AXA — Earnings Release 2018

May 3, 2018

Paris, May 3, 2018

1Q18 Activity indicators

Continued focus on preferred segments

• Total Gross revenues up 2% to Euro 30.8 billion
• APE up 5% to Euro 1.8 billion, with NBV up 5% to Euro 0.8 billion
• Health revenues up 7% to Euro 3.5 billion
• Protection APE up 9% to Euro 0.6 billion
• P&C commercial lines revenues up 2% to Euro 6.3 billion
• Solvency II ratio up 16 points to 221% from FY17

"AXA has delivered a strong operating performance in the first quarter of 2018", said Gérald Harlin, Deputy CEO and Group CFO of AXA. "We are growing our topline, with a continued focus on profitability and shift towards preferred segments, in line with our Ambition 2020."

"AXA's French operations recorded an excellent performance in the first quarter, notably with a very strong growth in Health, Savings and Protection. We also continued to grow our topline, as well as further improve our business mix, in Europe and in Asia. Growth in Health revenues remained a highlight, further reinforcing our global leadership position in this preferred and organically growing segment."

"Our Solvency II ratio stood at 221%, up 16 points from FY17, demonstrating once again the underlying strength and flexibility of our balance sheet."

"We are resolutely focused on reshaping AXA's profile towards our preferred segments, both through our new business mix, and of course through the strategic decisions to list our US operations and acquire the XL Group. We also continue to reshape our inforce operations, the transformation of our group life business in Switzerland being a very successful achievement. I would like to thank all our colleagues and partners for their relentless efforts towards this objective, together with our customers and shareholders, for their continued trust and support."

Key figures (in Euro billion, unless otherwise noted)
				Change
	1Q17	1Q18	Reported	Comparable basis
Gross revenues	31.6	30.8	-2.7%	+2.2%
APE1,2	1.8	1.8	+0.7%	+5.3%
NBV margin1,2 (%)	42.3%	41.8%	-0.5 pt	0.0 pt
Asset Management net flows	+3.1	+5.0	-	-
	FY17	1Q18	Change
Solvency II ratio3 (%)	205%	221%	+16 pts

All notes are on page 7 of this document.

1Q18 key highlights

Sales

Total revenues were up 2%, mainly due to (i) strong growth in France (+8%) driven by Life & Savings and Health, (ii) Europe (+1%) due to growth in Property & Casualty and Health across all countries, (iii) Asia (+3%) with growth in Hong Kong and Japan, and (iv) International (+3%) with strong growth in Health in Mexico. This was partly offset by the US (-3%) due to lower Unit-Linked sales, partly offset by higher revenues at AB.

Annual Premium Equivalent, APE1,2 (new business volume) was up 5% with strong growth in France (+20%) mainly driven by Group Health and Individual Savings, in Europe (+9%), from Protection and Unit-Linked, and the US (+3%) with higher advisory sales partly offset by lower Unit-Linked sales. This was partly offset by Asia (-8%), mainly driven by China due to lower sales of single premium G/A⁴ Savings products, in line with our strategy.

NBV margin1,2 was stable at 41.8% as the positive impact from an improved business mix in Asia was offset by higher sales of Group Health in France.

New Business Value1,2 was up 5% to Euro 0.8 billion.

Net inflows amounted to Euro 2.5 billion as strong net inflows in Protection and Health were partly offset by net outflows in Traditional G/A⁴ Savings products, in line with our strategy.

P&C revenues were up 1% driven by Commercial lines (+2%) mainly from positive price effects while Personal lines revenues were stable.

Asset Management net inflows amounted to Euro 5 billion mainly driven by net inflows at AXA IM.

Preferred segments⁵

Health⁶ revenues were up 7%, with growth in all geographies, mostly in France, International, and in all countries in Europe.

P&C commercial lines revenues increased by 2%, mainly driven by Europe with growth across all countries, and from AXA Assistance.

Protection APE was up 9%, driven by strong growth in Switzerland, due to higher sales of semi-autonomous contracts, and higher sales in France and the US.

Solvency

Solvency II ratio³ was up 16 points versus December 31, 2017 to 221%, from a strong operating return net of accrued dividend for the quarter, subordinated debt issuance (+7 points) and the positive impact of management actions to reduce equity market risk (ca. +8 points). This was partly offset by the negative impact of changes by EIOPA in both the Ultimate Forward Rate and the reference portfolio weights for the volatility adjuster.

Ratings

S&P: On March 6, 2018, S&P Global Ratings placed the 'AA-' financial strength rating of AXA's core operating subsidiaries on CreditWatch with negative implications.

Fitch: On March 6, 2018, Fitch Ratings placed the 'AA-' financial strength rating of AXA's core operating subsidiaries on Rating Watch negative.

Moody's: On March 7, 2018, Moody's Investors Service affirmed the 'Aa3' insurance financial strength rating of AXA's principle insurance subsidiaries, changing the outlook to negative from stable.

Capital Management

Main transactions since January 1, 2018:

• Announcement to sell AXA's operations in Azerbaijan on February 21, 2018;
• Completion of the acquisition of Maestro Health announced on February 27, 2018;
• Announcement of the acquisition of XL Group Ltd. on March 5, 2018;
• Successful placement of Euro 2 billion dated subordinated notes due 2049 announced on March 22, 2018;
• Announcement to transform AXA's Swiss group life business on April 10, 2018;
• Announcement of receipt of USD 3.2 billion at AXA S.A. from the completion of the US pre-IPO transactions on April 25, 2018;
• Announcement of the launch of the Initial Public Offering of AXA Equitable Holdings, Inc. on April 26, 2018;
• Announcement of the launch of an offering of approximately USD 750 million of bonds mandatorily exchangeable into shares of AXA Equitable Holdings, Inc. on April 26, 2018.

France – Strong growth in Life & Savings and Health

	Total revenues were up 8% to Euro 7.0 billion, mainly driven by Life & Savings (+13%) and Health
	(+10%), partly offset by Property & Casualty (-1%).
L&S revenues +13%	• L&S revenues increased by 13%, mainly driven by strong sales in capital light G/A Savings
	products sold through the bancassurance channel and Unit-Linked.
	• P&C revenues decreased by 1%, as growth in Commercial lines was more than offset by
	continued strong market competition in Personal lines.
	• Health revenues were up 10%, mainly driven by growth in Group Health international business.
	APE increased by 20%, supported by (i) Health (+39%) and Protection (+11%) due to strong growth
Health APE +39%	from international Group business, (ii) G/A Savings (+18%) from higher sales generated through
	bank partnerships, and also by (iii) Unit-Linked (+7%) due to higher sales in discretionary mandates
	and real estate funds.
	NBV margin decreased by 1.5 points to 34.6%, mainly driven by a change in business mix in
NBV +15%	Protection and in Health due to strong sales of Group business. New Business Value increased by

Europe – Continued repositioning towards preferred segments

15% to Euro 0.2 billion.

Total revenues were up 1% to Euro 13.9 billion, driven by Property & Casualty (+2%) and Health (+3%).

• L&S revenues held steady at Euro 5.8 billion, as strong sales in Unit-Linked (+30%), mainly in Italy (+88%), following a recovery and repositioning at BMPS, and Spain (+30%) due to the strategic shift in business mix from G/A Savings to Unit-Linked, were offset by lower revenues in Protection (-2%), in line with the strategic shift from full insurance to semi-autonomous contracts in Switzerland, and in G/A Savings (-2%). Unit-Linked revenues +30%
• P&C revenues increased by 2%, mainly driven by higher sales in Commercial lines (+2%) in all countries, notably in Switzerland and UK & Ireland, and in Personal lines (+1%) mainly in Germany due to higher volumes as well as positive price effect. P&C CL revenues +2%
• Health revenues +3%

• Health revenues increased by 3%, mainly driven by Germany (+2%) due to a positive price effect, Belgium (+23%) due to several new large contracts, UK & Ireland (+1%) due to growth in the broker channel as well as in the international business, and by Spain (+7%).

APE increased by 9%, as strong growth in Protection (+17%), notably from semi-autonomous sales in Switzerland, and in Unit-Linked (+32%), mainly in Italy (+42%), from the recovery and repositioning at BMPS and higher sales in the agency networks, and Spain, was partly offset by lower sales in Health in Germany.

NBV margin was stable at 54.2%, as the positive effect from the shift to semi-autonomous contracts in Switzerland was partly offset by lower sales in Health in Germany. New Business Value increased by 9% to Euro 0.2 billion.

Asia – Growth in Protection and Health businesses

Total revenues were up 3% to Euro 2.1 billion, mainly driven by Life & Savings (+5%) and Health (+3%), partly offset by Property & Casualty (-3%).

Protection	• L&S revenues grew by 5% to Euro 1.3 billion, driven by strong growth in Hong Kong (+7%) from
revenues	higher Protection revenues and a new G/A Savings product launch, as well as in Japan (+4%)
+6%	mostly from strong sales in Protection, notably from a new product launch.
	• P&C revenues were down 3% to Euro 0.3 billion, mainly in Asia Direct due to lower Motor sales.
	• Health revenues grew by 3% to Euro 0.5 billion, mainly driven by Hong Kong from higher sales
	of Group Medical products.
	APE was down 8%, mostly in China (-45%) from G/A Savings, due to the continued focus away from
APE	short term single premium and to regular premium products, partly offset by growth in Protection.
+7%	This was partly offset by growth in all other countries, notably in Japan (+4%) from a new Protection
excl. China and	product, in the Philippines (+37%) and Indonesia (+9%) from higher Protection sales, in Thailand
Japan	(+6%) from higher Unit-Linked sales, and in Hong Kong (+3%) from a new G/A Savings product and
	higher Health sales, partly offset by lower sales in Protection.
NBV margin	NBV margin increased by 4.1 points to 62.3%, mainly resulting from the continuous shift towards
+4pts	regular premium and higher sales of Protection in China, partly offset by higher sales of G/A Savings

products in Hong Kong. New Business Value decreased by 2% to Euro 0.2 billion.

United States – Higher sales in US L&S and strong growth at AB

US Life & Savings

APE increased by 3%, driven by higher advisory sales in Mutual Funds (+16%) reflecting favorable market conditions, and in Protection (+10%), partly offset by lower Unit-Linked sales (-7%) mainly due to the non-repeat of 1Q17 strong sales of non-GMxB Variable Annuity in anticipation of the implementation of the US Department of Labor rule. NBV margin decreased by 1.2 points to 21.9%, mainly driven by a less favorable business mix. New Business Value decreased by 3% to Euro 0.1 billion. AB Asset Management net inflows amounted to Euro -2 billion, as inflows in equity funds were more than offset by outflows from fixed income funds. Average assets under management amounted to Euro 460 billion, up 10% vs. 1Q17, mainly driven by positive market developments in 2017. Asset Management revenues were up 13% to Euro 0.6 billion, mostly from higher average assets under management and higher management fee bps due to an improved business mix. Mutual Funds & Other APE +16% Asset Management revenues +13%

International – Improving business mix

	Total revenues were up 3% to Euro 1.8 billion, mainly driven by strong growth in Health (+16%), by
	Life & Savings (+3%) and Property & Casualty (+1%), partly offset by Banking activities (-19%).
Health revenues	• Health revenues increased by 16% to Euro 0.4 billion, mainly driven by both volume and price
+16%	effects in Mexico (+28%) and in the Gulf region (+8%) from growth in commercial Health.
	• L&S revenues were up 3% to Euro 0.3 billion, driven by strong growth in Luxembourg, Morocco
	and Singapore. This was partly offset by lower revenues in Colombia.
	• P&C revenues were up 1% to Euro 1.1 billion, driven by growth in Personal lines (+2%), notably
	in Colombia due to higher volumes and in Poland from Motor business.
Protection APE +13%	APE was up 2%, mainly driven by India (+56%) with strong sales of Protection products, partly offset by Singapore (-9%), due to lower sales of Traditional G/A products.
NBV margin +9.5pts	NBV margin grew by 9.5 points to 33.4%, reflecting a continued improvement in the business mix, notably in Singapore and Poland. New Business Value increased by 44%, to Euro 21 million.

Transversal

Total revenues were up 1% to Euro 2.1 billion, driven by AXA Assistance (+8%) and AXA Investment Managers (+1%).

AXA Investment Managers

Asset Management revenues were up 1% to Euro 0.3 billion, mostly from higher management fees linked to higher average assets under management.

Asset Management net inflows amounted to Euro 7 billion, driven by strong inflows from Asian JVs and third-party clients. Net inflows Euro +7 billion

Average assets under management amounted to Euro 636 billion, up 5%, driven by positive market effects and net inflows.

AXA Corporate Solutions Assurance & AXA Assistance

AXA Corporate Solutions Assurance revenues were stable at Euro 1.3 billion, as new business and positive price effects in Marine and Property were offset by selective underwriting in Construction.

AXA Assistance revenues +8%

AXA Assistance revenues were up 8% to Euro 0.3 billion, benefiting from higher revenues in Travel and Household businesses.

DEFINITIONS

France: includes insurance activities and banking activities in France.

Europe: includes Belgium (insurance activities), Italy (insurance activities), Germany (insurance activities excluding AXA Art, including banking activities), Spain (insurance activities), Switzerland (insurance activities), United Kingdom & Ireland (insurance activities).

Asia: includes Japan, Hong Kong, Asia Direct (AXA Global Direct Japan and AXA Global Direct South Korea) and Asia High Potentials (of which (i) Thailand P&C, Indonesia L&S (excluding the bancassurance entity) are fully consolidated and (ii) China, Thailand L&S, the Philippines and Indonesian L&S bancassurance businesses are consolidated under the equity method).

United States: includes Life & Savings insurance activities in the US, as well as AB.

International: includes (i) Mexico, Singapore, Colombia, Turkey, Poland, the Gulf Region, Morocco, AXA Bank Belgium, Malaysia P&C, Luxembourg, Brazil, the Czech Republic Life & Savings, Slovakia Life & Savings and Greece which are fully consolidated; (ii) Russia (Reso), India, Nigeria and Lebanon which are consolidated under the equity method; (iii) Poland Property & Casualty traditional activities which are fully consolidated since January 1, 2017.

Transversal: includes AXA Investment Managers, AXA Corporate Solutions Assurance, AXA Assistance, AXA Art, AXA Liabilities Managers, AXA Global Re (formerly AXA Global P&C and AXA Global Life), AXA Life Europe.

NOTES

From FY17, AXA's reporting reflects the new operating model and organization announced on November 13, 2017. Descriptions of the scope of the geographies (France, Europe, Asia, United States, International) and Transversal are set forth above on this page.

1 Annual premium equivalent (APE), NBV margin and other non-GAAP financial measures are defined in the Glossary set forth in AXA's 2017 Activity Report (pp. 70-77).

2 APE, NBV margin and NBV include Life & Savings business, as well as Health "life-like" business. For Switzerland, 1Q18 APE, and the change on comparable basis, includes the underwritten savings contributions from semi-autonomous solutions. 1Q18 NBV and NBV margin, and the changes on comparable basis, include net investment services fees retained by AXA Switzerland from semi-autonomous solutions.

3 The Solvency II ratio is estimated based on AXA's internal model calibrated based on an adverse 1/200 years shock and assuming US equivalence. For further information on AXA's internal model and Solvency II disclosures, please refer to AXA Group's SFCR for FY16, available on AXA's website (www.axa.com).

4 General Account.

5 Preferred segments are Health, P&C Commercial lines and Protection, as shown during the 2017 Investor Day presentation on November 14, 2017.

6 From FY17, Health is reported as a separate business line.

All comments are on a comparable basis for activity indicators (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 2018.

ABOUT THE AXA GROUP

ABOUT THE AXA GROUP

The AXA Group is a worldwide leader in insurance and asset management, with 160,000 employees serving 105 million clients in 64 countries. In 2017, IFRS revenues amounted to Euro 98.5 billion and IFRS underlying earnings to Euro 6.0 billion. AXA had Euro 1,439 billion in assets under management as of December 31, 2017.

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 (axa.com).

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

FOR MORE INFORMATION:

Investor Relations:	+33.1.40.75.48.42
Andrew Wallace-Barnett:	+33.1.40.75.46.85
François Boissin:	+33.1.40.75.39.82
Aayush Poddar:	+33.1.40.75.59.17
Shantanu Priya:	+33.1.40.75.58.44
Mathias Schvallinger:	+33.1.40.75.39.20
Alix Sicaud:	+33.1.40.75.56.66

Individual Shareholder Relations: +33.1.40.75.48.43

Media Relations:	+33.1.40.75.46.74
Julien Parot:	+33.1.40.75.59.80
Nicolas Feltrin:	+33.1.40.75.56.48
Shruti Dhanda:	+33.1.40.75.72.58

Corporate Responsibility strategy:

axa.com/en/about-us/strategy-commitments

SRI ratings:

axa.com/en/investor/sri-ratings-ethical-indexes

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, expectations 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 AXA's actual results to differ materially from those expressed or implied in the forward-looking statements. Please refer to Part 4 - "Risk factors and risk management" of AXA's Registration Document for the year ended December 31, 2017, 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, except as required by applicable laws and regulations.

In addition, this Press Release refers to certain non-GAAP financial measures, or alternative performance measures, used by management in analyzing AXA's operating trends, financial performance and financial position and providing investors with additional information that management believes to be useful and relevant regarding AXA's results. These alternative performance measures generally have no standardized meaning and therefore may not be comparable to similarly labelled measures used by other companies. As a result, none of these non-GAAP financial measures should be considered in isolation from, or as a substitute for, the Group's consolidated financial statements and related notes prepared in accordance with IFRS. The abovementioned and other non-GAAP financial measures used in this Press Release are defined in the Glossary set forth in AXA's 2017 Activity Report (pp. 70-77).

APPENDIX 1: REVENUES BY GEOGRAPHY AND BUSINESS LINE

Gross revenues	Totali		o/w Life & Savings			o/w Property & Casualty		o/w Health	o/w Asset Management
in Euro million	1Q18	Change	1Q18	Change	1Q18	Change	1Q18	Change	1Q18	Change
France	7,003	+8%	3,475	+13%	2,416	-1%	1,076	+10%	-	-
Europe	13,920	+1%	5,799	0%	6,630	+2%	1,480	+3%	-	-
Asia	2,145	+3%	1,340	+5%	314	-3%	491	+3%	-	-
United States	3,789	-3%	3,131	-5%	-	-	13	-4%	645	+13%
International	1,849	+3%	321	+3%	1,054	+1%	396	+16%	-	-
Transversal	2,076	+1%	2	-37%	1,745	+1%	33	-7%	297	+1%
Total	30,782	+2%	14,069	+2%	12,159	+1%	3,489	+7%	942	+9%

i. Including Banking (Euro 124 million)

AXA Group IFRS revenues - Contribution & growth by geography	1Q17
in Euro million	restatedi	1Q18	Reported	Change Comparable +8% +8% -3% +1% -9% -1% +1% +1% 0% 0% -1% +2% +2% +2%
France	6,482	7,003
Europe	14,358	13,920
Switzerland	6,618	5,992
Germany	3,563	3,612
Belgium	971	975
UK & Ireland	1,360	1,342
Spain	680	694
Italy	1,166	1,305	+12%	+12%
Asia	2,321	2,145	-8%	+3%
Japan	1,218	1,141	-6%	+3%
Hong Kong	796	730	-8%	+7%
Asia Direct	261	234	-10%	-3%
Asia High Potentials	46	40	-14%	-5%
United States	4,487	3,789	-16%	-3%
United States Life & Savings	3,827	3,144	-18%	-5%
A B	660	645	-2%	+13%
International	1,999	1,849	-8%	+3%
Transversal	1,992	2,076	+4%	+1%
AXA IM	299	297	-1%	+1%
AXA Corporate Solutions Assurance	1,234	1,303	+6%	0%
Other	459	477	+4%	+6%
Total	31,639	30,782	-3%	+2%

i 1Q17 has been restated to reflect the new reporting which is aligned with the new operating model and organization announced on November 13, 2017. Descriptions of the scope of the geographies (France, Europe, Asia, United States, International) and Transversal are set forth on page 7 of this document.

				APE 1Q18 by product								Total APE			NBV			NBV margin
in Euro million	Protection	Change	G/A Savings	Change	Unit Linked	Change	i Health	Change	MF & other	Change	1Q17 ii restated	1Q18	Change	1Q17 restatedii	1Q18	Change	1Q17 restatedii	1Q18	Change
France	107	+11%	135	+18%	104	+7%	180	+39%	-	-	442	526	+20%	158	182	+15%	36%	35%	-2 pts
Europe	230	+17%	73	-6%	55	+32%	33	-27%	7	-5%	333	398	+9%	200	216	+9%	60%	54%	0 pt
iii Switzerland	196	+21%	0	-84%	2	+3%	-	-	-	-	135	198	+21%	87	104	+25%	65%	53%	+2 pts
Germany	15	-4%	27	-14%	7	-5%	33	-27%	4	-17%	104	86	-18%	69	54	-22%	66%	63%	-4 pts
Belgium	5	+49%	9	+44%	1	+107%	-	-	-	-	7	16	+51%	6	12	+42%	91%	73%	-5 pts
Spain	6	-11%	2	-34%	9	+43%	-	-	2	+28%	18	20	+8%	13	16	+20%	73%	80%	+8 pts
Italy	8	-9%	35	0%	35	+42%	-	-	-	-	68	78	+13%	25	30	+19%	36%	38%	+2 pts
Asia	229	0%	92	-31%	8	+168%	56	+3%	-	-	467	385	-8%	271	240	-2%	58%	62%	+4 pts
Japan	88	+10%	11	-9%	-	-	21	-7%	-	-	126	120	+4%	127	114	-2%	101%	95%	-6 pts
Hong Kong	59	-25%	25	+477%	1	-47%	19	+15%	-	-	118	105	+3%	73	46	-26%	62%	44%	-18 pts
Asia High Potentials	83	+17%	56	-54%	7	+584%	15	+4%	-	-	223	160	-22%	71	79	+23%	32%	49%	+18 pts
United States	46	+10%	19	-2%	203	-7%	1	+5%	156	+16%	478	425	+3%	110	93	-3%	23%	22%	-1 pts
International	37	+13%	1	-71%	16	-9%	4	+3%	6	+12%	66	64	+2%	15	21	+44%	23%	33%	+10 pts
Total	649	+9%	320	-9%	385	+2%	274	+17%	169	+15%	1,785	1,798	+5%	755	752	+5%	42%	42%	0 pt

i Only includes "life-like" Health business.

ii 1Q17 has been restated to reflect the new reporting which is aligned with the new operating model and organization announced on November 13, 2017. Descriptions of the scope of the geographies (France, Europe, Asia, United States, International) and Transversal are set forth on page 7 of this document.

iii 1Q18 APE, and the change on comparable basis, includes the underwritten savings contributions from semi-autonomous solutions. 1Q18 NBV and NBV margin, and the changes on comparable basis, include net investment services fees retained by AXA Switzerland from semi-autonomous solutions.

Net flows by country/region
in Euro billion	1Q17 restatedi	1Q18
France	0.3	1.3
Europe	1.7	1.5
Asia	0.7	0.6
United States	-0.2	-0.8
International	0.2	0.1
Transversal	0.0	0.0
Total Life & Savings net flows	2.6	2.5

Net flows by business line
in Euro billion	1Q17	1Q18
Protection	2.5	2.2
Health	0.7	0.9
G/A Savings	-0.7	-0.6
o/w capital lightii	0.4	0.8
o/w traditional G/A	-1.1	-1.4
Unit-Linked	0.2	0.0
Mutual Funds & Other	-0.1	0.0
Total Life & Savings net flows	2.6	2.5

i 1Q17 has been restated to reflect the new reporting which is aligned with the new operating model and organization announced o n November 13, 2017. Descriptions o f the scope o f the geographies (France, Europe, Asia, United States, International) and Transversal are set forth o n page 7 of this document.

ii G/A Savings products which, at inception, create more AFR than the economic capital they consume.

	Personal Motor		Personal Non-Motor		Commercial Motor			Commercial Non-Motor Total P&C
in Euro million	Gross revenues	Change	Gross revenues	Change	Gross revenues	Change	Gross revenues	Change	Gross revenues	Change
France	550 -4% 660 0%		221	-2%	985	+1%	2,416	-1%
Europe	2,722	+1%	1,090	+1%	519	+1%	2,294	+3%	6,630	+2%
Switzerland	1,045	-1%	242	+3%	107	-3%	1,039	+3%	2,432	+1%
Germany	773	+4%	410	+3%	84	-3%	620	+1%	1,892	+2%
Belgium	165	-2%	121	0%	86	+3%	261	+1%	633	0%
UK & Ireland	301	+2%	147	-5%	173	+7%	214	+5%	835	+2%
Spain	226	0%	89	0%	18	-6%	96	+4%	430	+1%
Italy	213	+1%	81	0%	51	+1%	64	+4%	409	+1%
Asia	227	-2%	44	-5%	3	-23%	38	0%	314	-3%
Hong Kong	9	+1%	20	-6%	2	-23%	32	+4%	62	-1%
Asia Direct	210	-2%	22	-5%	-	-	-	-	234	-3%
Asia High Potentials	8	-4%	2	+18%	1	-23%	6	-19%	17	-10%
International	305	0%	84	+12%	287	+5%	377	-3%	1,054	+1%
Transversal	-	-	54	+6%	308	+7%	1,291	0%	1,745	+1%
Total	3,805	0%	1,932	+1%	1,338	+3%	4,985	+1%	12,159	+1%

P&C Net New Contracts amounted to -4k mainly driven by France (-40k) due to continued strong market competition. This was mostly offset by higher net new contracts in International (+22k), from Malaysia (+53k), Poland (+48k) and Mexico (+18k), partly offset by Turkey (-103k), and Europe (+15k) mainly from Italy due to the acquisition of new agencies.

Property & Casualty: Price effect by country and business line
1Q18 (in %)	Personal lines	Commercial linesi
France	+1.2%	+2.6%
Europe	+1.2%	+1.6%
Switzerland	-1.0%	+1.0%
Germany	+2.4%	+0.5%
Belgium	+1.9%	+2.3%
UK & Ireland	+3.9%	+5.1%
Spain	+2.7%	+2.7%
Italy	+0.6%	0.0%
Asia	+0.4%	+1.1%
Hong Kong	+3.9%	+2.5%
Asia Direct	-0.3%	-
Asia High Potentials	+7.6%	-4.1%
International	+0.1%	-1.1%
Total	+1.1%	+1.5%

ⁱRenewals only

APPENDIX 7: ASSETS UNDER MANAGEMENT ROLLFORWARD

Assets under Management rollforward
in Euro billion	AB		AXA IM	AXA IM - Fully consolidated scope	AXA IM - Asian Joint Ventures	Total
AUM at FY17	468		746	640	106	1,214
Net Flows	- 2		7	2	5	5
Market effect	- 2		- 8	- 8	0	-10
Scope & other	0		- 1	- 1	0	-1
Forex impact	-11		1	1	0	-10
AUM at 1Q18	453		745	634	112	1,199
Average AUM over the periodi	460		-	636	-	1,096
Change of average AUM on a reported basis vs. 1Q17	-4%		-	+2%	-	-1%
Change of average AUM on a comparable basis vs. 1Q17	+10%		-	+5%	-	+7%

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

APPENDIX 8: FOREIGN EXCHANGE RATES

1 EUR =	End of Period Exchange rate		Average Exchange rate
	1Q17	1Q18	1Q17	1Q18
USD	1.07	1.23	1.07	1.23
CHF	1.07	1.18	1.07	1.17
GBP	0.86	0.88	0.86	0.88
JPY	119	131	121	133

APPENDIX 9: OTHER INFORMATION

Changes in scope:

• 01/02/2017 AXA has completed the sale of its UK P&C commercial broker Bluefin to Marsh
• 04/28/2017 AXA has completed the sale of its Romanian operations to Vienna Insurance Group
• 07/03/2017 AXA has completed the sale of AXA Life Europe Limited's Offshore Investment Bonds business to Life Company Consolidation Group

Main press releases issued in 1Q18

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

• 01/22/2018 AXA accelerates its Payer-to-Partner strategy with the acquisition of Maestro Health
• 02/15/2018 AXA S.A. announces filing of amendment No. 1 to AXA US registration statement for Initial Public Offering
• 02/21/2018 AXA to sell its operations in Azerbaijan
• 02/22/2018 Full Year 2017 Earnings Excellent performance in line with Ambition 2020
• 02/23/2018 Resolutions submitted to AXA's Shareholders' Meeting of April 25, 2018
• 02/27/2018 AXA has completed the acquisition of Maestro Health
• 03/05/2018 AXA to acquire XL Group: Creating the #1 global P&C commercial lines insurance platform

Post 1Q18 closing event

• 04/06/2018 AXA S.A. announces filing of amendment No. 2 to AXA US registration statement for Initial Public Offering
• 04/10/2018 AXA to transform its Swiss group life business, creating additional value for its customers and shareholders
• 04/23/2018 AXA S.A. announces filing of amendment No. 3 to AXA US registration statement for Initial Public Offering
• 04/25/2018 AXA S.A. received USD 3.2 billion from the completion of its US pre-IPO reorganization transactions
• 04/25/2018 Results of AXA's Shareholders' Meeting AXA publishes its 2017 Integrated Report
• 04/26/2018 AXA S.A. announces the launch of the Initial Public Offering of AXA Equitable Holdings, Inc.
• 04/26/2018 AXA S.A. announces the launch of an offering of approximately USD 750 million of bonds mandatorily exchangeable into shares of AXA Equitable Holdings, Inc.

1Q18 Operations on AXA shareholders' equity and debt

Shareholders' equity: No significant operation

Debt:

• 03/22/2018 – AXA announced the successful placement of Euro 2 billion dated subordinated notes due 2049

Next main investor events

• 08/02/2018 Half Year 2018 Earnings Release
• 11/06/2018 Nine months 2018 Activity indicators
• 11/28/2018 AXA Investor Day