PARIS, Feb. 18 /PRNewswire-FirstCall/ -- Resilient business
activity - Total revenues: down 3% to Euro 90.1 billion - Life
& Savings: net inflows of Euro +8.6 billion and NBV up 5% to
Euro 1.1 billion Solid earnings - Underlying earnings: Euro 3.9
billion (vs. Euro 4.0 billion in FY08) - Net income: Euro 3.6
billion (vs. Euro 0.9 billion in FY08) Increased balance sheet
strength - Solvency I up 44 pts to 171% - Debt gearing down 8 pts
to 26% Strong rebound in dividend & EV - Dividend up 38% to
Euro 0.55 per share - Group Embedded Value up 49% to Euro 13.4 per
share "In what has been the most severe financial crisis in recent
decades, AXA has demonstrated its capacity to deliver results by
remaining focused on its core business: insurance and asset
management. AXA's commitment is to stand by its clients with
financial protection and savings solutions. 2009 results confirm
the strength of our business model, illustrated by the return of
our solvency to pre-crisis levels and the strong rebound in our net
income. Based on this solid performance, AXA's Management Board
will propose to shareholders a 38% increase in dividend. In spite
of uncertainties around the macro-economic context and taking into
account the evolution of the regulatory framework, AXA should
benefit from favorable trends in the insurance and asset management
markets, its leading brand, innovative products and improving
quality of service. The growth of the Group will be supported by
the continued increase in exposure to emerging markets and the
synergies generated by the new life and property & casualty
global organization. Our 2010 priorities will also focus on
optimizing margins in all business lines, through improvement of
business mix in life, combined ratio in property & casualty,
and net inflows in asset management." Henri de Castries, Chairman
of AXA's Management Board FY09 KEY HIGHLIGHTS / All comments are on
a comparable basis (constant Forex, scope and methodology for
activity indicators and constant Forex for earnings). Revenues -
Total Revenues remained resilient, down 3% to Euro 90,124 million
(down 5% in 9M09). - Life & Savings revenues were down 4% to
Euro 57,620 million (down 6% in 9M09). France, Italy and Germany
experienced positive growth, whereas the US and the UK declined. In
the US, product redesign actions generated a drop in market share.
Net inflows remained comparable to last year's level at Euro +8.6
billion, mainly driven by higher client retention. New Business
Value (NBV(1)) was up 5% to Euro 1,113 million, primarily due to
improved product mix and financial market conditions partly offset
by lower volumes (APE(2) down 11% to Euro 6,188 million). New
Business margin was up from 14.5% to 18.0%. - Property &
Casualty revenues increased by 1% to Euro 26,174 million, driven by
tariff increases, higher volumes in Personal lines (personal net
new contracts amounted to +1,135,000) partly offset by lower
volumes in Commercial lines. - Asset Management revenues were down
25% to Euro 3,074 million, mostly due to lower average assets under
management (-18%) and unfavorable change in product mix (lower
equity component). Assets under management reached Euro 845
billion, up Euro 29 billion vs. December 31, 2008 levels,
benefiting from positive market appreciation, partly offset by net
outflows mainly in institutional clients. Earnings - Underlying
Earnings were down 6% to Euro 3,854 million, as the recovery in
Life & Savings (+51%) primarily due to improved Variable
Annuity hedging margin was mitigated by Property & Casualty
(-30%) impacted by an adverse market cycle and Asset Management
(-41%) mainly as a result of lower average assets under management.
- Adjusted Earnings were down 8% to Euro 3,468 million, mainly as a
result of lower underlying earnings (net realized capital gains
were comparable for FY08 and FY09). - Net Income was up 283% to
Euro 3,606 million, as lower adjusted earnings were more than
offset by a higher contribution from the change in value of assets
and derivatives, net of foreign exchange and other items (Euro +137
million in FY09 vs. Euro -2,776 million in FY08), mainly due to
credit spread tightening. Dividend A dividend of Euro 0.55 per
share (up 38% vs. FY08) will be proposed at the Annual General
Meeting that will be held on April 29, 2010. The dividend is
expected to be paid on May 6, 2010 with an ex-dividend date of May
3, 2010. Balance sheet - Shareholders' equity was Euro 46.2
billion, up Euro 8.8 billion, benefiting from Euro 2.4 billion
capital increases, Euro 5.0 billion increase in net unrealized
capital gains and Euro 3.6 billion net income for the period,
partially offset by a Euro 1.0 billion increase in pension deficits
and Euro 0.8 billion 2008 dividend payment. - Solvency I ratio was
171% post-dividend, up 44 points vs. December 31, 2008, notably
benefiting from earnings (+18 points), capital increases (+11
points) and favorable market conditions, mainly on fixed income
assets (+17 points) as a result of credit spreads tightening. -
Debt gearing(3) decreased by 8 points to 26% as a result of
shareholders' equity increase and Euro 4.1 billion decrease in net
financial debt. - Group EV was up Euro 11.8 billion from Euro 18.6
billion to Euro 30.4 billion, or up 49% to Euro 13.4 per share.
Based on CFO Forum methodology (notably including non life
intangibles and perpetual subordinated debt) Group EV would have
been up Euro 12.8 billion to Euro 44.0 billion. Non-GAAP measures
such as Underlying Earnings and Adjusted Earnings are reconciled to
Net Income in the "EARNINGS /" section of this release. AXA's 2009
financial statements have been examined by the Supervisory Board on
February 17, 2010 and are subject to completion of audit procedures
by AXA's independent auditors. Notes are in the "NOTES & OTHER
INFORMATION /" section of this release REVENUES / Revenues : Key
figures Change --------------------------- Euro million, except
FY08 FY09 Change on Comp.(a) Scope & FX when otherwise noted a
reported basis Other impact(b) basis Life & Savings revenues
57,977 57,620 -0.6% -3.7% +0.7 pt +2.4 pts Net inflows (Euro
billion) 8.4 8.6 APE(2) (Group share) 6,789 6,188 -8.8% -10.6% +0.6
pt +1.1 pts NBV(1) (Group share) 985 1,113 +13.0% +5.1% +1.7 pts
+6.2 pts NBV to APE margin (Group share) 14.5% 18.0% +3.5 pts +2.6
pts Property & Casualty revenues 26,039 26,174 +0.5% +0.6% +2.1
pts -2.1 pts Asset Management revenues 3,947 3,074 -22.1% -24.7%
+0.4 pt +2.1 pts Net inflows (Euro billion) -28.2 -71.3
International Insurance revenues 2,841 2,860 +0.7% +2.4% +1.2 pts
-3.0 pts Total revenues(c) 91,221 90,124 -1.2% -3.2% +1.1 pts +0.9
pt (a) Change on a comparable basis was calculated at constant FX
and scope. (b) Mainly due to the appreciation of the USD and JPY
against the Euro, partly offset by the depreciation of the GBP. (c)
Including banking revenues down 3.2% to Euro 395 million in FY09
(vs. Euro 412 million in FY08). Life & Savings Continued
positive net inflows (Euro +8.6 billion) - Life & Savings
revenues were down 4% to Euro 57,620 million (down 6% in 9M09).
France, Italy and Germany experienced positive growth, whereas the
US and the UK declined. In the US, product redesign actions
generated a drop in market share. Net inflows remained comparable
to last year's level at Euro +8.6 billion, with strong positive
contributions across the board from both General Account (Euro +4.1
billion) and unit-linked (Euro +4.6 billion) businesses. The Euro
0.2 billion increase versus FY08 was due to higher client retention
(Euro +5.4 billion) partly offset by lower inflows (Euro -4.0
billion) and an adverse Forex impact (Euro -1.1 billion). Net
Inflows by country/region Euro billion FY08 FY09 France +2.1 +4.7
NORCEE(a) +2.3 +2.4 United States +3.2 +0.0 United Kingdom(b) -0.7
-1.0 Asia Pacific(c) +2.0 +0.5 MedLA(d) -0.6 +2.0 Total L&S Net
Inflows +8.4 +8.6 (a) Northern Central and Eastern Europe: Germany,
Belgium, Switzerland, Central & Eastern Europe and Luxembourg
(b) UK Net Inflows, excluding with-profit funds, stood at Euro+0.3
billion at December 31, 2009. (c) Asia Pacific: Australia, New
Zealand, Hong Kong, Japan and South East Asia (d) Mediterranean and
Latin American Region: Italy, Spain, Portugal, Turkey, Mexico,
Greece and Morocco. - New Business Volume (APE(2)) was down 11% to
Euro 6,188 million, mainly due to: (i) Adverse market environment:
- Decline in individual investments & savings sales mainly in
the US, Australia and the UK. In the US, product redesign actions
generated a drop in market share - Decrease in group life sales in
Switzerland as a result of limited client turnover in the market
(ii) Negative impact from one-off events, mainly in Japan
(bankruptcy of a major independent agent) and Germany
(non-recurring 2008 Riester incentive measures) (iii) Partly offset
by a solid performance in France, with positive developments in
both group and individual businesses, Italy (Joint-Venture with
BMPS) and high growth markets (Hong Kong, CEE and South East Asia).
Unit-linked share was down from 49% to 38% mainly in the US and the
UK. Annual Premium Equivalent by country/region Euro million FY08
FY09 Change on a Change on a reported comparable basis basis France
1,347 1,602 +18.9% +18.9% NORCEE (a) 1,171 1,156 -1.3% -2.5% United
States 1,540 994 -35.4% -38.8% United Kingdom 1,287 926 -28.0%
-19.5% Asia Pacific (b) 1,037 1,013 -2.5% -17.3% MedLA(c) 406 497
+22.5% +19.6% Total Life & Savings APE(2) 6,789 6,188 -8.8%
-10.6% (a) Northern Central and Eastern Europe: Germany, Belgium,
Switzerland and Central and Eastern Europe. Luxemburg's APE and NBV
are not modeled. (b) Asia Pacific: Japan, Australia/New Zealand,
Hong Kong, South East Asia & China. India's APE and NBV are
included in South East Asia & China's APE and NBV since 2009.
Changes on a comparable basis were calculated including India's
FY08 APE and NBV, consolidated under the equity method. (c)
Mediterranean and Latin American Region: Italy, Spain, Portugal,
Turkey, Mexico and Greece. Morocco's APE and NBV are not modeled.
New Business Value up 5% - New Business Value (NBV(1)) was up 5% to
Euro 1,113 million, primarily due to : - improved product mix
(mainly due to VA product redesign in the US and higher protection
sales in the UK, partially offset by lower unit-linked sales
notably in France), - improved financial market conditions, partly
offset by - lower volumes (APE(2) down 11%). As a result, New
Business margin was up from 14.5% to 18.0%. (Chart:
http://www.newscom.com/cgi-bin/prnh/20100218/NY56963-a ) Property
& Casualty P&C revenues growth supported by tariff
increases Property & Casualty revenues increased by 1% to Euro
26,174 million, driven by tariff increases, higher volumes in
Personal lines (personal net new contracts amounted to +1,135,000)
partly offset by lower volumes in Commercial lines. Property &
Casualty : IFRS revenues by country/region In Euro million FY08
FY09 Change on a Change on a reported comparable basis basis
NORCEE(a) 7,793 7,907 +1.5% +0.1% of which Germany 3,530 3,501
-0.8% -0.8% of which Belgium 2,139 2,130 -0.4% -0.4% of which
Switzerland 2,017 2,154 +6.8% +1.6% MedLA(b) 6,414 6,697 +4.4%
-0.6% France 5,595 5,684 +1.6% +1.6% United Kingdom & Ireland
4,420 3,905 -11.6% -1.8% Canada 1,070 1,167 +9.1% +10.7% Asia 748
813 +8.8% +7.4% Total P&C revenues 26,039 26,174 +0.5% +0.6%
(a) Northern Central and Eastern Europe: Germany, Belgium,
Switzerland, Central an Eastern Europe and Luxembourg (b)
Mediterranean and Latin American Region: Italy, Spain, Portugal,
Turkey, Mexico, Gulf region, Greece and Morocco. Revenues increased
in Personal lines and decreased in Commercial lines: - Personal
Motor revenues (35% of total P&C revenues) were up 2.0% mainly
driven by the UK (success of Swiftcover direct platform), Canada
(volumes and tariff increase) and France (volumes and tariff
increase) partly offset by Spain (drop in car sales and strong
competition) and Germany (competitive pressure). Motor net new
contracts amounted to +989,000. - Personal Non-Motor revenues (26%
of total P&C revenues) increased by 1.7% with overall positive
price effect across the board, partly offset by the UK. Household
net new contracts amounted to +146,000. - Commercial Motor revenues
(7% of total P&C revenues) were down 1.2% with negative
contributions mainly in the UK, Spain and France. - Commercial
non-Motor revenues (31% of total P&C revenues) were down 1.7%,
driven by the UK (selective underwriting and strong competition)
and Spain (notably Liability and Construction). Asset Management
Asset Management revenues impacted by lower average assets under
management (-18%) - Asset Management revenues were down 25% to Euro
3,074 million, mostly due to lower average assets under management
(-18%) and unfavorable change in product mix (lower equity
component). - Assets Under Management were up Euro 29 billion
versus December 31, 2008 to Euro 845 billion(4) mainly as a result
of: - Net inflows: Euro -71 billion primarily in the institutional
clients segment, following investment underperformance at
AllianceBernstein in 2008 and for some AXA IM expertises in 2009, -
Market impact: Euro +108 billion due to market recovery, - Forex
impact: Euro -4 billion as the USD depreciation was partly offset
by the GBP appreciation versus the Euro. Assets Under Management
Roll-forward In Euro billion Alliance AXA IM Total Bernstein AUM at
FY08 331 485 816 Net inflows -53 -19 -71 Market appreciation +77
+31 +108 Scope & other impacts - -4 -4 Forex impact -9 +5 -4
AUM at FY09 346 499 845 Average AUM over the period 329 481 810
Change of average AUM on a reported basis -27% -7% -16% Change of
average AUM on a comparable basis -31% -6% -18% International
Insurance International Insurance revenues were up 2% to Euro 2,860
million, as AXA Corporate Solutions Assurance was up 2%, mainly
driven by new business in Liability and Marine, partly offset by
Construction. International Insurance IFRS revenues In Euro million
FY08 FY09 Change on a Change on a reported comparable basis basis
AXA Corporate Solutions Assurance 1,954 1,930 -1.2% +2.3% AXA
Assistance 751 765 +1.9% +3.8% AXA Cessions 50 58 +15.7% +15.7%
Other International activities 86 107 +24.3% -13.4% Total
International Insurance 2,841 2,860 +0.7% +2.4% EARNINGS / Earnings
: Key figures Change ------------------ In Euro million FY08 FY09
Reported on a comparable basis Life & Savings 1,508 2,336 +55%
+51% Property & Casualty 2,394 1,670 -30% -30% Asset Management
589 355 -40% -41% International Insurance 188 286 +52% +54% Banking
33 -2 -105% -105% Holdings(5) -668 -793 +19% +18% Underlying
Earnings(6) 4,044 3,854 -5% -6% Net realized capital gains 792 725
Net impairments -2,773 -1,028 Equity portfolio hedging (intrinsic
value) 1,636 -83 Adjusted Earnings(6) 3,699 3,468 -6% -8% Change in
fair value -2,732 612 Of which impact from credit spreads -1,507
1,116 Of which alternative investments -447 -263 Of which ABS -412
63 Of which effects related to balance sheet protection items -222
-361 including interest rate derivatives 187 -107 including FX and
related derivatives (excluding Forex on impairments) -393 149
including equity derivatives -16 -403 Of which other assets -144 57
Exceptional and discontinued -49 -202 operations Other 5 -273 Net
income 923 3,606 +291% +283% Earnings per share In Euro FY08 FY09*
Reported restated* Underlying EPS(7) 1.79 1.67 -7% Adjusted EPS(7)
1.63 1.49 -8% Net income per share 0.43 1.51 +251% Underlying
earnings, Adjusted Earnings, NBV and items of the analysis of
change in fair value are non-GAAP measures and as such are not
audited * Following AXA's rights issue in 4Q09, the average number
of shares has been restated to take into account an adjustment
factor of 1.023. In the average number of shares calculation, the
adjustment factor has been applied on outstanding shares prior to
the date of the capital increase leading to an adjustment on
average number of shares of 48.4 million shares in 2009 and 47.7
million in 2008. As of December 31, 2009, total net outstanding
number of shares was 2,264 million and average fully diluted number
of shares was 2,133 million. Underlying Earnings Rebound in Life
& Savings Underlying Earnings - Underlying Earnings were down
6% to Euro 3,854 million, as the recovery in Life & Savings
(+51%) primarily due to improved variable annuity hedging margin
was mitigated by Property & Casualty (-30%) impacted by an
adverse market cycle and Asset Management (-41%) mainly due to
lower average assets under management. - Life & Savings
Underlying Earnings were up 51% to Euro 2,336 million. Margin on
revenues was flat(8) at Euro 4,569 million as the decrease in
revenues (-4%) was offset by higher margins (+3%) mainly resulting
from an improved country mix (decrease of countries with lower
exposure to high margin protection business). Margin on assets was
down 10%(8) to Euro 4,635 million: - Unit-linked management fees
were down 8%(8) to Euro 1,822 million, mainly impacted by lower
average reserves (-3%) as well as unfavorable country mix (-4%)
following lower contribution from higher margin countries like
France and the US. - General Account investment margin was down
14%(8) to Euro 2,179 million, as a consequence of lower returns in
the US, the UK and MedLA, as well as higher policyholders
participation in Switzerland and France. Average General Account
reserves were up 2%. - Other fees were stable(8). Technical margin
was up Euro 1,853(8) million to Euro 2,003 million, mainly
benefiting from (i) Euro 1,411 million improvement in variable
annuity hedging margin, mostly in the US, primarily as a result of
significantly lower basis cost, lower financial market volatility
as well as credit spreads tightening and gains from interest rate
hedging partly offset by lower lapse assumptions, (ii) Euro 165
million one-off gain in the UK mainly as a result of internal
restructuring of an annuity portfolio and (iii) Euro 68 million
higher positive prior year reserve developments in Group lines in
France, partly offset by (iv) Euro -103 million in Japan following
reserve strengthening. Expenses, net of DAC/DOC were up 5%(8) to
Euro 7,642 million, with administrative expenses up 2% and
acquisition expenses up 9% mainly due to higher DAC amortization as
a result of improved margins (notably technical margin in the US).
Expenses gross of DAC/DOC as a percentage of reserves were down
from 1.8% to 1.7%. VBI amortization was down 27%(8) to Euro -363
million, driven by the UK, Australia and Hong Kong. Tax and
minority interests were up 76%(8) to Euro 864 million, mainly
driven by higher pre-tax earnings. Positive tax one-offs amounted
to Euro 129 million (slightly higher than FY08). Decreased P&C
profitability in an adverse market cycle - Property & Casualty
Underlying Earnings were down 30% to Euro 1,670 million, in an
adverse market cycle with a combined ratio up 3.6 pts to 99.0%.
Property & Casualty : Combined ratio by country/region In %
FY08 FY09 Change on a comparable basis NORCEE(a) 97.2 97.8 +0.6 pt
of which Belgium 98.8 99.8 +1.0 pt of which Switzerland 93.6 94.0
+0.3 pt of which Germany 98.2 98.7 +0.5 pt France 93.0 99.1 +6.1
pts MedLA(b) 93.3 99.0 +5.8 pts UK & Ireland 99.0 102.2 +3.3
pts Rest of the world 95.2 96.6 +1.4 pts Total P&C 95.5 99.0
+3.6 pts (a) Northern Central and Eastern Europe: Germany, Belgium,
Switzerland, Central an Eastern Europe and Luxembourg (b)
Mediterranean and Latin American Region: Italy, Spain, Portugal,
Turkey, Mexico, Gulf region, Greece and Morocco. Loss ratio
increased by 3.8 points to 70.9%. Excluding change in scope , the
loss ratio increased by 3.7 points, as a result of: - +1.7 pts from
natural catastrophes (in particular Klaus storm in continental
Europe, floods in the UK and difficult winter conditions overall),
- +1.7 pts current year loss ratio excluding natural events, with
+2.1 pts impact from frequency and severity partly offset by -0.5
pt impact from price increases which started to be implemented, -
+0.3 pt prior year reserve developments. Reserving ratio(9) stood
at 187%, flat versus last year. Reserving ratio (9) (Chart:
http://www.newscom.com/cgi-bin/prnh/20100218/NY56963-b ) Expense
ratio decreased by 0.2 point to 28.1% with acquisition expense
ratio up 0.3 point, while administrative expense ratio was down 0.5
point mainly driven by the UK (cost savings initiatives).
Investment income(10) was down 7% to Euro 2,062 million, reflecting
a decrease in investment yield (-9%), partly offset by a higher
average asset base (+2%). Tax and minority interests were down 35%
to Euro 659 million, due to lower pre-tax earnings. Positive tax
one-offs amounted to Euro 61 million (in line with FY08). Decrease
in Asset Management Underlying Earnings - Asset Management
Underlying Earnings were down 41% to Euro 355 million mainly as a
result of lower average assets under management. AllianceBernstein
Underlying Earnings were down 45% to Euro 185 million as the
decrease in revenues (-29%) was partly offset by lower expenses
(-13%(11)). Positive tax one-offs amounted to Euro 62 million (in
line with FY08). AXA Investment Managers Underlying Earnings were
down 36% to Euro 171 million due to lower revenues (-17%) and the
non repeat of 2008 carried interest one-off, partly offset by lower
expenses (-14%(11)). - International Insurance Underlying Earnings
were up 54% to Euro 286 million due to both AXA Corporate Solutions
Assurance's performance and lower losses from Life run-off
portfolio. - Banking Underlying Earnings were Euro -2 million (vs.
Euro 33 million in FY08). - Holdings(5) Underlying Earnings
decreased by Euro 120 million on a comparable basis to Euro -793
million, mainly due to higher financing costs and lower result on
hedging of earnings denominated in foreign currencies. Adjusted
Earnings Stable realized gains net of impairments and derivatives
Adjusted Earnings were down 8% to Euro 3,468 million, mainly as a
result of lower underlying earnings (net realized capital gains
were comparable for FY08 and FY09). FY09 realized capital gains
amounted to Euro 725 million. Impairments amounted to Euro 1,028
million of which Euro 459 million on equities, Euro 316 million on
fixed income assets and Euro 253 million on private equity, real
estate and other. The change in intrinsic value of derivatives
amounted to Euro -83 million. Net Income Credit spreads tightening
positively impacting net Income Net Income was up 283% to Euro
3,606 million, as lower adjusted earnings were more than offset by
a higher contribution from the change in value of assets and
derivatives, net of Forex and other items (Euro +137 million in
FY09 vs. Euro -2,776 million in FY08), mainly due to credit spreads
tightening. FY09 change in fair value amounted to Euro 612 million
mainly as a result of: (i) Euro +1,116 million impact from credit
spreads (ii) Euro -263 million mark to market of alternative
assets, mainly Private Equity (iii) Euro -403 million impact from
equity derivatives, including Euro -381 million impact from equity
hedging program in the US to protect the balance sheet FY09 impact
from exceptional and discontinued operations amounted to Euro -202
million mainly related to a tax impact following the planned sale
of Australia & New Zealand businesses. Other items (mainly
integration costs, intangibles amortization and undiscounted tax
adjustments) amounted to Euro -273 million. Dividend A dividend of
Euro 0.55 per share (up 38% vs. FY08) will be proposed at the
Annual General Meeting that will be held on April 29, 2010. The
dividend is expected to be paid on May 6, 2010 with an ex-dividend
date of May 3, 2010. BALANCE SHEET / Shareholders' Equity &
Solvency - Shareholders' equity was Euro 46.2 billion, up Euro 8.8
billion as a result of Euro 5.0 billion higher level of net
unrealized capital gains from both equities and fixed income, net
income contribution for the period for Euro 3.6 billion and Euro
2.4 billion capital increases (o/w Euro 2.0 billion rights issue
and Euro 0.4 billion employee Shareplan) partially offset by Euro
1.0 billion increase in pension deficits and 2008 dividend of Euro
0.8 billion. Net unrealized gains on real estate & loans (not
included in shareholders' equity) amounted to Euro 2.6 billion as
of December 31, 2009. Solvency I ratio up 44 points to 171% -
Solvency I ratio was 171% post-dividend (o/w 17 points from
unrealized gains on fixed income assets) up 44 points vs. December
31, 2008, notably benefiting from earnings (+18 points), capital
increases (+11 points, of which +9 points of rights issue) and
favorable market conditions, mainly on fixed income assets (+17
points) as a result of credit spreads tightening. Indicative
sensitivities to market movements are: -5 pts to -10% in equity
markets, -6 pts to -10% in real estate markets, -2 pts to -10% in
private equity market value. On fixed income assets, sensitivities
to market movements are: -7 pts to 10 bps increase in interest
rates, -3 pts to 10 bps increase in credit spreads, with the
combination of both impacts capped at -17 pts of Solvency. Solvency
II ratio (QIS4) amounted to ca. 185% as of December 31, 2009 (vs.
ca. 150% as of December 31, 2008). Debt gearing down 8 pts to 26% -
Financial structure AXA's net financial debt was down Euro 4.1
billion to Euro 13.5 billion notably benefiting from Euro 2.4
billion capital increases as well as Euro 2.1 billion cash proceeds
from equity hedges. Debt gearing was down 8 pts benefiting from the
decrease in net financial debt as well as higher shareholders'
equity. Excluding the positive impact from the rights issue, AXA's
debt gearing would have been 30%. Interest coverage ratio was 7.9x
(vs. 8.5x in FY08). Invested assets AXA's invested assets amounted
to Euro 590 billion including Euro 403 billion in the General
Account, invested in a diversified portfolio mainly comprised of
fixed income investments (81%), real estate (5%), cash (5%) and
listed equities (4%). In 2H09, asset valuations: - Were stable for
Real Estate and Private Equity - Increased for Equity, Corporate
Bonds and ABS. General Account movements included: (i) Net inflows:
investment in government bonds and corporate bonds (ii) Cash
position: decrease due to reinvestment in fixed income assets and
impact from lower collateral on Variable Annuity hedges (iii) Scope
effect: Euro 5bn of Australia & New Zealand assets reclassified
as held for sale in FY09. Market concern on some European
government bonds: AXA's exposure net of policyholders'
participation and tax was estimated at Euro 4.0bn on Italy, Euro
3.9bn on Spain, Euro 0.9bn on Portugal, Euro 0.6bn on Greece and
Euro 0.2bn on Ireland. EMBEDDED VALUE / Group Embedded Value Group
EV up 49% to Euro 13.4 per share - Group EV was up Euro 11.8
billion from Euro 18.6 billion to Euro 30.4 billion, or up 49% to
Euro 13.4 per share. Based on CFO Forum methodology (notably
including non life intangibles and perpetual subordinated debt),
Group EV would have been up Euro 12.8 billion to Euro 44.0 billion.
In Euro million 2008 In % of 2009 In % of Group EV Group EV Opening
Group EV 34,840 18,600 Operating return 6,234 +18% 4,974 +27%
Investment experience -22,075 -63% 4,397 +24% Total return on Group
EV -15,841 -46% 9,371 +50% Dividend paid -2,135 -836 Exchange rate
movement impact -1,271 272 Capital increases -260 2,434 Change in
scope and other -260 579 Closing Group EV 18,600 30,422 o/w VIF
12,459 18,456 o/w TNAV 6,141 11 967 Total return was up Euro 25.2
billion to Euro 9.4 billion mainly as a result of financial markets
recovery. The following is an estimated break-down of the
investment experience impacts: - Equity market rebound: Euro +2.8
billion - Credit spreads tightening: Euro +1.7 billion - Higher
interest rates: Euro +0.2 billion - Higher volatilities: Euro -0.3
billion In 2009, the Group EV benefited from a Euro 2.6 billion
impact from the use of a liquidity premium (ca. 30 bps on average)
versus Euro 4.4 billion in 2008 (above 50 bps on average). NOTES
& OTHER INFORMATION / Notes 1. New Business Value is Group
share. 2. Premium Equivalent (APE) represents 100% of new business
regular premiums + 10% of new business single premiums. APE is
Group share. 3. (net financing debt + perpetual subordinated debt)
/ (shareholders' equity, excluding fair value recorded in
shareholders' equity + net financing debt) 4. The difference with
Euro 1,014 billion of total assets under management corresponds to
assets directly managed by AXA insurance companies 5. And other
companies 6. Underlying earnings are Adjusted earnings, excluding
net capital gains attributable to shareholders. Adjusted earnings
represent Net income before the impact of exceptional operations,
goodwill and related intangibles amortization/impairments, and
profit or loss on financial assets (classified under the fair value
option) and derivatives. Life & Savings NBV and APE, adjusted
and underlying earnings are non-GAAP measures and as such are not
audited, may not be comparable to similarly titled measures
reported by other companies, and should be read together with our
GAAP measure. Management uses these non-GAAP measures as key
indicators of performance in assessing AXA's various businesses and
believes that the presentation of these measures provide useful and
important information to shareholders and investors as measures of
AXA's financial performance. 7. Net of interest charges on
perpetual subordinated notes (TSDI) and perpetual deeply
subordinated notes (TSS). 8. On a pro-forma basis, i.e. restated
from the scope impact of AXA Mexico, Genesys in Australia, QF Vita
in Italy, SBJ in the UK and Minorities in Turkey, the Forex and the
reclassification in France from technical margin to acquisition
expenses of charges in the context of contractual changes in Group
protection contracts. Full details are provided in the activity
report sections related to these countries. 9. Net technical
reserves / Net earned premiums 10. Net of financial charges 11.
Change is calculated using expenses net of inter company
eliminations About AXA AXA Group is a worldwide leader in Financial
Protection. AXA's operations are diverse geographically, with major
operations in Europe, North America and the Asia/Pacific area. For
full year 2009, IFRS revenues amounted to Euro 90.1 billion and
IFRS underlying earnings to Euro 3.9 billion. AXA had Euro 1,014
billion in assets under management as of December 31, 2009. The AXA
ordinary share is listed on compartment A of Euronext Paris under
the ticker symbol CS (ISIN FR0000120628 - Bloomberg: CS FP -
Reuters: AXAF.PA). The American Depository Share is also listed on
the NYSE under the ticker symbol AXA. This press release is
available on the AXA Group website: http://www.axa.com/ AXA
Investor Relations: ----------------------- Etienne Bouas-Laurent :
+33.1.40.75.46.85 (until March 1, 2010) Mattieu Rouot :
+33.1.40.75.46.85 (from March 1, 2010) Gilbert Chahine :
+33.1.40.75.56.07 Paul-Antoine Cristofari: +33.1.40.75.73.60 Sylvie
Gleises: +33.1.40.75.49.05 George Guerrero: +1.212.314.28.68 AXA
Media Relations: -------------------- Emmanuel Touzeau:
+33.1.40.75.46.74 Sara Gori: +33.1.40.75.48.17 Armelle Vercken:
+33.1.40.75.46.42 Chris Winans: +1.212.314.55.19 AXA Individual
shareholders Relations: +33.1.40.75.48.43
-------------------------------------------------------- IMPORTANT
LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING
FORWARD-LOOKING STATEMENTS Certain statements contained herein are
forward-looking statements including, but not limited to,
statements that are predictions of or indicate future events,
trends, plans 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. Please refer to AXA's Annual
Report on Form 20-F and AXA's Document de Reference for the year
ended December 31, 2008, for a description of certain important
factors, risks and uncertainties that may affect AXA's business. In
particular, please refer to the section "Special Note Regarding
Forward-Looking Statements" in AXA's Annual Report on Form 20-F.
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. APPENDIX
1: AXA Group IFRS revenues - FY09 vs. FY08 / AXA Group IFRS
revenues - contributions & growth by segment and country/region
IFRS revenues change In Euro million FY08 FY09 --------------------
IFRS IFRS Reported Comp. basis United States 13,755 9,384 -31.8%
-35.3% France 14,271 16,340 +14.5% +14.5% NORCEE 13,798 14,187
+2.8% +1.6% of which Germany 6,233 6,694 +7.4% +7.4% of which
Switzerland 4,482 4,437 -1.0% -5.8% of which Belgium 2,559 2,515
-1.7% -1.7% of which Central & Eastern Europe 465 468 +0.6%
+10.0% United Kingdom 3,549 2,783 -21.6% -14.0% Asia Pacific 7,682
8,337 +8.5% -8.4% of which Japan 4,628 5,438 +17.5% -8.8% of which
Australia/New Zealand 1,719 1,532 -10.9% -11.9% of which Hong Kong
1,126 1,203 +6.8% +0.8% of which South East Asia 210 164 -21.7%
-22.1% MedLA 4,813 6,473 +34.5% +31.3% Canada 108 115 +6.9% +8.6%
Life & Savings 57,977 57,620 -0.6% -3.7% NORCEE 7,793 7,907
+1.5% +0.1% of which Germany 3,530 3,501 -0.8% -0.8% of which
Belgium 2,139 2,130 -0.4% -0.4% of which Switzerland 2,017 2,154
+6.8% +1.6% France 5,595 5,684 +1.6% +1.6% Mediterranean Region
6,414 6,697 +4.4% -0.6% United Kingdom & Ireland 4,420 3,905
-11.6% -1.8% Canada 1,070 1,167 +9.1% +10.7% Asia 748 813 +8.8%
+7.4% Property & Casualty 26,039 26,174 +0.5% +0.6% AXA
Corporate Solutions Assurance 1,954 1,930 -1.2% +2.3% Others 887
930 +4.9% +2.7% International Insurance 2,841 2,860 +0.7% +2.4%
AllianceBernstein 2,511 1,887 -24.9% -28.7% AXA Investment Managers
1,436 1,187 -17.3% -17.6% Asset Management 3,947 3,074 -22.1%
-24.7% Banking 412 395 -4.1% -2.4% Total 91,221 90,124 -1.2% -3.2%
APPENDIX 2: Life & Savings - Breakdown of APE between
unit-linked non unit-linked and mutual funds / Breakdown of APE -
12 main countries, regions and modelled businesses % UL in APE
Group share FY09 APE (excl. mutual in Euro million funds) UL change
on ------------------- ------------- comparable UL Non-UL Mutual
FY08 FY09 basis Funds France 186 1,415 14% 12% -1% United States
544 194 256 82% 74% -48% United Kingdom 797 107 22 90% 88% -23%
NORCEE Germany 132 337 37% 28% -23% Switzerland 30 224 0 8% 12%
+36% Belgium 13 250 9% 5% -45% Central & Eastern 104 29 35 66%
78% +23% Europe ASIA PACIFIC Japan 109 423 20% 20% -15%
Australia/New Zealand 37 50 183 26% 43% +79% Hong Kong 44 79 0 47%
36% -22% South East Asia & China 48 40 61% 55% +3% MedLA 100
386 12 33% 21% -20% Total 2,144 3,536 509 49% 38% -27% APPENDIX 3:
AXA Group IFRS Revenues in local currency - Discrete quarters / (In
million local currency 1Q08 2Q08 3Q08 4Q08 except Japan in billion)
Life & Savings United States 5,157 5,149 5,149 4,774 France
3,976 3,465 3,215 3,615 NORCEE of which Germany 1,477 1,478 1,468
1,810 of which Switzerland 4,342 915 843 1,010 of which Belgium 989
611 419 541 of which Central & Eastern Europe 113 116 121 115
United Kingdom 708 765 680 676 Asia Pacific of which Japan 185 193
207 163 of which Australia/New Zealand 701 625 748 924 of which
Hong Kong 3,212 3,145 3,393 3,146 MedLA 1,291 1,497 920 1,104
Property & Casualty NORCEE of which Germany 1,602 597 709 621
of which Switzerland 2,643 256 159 142 of which Belgium 637 517 507
477 France 1,821 1,200 1,362 1,212 MedLA 1,547 1,436 1,215 2,215
United Kingdom & Ireland 873 979 901 770 Asia 200 176 187 185
Canada 349 463 437 423 International Insurance AXA Corporate
Solutions Assurance 889 331 354 379 Others 247 205 203 233 Asset
Management AllianceBernstein 1,045 1,006 931 711 AXA Investment
Managers 374 388 337 337 Banking & Holdings 87 89 82 112 (In
million local currency 1Q09 2Q09 3Q09 4Q09 except Japan in billion)
Life & Savings United States 4,197 3,257 2,670 2,962 France
4,012 4,012 3,623 4,694 NORCEE of which Germany 1,516 1,540 1,829
1,810 of which Switzerland 4,188 922 749 838 of which Belgium 534
514 603 865 of which Central & Eastern Europe 115 113 116 124
United Kingdom 556 599 620 705 Asia Pacific of which Japan 174 188
167 176 of which Australia/New Zealand 918 607 586 606 of which
Hong Kong 3,178 3,099 3,317 3,407 MedLA 1,417 1,532 1,471 2,053
Property & Casualty NORCEE of which Germany 1,619 587 699 596
of which Switzerland 2,686 260 162 144 of which Belgium 648 513 491
479 France 1,864 1,224 1,346 1,250 MedLA 1,725 1,678 1,403 1,891
United Kingdom & Ireland 881 952 891 757 Asia 212 205 206 191
Canada 385 530 484 452 International Insurance AXA Corporate
Solutions Assurance 900 355 343 332 Others 279 196 234 221 Asset
Management AllianceBernstein 610 624 667 731 AXA Investment
Managers 295 284 284 325 Banking & Holdings 78 89 91 80
APPENDIX 4: FY09 Property & Casualty revenues contribution
& growth by business line / Property & Casualty revenues -
contribution & growth by business line in % Personal Motor
Personal Non-Motor --------------------- ----------------------- %
Gross Change on % Gross Change on revenues comp. basis revenues
comp. basis France 33% +3% 28% +3% United Kingdom (a) 20% +19% 37%
-4% NORCEE 32% -1% 29% +1% Of which Germany 28% -3% 37% -0% Of
which Belgium 35% +0% 28% +2% Of which Switzerland 35% -0% 17% +2%
MedLA 43% -3% 19% +5% Canada 38% +17% 20% +24% Asia 76% +6% 7% +12%
Total 35% +2% 26% +2% in % Commercial Motor Commercial Non-Motor
--------------------- ----------------------- % Gross Change on %
Gross Change on revenues comp. basis revenues comp. basis France 8%
-3% 31% +0% United Kingdom (a) 6% -9% 37% -6% NORCEE 6% +0% 31% -1%
Of which Germany 6% +2% 22% -2% Of which Belgium 6% -4% 31% -2% Of
which Switzerland 4% +1% 45% +1% MedLA 11% +0% 26% -1% Canada 7%
+2% 37% -2% Asia 4% +36% 15% -2% Total 7% -1% 31% -2% (a) Including
Ireland. APPENDIX 5: Life & Savings quarterly New Business
Value (NBV) and NBV margin restated based on FY09 profitability
factors / Quarterly NBV and NBV margin restated based on FY09
profitability factors in Euro million 1Q09 2Q09
---------------------- ---------------------- NBV APE NBV margin
NBV APE NBV margin ---------------------- ----------------------
United States -16 327 -5.0% 22 249 9.0% France 34 387 8.8% 33 389
8.4% United Kingdom 21 228 9.3% 28 265 10.6% NORCEE 76 335 22.6% 42
228 18.6% Germany 22 132 16.9% 12 86 14.4% Switzerland 42 123 33.8%
16 47 33.0% Belgium 6 52 11.7% 8 55 14.3% Central & Eastern
Europe 6 28 21.0% 7 40 16.8% ASIA PACIFIC 106 227 46.9% 117 257
45.6% Japan 74 126 58.7% 74 128 58.2% Australia/New Zealand 7 56
12.2% 10 74 13.9% Hong Kong 19 30 62.6% 19 30 64.2% South East Asia
& China 7 15 46.5% 13 25 51.4% MedLA 13 101 13.3% 19 119 16.2%
TOTAL 234 1,604 14.6% 262 1,507 17.4% in Euro million 3Q09 4Q09
---------------------- ---------------------- NBV APE NBV margin
NBV APE NBV margin ---------------------- ----------------------
United States 28 193 14.6% 38 224 17.0% France 30 344 8.8% 48 481
9.9% United Kingdom 31 218 14.1% 17 216 8.0% NORCEE 49 279 17.5% 56
315 17.8% Germany 13 124 10.1% 16 128 12.5% Switzerland 12 38 32.8%
15 47 31.7% Belgium 13 67 18.9% 15 90 16.6% Central & Eastern
Europe 11 50 22.1% 10 50 20.6% ASIA PACIFIC 125 250 49.9% 148 279
53.0% Japan 80 126 63.3% 101 152 66.7% Australia/New Zealand 10 69
14.9% 10 71 14.8% Hong Kong 19 29 65.3% 21 34 63.5% South East Asia
& China 15 25 61.1% 15 23 65.0% MedLA 17 114 14.9% 30 163 18.2%
TOTAL 280 1,398 20.0% 337 1,679 20.1% APPENDIX 6: Life &
Savings New Business Volume (APE), Value (NBV) and NBV to APE
margin / APE, NBV & NBV margin - 12 main countries, regions and
modelled businesses in Euro million FY08 FY09 Change on a APE APE
comparable basis United States 1,540 994 -38.8% France 1,347 1,602
+18.9% United Kingdom 1,287 926 -19.5% NORCEE 1,171 1,156 -2.5%
Germany 468 469 -3.2% Switzerland 280 255 -13.4% Belgium 260 264
+1.5% Central & Eastern Europe 164 168 +10.6% ASIA PACIFIC
1,037 1,013 -17.3% Japan 482 532 -15.6% Australia/New Zealand 378
269 -32.3% Hong Kong 112 123 +2.7% South East Asia & China 66
88 +17.7% MedLA 406 497 +19.6% TOTAL 6,789 6,188 -10.6% Continued
in Euro million FY08 FY09 Change FY09 Change NBV NBV on a NBV/APE
on a comparable margin comparable basis basis United States 73 73
-6.3% 7.3% +2.5 pts France 78 145 +86.0% 9.0% +3.3 pts United
Kingdom 125 97 -13.3% 10.5% +0.8 pt NORCEE 223 223 -1.5% 19.3% +0.2
pts Germany 86 63 -28.8% 13.5% -4.8 pts Switzerland 78 84 +3.4%
33.1% +5.4 pts Belgium 29 41 +43.7% 15.7% +4.6 pts Central &
Eastern Europe 31 34 +21.3% 20.2% +1.8 pts ASIA PACIFIC 430 496
-3.7% 49.0% +6.8 pts Japan 299 330 -14.2% 61.9% +1.0 pt
Australia/New Zealand 35 38 +7.9% 14.0% +5.5 pts Hong Kong 75 78
-2.6% 63.9% -3.5 pts South East Asia & China 21 50 +117.1%
56.8% +25.9 pts MedLA 55 79 +46.2% 16.0% +2.9 pts TOTAL 985 1,113
+5.1% 18.0% +2.6 pts APPENDIX 7: Earnings summary after taxes and
minority interests / Consolidated Earnings Net income Income from
Integration Goodwill and (in Euro million) Group Share discontinued
costs related operations intangibles FY08 FY09 FY08 FY09 FY08 FY09
FY08 FY09 Life & Savings (446) 2,075 (21) 7 (38) (11) (25) (21)
France 425 842 - - - - - - United States (296) (28) - - - - (2) (1)
United Kingdom 257 (33) - (3) (12) - (14) (13) Japan (151) 420 - -
(3) (2) - - Germany (70) (50) - - (4) (3) - - Switzerland (93) 185
- - (5) - (5) (5) Belgium (597) 439 - - (10) (4) (2) 0
Mediterranean Region 52 139 - - (4) (1) (0) (0) Other countries 29
161 (21) 10 - - (2) (2) of which Australia/ New Zealand (70) 27
(21) 10 - - - - of which Hong Kong 97 132 - - - - - - Property
& Casualty 926 1,516 - - (78) (46) (69) (64) France 245 445 - -
- - - - United Kingdom & Ireland 62 44 - - - - (24) (6) Germany
127 207 - - (25) (21) - - Belgium (17) 186 - - (24) (18) (1) (2)
MedLA 447 277 - - (20) (7) (16) (25) Switzerland (14) 227 - - (10)
- (21) (25) Other countries 77 130 - - - - (7) (6) International
Insurance 103 326 - - - - - (1) AXA Corporate Solutions Assurance
27 160 - - - - - - Other 75 166 - - - - - (1) Asset Management 396
409 - - (2) - (5) - AllianceBernstein 245 205 - - - - (5) - AXA
Investment Managers 151 204 - - (2) - - - Banking (38) (17) - -
(10) (4) (0) - Holdings & other (19) (703) - 1 - - - - TOTAL
923 3,606 (21) 8 (127) (60) (99) (85) Consolidated Exceptional
Profit or loss Adjusted Earnings operations (including change)
Earnings (in Euro million) on financial assets (under Fair Value
option) & derivatives FY08 FY09 FY08 FY09 FY08 FY09 Life &
Savings (8) (111) (1,079) (52) 725 2,263 France - - (561) 281 986
561 United States 2 - 83 (555) (378) 529 United Kingdom - - 232
(165) 50 148 Japan - - (478) 191 330 231 Germany (10) (84) (59) 25
2 12 Switzerland - (16) (56) (19) (27) 225 Belgium - - (249) 188
(338) 256 Mediterranean Region - 1 (12) 20 68 119 Other countries -
(13) 21 (17) 31 183 of which Australia/ New Zealand - - 20 (12)
(70) 29 of which Hong Kong - - 8 (4) 89 137 Property & Casualty
1 32 (656) 187 1,728 1,406 France (4) - (290) 65 539 380 United
Kingdom & Ireland - - 7 7 78 42 Germany (1) 26 (146) 23 298 179
Belgium - - (133) 62 140 143 MedLA 6 7 (37) 22 515 281 Switzerland
- (1) (52) 5 68 247 Other countries - - (6) 3 90 133 International
Insurance 1 1 (71) 20 172 306 AXA Corporate Solutions Assurance - -
(77) 16 105 144 Other 1 1 7 5 67 161 Asset Management (22) 5 (163)
49 589 355 AllianceBernstein (22) - (45) 20 318 185 AXA Investment
Managers - 5 (118) 29 271 171 Banking - - 4 (8) (32) (6) Holdings
& other - (136) (535) 288 517 (857) TOTAL (28) (210) (2,501)
485 3,699 3,468 Consolidated Net realized Underlying Underlying
Earnings capital gains Earnings Earnings (in Euro million)
attributable to shareholders FY08 FY09 FY08 FY09 Change Change at
constant FX Life & Savings (784) (73) 1,508 2,336 55% 51%
France 311 91 675 470 (30%) (30%) United States (153) (16) (225)
545 342% 330% United Kingdom (71) (38) 122 186 53% 71% Japan 92 20
238 211 (11%) (29%) Germany (41) (145) 43 157 264% 264% Switzerland
(245) (1) 218 226 4% (1%) Belgium (474) 24 136 231 69% 69%
Mediterranean Region (40) 4 108 115 6% 7% Other countries (161)
(12) 192 195 2% (1%) of which Australia/ New Zealand (100) (17) 31
46 51% 53% of which Hong Kong (44) 2 133 135 1% (5%) Property &
Casualty (665) (264) 2,394 1,670 (30%) (30%) France (83) (26) 623
406 (35%) (35%) United Kingdom & Ireland (227) (58) 306 100
(67%) (65%) Germany (57) (105) 355 283 (20%) (20%) Belgium (41)
(25) 181 168 (7%) (7%) MedLA (43) (44) 557 326 (42%) (41%)
Switzerland (170) (13) 238 260 9% 4% Other countries (44) 7 134 126
(6%) (3%) International Insurance (16) 19 188 286 +52% +54% AXA
Corporate Solutions Assurance (8) 12 113 132 +17% +19% Other (8) 7
75 154 +105% +107% Asset Management - - 589 355 -40% -41%
AllianceBernstein - - 318 185 -42% -45% AXA Investment Managers - -
271 171 -37% -36% Banking (64) (4) 33 (2) -105% -105% Holdings
& other 1,185 (64) (668) (793) +19% +18% TOTAL (345) (386)
4,044 3,854 -5% -6% APPENDIX 8: AXA Group simplified Balance Sheet
/ AXA Group Assets AXA Group liabilities In Euro billion FY08 FY09
In Euro billion FY08 FY09 (preliminary) (preliminary) Goodwill 17.0
16.5 Shareholders' Equity, Group share 37.4 46.2 VBI 4.4 3.6
Minority interests 3.1 3.7 DAC & equivalent 18.8 18.8 SH EQUITY
& MINORITY INTERESTS 40.5 49.9 Other intangibles 3.2 3.1
Technical reserves 517.5 545.3 Investments 526.7 572.4 Provisions
for risks & charges 9.3 9.5 Other assets & Financing debt
14.5 10.2 receivables 71.3 74.7 Cash & cash Other payables
& equivalents 32.2 19.6 liabilities 91.7 93.7 TOTAL ASSETS
673.6 708.6 TOTAL LIABILITIES 673.6 708.6 APPENDIX 9: 4Q09 Main
Press Releases / - 10/29/2009 9M09 Activity Indicators - 11/08/2009
AXA announced today a joint offer with AMP whereby AXA would
acquire 100% of AXA APH's Asian businesses while AMP would acquire
100% of AXA APH's Australia & New Zealand businesses -
11/09/2009 AXA announced today the launch of a Euro 2 billion
rights issue to finance acquisition opportunities - 11/17/2009
Claude Brunet resigns his mandate as an AXA Management Board member
- 11/19/2009 Information to AXA shareholders with respect to the
joint proposal by AXA and AMP to AXA APH - 11/24/2009 AXA to hold
its Autumn Investor Seminar today - 12/10/2009 AXA announces a new
organization to support a new stage of Its development - 12/13/2009
AXA and AMP announce they have submitted their best and final joint
proposal to AXA Asia Pacific Holdings' committee of independent
directors - 12/14/2009 Success of AXA employee share offering in
2009 - 12/17/2009 Update on proposal to AXA APH committee of
independent directors - 12/18/2009 AXA to strengthen its position
in Central and Eastern Europe Please refer to the following web
site address for further details: http://www.axa.com/en/press/pr/
APPENDIX 10: 4Q09 operations on AXA shareholders' equity and debt /
Shareholders' Equity Rights issue of Euro 2.0 billion and employee
shareplan of Euro 0.4 billion. Debt No significant operations.
http://www.newscom.com/cgi-bin/prnh/20100218/NY56963-a
http://www.newscom.com/cgi-bin/prnh/20100218/NY56963-b
http://photoarchive.ap.org/ DATASOURCE: AXA Group CONTACT: AXA
Investor Relations: Etienne Bouas-Laurent, +33-1-40-75-46-85 (until
March 1, 2010), or Mattieu Rouot, +33-1-40-75-46-85 (from March 1,
2010), or Gilbert Chahine, +33-1-40-75-56-07, or Paul-Antoine
Cristofari, +33-1-40-75-73-60, or Sylvie Gleises,
+33-1-40-75-49-05, or George Guerrero, +1-212-314-28-68; AXA Media
Relations: Emmanuel Touzeau, +33-1-40-75-46-74, or Sara Gori,
+33-1-40-75-48-17, or Armelle Vercken, +33-1-40-75-46-42, or Chris
Winans, +1-212-314-55-19, or AXA Individual shareholders Relations,
+33-1-40-75-48-43 Web Site: http://www.axa.com/
Copyright