Nine Months 2011 Activity Indicators

• Total revenues down 2% to Euro 66 billion
• Life & Savings New Business Value up 11% driven by a continued improvement in business mix
• Property & Casualty revenues up 3% driven by underwriting discipline
• Asset management revenues up 4%
• Robust balance sheet, with solvency I ratio estimated above 190% and economic capital ratio estimated above 150%

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