Very strong full year 2005 performance

Portrait of Henri de Castries

"Last year, AXA showed strong growth momentum, particularly in Life & Savings and Asset Management," said Henri de Castries, Chairman of the Management Board of AXA. "Significant value has been created in 2005 for our shareholders, as demonstrated by the record performance achieved this year.

"Our company-wide project Ambition 2012 was launched in 2005, establishing the objective of becoming the preferred company in our industry through customer satisfaction. We believe that we can achieve our 2012 goals by differentiating ourselves through employee engagement, a superior product offering, and excellent distribution. AXA's 2005 results show that we are off to a good start in meeting these aspirational objectives."

Note: All profit & loss and balance sheet numbers are under IFRS for 2004 and 2005. Non-GAAP * measures such as underlying earnings and adjusted earnings are reconciled to net income on page 3 and defined in the notes. All 2005 information coming from financial statements has been audited by AXA's independent auditors.

* 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 (under the fair value option) and derivatives. 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 measures. 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 provides useful and important information to shareholders and investors as measures of AXA's financial performance.