to Group Life after exceptionally strong sales in 9M11.

NBV margin was up 1 point to 42% driven by a favorable business mix.

Belgium new business APE was up 15% to Euro 147 million, mostly due to strong increase in G/A Protection & Health following the acquisition of a large group contract and in G/A Savings sales as a result of a two-month sales campaign in January and February in a context of higher Belgian sovereign interest rates.

NBV margin was up 2 points to 8%, driven by an improved product mix as well as lower unit costs reflecting higher sales.

Central & Eastern Europe new business APE was down 35% to Euro 105 million mainly driven by Poland, due to a change in regulation affecting pension fund new business.

NBV margin was up 3 points to 23%, mainly due to an improved business mix and lower expenses.

Asia Pacific

Japan new business APE was up 13% to Euro 418 million, mainly due to an increase in Unit-Linked mainly driven by GMxB Variable Annuity products, reflecting a higher number of bank distributors, as well as strong growth in G/A Protection and Health. Excluding GMxB Variable Annuity products, APE grew by 7% mainly from strong sales of Term Rider and Long Term Protection products.

NBV margin was down 13 points to 63%, mainly driven by seasonality effect as well as the impact of lower interest rates on the profitability of GMxB Variable Annuity products, partly offset by lower unit costs reflecting higher volumes.

• Hong Kong new business APE was up 10% to Euro 295 million, due to G/A Protection & Health driven by strong agency sales supported by a marketing campaign, partly offset by lower Unit-Linked sales mainly due to the non-recurrence of a marketing campaign in 1Q11. NBV margin was down 5 points to 56%, as higher volumes were more than offset by higher expenses mainly in marketing.
• South-East Asia, India & China new business APE was up 20% to Euro 304 million, reflecting strong sales of Unit-Linked products as well as good momentum in G/A Protection and Health, notably in Thailand.

NBV margin was down 2 points to 38% driven by a negative country mix.

Mediterranean and Latin America Region (MedLA)

New business APE was down 6% to Euro 283 million, mainly impacted by lower G/A Savings sales (i) in Italy down 28% mainly driven by AXA MPS through more selective sales with a stronger focus on Unit-Linked (+31%) with the successful launch of a new structured product as well as increased competition from banking products, and (ii) in Spain down 32% due to increased selectivity in a competitive environment.

NBV margin was up 4 points to 20%, mainly reflecting significant improvement in business mix, more than offsetting higher unit costs.

Property & Casualty

Property & Casualty revenues were up 4% to Euro 22,222 million. Personal lines revenues grew 3% largely driven by 2.9% average price increase. Commercial lines revenues grew 5% mainly driven by 2.9% average price increase and higher sum insured.

On average, prices increased by 2.9% overall.

Property & Casualty revenues strongly increased in high growth markets (+15%), with strong performance in Turkey, Mexico, and the Gulf region. Mature markets were up 2%. Direct was flat as lower sales in the UK, due to a portfolio cleansing in 1Q12 after a period of rapid growth, offset sales dynamism in the other countries (+9%).

Net new personal contracts amounted to +895k.

Property & Casualty : IFRS revenues by country/region
In Euro million	9M11	9M12	Change on a reported basis	Change on a comparable basis
NORCEE(a)	7,208	7,486	+4%	+3%
of which Germany	2,967	3,139	+6%	+6%
of which Belgium	1,602	1,606	0%	0%
of which Switzerland	2,513	2,604	+4%	+1%
MedLA(b)	4,798	5,048	+5%	+5%
of which Spain	1,523	1,409	-7%	-7%
of which Italy	1,019	1,057	+4%	+4%
of which other	2,257	2,581	+14%	+13%
France	4,334	4,476	+3%	+3%
United Kingdom & Ireland	2,821	3,151	+12%	+5%
Asia	322	391	+22%	+12%
Direct(c)	1,605	1,669	+4%	0%
Total P&C revenues	21,087	22,222	+5%	+4%
of which Direct(c)	1,605	1,669	+4%	0%
of which mature markets	17,186	17,844	+4%	+2%
of which high growth markets4	2,296	2,708	+18%	+15%

(b) Mediterranean and Latin American Region: Italy, Spain, Portugal, Turkey, Mexico, Gulf region, Greece and Morocco.

(c) Direct scope: AXA Global Direct (France, Belgium, Spain, Portugal, Italy, Poland, South Korea and Japan), UK Direct operations.

Personal lines revenues (59% of total P&C revenues) increased by 3%, mainly benefiting from a 2.9% average price increase.

• Personal Motor revenues (35% of total P&C revenues) were up 2%, mainly driven by:
• MedLA (+4%) notably with Turkey up 30% driven by the strong demand for AXA products and Italy up 4% mostly due to restructuring of the agencies network and higher average premium, partly offset by Spain, down 10%, mainly due to lower renewals in a difficult macro environment and increased competition, and by
• Germany (+7%), mainly due to price increases in the context of a hardening market,

partly offset by

• Direct (-3%) as lower sales in the UK due to a portfolio cleansing in 1Q12 after a period of rapid growth more than offset sales dynamism in the other countries, mainly in France and Japan.

Personal Motor net new contracts amounted to +649k.

Personal Non-Motor revenues (24% of total P&C revenues) increased by 5% driven by the UK & Ireland (+6%) with Household tariff increases and higher volumes due to new partnerships and improved retention mainly in the UK, by Germany (+6%) due to price increases in Property and Liability and by Direct (+19%) with positive growth across the board.

Household net new contracts amounted to +246k.

Commercial lines revenues (40% of total P&C revenues) were up 5%, driven by a 2.9% average price increase and an increased sum insured.

• Commercial Motor revenues (9% of total P&C revenues) were up 10% notably driven by Mexico (+23%) as a result of both higher new business and tariff increases, by France (+12%) and by the UK & Ireland (+14%).
• Commercial Non-Motor revenues (31% of total P&C revenues) were up 3% driven by the UK & Ireland (+7%) with strong new business in Health, France (+3%) supported by tariff increases notably in Construction and Property, and MedLA (+3%) where the strong new business growth of 30% in the Gulf Region notably in Health was partly offset by Spain (-8%) and Portugal (-13%) in a difficult macroeconomic environment.

Asset Management

Asset Management revenues were down 6% to Euro 2,460 million, mainly impacted by lower management fees at AllianceBernstein, resulting from lower average bps (down 3.9 bps) as well as lower average assets under management. Revenues at AXA IM were stable, as higher management fees were offset by lower real estate transaction fees and lower performance fees.

Asset management revenues
In Euro million	9M11	9M12	Change on a reported basis	Change on a comparable basis
AXA IM	937	958	+2%	0%
AllianceBernstein	1,506	1,502	0%	-9%
Total Asset management	2,443	2,460	+1%	-6%

• Assets Under Management were up Euro 52 billion versus December 31, 2011 at Euro 899 billion:
• Net flows: Euro -8.3 billion, comprised of:
  • Euro -8.4 billion at AllianceBernstein, mainly driven by outflows from institutional clients;
  • Euro +0.1 billion at AXA IM, driven by net inflows mainly from AXA Fixed Income, AXA Private Equity, AXA Real Estate and AXA Framlington, offset by outflows following the voluntary exit from unprofitable employee shareholding plan schemes (Euro -4.0 billion) and outflows at AXA Rosenberg (Euro -2.0 billion);
• Market impact: Euro +63 billion, both at AXA IM and AllianceBernstein, in proportion to their asset base;
• Scope impact: Euro -11 billion mainly following the transfer of Friends Provident assets after the disposal of UK Life operations to Resolution, as well as the disposal of Canadian operations and Australia & New Zealand operations;
• Forex impact: Euro +8 billion as a result of depreciation of the Euro against major currencies.

Assets Under Management Roll-forward
In Euro billion	Alliance Bernstein	AXA IM	Total
AUM at December 31, 2011	335	512	847
Net flows	-8	0	-8
Market appreciation	26	37	63
Scope & other impacts	-5	-7	-11
Forex impact	3	5	8
AUM at September 30, 2012	351	548	899
Average AUM over the period (12/31/11 - 09/30/12)	346	520	866
Change of average AUM 9M12 vs. 9M11
On a reported basis	4%	3%	3%
On a comparable basis	-6%	1%	-1%

International Insurance

International Insurance revenues were up 1% at Euro 2,389 million, due to growth at AXA Assistance, up 4%, while AXA Corporate Solutions Assurance revenues were stable.

International Insurance IFRS revenues
In Euro million	9M11	9M12	Change on a reported basis	Change on a comparable basis
AXA Corporate Solutions Assurance	1,626	1,680	3%	0%
AXA Assistance	569	604	6%	4%
Other international insurance activities	94	105	12%	2%
Total International Insurance	2,288	2,389	4%	1%

Notes

¹Annual Premium Equivalent (APE) represents 100% of new business regular premiums + 10% of new business single premiums. APE is Group share.

² New Business Value is Group Share.

³ Life & Savings Continental Europe is France, Germany, Belgium, Switzerland, Italy, Spain, Portugal and Greece.

⁴ Life & Savings high growth markets are: Hong Kong, Central & Eastern Europe (Poland, Czech Republic, Slovakia and Hungary), South-East Asia (Singapore, Indonesia, Philippines and Thailand), China, India, Morocco, Mexico and Turkey.

Property & Casualty high growth markets are: Morocco, Mexico, Turkey, Gulf region, Hong Kong, Singapore, Malaysia, Russia, Ukraine and Poland (exc. Direct).

⁵AXA's internal economic model calibrated based on an adverse 1/200 year shock.

⁶ And other companies.

About the AXA Group

The AXA Group is a worldwide leader in insurance and asset management, with more than 163,000 employees serving 101 million clients in 57 countries. In 2011, IFRS revenues amounted to Euro 86.1 billion and IFRS underlying earnings to Euro 3.9 billion. AXA had Euro 1,065 billion in assets under management as of December 31, 2011.

The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA's American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.

The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD, and is a founding member of the UN Environment Programme's Finance Initiative (UNEP FI) Principles for Sustainable Insurance.

This press release and the regulated information made public by AXA pursuant to article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1 et seq. of the Autorité des marchés financiers' General Regulation are available on the AXA Group website www.axa.com

AXA Investor Relations: AXA Media Relations:

Florian Bezault:	+33.1.40.75.59.17
Solange Brossollet: +33.1.40.75.73.60
Thomas Hude:	+33.1.40.75.97.24

Mattieu Rouot:	+33.1.40.75.46.85	Garance Wattez-Richard:	+33.1.40.75.46.42
Jennifer Lejeune	+33.1.40.75.39.27	Guillaume Borie:	+33.1.40.75.49.98
Yael Beer-Gabel:	+33.1.40.75.47.93	Hélène Caillet:	+33.1.40.75.55.51

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 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 the section "Cautionary statements" in page 2 of AXA's Document de Référence for the year ended December 31, 2011, for a description of certain important factors, risks and uncertainties that may affect AXA's business. 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.

AXA Group IFRS revenues – contribution & growth by segment and country/region
	9M11	9M12		IFRS revenues change
In Euro million	IFRS	IFRS	Reported	Comp. basis
United States	7,198	8,419	+17%	+7%
France	10,236	9,930	-3%	-3%
NORCEE	12,539	12,478	0%	-1%
of which Germany	5,115	4,867	-5%	-5%
of which Switzerland	5,371	5,598	+4%	+2%
of which Belgium	1,599	1,618	+1%	+1%
of which Central & Eastern Europe United Kingdom	394 495	338 470	-14% -5%	-11% +17%
Asia Pacific	5,817	6,254	+8%	+4%
of which Japan	4,201	4,801	+14%	+4%
of which Hong Kong	1,068	1,255	+18%	+7%
of which South-East Asia, India & China	195	199	+2%	-2%
MedLA	3,505	3,392	-3%	-3%
of which Spain	468	407	-13%	-13%
of which Italy	2,544	2,561	+1%	+1%
of which other	493	423	-14%	-14%
Life & Savings	39,790	40,946	+3%	0%
of which mature markets	37,851	38,864	+3%	0%
of which high growth markets4	1,939	2,082	+7%	+2%
NORCEE	7,208	7,486	+4%	+3%
of which Germany	2,967	3,139	+6%	+6%
of which Belgium	1,602	1,606	0%	0%
of which Switzerland	2,513	2,604	+4%	+1%
France	4,334	4,476	+3%	+3%
MedLA	4,798	5,048	+5%	+5%
of which Spain	1,523	1,409	-7%	-7%
of which Italy	1,019	1,057	+4%	+4%
of which other	2,257	2,581	+14%	+13%
United Kingdom & Ireland	2,821	3,151	+12%	+5%
Asia	322	391	+22%	+12%
Direct	1,605	1,669	+4%	0%
Property & Casualty	21,087	22,222	+5%	+4%
of which mature markets	17,186	17,844	+4%	+2%
of which Direct	1,605	1,669	+4%	0%
of which high growth markets4	2,296	2,708	+18%	+15%
AXA Corporate Solutions Assurance	1,626	1,680	+3%	0%
Other	663	709	+7%	+4%
International Insurance	2,288	2,389	+4%	+1%
AllianceBernstein	1,506	1,502	0%	-9%
AXA Investment Managers	937	958	+2%	0%
Asset Management	2,443	2,460	+1%	-6%
Banking & Holdings6	336	340	+1%	+3%
Total	65,945	68,358	+4%	+1%

in Euro million			9M12 APE		% Unit-Linked in APE		% G/A Protection & Health in APE
	G/A Protection & Health	G/A Savings	Unit-Linked	Mutual Funds & Other	9M11	9M12	9M11	9M12
United States	138	58	447	271	43%	49%	18%	15%
France	422	394	122	0	13%	13%	41%	45%
NORCEE	519	211	137	37	23%	15%	52%	57%
Germany	192	82	43	26	18%	12%	49%	56%
Switzerland	286	9	14	0	5%	4%	92%	92%
Belgium	34	102	11	0	7%	8%	20%	23%
Central & Eastern Europe	7	18	69	11	81%	66%	5%	7%
United Kingdom	24		229	152	63%	56%	6%	6%
Asia Pacific	625	1	351	40	36%	34%	59%	61%
Japan	300		118	0	24%	28%	76%	72%
Hong Kong	171	1	83	40	36%	28%	48%	58%
South-East Asia, India & China	154		149	0	53%	49%	47%	51%
MedLA	68	89	117	9	32%	41%	24%	24%
Spain	11	21	5	4	13%	12%	24%	26%
Italy	11	64	107	3	45%	58%	7%	6%
Other	46	3	5	2	10%	10%	72%	81%
Total	1,796	753	1,403	509	31%	31%	38%	40%

Net Inflows by country/region
In Euro billion	9M11	9M12
France	+0.8	+0.4
NORCEE(a)	+2.9	+1.9
United States	-0.4	+0.1
United Kingdom	+0.7	+0.1
Asia Pacific(b)	+1.6	+2.2
MedLA(c)	-1.0	-1.6
Total Life & Savings Net Inflows	+4.5	+3.0
of which mature markets	+3.2	+1.9
of which high growth markets4	+1.4	+1.0

(a) Northern, Central and Eastern Europe: Germany, Belgium, Switzerland, Central & Eastern Europe and Luxembourg

(b) Asia Pacific: Japan, Hong Kong, South-East Asia, India & China and Australia & New Zealand

(c) Mediterranean and Latin American Region: Italy, Spain, Portugal, Turkey, Mexico, Greece and Morocco

APPENDIX 4: Group IFRS Revenues in local currency – Discrete quarters /

In million local currency except Japan in billion	1Q11	2Q11	3Q11	4Q11	1Q12	2Q12	3Q12
Life & Savings
United States	3,390	3,285	3,445	3,270	3,666	3,554	3,571
France	3,665	3,429	3,142	3,408	3,510	3,236	3,185
NORCEE
Germany	1,656	1,663	1,796	1,870	1,674	1,606	1,586
Switzerland	4,697	1,066	865	979	4,694	1,134	913
Belgium	655	455	489	543	809	415	394
Central & Eastern Europe	137	138	119	119	112	110	116
United Kingdom	136	148	147	132	131	130	122
Asia Pacific
Japan	158	163	157	170	156	175	166
Australia & New Zealand	479	-	-	-	-	-	-
Hong Kong	3,774	3,905	4,017	4,118	4,032	3,981	4,469
MedLA	1,272	1,059	1,175	1,284	1,012	1,240	1,139
Property & Casualty
NORCEE
Germany	1,659	586	722	640	1 738	635	765
Switzerland	2,653	272	175	160	2 672	281	183
Belgium	636	487	479	478	636	492	477
France	1,842	1,195	1,296	1,220	1,879	1,259	1,339
MedLA	1,712	1,658	1,427	2,018	1,798	1,732	1,518
United Kingdom & Ireland	783	875	801	721	831	903	825
Asia	114	98	110	97	143	117	131
Direct	517	542	546	497	512	573	585
International Insurance
AXA Corporate Solutions Assurance	932	338	355	360	944	389	347
Other	277	192	194	227	270	222	218
Asset Management
AllianceBernstein	723	716	681	603	625	626	674
AXA Investment Managers	299	335	304	369	294	316	348
Banking & Holdings6	130	119	87	150	142	84	114

APPENDIX 5: 9M12 Property & Casualty revenue contribution & growth by business line /

Property & Casualty revenues – contribution & growth by business line
	Personal Motor		Personal Non-Motor			Commercial Motor	Commercial Non-Motor
in %	% Gross revenues	Change on comp. basis	% Gross revenues	Change on comp. basis	% Gross revenues	Change on comp. basis	% Gross revenues	Change on comp. basis
France	28%	+1%	29%	+3%	9%	+12%	33%	+3%
United Kingdom & Ireland	14%	-4%	39%	+6%	9%	+14%	39%	+7%
NORCEE	34%	+4%	21%	+5%	7%	-1%	36%	+1%
of which Germany	33%	+7%	24%	+6%	6%	+2%	29%	+2%
of which Belgium	28%	-1%	22%	+4%	12%	-4%	38%	+1%
of which Switzerland	37%	+2%	15%	+3%	4%	0%	44%	0%
MedLA	41%	+4%	19%	+2%	14%	+16%	27%	+3%
of which Spain	45%	-10%	29%	-4%	7%	-8%	20%	-8%
of which Italy	64%	+4%	23%	+3%	0%	+72%	14%	+3%
of which other (a)	29%	+18%	13%	+9%	23%	+21%	36%	+7%
Asia	36%	+8%	11%	+13%	12%	+20%	45%	+15%
Direct	88%	-3%	14%	+40%
Total	35%	+2%	24%	+5%	9%	+10%	31%	+3%
of which mature markets	31%	+1%	27%	+4%	8%	+4%	33%	+2%
of which high growth markets4	30%	+18%	11%	+11%	22%	+25%	37%	+10%

(a) Portugal, Greece, Turkey, Mexico, Gulf region and Morocco.

Property & Casualty price increases by country and business line
In %	Personal	Commercial(a)
France	+2.5%	+5.8%
Germany	+4.3%	+0.7%
United Kingdom & Ireland	+4.9%	+4.0%
Switzerland	-0.3%	-0.2%
Belgium	+6.2%	+2.6%
MedLA	+2.0%	+2.9%
Asia	+0.4%	+2.3%
Direct	+3.0%	-
Total	+2.9%	+2.9%

(a) Renewals only

APPENDIX 7: Life & Savings New Business Volume (APE), Value (NBV) and NBV to APE margin /

in Euro million	9M11 APE	9M12 APE	Change on a comparable basis	9M11 NBV	9M12 NBV	Change on a comparable basis	9M12 NBV/APE margin	Change on a comparable basis
United States	749	914	+11.2%	99	140	+28.5%	15.4%	+2.1 pts
France	956	937	-4.1%	131	140	+3.3%	14.9%	+1.1 pts
United Kingdom	418	406	-9.6%	23	-1	n.a.	-0.2%	-5.7 pts
NORCEE	1,010	903	-10.9%	265	237	-11.3%	26.2%	-0.1 pt
Germany	377	343	-9.0%	87	72	-17.0%	21.1%	-2.0 pts
Switzerland	338	309	-10.8%	137	128	-8.3%	41.5%	+1.1 pts
Belgium	128	147	+14.8%	8	12	+47.8%	8.3%	+1.9 pts
Central & Eastern Europe	168	105	-34.9%	33	24	-23.8%	22.9%	+3.3 pts
ASIA PACIFIC	820	1,016	+14.0%	503	547	-0,3%	53.8%	-7.7 pts
Japan	337	418	+12.7%	256	264	-6.2%	63.3%	-12.8 pts
Hong Kong	243	295	+10.1%	150	166	+0.8%	56.4%	-5.2 pts
South-East Asia, India & China	240	304	+19.7%	97	116	+13.8%	38.1%	-2.0 pts
MedLA	302	283	-6.2%	47	55	+17.2%	19.5%	+3.9 pts
Spain	55	41	-24.8%	12	9	-28.6%	20.9%	-1.1 pts
Italy	184	185	+0.6%	29	37	+29.1%	19.9%	+4.4 pts
Other	63	57	-9.6%	6	10	+50.2%	17.4%	+7.2 pts
TOTAL	4,255	4,461	-0.2%	1,068	1,121	-1.1%	25.1%	-0.2 pt
of which mature markets	3,566	3,717	-0.7%	785	809	-2.6%	21.8%	-0.4 pt
of which high growth markets4	689	744	+2.4%	283	313	+3.2%	42.7%	+0.3 pt

• 08/03/2012 Half year 2012 Earnings
• 08/21/2012 AXA launches its 2012 employee share offering (Shareplan 2012)
• 10/09/2012 AXA and Crédit Agricole CIB sign their first joint financing

Please refer to the following web site address for further details:

http://www.axa.com/en/press/pr/

APPENDIX 9: 9M12 operations on AXA's shareholders' equity and debt /

Shareholders' Equity

No significant operations

Debt

No significant operations

APPENDIX 10: Next main investor events /

• 11/07/2012 Investor Day
• 02/21/2013 Full Year 2012 Earnings
• 04/30/2013 Shareholders' meeting