First nine months 2006 activity indicators confirm strong top-line growth momentum

Henri de Castries, Chairman of the Management Board and CEO

"After a very strong performance in the first half of 2006, our Life & Savings business growth remains above our long term target over 9 months, while our Asset Management activities have continued their exceptional growth into the third quarter" said AXA Chief Executive Officer Henri de Castries.

"We are particularly pleased to see our Property & Casualty revenues development well in line with our long-term objectives and clearly demonstrating our ability to attract new clients."

"This achievement confirms our capacity to profitably grow market share and makes us confident in our ability to meet our top-line long-term growth targets again this year."

Life & Savings entities continued to experience strong growth momentum across the board, with new business volume up 14% to Euro 4,473 million, of which notably France up 17%, the US up 12%, the UK up 28% and Japan up 17%.

Product mix continued to improve, notably in France, the US, Belgium and Germany. Overall, unit-linked new business volume increased by 26% to represent 50% of total Life & Savings APE for 9M06, compared to 45% for the same period in 2005.

New business value* (NBV) was up 19% to Euro 963 million, resulting in a margin of 21.5%, up 0.9 point compared to 9M05, primarily as a result of higher volume and unit cost improvement.

Property & Casualty revenues increased by 4% to Euro 15,333 millions. Personal lines were up 5% with a strong contribution from the UK & Ireland and Southern Europe, as well as favorable evolution in France and Belgium household and Germany motor lines. Commercial lines were up 3%, mainly driven by France, Belgium and the UK. Growth also stemmed from markets such as Turkey up 20% and Asia up 11%. Total personal motor net inflows reached 740,000 policies.

Asset Management revenues increased by 28% to Euro 3,117 million driven by higher average assets under management (AUM) (+17% compared to 9M05), as a result of favorable equity market conditions and very strong net inflows, as well as a favorable mix evolution for both AllianceBernstein and AXA Investment Managers. During the first nine months of 2006, Asset Management net inflows amounted to Euro 65 billion**.

* New Business Value (NBV) is group share. NBV for 9M05 was computed using profitability factors by products and yield-curves as of year-end 2005. 9M06 NBV is based on end of 1H06 yield curves in all countries except the US where NBV is based on yield curves at end of September 2006 to reflect the US risk free rate material decrease in 3Q06 (approx. 50bps). Please refer to appendix 2 for additional details on NBV computation.

** Including Euro 6 billion from AXA SA as a consequence of the capital increase and debt issue linked to the Winterthur acquisition financing which will be closed at year-end 2006.