Full Year 2003 Earnings Release

Annual Results AXA Group 2003

Excellent operating performance in 2003

• Underlying earnings: up 21% to euro 2.0 billion (+30% at constant exchange rates)
• Adjusted earnings: up 7% to euro 1.4 billion (+15% at constant exchange rates)
• Net income: up 6% to euro 1.0 billion (+3% on a per share basis )