AXA — Earnings Release 2012

Feb 21, 2013

Full Year 2012 Earnings

AXA confirms its growth trajectory and strengthens its performance

• Total Revenues up 5% on a reported basis to Euro 90.1 billion
• Underlying Earnings up 9% to Euro 4.3 billion
• Adjusted Earnings up 28% to Euro 4.5 billion
• Net Income of Euro 4.2 billion, down 4%*, mainly due to the non-recurrence of Euro 1.4 billion exceptional favourable items in 2011
• Increased Dividend by 4% to Euro 0.72 per share to be proposed by the Board of Directors

In Euro million unless otherwise specified	FY111	FY12	Change on a reported basis	Change on a comparable basis
Total revenues	86,107	90,126	+5%	+2%
New Business Value margin (%)	25.2%	31.2%	+6.1pts	+5.5pts
All-year combined ratio	97.9%	97.6%	-0.3pt	-0.3pt
Underlying Earnings	3,772	4,251	+13%	+9%
Adjusted Earnings	3,460	4,548	+31%	+28%
Net income	4,190	4,152	-1%	-4%*
Debt gearing (%)	27%	26%	-1pt
Economic solvency ratio (%)	183%	206%	+23pts
Group operating Free Cash Flows (Euro bn)	4.2	4.7	+11%
Shareholders' equity (Euro bn)	46.4	53.7	+16%
Adjusted Return on Equity (ROE)	10.3%	13.3%	+3.0pts
Dividend per share (Euro)	0.69	0.72	+4.3%

KEY FIGURES

* or +44% when excluding Euro 1.4 billion main favourable FY11 exceptional items

"AXA delivered a strong set of results in 2012, with significant underlying earnings and operating free cash flow growth. This, combined with a robust balance sheet, enables AXA's Board of Directors to propose to shareholders an increased dividend of Euro 0.72 per share", said Henri de Castries, Chairman and CEO of AXA. "We have continued to relentlessly pursue efficiencies and product innovations, as well as benefit from sweet spots in high growth markets so as to extend competitive advantage and value for policyholders in the evolving market environment."

"We maintained our focus on delivering Ambition AXA and we continued to be more selective by further shifting our new business towards more profitable segments that address evolving customer needs. Our Life & Savings and Property & Casualty business lines reported both top and bottom line growth whilst the Asset Management business improved its earnings and positive net flow momentum in the second half."

"2012 was another year of acceleration where we accessed new growth opportunities through the launch of our life insurance joint-venture with ICBC in China, as well as the acquisition of the P&C activities of HSBC in Singapore, Hong Kong and Mexico² . We are optimizing our cost structure and are on track to deliver on Ambition AXA efficiency objectives."

"We remain first and foremost driven by the execution of Ambition AXA. Pursuing this transformational journey enables us to deliver profitable growth whilst staying focused on our purpose of protecting people."

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Press Conference – Paris, 9.30 CET

Analyst Conference – Paris, 11.30 CET

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	All comments are on a comparable basis for activity indicators (constant Forex, scope and methodology) and at constant Forex for earnings, unless otherwise specified.
AXA Group	highlights12
	Total Revenues were up 2%, driven by both Property & Casualty and Life & Savings, partially offset by lower Asset Management revenues.
	Property & Casualty revenues were up 3%, mainly driven by an overall positive price effect of 3%
	Life & Savings revenues increased by 3%, with growth in both mature and high growth markets
SALES	Asset Management revenues decreased by 3%, with net outflows improving to Euro -1 billion
	New Business Volume (Annual Premium Equivalent, APE3,4 ) was up 3%, driven by increases in General Account Protection & Health and Unit-Linked, partially offset by decreases in General Account Savings. Life & Savings new business mix continued to improve overall with an increased proportion of General Account Protection & Health and Unit-Linked share of APE, in line with Ambition AXA.
	Life & Savings Net Inflows were up 7% to Euro 3.9 billion, driven by General Account Protection & Health and Unit-Linked, partly offset by General Account Savings.
	Profitability improved in both Life & Savings and Property & Casualty.
OFITABILITY	Life & Savings New Business Value (NBV4,5 ) grew 25% to Euro 1.9 billion from Euro 1.4 billion in FY11, reflecting higher volumes, improved business mix and lower expenses. Life & Savings New Business Value margin improved by 5 points to 31% whilst Life & Savings New Business IRR increased by 1 point to 12.5%.
PR	In Property & Casualty, current year combined ratio was down 0.8 point to 98.8%, whilst the all year combined ratio also improved to 97.6%.
GS	4 were up 9% Underlying Earnings to Euro 4.3 billion, driven by increases across core business lines: Life & Savings, Asset Management and Property & Casualty.
	Adjusted Earnings4 increased by 28%, driven by higher Underlying Earnings, lower impairments and higher realized capital gains.
EARNIN	Net Income declined by 4% to Euro 4.2 billion, notably due to the non-recurrence of Euro 1.4 billion of exceptional favourable items in 2011. Excluding these items, Net Income grew 44%.
	Shareholders' equity was Euro 54 billion, up Euro 7 billion, mainly impacted by higher unrealized capital gains6 and Net Income contribution, partly offset by 2011 dividend payment, change in pension benefits and Forex movements.
	Solvency I ratio was 233%, up 45 points vs. December 31, 2011.
	Economic solvency7 ratio was up 23 points to 206% at December 31, 2012 notably due to a strong operating return.
	Debt gearing decreased by 1 point to 26%.
BALANCE SHEET	Group operating Free Cash Flows were up 11% on a reported basis, mostly driven by the Life & Savings business thanks to an improved new business mix towards less capital intensive products and by strong operating return from inforce.
	Tangible Net Asset Value increased by 52% to Euro 21.6 billion due to earnings retention and increased net unrealized capital gains.
	Adjusted ROE improved to 13.3%.
	A dividend of Euro 0.72 per share (up 4% vs. FY11) will be proposed at the Shareholders' Annual General Meeting that will be held on April 30, 2013. The dividend is expected to be paid on May 14, 2013 with an ex-dividend date of May 9, 2013. This represents a pay-out ratio of 40% of Adjusted Earnings, net of the interest charge on perpetual debt.

Change in presentation

The press release was revised and streamlined to focus mainly on Revenues, Underlying Earnings, new business sales and productivity indicators. Please find details by country in the Activity Report and financial supplement found athttp://www.axa.com/en/investor/resultsreports/earnings/

Change in accounting

The amendment to IAS19 will be effective as of January 1, 2013. The revision impacts the calculation of Employee Benefits and will lead to a restatement in 2013 of comparative information in respect to the 2012 period. The estimated impact would be Euro -0.1 billion on AXA Group's Underlying Earnings, which will be fully offset by a positive adjustment in Other Comprehensive Income (OCI). In addition, the amendment no longer allows the deferral of past service costs, which will result in a negative but non-material restatement of shareholders' equity as of January 1, 2012. The AXA Group does not expect any other material effect on its consolidated financial statements from the amendment.

Non-GAAP measures such as Underlying Earnings and Adjusted Earnings are reconciled to Net Income on page 15 of this release. AXA's 2012 financial statements have been examined by the Board of Directors on February 20, 2013 and are subject to completion of audit procedures by AXA's statutory auditors.

Notes are on page 10

		Revenues		Underlying Earnings
Euro billion	FY11	FY12	% change	FY11	FY12	% change
Mature markets	49.8	52.1	+2%	1.9	2.3	+19%
High growth markets	2.6	2.9	+4%	0.3	0.4	+18%
Total	52.4	55.0	+3%	2.1	2.6	+19%

Life & Savings – Shift in business mix driving profitable growth

Key figures	Pre-tax Underlying Earnings				APE	NBV margin
Euro billion	FY11	FY12	% change	FY11	FY12	% change	FY11	FY12
G/A Protection & Health	2.2	2.3	0%	2.2	2.4	+7%	47%	53%
G/A Savings	0.6	0.7	+25%	1.2	1.0	-10%	-4%	5%
Unit-Linked	0.0	0.5	n.a.	1.8	2.0	+2%	23%	28%
Mutual funds & Other	0.0	0.0	n.a.	0.6	0.7	+13%	5%	4%
Total	2.8	3.4	+23%	5.7	6.2	+3%	25%	31%
of which mature markets	2.4	3.1	+26%	4.8	5.1	+2%	22%	29%
of which high growth markets8	0.3	0.4	+3%	0.9	1.1	+4%	42%	44%

"In 2012, despite a challenging interest rate environment, we maintained our focus towards more profitable segments and optimized new business margins and IRRs. This resulted in growth in Revenues, APE and Underlying Earnings", said Jacques de Vaucleroy, Head of the Life & Savings Global business line.

New Business APE was up 3%, mainly driven by increases in General Account Protection & Health and Unit-Linked, partly offset by decreases in General Account Savings.

AXA continues to focus on profitable new business: New Business Value (NBV) was up 25% to Euro 1.9 billion, mainly supported by higher volumes, improved business mix towards General Account Protection & Health, as well as lower expenses, notably in the US.

As a result, the NBV margin increased by 5 points to 31% and New Business IRR increased by 1 point to 12.5%.

Pre-tax Underlying Earnings increased by 23% driven by a higher investment margin and a higher technical margin, partly offset by higher acquisition expenses, mainly due to higher deferred acquisition cost amortization.

• General Account Protection & Health APE (40% of total) was up 7%, mainly driven by South-East Asia, India & China, Hong Kong and Japan. Pre-tax Underlying Earnings were flat, as improved margins were offset by higher acquisition expenses reflecting higher volumes.
• General Account Savings APE (17% of total) was down 10%, mainly impacted by reduced volumes in Italy, Germany and France, in line with the strategy of selective sales in a low interest rates environment. Pre-tax Underlying Earnings were up 25% supported by a higher investment margin, benefitting from active contract management reflecting our flexible crediting rate policy, as well as lower expenses.

Continued improvement in business mix with strong NBV margin growth

Strong rebound in Underlying Earnings

Unit-Linked APE (32% of total) was up 2%, mainly driven by the US, Japan and Continental Europe⁹ , partly offset by CEE, due to a change in regulation affecting new pension fund business in Poland, and the UK. Pre-tax Underlying Earnings increased to Euro 504 million, mostly driven by improved Variable Annuity GMxB results in the US. AXA further strengthened GMxB reserves for policyholder behaviour and refined its US Variable Annuity GMxB interest rate hedging approach.

.

Property & Casualty – Improved combined ratio and strong sales in high growth markets

		Revenues (Euro billion)	FY12 price increases
	FY11	FY12	% change	% change
Personal	16.3	16.9	+3%	+3%
Commercial	10.5	11.2	+3%	+3%10
Other	0.2	0.2
Total	27.0	28.3	+3%	+3%

	Revenues (Euro billion)			Current year combined ratio			All-year combined ratio
	FY11	FY12	% change	FY11	FY12	% change	FY11	FY12	% change
Mature markets	21.6	22.3	+2%	99.3%	98.3%	-1.1pts	97.2%	96.3%	-1.0pt
Direct	2.1	2.2	+2%	101.7%	100.5%	-1.2pts	105.4%	100.6%	-4.8pts
High growth markets8	3.3	3.8	+12%	100.0%	101.0%	+1.1pts	98.2%	104.2%	+6.3pts
Total	27.0	28.3	+3%	99.6%	98.8%	-0.8pt	97.9%	97.6%	-0.3pt

"The Property & Casualty business has shown significant improvement since the start of Ambition AXA, delivering profitable growth through a decreased combined ratio as well as increased revenues. The Group remains committed to focusing on technical excellence through a robust underwriting discipline", said Jean-Laurent Granier, head of the P&C Global Business Line.

Property & Casualty revenues were up 3%, mainly driven by 3% tariff increases in both personal and commercial lines.

High growth markets revenues remained strong and growing, increasing by 12%, mainly driven by Turkey and Mexico. Following bodily injury claims inflation in Turkey in 2012, AXA took swift actions to raise tariffs in the country.

Mature markets revenues increased by 2%, largely due to tariff increases in Germany and France. Revenues in the UK & Ireland increased by 5%, mainly as a consequence of continued price increases and strong growth in Health. In Southern Europe¹¹ revenues decreased by 3%, as a consequence of a difficult economic environment.

Direct revenues were up 2%, as lower sales in the UK due to portfolio pruning in 1Q12 were more than offset by sustained increased volumes in the other countries (+9%).

Higher P&C Underlying Earnings thanks to a better combined ratio

P&C revenues

supported by

growth

price

increases

Property & Casualty Underlying Earnings were up 1% to Euro 1,895 million thanks to better technical profitability and higher volumes, and despite a Euro -117 million reserve strengthening impact in Turkey due to an increase in both frequency and average cost of legal bodily injury claims in Motor and Liability.

Current year combined ratio improved by 0.8 point to 98.8%. Tariff increases and lower claims frequency contributed to the improvement, as well as lower natural catastrophes, which contributed 0.4 point compared to 0.7 point the year

before. This was partly offset by an increase in severity, with higher freeze claims during 2012, contributing 0.9 point compared to 0.4 point the year before.

The expense ratio decreased by 0.2 point to 26.8%.

The enlarged expense ratio decreased by 0.6 point to 31.2%, reflecting lower claims handling cost and expense ratios.

Prior year reserve developments were down 0.5 point, notably due to the above mentioned reserve strengthening in Turkey. Overall, the reserving ratio was stable at 186%.

As a result, the all-year combined ratio improved by 0.3 point to 97.6%.

Key figures	Revenues					Underlying Earnings	Closing Assets Under Management (Euro billion)
Euro million	FY11	FY12	% change	FY11	FY12	% change	FY11	FY12	% change
AXA IM	1,306	1,324	0%	215	223	+1%	512	554	+8%
AllianceBernstein	1,963	2,019	-4%	106	159	+39%	335	349	+4%
Total	3,269	3,343	-3%	321	382	+14%	847	90312	+7%

Asset Management – Improved flows and earnings

"Asset Management has experienced several challenging years; however, 2012 showed signs of a turnaround. There was growth in earnings, with the last 4 months of the year delivering positive inflows at both AXA IM and AllianceBernstein. The long-term strategy to improve investment performance, diversify the business, innovate for clients with new offerings and strengthen the financials is delivering positive results", said Denis Duverne, AXA Group Deputy Chief Executive Officer.

Assets Under Management were up 7% mainly driven by a market appreciation, slightly offset by a change in scope following the disposal of UK Life, Canada and Australia & New Zealand operations. AllianceBernstein experienced net outflows of Euro -4 billion mainly from institutional and private clients whilst AXA IM reported net inflows of Euro +3 billion mainly driven by inflows from both key investor segments, retail and institutional. Improving net flows

Asset Management revenues were down 3%, mainly on lower management fees at AllianceBernstein, reflecting the product shift towards lower margin Fixed Income business as well as lower average Assets Under Management. AXA IM revenues were stable.

Underlying Earnings were up 14%, mainly driven by lower operating expenses at AllianceBernstein. AXA IM Underlying Earnings were up 1%.

Adjusted Earnings

Adjusted Earnings were up 28% to Euro 4,548 million, driven by Underlying Earnings evolution, higher realized capital gains on equities and lower impairments mainly on fixed income from the non-repeat of 2011 Greek bond impairments.

Net Income

Net Income was down 4% to Euro 4,152 million, mainly reflecting the increase in Adjusted Earnings (Euro +1.1 billion) and the non-repeat of 2011 main exceptional items (Euro -1.4 billion): the disposal of the Canada, Australia & New Zealand operations, the sale of the 16% stake in Taikang Life in China and the US goodwill reduction.

Expenses

"AXA is committed to achieve its cost savings plan. On top of our initial Ambition AXA target, we have identified an additional Euro 0.2 billion savings potential from Life & Savings acquisition costs, increasing the 2011-2015 objective from Euro 1.5 billion to Euro 1.7 billion. What is more, we plan to further optimize our resource allocation and continue to invest in our businesses in line with our strategic ambitions. More specifically, in 2013, we plan to invest Euro 1.2 billion", said Véronique Weill, AXA Group Chief Operating Officer.

AXA has already delivered Euro 0.7 billion of cost savings since the start of Ambition AXA, of which Euro 0.4 billion in 2012. The benefits of these savings are already flowing through to earnings and margins, and this momentum should continue.

Operating Free Cash Flows

Group Operating Free Cash Flows were up 11% on a reported basis, from Euro 4.2 billion to Euro 4.7 billion mainly driven by the increase in the Life & Savings Operating Free Cash Flows, up from Euro 1.8 billion in 2011 to Euro 2.2 billion, thanks to an improved new business mix towards less capital intensive products as well as a stronger recurring operational experience.

Economic Solvency

The Economic Solvency ratio increased from 183% as at December 31, 2011 to 206% as at December 31, 2012 notably due to a strong operating return.

Group Embedded Value (EV)

Group EV was up Euro 5.8 billion to Euro 37.3 billion, or Euro 15.6 per share. 19% return on opening Group EV was driven by a strong operating return across all businesses.

Dividend

A dividend of Euro 0.72 per share (up 4% vs. FY11) will be proposed at the Shareholders' Annual General Meeting that will be held on April 30, 2013. The dividend is expected to be paid on May 14, 2013 with an ex-dividend date of May 9, 2013.

Notes

1 FY11 is restated for the change in deferred acquisition costs (DAC) accounting methodology adopted retrospectively as at January 1, 2012.

² All regulatory approvals for closing have been obtained and closing is currently expected at the end of March 2013.

³ Annual Premium Equivalent (APE) represents 100% of new business regular premiums + 10% of new business single premiums. APE is Group Share.

⁴ Underlying Earnings are Adjusted Earnings, excluding net capital gains attributable to shareholders. Adjusted Earnings represent Net income before the impact of exceptional and discontinued operations, goodwill and related intangibles amortization/impairments, and profit or loss on financial assets (classified under the fair value option) and derivatives. Life & Savings NBV and APE, Adjusted and Underlying Earnings are non-GAAP measures and as such are not audited, may not be comparable to similarly titled measures reported by other companies, and should be read together with our GAAP measures. Management uses these non-GAAP measures as key indicators of performance in assessing AXA's various businesses and believes that the presentation of these measures provide useful and important information to shareholders and investors as measures of AXA's financial performance.

⁵ New Business Value is Group share.

⁶ Excluding Forex, minority interests and other.

⁷ AXA internal economic model calibrated based on adverse 1/200 years shock. It is assuming US equivalence.

8 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 (excl. Direct).

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

¹⁰ Renewals only.

¹¹ Italy, Spain, Portugal and Greece.

¹² The difference with Euro 1,116 billion of total assets under management corresponds to assets directly managed by AXA insurance companies.

About the AXA Group

The AXA Group is a worldwide leader in insurance and asset management, with more than 163,000 employees serving 102 million clients in 57 countries. In 2012, IFRS revenues amounted to Euro 90.1 billion and IFRS underlying earnings to Euro 4.3 billion. AXA had Euro 1,116 billion in assets under management as of December 31, 2012.

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.

It is a founding member of the UN Environment Programme's Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.

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).

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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.

APPENDIX 1: AXA Group IFRS Revenues /

AXA Group IFRS revenues – Contributions & growth by segment and country/region
In Euro million	FY11	FY12	IFRS revenues change
	IFRS	IFRS	Reported	Comp. basis
United States	9,656	11,228	+16%	+8%
France	13,644	13,737	+1%	+1%
NORCEE	15,869	15,827	-0%	-1%
of which Germany	6,985	6,635	-5%	-5%
of which Switzerland	6,151	6,551	+7%	+4%
of which Belgium	2,142	2,087	-3%	-3%
of which Central & Eastern Europe	513	472	-8%	-6%
United Kingdom	651	648	-0%	+20%
Asia Pacific	7,822	8,743	+12%	+6%
of which Japan	5,747	6,725	+17%	+6%
of which Hong Kong	1,465	1,723	+18%	+9%
of which South-East Asia & China	255	295	+16%	+3%
MedLA	4,789	4,828	+1%	+1%
of which Spain	645	565	-12%	-12%
of which Italy	3,463	3,669	+6%	+6%
of which other	681	594	-13%	-13%
Life & Savings	52,431	55,016	+5%	+3%
of which mature markets	49,814	52,129	+5%	+2%
of which high growth markets	2,617	2,887	+10%	+4%
NORCEE	8,486	8,764	+3%	+2%
of which Germany	3,607 2,080	3,795 2,061	+5% -1%	+5% -1%
of which Belgium of which Switzerland	2,637	2,736	+4%	+1%
France	5,553	5,681	+2%	+2%
MedLA	6,816	7,082	+4%	+3%
of which Spain	2,029	1,878	-7%	-7%
of which Italy	1,488	1,535	+3%	+3%
of which other	3,299	3,669	+11%	+10%
United Kingdom & Ireland	3,670	4,049	+10%	+5%
Asia	419	523	+25%	+11%
Direct	2,102	2,215	+5%	+2%
Property & Casualty	27,046	28,315	+5%	+3%
of which mature markets	21,609	22,257	+3%	+2%
of which Direct	2,102	2,215	+5%	+2%
of which high growth markets	3,335	3,843	+15%	+12%
AXA Corporate Solutions Assurance	1,986	2,069	+4%	+3%
Others	890	918	+3%	+3%
International Insurance	2,876	2,987	+4%	+3%
AllianceBernstein	1,963	2,019	+3%	-4%
AXA Investment Managers	1,306	1,324	+1%	-0%
Asset Management	3,269	3,343	+2%	-3%
Banking & Holdingsi	485	466	-4%	-3%
Total	86,107	90,126	+5%	+2%

ⁱ And other companies

In million local currency except Japan in billion	1Q11	2Q11	3Q11	4Q11	1Q12	2Q12	3Q12	4Q12
Life & Savings
United States	3,390	3,285	3,445	3,270	3,666	3,554	3,571	3,671
France	3,665	3,429	3,142	3,408	3,510	3,236	3,185	3,807
NORCEE
Germany	1,656	1,663	1,796	1,870	1,674	1,606	1,586	1,768
Switzerland	4,697	1,066	865	979	4,694	1,134	913	1,164
Belgium	655	455	489	543	809	415	394	469
Central & Eastern Europe	137	138	119	119	112	110	116	133
United Kingdom	136	148	147	132	131	130	122	145
Asia Pacific
Japan	158	163	157	170	156	175	166	190
Australia & New Zealand	479	-	-	-	-	-	-	-
Hong Kong	3,774	3,905	4,017	4,118	4,032	3,981	4,469	4,741
MedLA	1,272	1,059	1,175	1,284	1,012	1,240	1,139	1,437
Property & Casualty
NORCEE
Germany	1,659	586	722	640	1,738	635	765	656
Switzerland	2,653	272	175	160	2,672	281	183	165
Belgium	636	487	479	478	636	492	477	455
France	1,842	1,195	1,296	1,220	1,879	1,259	1,339	1,205
MedLA	1,712	1,658	1,427	2,018	1,798	1,732	1,518	2,034
United Kingdom & Ireland	783	875	801	721	831	903	825	736
Asia	114	98	110	97	143	117	131	132
Direct	517	542	546	497	512	573	585	545
International Insurance
AXA Corporate Solutions Assurance	932	338	355	360	944	389	347	389
Other	277	192	194	227	270	222	218	209
Asset Management
AllianceBernstein	723	716	681	603	625	626	674	675
AXA Investment Managers	299	335	304	369	294	316	348	366
Banking & Holdingsi	130	119	87	150	142	84	114	126

ⁱ And other companies

In Euro million	FY12 APE				% Unit-Linked in APE			% G/A Protection & Health in APE
	G/A Protection & Health	G/A Savings	Unit-Linked	Mutual Funds & Other	FY11	FY12	FY11	FY12
France	604	571	203	0	14%	15%	42%	44%
United States	183	74	619	368	44%	50%	19%	15%
NORCEE	627	275	187	49	23%	16%	49%	55%
Germany	234	121	65	34	18%	14%	44%	51%
Switzerland	342	13	19	0	6%	5%	90%	91%
Belgium	42	114	18	0	6%	10%	22%	24%
Central & Eastern Europe	10	28	85	14	79%	62%	5%	7%
United Kingdom	33		294	209	63%	55%	6%	6%
Asia Pacific	894	2	510	63	36%	35%	59%	61%
Japan	421		177	0	26%	30%	74%	70%
Hong Kong	221	2	122	63	34%	30%	50%	54%
South-East Asia, India & China	252		211	0	53%	46%	47%	54%
MedLA	100	123	164	15	31%	41%	23%	25%
Spain	17	31	7	8	14%	10%	24%	27%
Italy	21	87	150	4	42%	57%	7%	8%
Other	62	5	7	3	13%	10%	71%	80%
Total	2,445	1,044	1,977	704	32%	32%	38%	40%

	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%	30%	+4%	9%	+12%	33%	+1%
United Kingdom & Ireland	14%	-1%	40%	+4%	9%	+11%	38%	+6%
NORCEE	32%	+4%	23%	+4%	7%	-2%	35%	+0%
of which Germany	30%	+7%	27%	+4%	6%	+1%	29%	+2%
of which Belgium	28%	-1%	23%	+3%	12%	-5%	37%	-1%
of which Switzerland	36%	+2%	18%	+3%	4%	+0%	43%	-0%
MedLA	39%	+4%	19%	+2%	14%	+8%	28%	+2%
of which Spain	44%	-10%	29%	-4%	8%	-9%	19%	-6%
of which Italy	60%	+4%	23%	+2%	0%	-30%	16%	+2%
of which otherii	28%	+18%	13%	+9%	23%	+12%	37%	+4%
Asia	35%	+6%	13%	+20%	12%	+13%	42%	+14%
Direct	87%	-1%	13%	+24%
Total	35%	+2%	25%	+4%	9%	+7%	31%	+2%
of which mature markets	31%	+0%	28%	+3%	8%	+3%	32%	+1%
of which high growth markets	29%	+18%	12%	+11%	22%	+15%	38%	+7%

ii Portugal, Greece, Turkey, Mexico, Gulf region and Morocco.

Earnings : Key figures
				Change
In Euro million	FY11*	FY12	Reported	At constant Forex
Life & Savings	2,138	2,635	+23%	+19%
Property & Casualty	1,848	1,895	+3%	+1%
Asset Management	321	382	+19%	+14%
International Insurance	276	167	-40%	-37%
Banking	32	5	-86%	-86%
Holdingsi	-843	-833	+1%	+1%
Underlying Earnings	3,772	4,251	+13%	+9%
Realized capital gains/losses	682	815	+20%	+18%
Impairments	-840	-283	-66%	-67%
Equity portfolio hedging	-154	-235	+53%	+53%
Adjusted Earnings	3,460	4,548	+31%	+28%
Profit or loss on financial assets (under Fair Value option) & derivatives	110	45	-59%	-55%
Goodwill and related intangibles	-1,167	-103	-91%	-91%
Integration and restructuring costs	-281	-244	-13%	-16%
Exceptional and discontinued operations	2,069	-94	n.a.	n.a.
Net income	4,190	4,152	-1%	-4%

Earnings per share (EPS)
In Euro	FY11*	FY12	Reported
Underlying EPSiii	1.51	1.69	+12%
Adjusted EPSiii	1.37	1.81	+32%
Net income per shareiii	1.69	1.64	-3%

* Restated for the voluntary change in accounting methodology on deferred acquisition costs adopted retrospectively as at January 1, 2012.

iii Net of interest charges on undated subordinated notes (TSDI) and undated deeply subordinated notes (TSS). Net income includes discontinued operations.

TOTAL ASSETS	727.2	761.8	TOTAL LIABILITIES	727.2	761.8
Cash & cash equivalents	31.1	30.5	Other payables & liabilities	73.4	70.7
Other assets & receivables	49.7	48.1	Provisions for risks & charges	10.8	11.8
Investments	605.5	642.3	Technical reserves	583.9	612.7
Other intangibles	3.4	3.3	Financing debt	10.4	10.7
DAC & equivalent	18.6	19.0	SH EQUITY & MINORITY INTERESTS	48.8	56.0
VBI	3.1	2.7	Minority interests	2.4	2.4
Goodwill	15.9	15.8	Shareholders' Equity, Group share	46.4	53.7
In Euro billion	FY11*	FY12 (preliminary)	In Euro billion	FY11*	FY12

AXA Group Assets AXA Group Liabilities

FY12 (preliminary)	In Euro billion	FY11*	FY12 (preliminary)

* Restated for the voluntary change in accounting methodology on deferred acquisition costs adopted retrospectively as at January 1, 2012.

No significant changes in scope

APPENDIX 8: 4Q12 main press releases /

• 10/25/2012 9M 2012 Activity Indicators
• 10/25/2012 AXA announces the subscription prices for its 2012 employee share offering (Shareplan 2012)
• 11/5/2012 AXA has completed the acquisition of HSBC P&C businesses in Hong Kong and Singapore
• 11/7/2012 AXA to hold its Autumn Investor Seminar today
• 12/10/2012 Results of the AXA Group employee share offering in 2012
• 12/20/2012 Veronique Weill, COO and member of the Executive Committee of the AXA Group, is appointed to the Group's Management Committee

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

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

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

Shareholders' Equity

No significant operations

Debt

• 1/17/2013 Successful placement of USD 850 million of Reg S 5.50% perpetual subordinated notes
• 1/18/2013 Successful placement of EUR 1 billion of Reg S subordinated notes due 2043

Both transactions are part of the refinancing of up to Euro 2.1 billion that correspond to the outstanding subordinated debt instruments maturing on January, 1 2014

APPENDIX 10: Next main investor events /

• 04/30/2013 Shareholders' Annual General Meeting in Paris, CNIT
• 05/07/2013 First Three Months 2013 Activity Indicators Release
• 08/02/2013 Half Year 2013 Earnings Release
• 10/25/2013 First Nine Months 2013 Activity Indicators Release