Half Year 2010 Earnings Release

Half Year 2010 Earnings - Confirmation of AXA's operating model strength

Disciplined growth

• Total revenues: up 1.4% to €49.9 billion
• Life & Savings: NBV margin up from 16.0% to 19.1%
• Property & Casualty: Current Year loss ratio improved by 1.5 points

Sustainable earnings

• Sustainable underlying earnings at €2.1 billion
• Adjusted earnings up 29% to €2.3 billion
• Net income at €0.9 billion (including €-1.5 billion exceptional loss)

Active capital management & strong balance sheet

• €3.3 billion consideration for the announced sale of part of the UK Life operations
• Solvency I ratio up 17 pts to 188%