AXA is holding today an Investor conference on its Solvency II position and Capital Management framework

The following are the key financial highlights:

• Solvency II ratio at 212% as at September 30, 2015 under AXA's internal model which was approved by the ACPR on November 18, 2015.
• Solvency II ratio is resilient to a wide range of financial and non-financial shocks.
• Clearly defined capital management framework with 170-230% as central target range of Solvency II ratio.
• Dividend payout ratio range increased to 45-55% of Adjusted Earnings.
• Higher annual Operating Free Cash Flow by ca. Euro 0.5 billion under Solvency II resulting from lower Life & Savings new business capital consumption.
• Remittance ratio target confirmed at 75-85%.