Full Year 2004 Earnings Release

Annual Results AXA Group 2004

• 2004 underlying earnings up 34% to euro 2.7 billion
• Adjusted earnings doubled to euro 2.9 billion
• Proposed dividend of euro 0.61 per share up 61% compared to euro 0.38 last year
• Embedded value per share at euro 18.73, up 15%