Half Year 2005 Activity Indicators

* Life & Savings New Business Value (NBV) was up 20% to Euro 443 million, mainly driven by France, the US, Japan and Southern Europe. As a result, margin on new business increased to 17.6% (or 18.5% on a comparable basis) from 16.4% in first half 2004.

* Life & Savings New Business APE increased by 6% to Euro 2,515 million, mainly driven by strong sales in France, Southern Europe, Belgium, the United Kingdom, and Hong-Kong. Unit-linked APE increased by 14% to represent 45% of total Life & Savings APE.

* Property & Casualty revenues increased by 3% to Euro 10,314 million. Personal lines were up 4% and commercial lines were up 2%, benefiting from a resilient pricing environment and moderate portfolio growth. Other lines increased 2%, driven by UK Health.

* International Insurance revenues increased by 11% to Euro 2,501 million, with AXA RE up 15%, due to the non-recurrence of some 2004 negative premium adjustments and to European and Asian expansion in line with AXA RE's objective to improve geographical diversification, and AXA Corporate Solutions Assurance up 9%, driven by Marine, Aviation and Construction.

* Asset Management revenues increased by 6% to Euro 1,550 million driven by higher average Assets Under Management (AUM) (+14% compared to 1H04) as a result of favorable market conditions since June 2004 and strong net inflows. In 1H05, Asset Management net inflows, excluding Alliance Capital Cash Management Services, amounted to Euro 16 billion.