AXA — Earnings Release 2015

Aug 4, 2015

PARIS, AUGUST 4, 2015

Half Year 2015 Earnings Strong Performance in Line with Ambition AXA

• Underlying Earnings up 12% on a reported basis, benefitting from a positive Forex impact
• Underlying Earnings per share up 11% and Adjusted Earnings per share up 12%

On a comparable basis (at constant Forex):

• Total Revenues up 2% to Euro 55 billion
• Underlying Earnings up 2% to Euro 3.1 billion
• Adjusted Earnings up 3% to Euro 3.5 billion
• Net Income down 7% to Euro 3.1 billion

"AXA has delivered a strong performance during the first half of 2015, setting a new half-year record with Euro 3.1 billion in underlying earnings", said Henri de Castries, Chairman and CEO of AXA. "The Group remains very well positioned to successfully conclude its Ambition AXA plan this year, demonstrating once again the pertinence of our business model in an environment characterized by low interest rates and market volatility."

"In Life & Savings, we achieved substantial growth on both the top and bottom lines, boosted by our focus on Unit-Linked products. In Property & Casualty, we maintained our emphasis on profitability, leading to modest growth in revenues. Asset Management continued its strong momentum, experiencing high net inflows in both our asset managers, as well as a strong increase in earnings. Finally, our Economic Solvency position remained resilient and strong."

"We are also laying the foundations of tomorrow's sustainable growth. This is underpinned by our continued strategic allocation of capital between markets and business lines, organic growth opportunities and the digital transformation of our company. To do so, we are scouting the technological landscape for new trends, investing in innovative solutions that will shape the future of our business and engaging the right talent to develop the digital assets necessary to meet our clients' evolving protection needs."

Key figures (In Euro million unless otherwise noted)
	1H14	1H15	Change on a reported basis	Change on a comparable basis
Total Revenues	49,705	54,521	+10%	+2%
L&S APE1,2	3,181	3,687	+16%	+5%
L&S New Business Value margin (%)	33.8%	34.0%	+0.2 pt	+0.2 pt
	1H14	1H15	Change on a reported basis	Change on constant Forex
P&C All-year Combined Ratio (%)	95.8%	95.1%	-0.7 pt	-0.6 pt
Underlying Earnings	2,777	3,102	+12%	+2%
Adjusted Earnings	3,112	3,485	+12%	+3%
Net Income	3,008	3,077	+2%	-7%
Adjusted ROE (%)	16.8%	16.1%	-0.6 pt
	FY14	1H15
Shareholders' equity (in Euro billion)	65.2	66.9	+3%
Debt gearing (%)	24%	23%	-1 pt
Solvency I ratio (%)	266%	258%	-8 pts
Economic solvency ratio3 (%)	201%	215%	+14 pts

All notes are on page 10

1H15 Key Highlights

Total Revenues⁴ were up 2%, driven by growth in all business lines:

• Life & Savings revenues increased by 1% with growth in both mature and high growth markets;
• Property & Casualty revenues were up 1%, mainly driven by a positive price effect of 1.9% on average, partly offset by pruning actions in Continental Europe and MedLA high growth markets;
• Asset Management revenues grew by 6%, supported by both AB and AXA IM, mainly driven by increased management fees as a result of higher average assets under management.

Life & Savings New Business Volume (Annual Premium Equivalent, APE) was up 5%, mainly driven by (i) Unit-Linked mainly due to the ongoing success of hybrid products⁵ and higher sales of pure Unit-Linked products in Continental Europe, South-East Asia, India & China and Japan, partly offset by the UK and (ii) Protection & Health⁶ as strong growth in France and South-East Asia, India & China more than offset the impact of the continuing repositioning of the Group Life product mix in Switzerland initiated in 1Q14. This was partly offset by (iii) lower sales in G/A⁷ Savings, in line with the strategic focus on Unit-Linked and Protection & Health products.

Life & Savings net inflows amounted to Euro +5.3 billion compared to Euro +2.8 billion in 1H14. This was mainly driven by Protection & Health at Euro +5.1 billion, Unit-Linked at Euro +1.6 billion, partly offset by G/A Savings at Euro -1.8 billion in line with the strategy.

Life and Savings New Business Value margin was stable at 34% mainly reflecting lower unit costs offset by market impact. New Business Value2,8 (NBV) increased by 5% to Euro 1.3 billion;

In Property & Casualty, current year combined ratio improved by 0.1 point to 96.9%. All-year combined ratio stood at 95.1% down from 95.8% in 1H14.

• Underlying Earnings² were up 2% to Euro 3.1 billion, mainly driven by Life & Savings and Asset Management segments.
• Adjusted Earnings² increased by 3% to Euro 3.5 billion, mainly driven by higher Underlying Earnings.
• Net Income was down 7% to Euro 3.1 billion, as the positive impact from higher Adjusted Earnings were more than offset by unfavorable changes in the fair value of financial assets and derivatives not eligible for hedge accounting mostly attributable to interest rates increases.
• Adjusted ROE stood at 16.1%, down 0.6 point vs. 1H14 mainly driven by an increase in average Shareholders' Equity⁹ , partially offset by higher Adjusted Earnings.

SALES

PROFITABILITY

EARNINGS

• Shareholders' equity was Euro 66.9 billion, up Euro 1.7 billion vs. December 31, 2014, mainly driven by (i) favorable forex movements and (ii) Net Income contribution, partly offset by (iii) dividend payment and (iv) lower unrealized capital gains¹⁰ on financial assets following an increase in interest rates.
• Solvency I ratio was at 258%, down ⁸ points vs. December 31, 2014 mainly driven by lower unrealized capital gains following an increase in interest rates, partly offset by underlying earnings contribution.
• Economic solvency ratio was at 215%, up 14 points vs. December 31, 2014 mainly driven by operating return contribution and favorable forex movements.
• Debt gearing was at 23%, down 1 point vs. December 31, 2014 in line with our objectives.

		Significant transactions announced since January 1, 2015:
		Confirmation of AXA's intention to increase its stake in its Indian insurance joint-ventures with Bharti Enterprises to 49% from 26% on March 12, 2015;
		Completion of the acquisition of a 7% stake in Africa Re for a total consideration of Euro 54 million on March 17, 2015;
		Completion of the acquisition of 100% of BRE Insurance, mBank's Property & Casualty subsidiary in Poland, and launch of the partnership with mBank for a final consideration of Euro 140 million on March 30, 2015;
		Announcement of the acquisition of the private medical insurance business of Simplyhealth on May 13, 2015. The transaction was completed on August 3, 2015.
		Announcement of the acquisition of the P&C large commercial risks insurance subsidiary of SulAmérica in Brazil for a total consideration of Euro 40 million on May 22, 201511;
CAPITAL MANAGEMENT		Announcement of the termination of the sale and purchase agreement between AXA, Certinvest and SIF Transilvania to sell AXA's Life & Savings insurance operations in Romania on July 3, 2015.
		Announcement of a partnership with Commercial International Bank (CIB) and of the acquisition of Commercial International Life, the Life & Savings joint-venture between CIB and Legal & General in Egypt, for a cash consideration of Euro 88 million on July 12, 201511;
		Announcement of exclusive negotiation for the potential acquisition of Genworth Lifestyle Protection Insurance for a total cash consideration of Euro 475 million on July 22, 201512
		On May 9, 2014, Moody's Investors Services reaffirmed the 'Aa3' insurance financial strength ratings of AXA's principle insurance subsidiaries, revising the outlook to Stable from Negative.
RATINGS		On October 15, 2014, S&P reaffirmed long-term ratings on AXA Group core subsidiaries at 'A+', revising the outlook to Positive from Stable.
		On November 4, 2014, Fitch reaffirmed all AXA entities' Insurer Financial Strength ratings at 'AA-', maintaining a Stable outlook.

Non-GAAP measures such as Underlying Earnings and Adjusted Earnings are reconciled to Net Income on page 17 of this release. AXA's 1H15 financial statements have been examined by the Board of Directors on August 3, 2015 and are subject to completion of a limited review procedure by AXA's statutory auditors.

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

Life & Savings

Key figures		Revenues			Underlying Earnings
In Euro billion	1H14	1H15	% change	1H14	1H15	% change13
Mature markets	27.6	29.9	+1%	1.4	1.6	+2%
High growth markets	1.4	2.0	+13%	0.2	0.3	0%
Total	29.0	31.9	+1%	1.7	1.9	+2%

		Pre-tax Underlying Earnings			APE			NBV margin
In Euro billion	1H14	1H15	% change13	1H14	1H15	% change	1H14	1H15	% change
Protection & Health	1.1	1.2	-3%	1.2	1.4	+2%	54%	54%	+1 pt
G/A Savings	0.5	0.4	-12%	0.5	0.5	-8%	15%	14%	-1 pt
Unit-Linked	0.5	0.7	+32%	1.1	1.3	+8%	30%	31%	0 pt
Mutual funds & Other	0.0	0.1	-5%	0.4	0.5	+18%	6%	6%	0 pt
Total	2.1	2.4	+3%	3.2	3.7	+5%	34%	34%	0 pt
of which mature markets	1.9	2.1	+4%	2.7	3.0	+3%	31%	31%	0 pt
of which high growth markets	0.3	0.3	-4%	0.5	0.7	+12%	47%	48%	+1 pt

New Business APE was up 5% on a comparable basis, and up 16% on a reported basis, the difference resulting from the strengthening of major currencies against the Euro. The 5% growth was mainly driven by (i) Unit-Linked mainly due to the ongoing success of hybrid products and higher sales of pure Unit-Linked products in Continental Europe, South-East Asia, India & China and Japan, partly offset by the UK and (ii) Protection & Health as strong growth in France and South-East Asia, India & China more than offset the impact of the continuing repositioning of the Group Life product mix in Switzerland initiated in 1Q14. This was partly offset by (iii) lower sales in G/A Savings, in line with the strategic focus on Unit-Linked and Protection & Health products. Mutual funds & other increased mainly following an exceptional sale of a large contract in France in 1Q15.

In high growth markets, APE increased by 12%, mainly due to South-East Asia, India & China. In mature markets, APE was up 3%, mainly driven by France, Italy and the US.

NBV margin was stable at 34%, mainly reflecting lower unit costs and a positive business mix impact, offset by a negative impact of lower average interest rates on US VA GMxB products and a less favorable country mix.

As a consequence, NBV was up 5% to Euro 1.3 billion.

Pre-tax Underlying Earnings increased by 3% on a comparable basis, and by 12% on a reported basis, mainly driven by (i) an improvement in the technical margin mainly attributable to a higher mortality margin in the US and exceptional positive reserve development in Group Protection in France, and (ii) higher Unit-Linked management fees reflecting favorable financial market performance. These positive impacts were partly offset by an accelerated DAC amortization, particularly in the US. Investment margin remained stable.

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Unit-Linked APE (37% of total) was up 8%, mainly driven by (i) Continental Europe following the success of hybrid products (mainly in France, Italy and Germany) and higher sales of pure Unit-Linked products (mainly in France and Italy), (ii) South-East Asia, India & China and (iii) Japan. This increase was partly offset by lower corporate pension scheme sales in the UK and the negative impact of significant regulatory changes in 2015 in Hong Kong.

Pre-tax Underlying Earnings were up 32% mainly driven by higher management fees in line with a higher average asset base, as well as a higher mortality margin, mainly in the US.

Protection & Health APE (37% of total) was up 2%, mainly driven by favorable Group business in France as well as strong sales and new product launches in South-East Asia, India & China. This was partly offset by the continuing repositioning of the Group Life product mix in Switzerland initiated in 1Q14.

Pre-tax Underlying Earnings were down 3% mainly due to an accelerated DAC amortization in the US as well as higher commissions paid due to higher sales. This was partly offset by the related higher loadings on premiums, as well as a higher mortality margin, notably due to an exceptional reserve development in France and a better experience in the US. The investment margin decreased due to lower interest rates.

G/A Savings APE (12% of total) was down 8%, mainly due to (i) France, reflecting the continued focus on increasing Unit-Linked share in Individual business and the non-repeat of several large contract sales in 1H14 as well as (ii) Belgium, Spain and Germany in line with the strategy of curtailing G/A Savings sales. This was partly offset by Hong Kong and Italy.

Pre-tax Underlying Earnings were down 12%, mainly due to a lower technical margin in France reflecting the non-repeat of positive prior year reserve developments in 2014.

On a post-tax basis, Underlying Earnings grew by 2% on a comparable basis, and by 13% on a reported basis, mainly driven by the increase in pre-tax Underlying Earnings, partly offset by higher income tax expenses mainly due to lower positive tax one-off (Euro 109 million in 1H15 vs. Euro 121 million in 1H14) mainly in the US.

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Property & Casualty

Key figures		Revenues (In Euro billion)		1H15 price increases
	1H14	1H15	% change	% change
Personal	9.6	10.2	+2%	+1.9%
Commercial	7.2	7.9	0%	+1.8%14
Other	0.1	0.1	+23%
Total	16.8	18.2	+1%	+1.9%

		Revenues (In Euro billion)				Current year combined ratio	All-year combined ratio
	1H14	1H15	% change	1H14	1H15	% change13	1H14	1H15	% change13
Mature markets	13.3	14.1	0%	96.8%	96.0%	-0.6 pt	94.9%	93.6%	-1.2 pts
Direct	1.2	1.4	+7%	99.7%	98.8%	-0.9 pt	98.9%	99.2%	+0.2 pts
High growth markets	2.3	2.7	+4%	97.5%	99.9%	+3.0 pts	99.0%	100.2%	+2.0 pts
Total	16.8	18.2	+1%	97.1%	96.9%	-0.1 pt	95.8%	95.1%	-0.6 pt

Revenues were up 1% on a comparable basis, and up 8% on a reported basis, mainly driven by a positive price effect of 1.9% on average, partly offset by pruning actions in Continental Europe and MedLA high growth markets.

• Mature markets revenues were stable, as tariff increases across the board were offset by more selective underwriting mainly in Construction in France and Motor in Spain.
• High growth markets revenues increased by 4%, mainly driven by more favorable business mix and tariff increases in the MedLA high growth markets, as well as higher volumes in Malaysia. This was partly offset by lower volumes, due to more selective underwriting in Mexico and Turkey.
• Direct revenues were up 7% mainly driven by volume growth, namely in the UK, France, Japan and South Korea.

Net new personal contracts amounted to -73k as selective underwriting in Turkey and Spain was partly offset by business growth in Direct and continued momentum in Malaysia.

Underlying Earnings were stable at Euro 1.3 billion on a comparable basis, and up 5% on a reported basis reflecting an improved technical result, due to lower natural catastrophe charges, offset by a lower investment result.

Current year combined ratio improved by 0.1 point to 96.9% driven by 0.4 point improvement in current year loss ratio, partly offset by 0.3 point deterioration in expense ratio.

• Current year loss ratio improvement was driven by lower natural catastrophe charges, partly offset by the impact of natural events, principally the Niklas storm in Germany, higher attritional and large losses in Commercial lines in Belgium, and higher frequency and severity in Turkey.
• Expense ratio deterioration was mainly driven by an increase in acquisition ratio mainly as a consequence of growth in Commercial lines in the UK, and higher performance based commissions in Germany, partly offset by the impact of productivity measures.

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PROPERTY & CASUALTY /

Prior year reserve developments increased by 0.5 point to -1.8 points.

As a result, the all-year combined ratio improved by 0.6 point to 95.1%.

Investment result deteriorated by 8% to Euro 1.1 billion mainly due to the non-repeat of 1H14 exceptional dividends from mutual funds of Euro 67 million in France.

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Asset Management

Key figures		Average Assets under Revenues Underlying Earnings Management (Euro billion)
In Euro million	1H14	1H15	% change	1H14 1H15 % change			1H14	1H15	% change
AXA IM	563	632	+8%	101	115	+7%	540	626	+11%
AB	1,029	1,324	+5%	83	108	+5%	354	460	+6%
Total	1,593	1,956	+6%	184 222 +6%			894	1,086	+9%

Asset Management Revenues were up 6% supported by both AXA IM and AB, mainly driven by higher management fees as a result of higher average Assets under Management.

Average Assets under Management were at Euro 1,086 billion, up 9% driven by both AXA IM and AB, mainly attributable to forex impact following appreciation of USD, CHF and GBP relative to EUR, net inflows and market appreciation.

Asset Management net inflows amounted to Euro 35 billion in 1H15. AXA IM recorded Euro 28 billion of net inflows. Excluding the Asian Joint Ventures (Euro 19 billion or Euro 7 billion on a group share basis¹⁵), inflows were mainly in fixed income, multi asset strategies and real estate. AB recorded Euro 7 billion of net inflows mainly from the institutional channel.

Underlying Earnings were up 6% at Euro 222 million on a comparable basis, and up 21% on a reported basis, mainly driven by increased revenues at both AXA IM and AB.

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Adjusted Earnings

Adjusted Earnings increased by 3% to Euro 3.5 billion on a comparable basis, and by 12% on a reported basis, mainly driven by higher Underlying Earnings.

Net Income

Net Income was down 7% to Euro 3.1 billion on a comparable basis, and up by 2% on a reported basis, as the positive impact from higher Adjusted Earnings was more than offset by unfavorable changes in the fair value of financial assets and derivatives not eligible for hedge accounting mostly attributable to interest rates increases.

Cost Savings

AXA has already delivered Euro 1.8 billion of cost savings since the launch of Ambition AXA, of which Euro 0.2 billion in 1H15.

Economic Solvency

Economic Solvency ratio was at 215%, up 14 points vs. December 31, 2014 mainly driven by operating return contribution and favorable forex movements.

General Account Invested Assets and Asset & Liability Management

Insurance invested assets amounted to Euro 545 billion¹⁶ at June 30, 2015, up from Euro 523 billion as of December 31, 2014. The change mainly arises from the positive impact from the strengthening of main foreign currencies against the Euro. The asset allocation remained broadly stable, mostly geared towards government bonds and high quality corporate bonds (average rating in the A range).

Annualized asset yields on the investment portfolio were 3.7% in Life & Savings and 3.7% in Property & Casualty, benefitting from average asset durations of 7.7 years and 5.0 years respectively. On the Life & Savings side, this compared well to the average guaranteed rate of 2.1%, that led to an annualized investment margin of 78bps in 1H15, in line with the guidance of 70 to 80 bps.

In 1H15, Life & Savings and Property & Casualty entities reinvested Euro 28 billion in fixed income assets at an average yield of 2.0%, well above the Life & Savings new business average guaranteed rate of 0.5%.

Page 9/19

Notes

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

²Underlying Earnings are Adjusted Earnings, excluding net realized capital gains attributable to shareholders. Adjusted Earnings represent Net income before the impact of exceptional and discontinued operations, intangibles amortization and other, and profit or loss on financial assets (classified under the fair value option) and derivatives.

APE, NBV, Adjusted Earnings 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 provides useful and important information to shareholders and investors as measures of AXA's financial performance.

³The Economic Solvency ratio is based on AXA's internal model calibrated based on adverse 1/200 year shock and assuming US equivalence. AXA's internal model is subject to a comprehensive review and approval process being conducted by ACPR over the coming months as part of the implementation process around Solvency II which is scheduled to take effect January 1, 2016.

4 Including Banking & Holdings revenues which were up 5% to Euro 302 million in 1H15 (vs. Euro 287 million in 1H14) and International Insurance revenues which were up 7% to Euro 2,162 million in 1H15 (vs. Euro 1,966 million in 1H14).

⁵ Hybrid products: savings products allowing clients to invest in both Unit-Linked and General Account funds.

⁶ General Account Protection & Health.

⁷ General Account.

⁸ New Business Value is Group share.

9 Average shareholders' equity excluding undated debt and reserves related to change in fair value.

¹⁰ Excluding Forex, minority interests and other.

¹¹ Transaction pending, subject to customary closing conditions, including obtaining regulatory approvals.

¹² Transaction pending, subject to customary conditions, including completing a works council consultation process and obtaining required regulatory approvals.

¹³Changes are adjusted for Forex and changes related to scope with the acquisition of Colpatria's insurance operations in Colombia in 2014 and the consolidation of Thailand operations (only P&C).

¹⁴Renewals only.

¹⁵AXA IM's joint ventures in Asia (China, South Korea and India) are included at 100% in net flows, opening and closing assets under management but are excluded from revenues and average assets under management as they are not fully consolidated.

¹⁶ 1H15 invested assets referenced in page 57 of the financial supplement are Euro 783 billion, which include notably Euro 199 billion of Unit-linked assets and Euro 40 billion related to the banking segment.

NOTES /

Definitions

Life & Savings high growth markets: APE and NBV: China, Czech Republic, Hong Kong, India, Indonesia, Mexico, Morocco, Philippines, Poland, Singapore, Thailand and Turkey; Revenues: Colombia, Czech Republic, Hong Kong, Indonesia (excl. bancassurance entity), Mexico, Morocco, Poland, Singapore, Slovakia and Turkey.

Property & Casualty high growth markets: Revenues: Colombia, the Gulf region, Hong Kong, Malaysia, Mexico, Morocco, Singapore, Thailand, and Turkey.

NORCEE (Northern, Central and Eastern Europe – L&S and P&C): Belgium, Central & Eastern Europe (Poland (L&S only), Czech Republic and Slovakia), Germany, Luxembourg, Russia (P&C only) and Switzerland; Luxembourg APE and NBV are not modeled; Russia (RESO) is not included in revenues due to consolidation under equity method.

South-East Asia, India and China (L&S): APE and NBV: China, India, Indonesia, Philippines, Singapore and Thailand; Revenues: Singapore and non-bancassurance subsidiaries in Indonesia; China, India, Philippines, Thailand and bancassurance business in Indonesia are not included in revenues due to consolidation under equity method; Malaysian operations are not consolidated.

MedLA (Mediterranean and Latin American Region – L&S and P&C): Colombia, Greece, the Gulf region (P&C only), Italy, Mexico, Morocco, Portugal, Spain and Turkey. Lebanon is not included in revenues due to consolidation under equity method (P&C only). Nigerian operations are not consolidated.

Asia (P&C): Hong Kong, Malaysia, Singapore and Thailand. China and India are not included in revenues due to consolidation under equity method. Indonesian operations are not consolidated.

Direct (P&C): AXA Global Direct (Belgium, France, Italy, Japan, Poland, Portugal, South Korea and Spain), UK Direct operations. In France, Natio is not included in revenues due to consolidation under equity method.

Hungary has been deconsolidated from the Group accounts starting January 1, 2015 following the disposal.

AXA UA (Ukraine), which will continue to run its current operations, has been deconsolidated since January 1, 2015 due to non-materiality.

ABOUT THE AXA GROUP

The AXA Group is a worldwide leader in insurance and asset management, with 161,000 employees serving 103 million clients in 59 countries. In 2014, IFRS revenues amounted to Euro 92.0 billion and IFRS underlying earnings to Euro 5.1 billion. AXA had Euro 1,277 billion in assets under management as of December 31, 2014.

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 IS AVAILABLE ON THE AXA GROUP WEBSITE

www.axa.com

Investor Relations: Andrew Wallace-Barnett:+33.1.40.75.46.85 Florian Bezault: François Boissin: Aurore Chaussec: Clemence Houssay: Sulabh Kakkar: Varvara Romanenco:	+33.1.40.75.46.85 +33.1.40.75.59.17 +33.1.40.75.39.82 +33.1.40.75.96.20 +33.1.40.75.73.22 +33.1.40.75.48.91 +33.1.40.75.73.63	Individual Shareholder Relations: +33.1.40.75.48.43	Media Relations: Garance Wattez-Richard: Hélène Caillet: Jean-Baptiste Mounier:	+33.1.40.75.46.74 +33.1.40.75.46.42 +33.1.40.75.55.51 +33.1.40.75.49.68

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained herein may be 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 and can be affected by other factors that could cause actual results and AXA's plans and objectives to differ materially from those expressed or implied in the forward looking statements. Please refer to the section "Cautionary statements" in page 2 of AXA's Document de Référence for the year ended December 31, 2014, for a description of certain important factors, risks and uncertainties that may affect AXA's business, and/or results of operations. 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 – AXA GROUP IFRS REVENUES /

AXA – PRESS RELEASE

AXA Group IFRS revenues – Contributions & growth by segment and country/region
In Euro million	1H14	1H15		IFRS revenues change
	IFRS	IFRS	Reported	Comp. basis
United States	5,488	6,761	+23%	0%
France	7,523	8,225	+9%	+9%
NORCEE	9,427	9,912	+5%	-3%
of which Germany	3,294	3,300	0%	0%
of which Switzerland	4,875	5,367	+10%	-5%
of which Belgium	1,041	1,021	-2%	-2%
of which Central & Eastern Europe	152	161	+6%	+5%
United Kingdom	300	380	+26%	+13%
Asia Pacific	2,930	3,464	+18%	+6%
of which Japan	1,895	2,002	+6%	+1%
of which Hong Kong	878	1,205	+37%	+12%
of which South-East Asia, India & China	157	257	+63%	+43%
MedLA	3,362	3,173	-6%	-8%
of which Spain	453	378	-17%	-17%
of which Italyi	2,569	2,356	-8%	-8%
of which Other ii	340	439	+29%	+5%
Otheriii	8	6	-30%	-30%
Life & Savings	29,039	31,919	+10%	+1%
of which mature markets	27,598	29,946	+9%	+1%
of which high growth markets	1,441	1,973	+37%	+13%
NORCEE	6,044	6,486	+7%	+1%
of which Germany	2,373	2,454	+3%	+3%
of which Belgium	1,108	1,094	-1%	-1%
of which Switzerland	2,477	2,872	+16%	0%
France	3,303	3,342	+1%	0%
MedLA	3,698	3,926	+6%	-1%
of which Spain	939	846	-10%	-10%
of which Italy	750	776	+4%	+4%
of which Mexico	680	744	+9%	+3%
of which Turkey	454	490	+8%	+4%
of which Other iv	876	1,071	+22%	0%
United Kingdom & Ireland	2,130	2,452	+15%	+4%
Asia	442	589	+33%	+6%
Direct	1,202	1,389	+16%	+7%
Property & Casualty	16,820	18,183	+8%	+1%
of which mature markets	13,349	14,082	+5%	0%
of which Direct	1,202	1,389	+16%	+7%
of which total high growth markets	2,269	2,712	+20%	+4%
	1,371	1,451	+6%	+2%
AXA Corporate Solutions Assurance Other international activities	595	711	+19%	+17%
	1,966	2,162	+10%	+7%
International Insurance	1,029	1,324	+29%	+5%
AB	563	632	+12%	+8%
AXA Investment Managers Asset Management	1,593	1,956	+23%	+6%
Banking v	287	302	+5%	+5%
TOTAL	49,705	54,521	+10%	+2%

i Pure Unit-Linked products sold at AXA MPS are accounted as investment products under IFRS and contribute to APE but not to revenues ii

Colombia, Greece, Mexico, Morocco, Portugal, Turkey iii

Architas Europe, AXA Life Invest Services and Family Protect vi

Colombia, Greece, the Gulf region, Morocco and Portugal v

and other companies

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In million local currency except Japan in billion	1Q14	2Q14	3Q14	4Q14	1Q15	2Q15
Life & Savings
United States	3,671	3,853	3,656	4,094	3,603	3,941
France	3,944	3,579	3,502	4,096	4,427	3,797
United Kingdom	128	118	129	141	130	148
NORCEE
Germany	1,650	1,644	1,608	1,738	1,638	1,662
Switzerland	4,580	1,372	938	1,275	4,408	1,259
Belgium	614	427	329	443	589	432
Central & Eastern Europei	90	63	68	99	83	78
Asia Pacific
Japan	135	131	134	134	136	133
Hong Kong	4,650	4,690	5,099	5,637	5,284	5,141
i MedLA	1,437	1,925	1,227	1,795	1,462	1,711
Property & Casualty
NORCEE
Germany	1,745	627	763	644	1,805	649
Switzerland	2,735	289	185	173	2,743	289
Belgium	627	481	467	451	618	475
France	2,029	1,274	1,433	1,298	2,136	1,206
i MedLA	1,855	1,843	1,641	2,101	2,130	1,796
United Kingdom & Irelandii	848	902	812	701	863	933
Asiai	241	201	218	194	315	274
i Direct	597	605	596	564	661	728
International Insurance
AXA Corporate Solutions Assurance	995	376	358	389	1,067	384
Other international activitiesi	336	259	272	307	387	324
Asset Management
AB	687	724	727	758	728	749
AXA Investment Managers	276	287	262	326	309	323
Bankingi	134	153	124	153	174	127

^{i i}In Euro million due to multiple local currencies

ii Ireland revenues are in GBP in this table

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APPENDIX 3: LIFE & SAVINGS – NEW BUSINESS VOLUME (APE), VALUE (NBV) AND NBV TO APE MARGIN /

AXA – PRESS RELEASE

In Euro million		1H15	APE by product			Total APE			NBV			NBV Margin
	G/A Protection & Health	G/A Savings	Unit-Linked	Mutual funds & other	1H14	1H15	Change on a comparable basis	1H14	1H15	Change on a comparable basis	1H14	1H15	Change on a comparable basis
United States	62	33	460	284	634	838	+6%	179	192	-16%	28%	23%	-6 pts
France	386	264	190	31	765	870	+13%	182	214	+17%	24%	25%	+1 pt
United Kingdom	17	0	183	145	369	346	-16%	15	12	-28%	4%	3%	-1 pt
NORCEE	316	42	122	26	511	506	-7%	210	221	-3%	41%	44%	+2 pts
Germany	93	24	56	10	176	182	+3%	61	67	+10%	34%	37%	+2 pts
Switzerland	198	1	11	10	222	220	-14%	120	124	-11%	54%	56%	+2 pts
Belgium	13	15	35	0	72	63	-13%	16	17	+7%	22%	27%	+5 pts
Central & Eastern Europe	12	2	21	6	41	41	0%	13	13	-6%	33%	31%	-2 pts
Asia Pacific	533	24	220	32	625	809	+12%	397	511	+15%	64%	63%	+2 pts
Japan	143	0	51	0	175	194	+8%	170	202	+15%	97%	104%	+7 pts
Hong Kong	142	24	84	32	226	281	+1%	149	190	+4%	66%	68%	+2 pts
South-East Asia, India & China	247	0	86	0	225	333	+25%	78	119	+38%	35%	36%	+3 pts
MedLA	44	93	175	5	271	316	+16%	91	103	+11%	33%	33%	-1 pt
Spain	8	13	15	5	53	41	-24%	37	24	-37%	69%	60%	-13 pts
Italy	15	78	149	0	187	242	+29%	49	73	+48%	26%	30%	+4 pts
Otheri	21	3	10	0	31	33	+5%	4	6	+28%	15%	18%	+3 pts
Otherii	3	0	0	0	6	3	-49%	1	1	-36%	17%	22%	+4 pts
Total	1,360	455	1,350	522	3,181	3,687	+5%	1,075	1,253	+5%	34%	34%	0 pt
of which mature markets	943	428	1,151	485	2,668	3,007	+3%	832	928	+3%	31%	31%	0 pt
of which high growth markets	418	27	198	38	513	680	+12%	243	326	+14%	47%	48%	+1 pt

ⁱColombia, Greece, Mexico, Morocco, Portugal and Turkey

ii Architas Europe, AXA Life Invest Services and Family Protect

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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
NORCEE	36%	+3%	19%	0%	6%	+1%	37%	0%
of which Germany	35%	+6%	23%	+2%	6%	+2%	29%	+2%
of which Belgium	27%	0%	22%	0%	13%	+1%	38%	-4%
of which Switzerland	41%	+1%	13%	-1%	4%	-2%	43%	0%
France	26%	+1%	30%	0%	10%	0%	35%	0%
MedLA	33%	-2%	20%	+3%	13%	-11%	34%	+2%
of which Spain	42%	-12%	33%	-2%	4%	-45%	21%	-4%
of which Italy	59%	-1%	23%	+5%	3%	+209%	15%	+1%
of which Mexico	11%	+16%	24%	+12%	25%	-23%	40%	+18%
of which Turkey	39%	+8%	6%	+10%	31%	-2%	25%	+3%
of which otheri	20%	+6%	11%	+8%	10%	-10%	58%	+3%
United Kingdom & Ireland	13%	+13%	31%	-2%	11%	+9%	46%	+3%
Asia	26%	+6%	22%	+9%	7%	-3%	47%	+5%
Direct	87%	+7%	14%	+3%
Total	34%	+3%	22%	+1%	9%	-2%	35%	+1%
of which mature markets	31%	+1%	25%	0%	8%	+1%	36%	0%
of which high growth markets	21%	+8%	15%	+10%	18%	-9%	47%	+5%

ⁱ Colombia, Greece, the Gulf region, Morocco and Portugal

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	Assets under Management rollforward
In Euro billion	AB	AXA IM	AXA IM - Fully consolidated scope	AXA IM - Asian Joint Ventures	Total
AUM at FY14	413	623	585	38	1,036
Net flows	+7	+28	+8	+19	+35
Market appreciation	+3	+17	+16	+1	+20
Scope	0	+1	+1	0	0
Forex impact	+36	+25	+22	+3	+61
AUM at 1H15	459	694	632	62	1,152ii
Average AUM over the periodi	460	-	626	-	1,086
Change of average AUM on a reported basis vs. 1H14	+30%	-	+16%	-	+21%

Change of average AUM on a comparable basis vs. 1H14 +6% - +11% - +9%

i Average AUM for AXA IM is calculated excluding the contribution from joint ventures

ii The difference with Euro 1,425 billion of total assets under management mentioned in the Financial Supplement on page 69 corresponds to assets directly managed by AXA insurance companies.

Earnings: Key figures
				Change
 In Euro million	1H14	1H15	Reported	At constant Forex
Life & Savings	1,651	1,862	+13%	+2%
Property & Casualty	1,226	1,286	+5%	0%
Asset Management	184	222	+21%	+6%
International Insurance	135	126	-6%	-11%
Banking	68	56	-17%	-17%
Holdings	-486	-451	+7%	+7%
Underlying Earnings	2,777	3,102	+12%	+2%
Realized capital gains/losses	439	471	+7%	+1%
Impairments	-91	-86	-5%	+13%
Equity portfolio hedging	-13	-2	-84%	+90%
Adjusted Earnings	3,112	3,485	+12%	+3%
Change in fair value & Forex	37	-250	-	-
Goodwill and related intangibles	-55	-42	-24%	+31%
Integration and restructuring costs	-41	-52	+27%	-25%
Exceptional and discontinued operations	-45	-64	+40%	-36%
Net Income	3,008	3,077	+2%	-7%

Earnings per share – Fully diluted
In Euro	1H14	1H15	Reported change
Underlying EPSi	1.08	1.20	+11%
Adjusted EPSi	1.22	1.36	+12%
Net income per sharei	1.18	1.19	+2%

ⁱNet of interest charges on undated subordinated notes (TSDI) and undated deeply subordinated notes (TSS).

AXA Group Assets		AXA Group Liabilities
In Euro billion	FY14	1H15 preliminary	In Euro billion	FY14	1H15 preliminary
Goodwill	16.1	17.0	Shareholders' Equity, Group share	65.2	66.9
VBI	2.3	2.4	Minority interests	2.8
DAC & equivalent	21.1	23.2	SH EQUITY & MINORITY INTERESTS	68.0	70.6
Other intangibles	3.1	3.3	Financing debt	8.7
Investments	722.0	760.3	Technical reserves	673.1	715.8
Other assets & receivables	53.4	58.4	Provisions for risks & charges	12.7	12.9
Cash & cash equivalents	22.0	24.2	Other payables & liabilities	77.6	81.0
TOTAL ASSETS	840.1	888.8	TOTAL LIABILITIES	840.1	888.8

1H15 preliminary	In Euro billion	FY14	1H15 preliminary

Changes in scope: No significant changes in scope

2Q15 main press releases

Please refer to the following web site address for further details:http://www.axa.com/en/press/pr/

• 04/28/2015 AXA Global Life announces the successful placement of €285 million of bonds to protect the Group against extreme events in Life
• 04/30/2015 Results of AXA's Shareholders' Meeting AXA publishes its 2014 Activity & Corporate Responsibility Report
• 05/06/2015 1Q15 Activity Indicators
• 05/22/2015 AXA to accelerate in Brazil through the acquisition of the P&C large commercial risks insurance subsidiary of SulAmérica

1H15 Operations on AXA shareholders' equity and debt

Shareholders' Equity: No significant operation

Debt:

01/23/2015 - Reimbursement of Euro 1 billion of senior debt

Post 1H15 closing event

• 07/03/2015 Termination of the sale and purchase agreement between AXA, Certinvest and SIF Transilvania
• 07/12/2015 AXA accelerates its development in Egypt through a partnership with Commercial International Bank
• 07/22/2015 AXA enters into exclusivity for the potential acquisition of Genworth Lifestyle Protection Insurance

Next main investor events

• 10/27/2015 First Nine Months 2015 Activity Indicators
• 12/03/2015 AXA Investor Day (in London) Focus on Capital Management Framework
• 02/25/2016 Full Year 2015 Earnings Release

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