AXA announces the signing of a definitive agreement to cede AXA RE's business to Stone Point Capital

Following the receipt of a binding offer on April 6, 2006 and consultation with the relevant workers' councils, AXA announces the signing of a definitive agreement to cede the business of AXA RE to Paris Re Holdings Limited.

Paris Re Holdings is a newly-created company with a capitalization of approximately $1.5 billion sponsored by a consortium of international investors led by Trident III, L.P., a fund managed by Stone Point Capital LLC., with other lead investors including Hellman & Friedman, Vestar Capital Partners, Crestview Capital Partners, ABN Amro and New Mountain Capital. AXA will take a stake of approximately 4% in Paris Re Holdings.

Under the terms of the agreement, the business of AXA RE is expected to be ceded in 2007 to Paris Re Holdings, with the risks and corresponding net income related to AXA Re's 2006 claims experience accruing to Paris Re Holdings. AXA will continue to manage underwriting and claims for 2006 and prior years.

AXA will guarantee the reserves pertaining to losses incurred on or before December 31, 2005. The corresponding accounting results will be reported in the "Other International Insurance" segment starting June 30, 2006.

This transaction will generate a capital gain of approximately Euro 120 million* on the business ceded, and AXA will begin benefiting from the capital release in 2007.

Completion of the transaction is subject to the satisfaction of various closing conditions including obtaining required regulatory approvals.

*Gross of tax