9M16 Activity Indicators - Discipline and resilience

AXA continued to deliver disciplined growth during the first nine months of 2016, in line with the priorities of our new Ambition 2020 plan, Life & Savings business recorded strong net inflows in Protection & Health, capital light Savings and Unit-Linked, maintaining high new business margins even in the context of a challenging macroeconomic environment. Property & Casualty revenues continued to grow, in both personal and commercial lines, benefitting from our strong market positions in key geographies. Asset management net inflows were also strong for the first nine months. Our balance sheet strength has been demonstrated once more by our resilient Solvency II ratio, well within our target range, and by our recent upgrade to AA- by Standard & Poor’s. In the third quarter, AXA was recognized as the leading global insurance brand for the eighth consecutive year and joined the top 3 global financial services brands, a reflection of the trust of our more than 100 million customers around the world.