AXA · Life & Savings 1,835 1,915 +4% Property & Casualty 1,286 1,176 -6% Asset Management 222 213 -3% International Insurance 126 86 -32% Banking 56 60 +7% Holdings -451 -387 +14%

August 3, 2016

AXA

HALF YEAR 2016 EARNINGS

Presentation

Certain statements contained herein are forward-looking statements including, but not limited to,

statements that are predictions of or indicate future events, trends, plans or objectives. Undue

reliance should not be placed on such statements because, by their nature, they are subject to

known and unknown risks and uncertainties. Please refer to the section “Cautionary statements”

in page 2 of AXA’s Document de Référence for the year ended December 31, 2015, for a

description of certain important factors, risks and uncertainties that may affect AXA’s business.

AXA undertakes no obligation to publicly update or revise any of these forward-looking

statements, whether to reflect new information, future events or circumstances or otherwise.

A3 | Half Year 2016 Earnings | Presentation | August 3, 2016

TABLE OF CONTENTS

INTRODUCTION & HIGHLIGHTS

Thomas Buberl, incoming CEO

1H16 FINANCIAL PERFORMANCE

Gérald Harlin, Group CFO

CONCLUDING REMARKS


PAGE A4

PAGE A13

PAGE A38

Introduction & highlights



1H16 RESULTS

Resilient earnings

Strong balance sheet

Profitable business growth

Clear growth drivers despite adverse market conditions


RESILIENT UNDERLYING EARNINGS

3.1 3.1

1H15

restated

0%

1H16

In Euro billion

Changes are at constant Forex and excluding Genworth and Portugal

Underlying earnings

In Euro billion

Life & Savings

In Euro billion

Property & Casualty

Natural catastrophes

were higher in 1H16 than

1H15 by Euro 0.1bn

+4%

1H15

restated

1.8

1H16

1.9

1.3

-6%

1H15

restated

1.2

1H16


RESILIENT EARNINGS

-2%

1H16

1H15

restated

3.4 3.5

In Euro billion

Adjusted earnings

+4%

1H16

1H15

restated

3.2

3.1

In Euro billion

Net income



STRONG AND RESILIENT BALANCE SHEET

All notes are on pages A43 and A44

Equity markets -25%

Equity markets +25%

Corporate spreads +75bps

Interest rate -50bps

Interest rate +50bps

Ratio as of June 30, 2016

1H16

197%

1Q16

200% Target

range

High Solvency II ratio at 197% with strong operating return

partly offsetting adverse market impacts and accrued dividend2

230%

170%

Strong Solvency II ratio1

Resilience to market movements

197%

202%

192%

196%

200%

188%


FOCUSED ON PROFITABLE GROWTH

Changes are on a comparable basis

Euro 3.3 bn Annual Premium Equivalent

37.3% NBV margin

Life &

Savings

Property &

Casualty

Asset

Management

High new business profitability

Profitable business and growing revenues

+3.7% Gross revenues

Strong net inflows

Euro 9 bn 2Q16 net inflows

Euro 19 bn 1H16 net inflows

96.0% All year combined ratio


Other1

14%

HEALTH: HIGH QUALITY FRANCHISE

1H16 all year

combined ratio

*Includes Health reported in both Life & Savings and Property & Casualty

+3%

1H16

6,240

1H15

restated

6,112

Gross

revenues

Mexico

4%

France

UK

Euro 6.2

billion

gross

revenues

6 strongholds

5 targeted geographies2

Germany

Japan

Hong Kong

3%

95.5%

23%

27%

17%

11%



Strong footprint

Growth and high profitability*

In Euro billion


RESILIENCE TO ADVERSE MARKET CONDITIONS

… in line with

IR Day guidance

1H16 L&S INVESTMENT MARGIN 74bps

3.5% 1H16 P&C INVESTMENT YIELD1

2.0% 1H16 REINVESTMENT YIELD1



AMBITION 2020: CLEAR ACTIONS TO GROW EARNINGS

M&A

1%

Technical

margin

2%

Growth

2%

Efficiency

3%

Building blocks of underlying earnings per share CAGR 2015 – 2020E1

-5% ; -1% 2015 –

2020E

UEPS

CAGR

3% - 7%

Management control – 8% UEPS CAGR

+ =

Interest

rates

headwinds


1H16 Financial performance

Gérald Harlin, Group CFO


Property & Casualty

Group earnings

Life & Savings

Asset Management

Balance sheet



UNDERLYING EARNINGS

1H15

restated

3,075

0%

3,063

1H16

UNDERLYING EARNINGS

UNDERLYING EARNINGS BY SEGMENT

In Euro million1H15

restated1H16 Change

Life & Savings 1,835 1,915 +4%

Property & Casualty 1,286 1,176 -6%

Asset Management 222 213 -3%

International Insurance 126 86 -32%

Banking 56 60 +7%

Holdings -451 -387 +14%

Underlying earnings 3,075 3,063 0%


In Euro million


ADJUSTED EARNINGS

3,364

-2%

3,457

1H16 1H15

restated

Change is at constant Forex

In Euro million1H15

restated1H16

Underlying earnings 3,075 3,063

Net realized capital gains/losses 382 301

o/w realized capital gains 471 479

o/w net impairments -86 -194

o/w hedging of equity portfolio -2 16

Adjusted earnings 3,457 3,364

interest charges on undated debt -154 -140

average adjusted shareholders' equity 41,270 44,225

Adjusted ROE1 16.0% 14.6%

In Euro million

ADJUSTED EARNINGS

DETAILS OF ADJUSTED EARNINGS



NET INCOME

3,207

+4%

3,077

1H16 1H15

restated

Change is at constant Forex

In Euro million1H15

restated1H16

Adjusted earnings 3,457 3,364

Change in fair value & Forex -250 -647

o/w gains (losses) on interest rate economic hedges not

eligible for hedge accounting under IAS 39-411 -357

o/w gains (losses) on Forex economic hedges not eligible

for hedge accounting under IAS 3943 -160

o/w change in fair value of assets accounted for as fair

value option118 -130

Exceptional and discontinued operations -36 626

Integration & restructuring costs -52 -91

Intangibles amortization and other -42 -45

Net income 3,077 3,207

In Euro million

NET INCOME

DETAILS OF NET INCOME


Property & Casualty

Group earnings

Life & Savings

Asset Management

Balance sheet



L&S – NEW BUSINESS SALES AND MARGINS BY MARKET

New business

sales

(APE)

Total

In Euro million

+ =

New business

margin + =

1H15 restated 1H16

-5%

2,575 2,682

699680

+11%

1H16 1H15 restated

-2%

1H16

3,274

1H15 restated

3,362

-11 pts

1H16

39%

1H15 restated

48% 37% 37%

0 pt

1H15 restated 1H16

+2 pts

1H15 restated

35%

1H16

37%

High growth

markets Total Mature markets



APE

(Euro million)

NBV

margin

Net Flows

(Euro billion)

Business line 1H16 change 1H16 1H15

restated 1H16

G/A Protection & Health 1,326 +6% 54% +5.0 +3.8

G/A Savings 745 +22% 16% -2.22 -0.4

of which G/A capital light1 422 +16% 26% -0.8 +2.3

Unit-Linked 939 -18% 39% +2.42 +0.8

Mutual Funds & Other 265 -21% 6% +0.4 0.0

Total 3,274 -2% 37% +5.6 +4.3

L&S – NEW BUSINESS SALES AND MARGINS BY BUSINESS




Non-repeat of exceptional positive

reserve developments in France

(Euro -0.1 billion)

Lower investment margin

Higher net technical margin

L&S – UNDERLYING EARNINGS BY BUSINESS

Changes are on comparable basis for pre-tax earnings and on constant forex excluding Genworth and Portugal for post-tax earnings

TOTAL LIFE & SAVINGS1

(post-tax) In Euro million

G/A PROTECTION

& HEALTH (pre-tax)

In Euro million

G/A SAVINGS (pre-tax)

In Euro million

UNIT-LINKED (pre-tax)

In Euro million

Full detail in appendix on pages B24 to B29

-4%

1H16

1,169

1H15

restated

1,166

415425

1H15

restated

-2%

1H16

1H15

restated

732

-11%

1H16

647

+

- -

+

-

- Lower mortality margin in the US

partly offset by Mexico and Japan

Lower administrative expenses

Lower management fees (Euro

-0.1 billion) mainly due to lower

average asset base (mainly linked

to the decline and recovery in

equity markets over the period)

1H16

1,915 1,835

1H15

restated

+4%

= Indicates negative one-off impacts which are partly offset by higher positive tax one-offs (Euro 0.1 billion)

TOTAL LIFE & SAVINGS

(post-tax) In Euro million

1H16

1,915 1,835

1H15

restated

+4%


Property & Casualty

Group earnings

Life & Savings

Asset Management

Balance sheet



P&C – REVENUES BY SEGMENT

• Average price effect of +6.0%

• Motor revenues up 4%

• Non-motor revenues up 3%

+4%

1H16

18,602

1H15

18,183

+4%

10,231 10,326

1H15 1H16

7,876

+3%

1H16

8,194

1H15

• Average price effect of +3.5%

• Revenues’ evolution driven by tariff

increases combined with higher

volumes

COMMERCIAL LINES In Euro million

PERSONAL LINES In Euro million

TOTAL In Euro million



Price

evolution

Revenues

growth

Price

evolution1

Revenues

growth

France +0.7% +2.8% +1.7% -2.0%

Germany +2.7% +1.8% +0.7% +4.1%

UK & Ireland +6.2% +6.5% +1.5% +5.4%

Switzerland 0.0% +1.1% +0.1% +0.7%

Belgium +2.4% -0.6% +1.2% +1.3%

MedLA2 +19.5% +6.2% +12.2% +5.8%

Asia3 +0.1% +8.2% -1.0% -0.2%

Direct +6.0% +6.8%

1H16Personal Lines Commercial Lines

Total +6.0% +4.0% +3.5% +2.6%

P&C – PRICE EFFECT BY COUNTRY AND SEGMENT

Prices expected

to be stable

Prices expected

to decrease

Prices expected

to increase

FY16 market pricing trends

Continued price softening in both Personal and

Commercial lines

Price softening for Motor in Italy

Signs of hardening in Spain

Hardening of the cycle in Motor Increasing competition in Commercial Lines

Increased pressure on prices from stronger

competition

Price decreases in both Personal and Commercial

lines from increased competition

Increased competition on brokerage in Personal lines

Price hardening in Commercial lines




P&C – REVENUES AND MARGINS BY MARKET

+ + = Revenues

Current year

combined

ratio

=

+1.3 pts

1H16

98.2%

1H15

96.9%

18,602

1H15

18,183

+4%

1H16

+6%

1H16

1,451

1H15

1,389

1H15

2,743

1H16

+11%

2,712

+2%

1H16

14,082 14,407

1H15

+ +

High growth

markets Total

1H16

96.0% 97.3%

1H15 1H15

99.9%

1H16

102.3%

1H16

98.8% 98.5%

1H15

In Euro million

Direct Mature markets

+13% on an economic

gross revenues basis1

Changes are on a comparable basis for revenues and at constant Forex excluding Genworth and Portugal for current year combined ratio



P&C – UNDERLYING EARNINGS

COMBINED RATIO

P&C UNDERLYING EARNINGS In Euro million

-6%

1H16

1,176

1H15

1,286

Current year

combined ratio

Prior year reserve

developments

All-year

combined ratio

98.2%

1H15

1H16

96.9% 0.1%

Higher natural catastrophe charges

Higher claims severity

Price increases and lower frequency

+


Natural catastrophes

+

-1.8%

1H15 1H16

-2.1%

-

-

1H16 1H15

95.1% 96.0%

0.8%

INVESTMENT INCOME (pre-tax)

In Euro million

-3%

1H16

1,006

1H15

1,071

Annualized investment yield of 3.5%

vs. 3.7% in 1H15

Changes are on constant forex excluding Genworth and Portugal


Property & Casualty

Group earnings

Life & Savings

Asset Management

Balance sheet



AM – ASSETS UNDER MANAGEMENT

Average AUM and net flows in Euro billion

Revenues in Euro million

Average AUM (excl. Joint Ventures)

589626

-5%

1H15

1H16

453460

-1%

1H16 1H15

Net flows (incl. Joint Ventures)1

Net flows

+2

+7

1H15 1H16

Average AUM

Revenues (excl. Joint Ventures)

Revenues

583632

1H16 1H15

-7%

1H15

+28

+17

1H16

Average AUM and net flows in Euro billion

Revenues in Euro million

-8%

1,216 1,324

1H15 1H16

Euro 16 billion from Joint Ventures in Asia in

1H16 vs. Euro 19 billion in 1H15




AM – UNDERLYING EARNINGS

ASSET MANAGEMENT In Euro million

213222

-3%

1H16 1H15

98108

-9%

1H16 1H15

116115

1H16

+3%

1H15

In Euro million

In Euro million


Changes are at constant Forex


Property & Casualty

Group earnings

Life & Savings

Asset Management

Balance sheet



1H16*

3.4%

FY15

3.6%

FY14

3.7%

FY13

3.7%

FY12

3.8%

FY11

3.9%

FY10

4.0%

ASSET & LIABILITY MANAGEMENT (1/4) Diversified and resilient investment portfolio

1H16 Total General Account

invested assets 83% in Fixed income

Limited yield dilution

Govies

& related

Corporate

bonds

Fixed income Assets duration

as at June 30, 2016

Life & Savings 8.3 years

Property & Casualty 5.4 years

Long asset duration leading to a slow

yield dilution

Life & Savings

Property & Casualty

1H16*

3.5%

FY15

3.6%

FY14

3.9%

FY13

3.9%

FY12

3.9%

FY11

4.0%

FY10

4.0%

Real estate

5%

Listed equities

3%

Cash

6%

Other fixed income2

7%

Policy loans

1%

Alternative investments1

3%

42%

33%

Euro 598

billion3


Average rating of government and related bonds

maintained in the AA range

Average rating of corporate bonds

maintained in the A range

* Annualized



ASSET & LIABILITY MANAGEMENT (2/4) Diversified and resilient investment portfolio

Government and related bonds rating

42% of total General Account invested assets in 1H16

14%

33%

A

BBB

33% AA

AAA

Corporate bonds rating1

33% of total General Account invested assets in 1H16

16%

17%

A

BBB

43%

AAA

Non rated

1%

Below investment

grade

1%

12% Euro 250

billion

Euro 199

billion

AA

23%

Below investment

grade

8%

Average rating of government and related bonds

maintained in the AA range

Average rating of corporate bonds

maintained in the A range



ASSET & LIABILITY MANAGEMENT (3/4) Well diversified and high quality new investments

*Mainly short duration high yield

**Annualized

Investment Grade

credit

Average rating: A

New fixed income investments in 1H16 Resilient new investment yield

1H16 new

investments

ABS

Below Investment Grade credit*

Government bonds & related Average rating: AA

Yield on new investments in fixed income assets

for Life & Savings and Property & Casualty entities

1H16**

Eurozone 2.0%

US 2.6%

Japan 0.7%

Switzerland 1.2%

Total 2.0%

Euro

45 billion Amount invested in Fixed income

in 1H16

~10%

~35%

~6%

~49%

Focus on investment grade credit

~86%

Corporate bonds

~6%

Other loans

~8%

Commercial Real Estate loans


*Annualized

Inforce business New business

Products sold to attract higher margin

Unit-Linked business

1H16*

L&S average guaranteed rate

Yield on total L&S asset base

Spread above

guaranteed rates

Spread above

guaranteed rate

1H16*

L&S average guaranteed rate

Reinvestment yield on L&S fixed income assets

+140 bps

2.0%

3.4% +160 bps

0.4%

2.0%

Significant buffer to cover guarantees and to manage crediting

rates to preserve investment margin

Average reserves of Euro 360 billion

ASSET & LIABILITY MANAGEMENT (4/4) L&S General Account investment spreads and margin

Guidance:

65-75 bps

Resilient investment

margin1

74 bps

1H16*

78 bps

1H15*



SHAREHOLDERS’ EQUITY

In Euro billion

1H16

74.1

FY15

68.5

Shareholders’ equity Key drivers of change

In Euro billion

1H16 vs. FY15

Change in net unrealized capital gains +6.8

Net income for the period +3.2

Dividends -2.7

Change in pension benefits -0.8

Forex movements net of hedging -0.3

Subordinated debt -0.1

Other -0.4

+

-

-

+

-

-

-


Interest

Cover3

Debt

Gearing2

FY15

26%

10.7x

1H16 In Euro billion

DEBT & RATINGS

28%

16.2x

1H16

18.6

1.1

8.2

9.3

FY15

17.0

0.6

6.9

9.5

A+ positive

Aa3 stable

AA- stable

as of 29/10/2015

as of 25/07/2016

as of 28/06/2016

Financial debt Debt ratios

Ratings

Subordinated debt1

Senior debt

Undated subordinated debt

Euro 2 billion debt

issued in 1H16 to

refinance in

advance part of

outstanding debt

Explained by Euro

2 billion debt issued

in 1H16 to

refinance in

advance part of

outstanding debt



SOLVENCY II RATIO

Required capital

Available capital

1H16

29.2

57.4

FY15

28.8

59.2

Solvency II ratio 205% 197%

197%

Subordinated

debt, forex & other

1H16

+5 pts

Market impact

excl. forex

-16 pts

Dividend

-5 pts

Operating

return

+8 pts

FY15

205%

In Euro billion

Key sensitivities

Solvency II ratio roll-forward

+5 pts

-5 pts

-1 pt

+3 pts

-9 pts

Solvency II ratio

Equity markets +25%

Interest rate -50bps

Corporate spreads +75bps

Interest rate +50bps

Equity markets -25%

Ratio as of June 30, 2016 197%

202%

192%

196%

200%

188%

Concluding remarks



AMBITION 2020

New customer experience

From Payer to Partner

Adapt capabilities

FOCUS

Selective growth

Efficiency and margins

Capital and cash

TRANSFORM


AMBITIOUS TARGETS SET ON REALISTIC ASSUMPTIONS

UNDERLYING EARNINGS PER SHARE

EUR 28-32 bn Cumulative 2016E-2020E

GROUP OPERATING FREE CASH FLOWS

ADJUSTED RETURN ON EQUITY

SOLVENCY II RATIO

170% - 230% Target range

12% - 14% 2016E-2020E

3-7% CAGR 2015-2020E


AXA’S STRENGTHS

Strong and resilient balance sheet

Most diversified composite insurer

Strong cash flows supporting dividends

Early mover in Life & Savings product mix

Proven track record in efficiency gains

Clear vision “From payer to partner”

Renewed and dynamic management team

Q&A

HALF YEAR 2016 EARNINGS


NOTES (1/2)

Page A8 1. The Solvency II ratio is based on AXA’s internal model calibrated based on adverse 1/200 year shock and assuming US equivalence. AXA’s

internal model was approved by ACPR on November 18, 2015. Solvency II took effect January 1, 2016 2. Solvency II ratio is estimated including a theoretical amount for dividends accrued for the first semester of 2016 based on half of the full year

dividend paid in 2016 for FY 2015. Dividends are declared by the Board at its discretion based on a variety of factors described in AXA’s Annual Reports and then submitted to AXA’s shareholders for approval. This estimate should not be considered in any way to be an indication of the actual dividend amount, if any, for the 2016 financial year

Page A10 1. Other MedLA countries (Gulf, Spain, Turkey, Colombia, Italy, Morocco, Greece), Asia P&C, South-East Asia, India & China, Belgium, the US

and Luxembourg 2. Gulf, Malaysia, Thailand, China and Indonesia Page A11 1. Investment and reinvestment yields are annualized. Reinvestment yield is on new investments in fixed income assets for Life & Savings and

Property & Casualty entities

Page A12 1. Average annual growth over the 5 year plan period; period-to-period results may vary Page A16 1. Adjusted ROE: return corresponds to adjusted earnings net of interest charges on undated debt. Equity corresponds to average

shareholders’ equity excluding undated debt and reserves related to change in fair value Page A20 1. G/A Savings products which, at inception, create more AFR than the economic capital they consume 2. 1H15 figures were restated to take into account the reclassification at 1H16 of non-GMxB Variable Annuity product (SCS) in the US from G/A

Savings to Unit-Linked, to align with classification for APE and NBV. This reclassification explains the difference with the net flows reported page 75 of the financial supplement

Page A24 1. Renewals only 2. Mediterranean and Latin American Region: Italy, Spain, Greece, Turkey, Mexico, Morocco, Colombia, Gulf Region and Brazil 3. Hong Kong, Malaysia, Singapore and Thailand, on a 100% share basis

Page A25 1. Economic gross revenues: all entities are consolidated on a group share basis

Page A28 1. AXA IM’s joint ventures in Asia (China, Korea and India) are included at 100% in net flows, opening and closing assets under management

but are excluded from revenues and average assets under management as they are not fully consolidated


NOTES (2/2)

Page A31 1. Mainly Private Equity and Hedge Funds 2. Other fixed income include Asset backed securities (Euro 11 billion), residential loans (Euro 12 billion), commercial & agricultural loans (Euro

19 billion) and agency pools (Euro 1 billion) 3. 1H16 invested assets referenced in page 57 of the financial supplement are Euro 795 billion, which include notably Euro 164 billion of Unit-

Linked assets, Euro 36 billion related to the banking segment and Euro -2 billion of government bonds CDS and bond forwards. Page A32 1. Corporate bonds not rated by external rating agencies are reallocated under AXA’s internal ratings: AAA : Euro 0.3 billion / AA : Euro 1.3

billion / A : Euro 3.2 billion / BBB : Euro 4.2 billion / BIG : Euro 2.2 billion Page A34 1. Group investment margin on total Life & Savings General Account business Page A36 1. Including Euro 0.7 billion of reversal of mark-to-market on interest rates derivatives in 1H16 vs. Euro -0.6 in FY15 2. Starting 1H16, debt gearing is calculated gross of Holding company cash. FY15 debt gearing net of cash was reported at 23%. 3. Including undated debt interest charges


DEFINITIONS

AXA’s 1H16 financial statements are subject to a completion of limited review by AXA’s independent auditors.

AXA's 1H16 results have been prepared in accordance with IFRS and interpretations applicable and endorsed by the European Commission as

of June 30, 2016.

Underlying Earnings, Adjusted Earnings, APE, NBV and Group Operating Free Cash Flows are non-GAAP measures and as such are not

audited, may not be comparable to similarly titled measures reported by other companies and should be read together with our GAAP measures.

Management uses these non-GAAP measures as key indicators of performance in assessing AXA’s various businesses and believes that the

presentation of these measures provides useful and important information to shareholders and investors as measures of AXA’s financial

performance. For a reconciliation of underlying and adjusted earnings to net income see pages A16 and A17 of this presentation.

Life & Savings New Business Value (NBV) is the value of the new business sold during the reporting period. The new business value includes

both the initial cost (or strain) to sell new business and the future earnings and return of capital to the shareholder.

Life & Savings high growth markets: APE and NBV: China, Czech Republic, Hong Kong, India, Indonesia, Mexico, Morocco, Philippines,

Poland, Singapore, Slovakia, Thailand and Turkey; Revenues: Colombia, Czech Republic, Hong Kong, Indonesia (excl. bancassurance entity),

Mexico, Morocco, Poland, Singapore, Slovakia and Turkey.

Property & Casualty high growth markets: Revenues: Brazil, Colombia, the Gulf region, Hong Kong, Malaysia, Mexico, Morocco, Singapore,

Thailand, and Turkey.

Documents

AXA · Life & Savings 1,835 1,915 +4% Property & Casualty 1,286 1,176 -6% Asset Management 222 213 -3% International Insurance 126 86 -32% Banking 56 60 +7% Holdings -451 -387 +14%