Full Year 2008 Earnings - Resilient operating performance in a challenging environment

Henri de Castries, Chairman of AXA's Management Board

"The 2008 financial market turmoil was unprecedented and had a significant impact upon our industry. In this adverse environment, AXA was not immune, but remained resilient, with:

• Strong underlying earnings of Euro 4 billion, above FY06 level, notably benefiting from an increased contribution from our Property & Casualty business with a record combined ratio level of 95.5%
• A solid balance sheet, with solvency, debt and liquidity positions at comfortable levels
• Resilient revenues with continued high positive net inflows in Life and Savings (above Euro+8 billion) as well as more than 1 million net new individual contracts in Property & Casualty"

"2009 will be another challenging year, in light of the current global economic environment. Our confidence in the performance of AXA going forward is supported by the increasing engagement of our employees, the trust of our clients, the financial flexibility and diversification of the Group and our operating profit resilience through turbulent times."

Henri de Castries, Chairman of AXA's Management Board