1Q 2009 Activity Indicators

Resilient revenues

Total revenues were down 2% to €27,598 million. On a comparable basis, revenues were down 5%:

• Life & Savings down 7% to €16,453 million
• Property & Casualty up 1% to €9,113 million
• Asset Management down 34% to €762 million

Positive insurance net inflows

• Life & Savings: € +3.3 billion
• P&C: +296,0001 net new personal contracts
• Asset Management: €-17.4 billion

Enhanced Solvency*

March 31, 2009 Solvency I ratio slightly above 2008 year-end level of 127%

1 Motor and household personal contracts
* This estimate has not been reviewed or approved by AXA's French insurance supervisor Autorité de Contrôle des Assurances et des Mutuelles