2012 numbers reflect that we are delivering on Ambition AXA. The performance of the Group in 2012 has been solid, in an environment which has not been easy every day. Revenues are growing by 5% year-on-year. Underlying earnings are up 9% to Euro 4.3 billion. This year also enabled us to further strengthen our balance sheet.

AXA delivered a strong set of results in 2012, with significant underlying earnings and operating free cash flow growth. This, combined with a robust balance sheet, enables AXA's Board of Directors to propose to shareholders an increased dividend of Euro 0.72 per share. We have continued to relentlessly pursue efficiencies and product innovations, as well as benefit from sweet spots in high growth markets so as to extend competitive advantage and value for policyholders in the evolving market environment.