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AXA records very strong FY07 top line growth

News
Group, January 31, 2008

"FY07 activity indicators reflected strong organic performance and positive contribution from Winterthur", said Henri de Castries, Chairman of the AXA Management Board.

"In Life & Savings, Accumulator-type products represented 14% of 2007 new business volume with strong growth continuing in 4Q07 (+51% year-on-year). This new generation of products is particularly well positioned in the context of a more challenging market and their global roll-out should allow AXA to continue to perform well. The Property & Casualty revenues demonstrated good resilience in a competitive pricing environment, especially in retail lines, with a strong contribution of direct business and emerging markets. Our Asset Management business recorded high double digit revenue growth despite a slowdown in net inflows in the second half of the year."

Life and Savings new business volume (APE)* was up 24% to Euro 7,694 million, or 8% on a comparable basis**, reflecting continued organic growth momentum notably in the United States and Australia while Japan's growth remained negative. Unit linked share of total APE reached 54% fuelled by Accumulator-type products*** (up 46% to Euro 1,107 million).

Property & Casualty revenues increased by 28% to Euro 25,016 million, or 4% on a comparable basis** with all major countries showing positive organic growth, notably the UK and the Mediterranean Region. Personal lines were up 5% boosted by strong Personal Motor and Household net new contracts reaching respectively 1,095,000 and 342,000 contracts, while Commercial lines were up 2%.

Asset Management revenues increased by 10% to Euro 4,863 million, or 17% on a comparable basis**, driven by higher average Assets Under Management and business mix improvement. Both AllianceBernstein and AXA IM revenues grew at a strong double digit pace.

International Insurance revenues were down 4% to Euro 3,568 million, or up 7% on a comparable basis, with AXA Corporate Solutions Assurance up 7% and AXA Assistance up 13%.

Numbers herein have not been audited. APE is in line with the Group's EEV disclosure. APE and EEV are non-GAAP measures, which Management uses as key indicators of performance in assessing AXA's Life & Savings business and believes to provide useful and important information to shareholders and investors. IFRS revenues are available in Appendix 3 of this release.