1Q 2009 Activity Indicators

News
Group, May 7, 2009

Resilient revenues
Total revenues were down 2% to €27,598 million
On a comparable basis, revenues were down 5%:

  • Life & Savings down 7% to €16,453 million
  • Property & Casualty up 1% to €9,113 million
  • Asset Management down 34% to €762 million

Positive insurance net inflows

  • Life & Savings: € +3.3 billion
  • P&C: +296,0001 net new personal contracts
  • Asset Management: €-17.4 billion

Enhanced Solvency2
March 31, 2009 Solvency I ratio slightly above 2008 year-end level of 127%

1Motor and household personal contracts
2This estimate has not been reviewed or approved by AXA's French insurance supervisor « Autorité de Contrôle des Assurances et des Mutuelles »

Henri de Castries, Chairman of AXA's Management Board.

Henri de Castries, Chairman of AXA's Management Board.

"First quarter total revenues were slightly down, in line with trends observed in 4Q08", said Henri de Castries, Chairman of AXA's Management Board.

"Life & Savings revenues continued to be impacted by a negative market environment, notably for the Unit-Linked business. We believe, however, that long-term savings (including variable annuities) and protection products remain well adapted to customers' needs, and that the continued product redesign across the board will allow us to continue our successful long-term development in a profitable way. Moreover it is pleasing to see sustained positive Life & Savings net inflows."
"Asset Management revenues declined mostly as a result of lower assets under management. However, improved 1Q09 investment performance makes us confident in the capacity of our Asset Management business to recover."
"Property & Casualty business continued to grow in most business lines and countries, with positive net new personal contracts."

"As anticipated, our Solvency I ratio proved resilient in this turbulent environment and will allow us to absorb further possible market shocks.
We expect the environment to remain difficult throughout 2009, but we remain convinced that AXA has the business model, flexibility and strength to face the current global economic recession."