AXA - Half year 2011 Earnings

Paris - 4 August 2011

In line with Ambition AXA.

• Strong earnings growth
- Underlying Earnings up 10% to Euro 2.2 billion
- Adjusted earnings up 7% to Euro 2.4 billion
- Net Income quadrupled to Euro 4.0 billion

• Substantial increase in new business profitability
- Life & Savings NBV margin up from 21% to 26%
- Property & Casualty current year combined ratio down 3.8 pts to 99.2%

• Strong sales in high growth markets with high new business margins

"AXA teams have achieved an excellent performance in the first half of 2011 with resumed earnings growth", said Henri de Castries, Chairman and CEO of AXA.

"Thanks to the quality of our distributors and the engagement of our employees, we were able to significantly improve new business margins in both Life & Savings and Property & Casualty businesses. In Asset Management, AXA IM recorded strong investment performance and positive net inflows and we remain confident in the rebound potential of AllianceBernstein despite current outflows."

"AXA begins the second half of 2011 with a significantly increased exposure to high growth markets. This was achieved through both strong organic growth and active capital management, including the announced sale of Canadian operations, the sale of Australia & New Zealand operations and the acquisition of minority interests in Asia."

"Although the macro-economic environment remains uncertain, AXA clients can rely on the financial strength of the Group and the strong quality and diversification of our businesses and invested assets."

"Our company-wide strategic plan, Ambition AXA, was launched this year and the first half results show that we are off to a good start in meeting our objectives. Going forward, we should continue to benefit from our selective approach in mature markets, our acceleration in high growth markets and the ongoing efficiency programs which have started to deliver."

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