AXA — Earnings Release 2016

May 3, 2016

AXA PRESS RELEASE

PARIS, MAY 3, 2016

1Q16 Activity Indicators

• Total revenues increased by 1% to Euro 31.8 billion
• Life & Savings APE up 16% to Euro 2.2 billion; net flows of Euro +3.0 billion
• Property & Casualty revenues up 3% to Euro 11.7 billion
• Asset Management net flows at Euro +10.2 billion

Activity indicators: Key figures
In Euro billion	1Q15	1Q16	Change on a reported basis	Change on a comparable basis
Life & Savings revenues	17.5	17.4	0%	0%
Net flows	+3.9	+3.0
APE1	1.9	2.2	+16%	+16%
NBV2	0.6	0.6	-3%	-5%
NBV margin (%)	35%	29%	-6pts	-6pts
Property & Casualty revenues	11.4	11.7	+2%	+3%
International Insurance revenues	1.5	1.6	+10%	+6%
Asset Management revenues	1.0	0.9	-8%	-9%
Net flows	+19.1	+10.2
Total revenues	31.5	31.8	+1%	+1%
	FY15	1Q16
Solvency II ratio3 (%)	205%	200%	-5pts

"In the first quarter of 2016, we increased sales in Property & Casualty, Protection & Health and Unit-Linked products, maintaining our selective business mix, proving again to be very well adapted to the current macroeconomic environment and the needs of our customers", said Denis Duverne, Deputy Chief Executive Officer of AXA.

"Life & Savings' new business sales increased significantly, with robust net flows of Euro 3.0 billion. Property & Casualty operations were particularly dynamic, with a strong growth in revenues and continued underwriting discipline. In Asset Management, we marked the fifteenth consecutive quarter of positive net flows."

"The strength of our balance sheet is once again illustrated by the continued resilience of our Solvency II ratio, in the middle of our target range of 170-230%."

"The success of Ambition AXA means that we are in an excellent position to embark on our new strategic journey, which will be unveiled in June. We continue to pursue our digital transformation and our initiatives in corporate responsibility, to better serve our clients and to create long lasting value for all our stakeholders."

All notes are on page 8

1Q16 Key Highlights

Total Revenues⁴ were up 1% both on a comparable basis and on a reported basis. This was mostly driven by growth in Property & Casualty and International Insurance:

• Life & Savings revenues were stable, with strong sales in high growth markets offsetting a decrease in mature markets;
• Property & Casualty revenues increased by 3%, mainly driven by 3.4% tariff increases on average;
• International Insurance revenues increased by 6%, reflecting strong new business sales at AXA Corporate Solutions;
• Asset Management revenues decreased by 9%, mainly driven by lower average assets under management and by a decrease in average management fee bps linked to a higher share of fixed income products, mostly driven by weak equity markets in the first two months of the year.

Life & Savings:

• New Business Volume (Annual Premium Equivalent, APE) was up 16%, mainly driven by increases in (i) Unit-Linked mostly in the UK following higher corporate pension scheme sales, partly offset by Hong Kong due to the non-repeat of both the exceptional sale of several large contracts and the carryover of accelerated sales in anticipation of January 1, 2015 regulatory changes, (ii) G/A ⁵ Savings mainly driven by South-East Asia, India & China mostly due to higher New Year sales in China as well as by higher sales in Japan, partially offset by lower sales in France and (iii) Protection & Health⁶ mainly driven by higher sales in Switzerland and Hong Kong. This was partly offset by (iv) Mutual Funds & Other mainly due to lower sales in France following the non-repeat of the exceptional sale of a large contract.
• New Business Value (NBV) margin decreased by 6 points to 29% driven by a temporary change in product mix, mainly in the UK following higher corporate pension scheme sales, South-East Asia, India & China, from higher seasonal sales in China, as well as in the US, due to a shift from GMxB to non-GMxB Variable Annuities. This was partly offset by Switzerland, mainly driven by a better product mix towards higher margin Protection products, and MedLA. NBV was down 5% to Euro 0.6 billion.
• Net flows in Life & Savings amounted to Euro +3.0 billion compared to Euro +3.9 billion at 1Q15. This was mainly driven by (i) Protection & Health at Euro +3.1 billion, mainly in Switzerland, France and Japan and (ii) G/A Savings at Euro +0.2 billion, mostly in the US and the MedLA region, partly offset by net outflows in (iii) Unit-Linked at Euro -0.2 billion as positive flows in France were more than offset by outflows from the Variable Annuity GMxB buyout offer in the US (Euro -0.5 billion).

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OLVENCY S	Solvency II ratio at March 31, 2016: Solvency II ratio is estimated at ca. 200%, down 5 points vs. December 31, 2015, as the impact of adverse financial market conditions was partially offset by the operating return contribution and the issuance of Euro 1.5 billion of dated subordinated notes. As signaled in AXA's FY 2015 disclosure, the quarterly estimated Solvency II ratio, for the includes an estimated dividend accrual7 first time, for the first quarter.
	Main transactions during 1Q168 :
MENT AGE AN M CAPITAL	 Agreement to dispose of AXA's Hungarian banking operations to OTP Bank Plc on February 3, 2016. Completion of the transaction is subject to customary conditions, including obtaining required regulatory approvals, and should be finalized during the second semester of 2016;  Announcement of AXA's global business initiative to develop its Emerging Customer insurance offer and the increase to 46% of AXA's stake in MicroEnsure on February 11, 2016;  Completion of the acquisition of a 8% stake in Africa Internet Group on March 21, 2016;  Announcement of the placement of Euro 1.5 billion dated subordinated notes due 2047 on March 24, 2016.
GS	 On January 20, 2016, Moody's Investors Services reaffirmed the 'Aa3' insurance financial strength ratings of AXA's principle insurance subsidiaries, maintaining a stable outlook.  On October 29, 2015, S&P reaffirmed long-term ratings on AXA Group principle
RATIN	subsidiaries at 'A+', maintaining a positive outlook.
	 On October 6, 2015, Fitch reaffirmed all AXA entities' insurer financial strength ratings at 'AA-', maintaining a stable outlook.

Key figures	APE				NBV	NBV margin
In Euro million	1Q15	1Q16	% change	1Q15	1Q16	% change	1Q15	1Q16
Protection & Health	716	718	+7%	364	385	+6%	51%	54%
Unit-Linked	632	866	+37%	217	185	-15%	34%	21%
G/A Savings	249	389	+22%	38	46	-14%	15%	12%
Mutual funds & other	270	200	-20%	25	9	-60%	9%	4%
Total	1,866	2,173	+16%	645	625	-5%	35%	29%
of which mature markets	1,499	1,779	+17%	488	509	+1%	33%	29%
of which high growth markets	368	394	+13%	157	116	-24%	43%	29%

Life & Savings

New Business APE was up 16% on both comparable and reported basis mainly due to (i) Unit-Linked mostly in the UK following higher corporate pension scheme sales, partly offset by lower sales in Hong Kong from the non-repeat of both the exceptional sale of several large contracts and the carryover of accelerated sales in anticipation of January 1, 2015 regulatory changes, and in the MedLA region from lower sales of structured products and pure Unit-Linked products in Italy, (ii) G/A Savings mainly driven by South-East Asia, India & China, mostly due to China following higher Chinese New Year sales of single premium and whole life savings products, and by Japan due to the successful launch of a new generation savings product, partially offset by lower sales in France, and (iii) Protection & Health driven by higher sales in Switzerland and Hong Kong both due to large group contracts. This increase was offset by (iv) Mutual Funds & Other mainly due to lower sales in France following the non-repeat of the sale of a large contract.

In mature markets, APE was up 17%, mainly driven by the UK and to a lesser extent by Switzerland and Japan, partly offset by France, Belgium and the MedLA region. In high growth markets, APE increased by 13%, mainly driven by strong growth in South-East Asia, India & China partly offset by Hong Kong.

• Unit-Linked APE (40% of total) was up 37%, mostly driven by the UK following higher corporate pension scheme sales (Euro 0.3 billion) as well as the US from higher sales of non-GMxB Variable Annuities products partially compensated by a decrease in GMxB Variable Annuities sales. This increase was partly offset by Hong Kong from the nonrepeat of both the exceptional sale of several large contracts and the carryover of accelerated sales in anticipation of January 1, 2015 regulatory changes, and by the MedLA region from lower sales of structured products and pure Unit-Linked products in Italy.
• Protection & Health APE (33% of total) was up 7%, mainly driven by higher sales in Switzerland mainly due to a large group life contract, Hong Kong mainly due to a large contract in group health business, and South-East Asia, India & China.

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G/A Savings APE (18% of total) was up 22%, mainly driven by South-East Asia, India & China mostly with higher Chinese New Year sales from single premium and whole life savings products as well as by Japan due to the successful launch of a new generation savings product, partially offset by lower sales in France.

NBV margin decreased by 6 points to 29% driven by a temporary change in product mix, mainly in the UK following higher corporate pension scheme sales, in South-East Asia, India & China, from higher seasonal sales of lower margin single premium savings products in China, as well as in the US, due to a shift towards Variable Annuities without guarantees. This was partly offset by Switzerland, mainly driven by both higher volumes as well as a better product mix towards higher margin Protection products, and MedLA.

As a consequence, NBV was down 5% to Euro 625 million.

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Key figures		Revenues	1Q16 price effect
In Euro billion	1Q15	1Q16	% change	% change
Personal	6.2	6.3	+4%	+4.1%
Commercial	5.2	5.4	+2%	+2.6%9
Other	0.0	0.0	n.a.
Total	11.4	11.7	+3%	+3.4%
of which mature markets	9.3	9.5	+1%	+1.3%
of which high growth markets	1.5	1.5	+9%	+15.2%
of which Direct	0.7	0.7	+7%	+5.7%

Property & Casualty

Revenues were up 3% on a comparable basis, and up 2% on a reported basis, mainly driven by a positive price effect of 3.4% on average.

• Mature markets revenues increased by 1%, mostly driven by the UK & Ireland and Germany from both higher volumes and tariff increases.
• High growth markets revenues increased by 9% overall. This was mainly driven by Turkey where significant price increases were undertaken from April 2015 to restore profitability following evolutions in regulation and jurisprudence. Excluding Turkey, revenues increased by 4%, mainly driven by (i) Mexico from both tariff increases and higher volumes and (ii) Asia, with higher sales in Malaysia, partly offset by (iii) the loss of a large contract in the Gulf region.
• Direct revenues were up 7% mainly driven by strong growth in Japan, the UK, France and Poland, partly offset by South Korea following pruning actions.

Personal lines revenues increased by 4%, mainly driven by (i) the Direct business, with an overall better price positioning, strong volume growth in France, Poland and Japan and the success of retention initiatives in the UK and Spain, (ii) the MedLA region, mostly in Turkey following the above-mentioned profitability measures, partly offset by Spain and Italy, (iii) the UK & Ireland mainly from Motor in Ireland and the continued success of the Health offer, (iv) Germany and (v) France.

Personal lines net new contracts amounted to -64k, with -81k contracts in Motor and +16k contracts in Household. This was mainly due to above-mentioned price increases in Turkey (-132k) and lower volumes in both Germany and France. This was partly offset by higher volumes in Asia (+157k) mostly from Malaysia.

Commercial lines revenues increased by 2%, mainly driven by (i) the MedLA region mostly in Mexico following strong growth of the Health and Motor offers, (ii) the UK & Ireland due to higher volumes in Motor, (iii) Germany due to strong growth in Property stemming from the SME segment and (iv) Belgium.

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Asset Management

Key figures	Revenues (Euro million)				Average Assets under Management (Euro billion)	Net flows (Euro billion)
In Euro billion	1Q15	1Q16	% change	1Q15 1Q16 % change		1Q15	1Q16
AXA IM	309	273	-11%	616	586	-4%	+14	+8
AB	647	610	-8%	450	449	-2%	+5	+2
Total	956	883	-9%	1,066 1,035		-4%	+19	+10

Asset management net inflows amounted to Euro +10 billion in 1Q16. AXA IM recorded Euro +8 billion of net inflows, mainly driven by inflows from the Asian joint ventures (Euro +10 billion), as well as inflows from the institutional channel, partly offset by outflows on assets managed on behalf of AXA's general account. AB recorded Euro +2 billion of net inflows, mainly from the institutional channel.

Assets under management amounted to Euro 1,115 billion as at March 31, 2016, down from Euro 1,124 billion at the end of 2015. This was mainly driven by (i) an adverse Forex impact as Euro strengthened against major currencies, partly offset by (ii) a positive market effect mainly driven by lower interest rates and (iii) net inflows.

Average assets under management amounted to Euro 1,035 billion, down 4% vs. 1Q15, mainly driven by the partial withdrawal of the Friends Life assets in 4Q15.

Asset management revenues were down 9% mainly driven by lower average assets under management and by a decrease in average management fee bps linked to a higher share of fixed income products, mostly driven by weak equity markets in the first two months of the year.

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Notes

1. Annual 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. The Solvency II ratio is based on AXA's internal model calibrated based on adverse 1/200 year shock and assuming US

equivalence. AXA's internal model was approved by ACPR on November 12, 2015. Solvency II took effect January 1, 2016.

1. Including Banking revenues which were down 17% to Euro 145 million in 1Q16 (vs. Euro 174 million in 1Q15).

2. General Account.

3. General Account Protection and Health.

4. Solvency II ratio is estimated including a theoretical amount for dividends accrued for the first quarter of 2016 based on one fourth of the full year dividend to be paid in 2016 for FY 2015. Dividends are declared by the Board in its discretion based on a variety of factors described in AXA's Annual Reports and then submitted to AXA's shareholders for approval. This estimate should not be considered in any way to be an indication of the actual dividend amount, if any, for the 2016 financial year.

5. Please refer to appendix 8 for events subsequent to March 31, 2016.

6. Renewals only.

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 and Nigeria are not included in revenues due to consolidation under equity method (P&C only).

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 L&S has been deconsolidated from the Group accounts since 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.

All comments are on a comparable basis (constant Forex, scope and methodology).

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 2016.

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.

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NOTES /

ABOUT THE AXA GROUP

The AXA Group is a worldwide leader in insurance and asset management, with 166,000 employees serving 103 million clients in 64 countries. In 2015, IFRS revenues amounted to Euro 99.0 billion and IFRS underlying earnings to Euro 5.6 billion. AXA had Euro 1,363 billion assets under management as of December 31, 2015.

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).

THIS PRESS RELEASE IS AVAILABLE ON THE AXA GROUP WEBSITE www.axa.com

Investor Relations: +33.1.40.75.46.85 Individual Shareholder Relations: Andrew Wallace-Barnett: +33.1.40.75.46.85 +33.1.40.75.48.43 Florian Bezault: +33.1.40.75.59.17 François Boissin: +33.1.40.75.39.82 Ghizlane de Casamayor: +33.1.40.75.57.59 Aurore Chaussec: +33.1.40.75.96.20	Media Relations: Hélène Caillet: Jean-Baptiste Mounier:	+33.1.40.75.46.74 +33.1.40.75.55.51 +33.1.40.75.46.68
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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 Reference for the year ended December 31, 2015, 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 IFRS REVENUES /

AXA – PRESS RELEASE

AXA Group IFRS revenues – Contributions & growth by segment and country/region
In Euro million	1Q15	1Q16		IFRS revenues change
	IFRS	IFRS	Reported	Comp. basis
United States	3,199	3,454	+8%	+6%
France	4,427	4,032	-9%	-10%
NORCEEi	6,457	6,195	-4%	-3%
of which Germany	1,638	1,657	+1%	+1%
of which Switzerland	4,110	4,098	0%	+2%
of which Belgium	589	331	-44%	-44%
of which Central Eastern Europe	83	69	-17%	-17%
United Kingdom	174	147	-16%	-13%
Asia Pacific	1,732	2,073	+20%	+17%
of which Japan	1,012	1,290	+27%	+21%
of which Hong Kong	605	643	+6%	+11%
of which South-East Asia, India & China	115	140	+21%	+23%
MedLA	1,462	1,535	+5%	+9%
of which Spain	214	220	+2%	+2%
of which Italy ii	1,038	1,146	+10%	+10%
of which Other iii	210	169	-19%	+9%
Otheriv	4	1	-65%	n.a
Life & Savings	17,455	17,437	0%	0%
of which mature markets	16,484	16,430	0%	-1%
of which high growth markets	972	1,008	+4%	+10%
NORCEE	5,027	5,036	0%	+1%
of which Germany	1,805	1,844	+2%	+2%
of which Belgium	618	622	+1%	+1%
of which Switzerland	2,558	2,522	-1%	+1%
France	2,136	2,361	+11%	+1%
MedLA	2,130	2,020	-5%	+5%
of which Spain	473	462	-2%	-2%
of which Italy	372	371	0%	0%
of which Mexico	382	366	-4%	+13%
of which Turkey	290	322	+11%	+30%
of which Other v	614	500	-19%	-3%
United Kingdom & Ireland	1,160	1,224	+5%	+6%
Asia	315	322	+2%	+5%
Direct	661	717	+9%	+7%
Property & Casualty	11,428	11,681	+2%	+3%
of which mature markets	9,270	9,481	+2%	+1%
of which Direct	661	717	+9%	+7%
of which total High Growth markets	1,498	1,483	-1%	+9%
AXA Corporate Solutions Assurance	1,067	1,196	+12%	+6%
Other International activities	387	409	+6%	+8%
International Insurance	1,454	1,606	+10%	+6%
AB	647	610	-6%	-8%
AXA Investment Managers	309	273	-12%	-11%
Asset Management	956	883	-8%	-9%
Banking vi	174	145	-17%	-17%
TOTAL	31,467	31,751	+1%	+1%

i including Luxembourg

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

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

iv Architas Europe, AXA Life Invest Services and Family Protect

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

vi and other companies

Page 10/17

APPENDIX 2: AXA GROUP – IFRS REVENUES IN LOCAL CURRENCY – DISCRETE QUARTERS /

AXA – PRESS RELEASE

In million local currency except Japan in billion	1Q15	2Q15	3Q15	4Q15	1Q16
Life & Savings
United States	3,603	3,941	3,766	3,937	3,809
France	4,427	3,797	3,563	4,207	4,032
United Kingdom	130	148	119	115	113
NORCEE
Germany	1,638	1,662	1,617	1,733	1,657
Switzerland	4,408	1,259	920	1,145	4,490
Belgium	589	432	293	402	331
Central & Eastern Europei	83	78	83	53	69
Asia Pacific
Japan	136	133	138	161	164
Hong Kong	5,284	5,141	5,603	5,729	5,514
i MedLA	1,462	1,711	1,135	1,397	1,535
Property & Casualty
NORCEE
Germany	1,805	649	781	674	1,844
Switzerland	2,743	289	156	154	2,763
Belgium	618	475	471	446	622
France	2,136	1,206	1,507	1,171	2,361
i MedLA	2,130	1,796	1,586	1,984	2,020
United Kingdom & Irelandii	863	933	829	879	943
Asiai	315	274	276	234	322
Directi	661	728	685	658	717
International Insurance
AXA Corporate Solutions Assurance	1,067	384	402	401	1,196
Other international activitiesi	387	324	336	313	409
Asset Management
AB	728	749	716	695	673
AXA Investment Managers	309	323	316	295	273
Bankingi	174	127	192	128	145

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			1Q16 APE by product			Total APE			NBV			NBV Margin
	G/A Protection & Health	G/A Savings	Unit-Linked	Mutual funds & other	1Q15	1Q16	Change on a comparable basis	1Q15	1Q16	Change on a comparable basis	1Q15	1Q16	Change on a comparable basis
United States	28	20	241	124	390	412	+1%	102	91	-13%	26%	22%	-4 pts
France	204	118	89	0	444	412	-14%	121	107	-13%	27%	26%	0 pt
United Kingdom	10	0	381	65	162	455	+191%	5	6	+26%	3%	1%	-2 pts
NORCEE	221	15	43	9	293	288	+2%	130	145	+13%	44%	50%	+5 pts
Germany	61	11	29	6	103	107	+4%	43	45	+3%	42%	42%	0 pt
Switzerland	150	0	3	0	136	153	+21%	68	88	+32%	50%	57%	+5 pts
Belgium	4	4	4	0	35	12	-65%	12	6	-49%	35%	52%	+16 pts
Central & Eastern Europe	5	0	7	4	20	16	-19%	7	6	-7%	35%	40%	+5 pts
Asia Pacific	229	172	80	0	422	481	+17%	239	227	-6%	56%	47%	-11 pts
Japan	66	25	28	0	88	119	+26%	90	119	+24%	102%	101%	-2 pts
Hong Kong	79	25	16	0	156	120	-17%	95	75	-20%	61%	63%	-2 pts
South-East Asia, India & China	85	122	36	0	178	243	+38%	53	33	-35%	30%	14%	-16 pts
MedLA	26	64	33	2	153	126	-14%	48	50	-9%	31%	39%	+2 pts
Spain	8	8	5	2	22	22	0%	12	17	+10%	56%	76%	+7 pts
Italy	5	56	27	0	114	87	-23%	33	31	-18%	29%	36%	+2 pts
Otheri	14	0	2	0	17	17	+33%	3	2	+22%	15%	9%	-1 pts
Otherii	0	0	0	0	2	0	n.a	0	0	n.a	20%	n.a	n.a
Total	718	389	866	200	1,866	2,173	+16%	645	625	-5%	35%	29%	-6 pts
of which mature markets	537	242	804	197	1,499	1,779	+17%	488	509	+1%	33%	29%	-4 pts
of which high growth markets	181	147	62	4	368	394	+13%	157	116	-24%	43%	29%	-14 pts

ⁱColombia, Greece, Mexico, Morocco, Portugal and Turkey

ii Architas Europe, AXA Life Invest Services and Family Protect

Net flows by country/region
In Euro billion	1Q15	1Q16
United States	-0.1	-0.3
France	+1.1	+0.6
United Kingdom	0.0	-0.1
NORCEE	+2.3	+1.6
Asia Pacifici	+0.6	+0.9
MedLA	0.0	+0.4
Total Life & Savings net flows	+3.9	+3.0
of which mature markets	+3.3	+2.5
of which high growth markets	+0.7	+0.6

i Asia Pacific: Hong Kong, Japan, South-East Asia, India & China; India & China are not included due to consolidation in equity method

Net flows by business Line
In Euro billion	1Q15	1Q16
G/A Protection & Health	+3.8	+3.1
G/A Savings	-0.9	+0.2
Unit-Linked	+0.7	-0.2
Mutual funds & other	+0.4	0.0
Total Life & Savings net flows	+3.9	+3.0

Page 13/17

AXA – PRESS RELEASE

Property & Casualty revenues – contribution & growth by business line – 1Q16
		Personal Motor		Personal Non-Motor	Commercial Motor			Commercial Non-Motor
in Euro million	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	2,012	+1%	729	+1%	325	0%	1,908	+2%
of which Germany	740	+2%	355	+4%	106	-6%	560	+4%
of which Belgium	145	+1%	116	-5%	86	+1%	278	+4%
of which Switzerland	1,114	+1%	251	+1%	121	+5%	1,053	0%
France	454	0%	602	+5%	224	-1%	1,092	-2%
MedLA	643	+7%	395	+1%	296	+8%	689	+4%
of which Spain	172	-4%	153	-2%	26	+15%	114	-2%
of which Italy	214	-4%	89	+3%	13	+21%	55	+4%
of which Mexico	39	-5%	85	+7%	105	+17%	143	+23%
of which Turkey	155	+59%	18	+24%	72	-12%	82	+40%
of which otheri	64	-3%	50	-8%	80	+18%	295	-9%
United Kingdom & Ireland	167	+9%	386	+5%	156	+26%	553	-1%
Asia	77	+3%	71	+16%	21	+11%	160	+1%
Direct	625	+9%	98	+1%
Total	3,979	+4%	2,282	+3%	1,022	+6%	4,402	+1%
of which mature markets	3,024	+1%	1,971	+3%	744	+5%	3,733	0%
of which high growth markets	330	+22%	214	+7%	278	+7%	669	+4%

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

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Property & Casualty price effect by country and business line
1Q16 (In %)	Personal lines	Commercial linesi
France	+1.5%	+2.0%
Germany	+2.9%	+0.8%
United Kingdom & Ireland	+5.6%	+0.8%
Switzerland	-0.5%	+0.1%
Belgium	+2.3%	+1.0%
MedLA	+13.1%	+9.6%
Asia	+0.5%	+0.8%
Direct	+5.7%
Total	+4.1%	+2.6%

Renewals only

i

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AXA – PRESS RELEASE

Assets under Management rollforward
In Euro billion	AB	AXA IM	AXA IM - Fully consolidated scope	AXA IM - Asian Joint Ventures	Total
AUM at FY15	455	669	595	74	1,124
Net flows	+2	+8	-2	+10	+10
Market appreciation	+14	+2	+3	-1	+16
Scope & other	0	-5	-5	0	-5
Forex impact	-22	-9	-6	-3	-30
AUM at 1Q16	449	666	585	81	1,115
Average AUM over the periodi	449	586	586	-	1,035
Change of average AUM on a reported basis vs. 1Q15	0%	-5%	-5%	-	-3%
Change of average AUM on a comparable basis vs. 1Q15	-2%	-4%	-4%	-	-4%

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

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Changes in scope: No significant changes in scope

Main press releases

Please refer to the following web site address for further details:https://www.axa.com/en/newsroom/press-releases

Issued in 1Q16

• 01/05/2016 Buyback of AXA shares and elimination of the dilutive effect of certain share-based compensation schemes
• 02/03/2016 AXA to sell its Hungarian banking operations
• 02/08/2016 Jumia and AXA partner to provide insurance products and services to African customers
• 02/11/2016 AXA launches a global initiative to scale up its protection of tomorrow's Emerging Middle Class
• 02/25/2016 FY15 earnings successful delivery on Ambition AXA
• 02/26/2016 Resolutions submitted to AXA's Shareholders' Meeting of April 27, 2016
• 03/21/2016 Henri de Castries, Chairman and Chief Executive Officer at AXA, has decided to retire on September 1st, 2016

Issued in 2Q16

• 04/01/2016 AXA has completed the sale of its Portuguese operations
• 04/04/2016 AXA has completed the acquisition of Charter Ping An
• 04/19/2016 AXA expands operations in Africa by launching a Lloyd's specialty insurance venture with Chaucer
• 04/27/2016 Results of AXA's Shareholders' Meeting / AXA publishes its 2015 Activity & Corporate Responsibility Report
• 04/28/2016 AXA to sell its UK offshore investment bonds business based in the Isle of Man to Life Company Consolidation Group

2016 Operations on AXA shareholders' equity and debt

Shareholders' Equity: No significant operation

Debt:

03/24/2016 – AXA announced the successful placement of Euro 1.5 billion subordinated notes due 2047

Next main investor events

• 06/21/2016 AXA Investor Day (in Paris)
• 08/03/2016 Half Year 2016 Earnings Release
• 11/04/2016 First Nine Months 2016 Activity Indicators

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