Half Year 2014 Earnings Release

Henri de Castries

Chairman & Chief Executive Officer of AXA (2000-2016)

This half year is another stepping stone to achieving Ambition AXA. The effective implementation of our strategy has delivered strong earnings growth, the highest first half underlying earnings in the company's history.

Life & Savings topline is on track to deliver growth for the year while margins are enhanced through our selectivity initiatives. In Property and Casualty we are growing our portfolio and maintaining robust underwriting discipline. Asset Management has recorded stronger net inflows of Euro 14 billion in the first half of this year. Additionally, we continue to implement our efficiency strategy across the Group, and have increased our cost savings target by Euro 0.2 billion to Euro 1.9 billion by 2015.

As we expand our geographical footprint and strengthen our position in the existing markets, we continue to integrate corporate responsibility in all our activities and embrace the increasingly connected world. This year we became the first global insurer to cooperate with LinkedIn and Facebook. Moreover we partnered with Alliance for Youth to help address youth unemployment in Europe.

Looking ahead, Ambition AXA targets remain our top priority. I am grateful to our clients for their trust and our teams for their commitment which enable us to continue to create value for our customers, shareholders and communities.