Financial Supplement HY2012 - … · FINANCIAL SUPPLEMENT ... Life & Savings ... International Insurance 20 Consolidated statement of income - Asset Management and Banking

1

Half Year 2012 Earnings 3 August 2012

Financial Supplement

2

3

FINANCIAL SUPPLEMENT - TABLE OF CONTENTS

4 Important notes for analysis of numbers 5 Exchange rates 6 Earnings summary 7 From adjusted earnings to net income / Impact from certain operations 8 Consolidated statement of income - AXA 10 Consolidated statement of income - Life & Savings 12 Consolidated statement of income - Life & Savings - high growth markets 14 Consolidated statement of income - Property & Casualty 16 Consolidated statement of income - Property & Casualty - high growth markets

18 Consolidated statement of income - International Insurance 20 Consolidated statement of income - Asset Management and Banking 22 Consolidated statement of income - Holdings and other companies 24 Investment income - Life & Savings 26 Investment income - Life & Savings - high growth markets 28 Investment income - Property & Casualty

30 Investment income - Property & Casualty - high growth markets 32 Investment income - International Insurance 34 Underlying operating income under margin analysis and Expense ratios - Life & Savings 36 Underlying operating income under margin analysis and Expense ratios - Life & Savings - high growth markets 38 Underlying operating income under combined ratio analysis - Property & Casualty 40 Underlying operating income under combined ratio analysis - Property & Casualty - high growth markets 42 Underlying operating income under combined ratio analysis - International insurance

44 Number of shares (basic and diluted) 45 Earnings per share (EPS) (basic and diluted) 46 Consolidated balance sheet: assets 47 Consolidated balance sheet: liabilities 48 Consolidated shareholders' equity 49 Return on equity (ROE) 50 Consolidated financial structure

51 Intangible assets 52 Deferred acquisition costs and equivalent - Life & Savings 54 Value of business in force - Life & Savings 56 Invested assets - AXA 58 Invested assets - Life & Savings 60 Invested assets - Life & Savings - high growth markets 62 Invested assets - Property & Casualty 64 Invested assets - Property & Casualty - high growth markets 66 Invested assets - International Insurance 68 Unrealized Capital Gains and Losses 69 Assets under Management 70 AUM Rollforward - Asset Managers 72 AUM Breakdown - Asset Managers

74 Consolidated insurance reserves: Life & Savings 76 Consolidated insurance reserves: P&C and International Insurance 78 P&C reserves ratios 79 APE, NBV and NBV margin - Life & Savings

4

Important notes for analysis of numbers

AXA's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU.

Please refer to the glossary at the end of the Management Report for definitions of terms used in this document.

The main changes in the presentation of AXA’s consolidated financial statements for the half year 2012 compared to half year 2011 are set out below:

Revenues Underlying Earnings

Change in scope – Change in consolidation method HY11

IASB and FASB deliberations regarding the Insurance Contracts Phase II project as well as change in USGAAP indicate that accounting standards are moving to lower capitalization and therefore less deferral of acquisition expenses. In this context, the Group changed its accounting policy as of January 1, 2012 on DAC and retrospectively restated comparative information related to previous periods.

€+6m

Changes in scope – Acquisitions

HY11

On April 1, 2011 AXA completed the AXA PH transaction. This resulted in AMP acquiring AXA APH’s outstanding shares for AUD 13.3 billion, of which AXA’ shares in AXA APH have been paid for AUD 7.2 billion in cash, while AXA acquired from AMP 100% of AXA APH’s Asian operations for AUD 9.8 billion in cash. AXA APH’s Australia & New Zealand businesses price was AUD 3.5 billion. The net cash payment by AXA was AUD 2.6 billion (or ca. Euro 1.8 billion)

€-352m €+13m

Change in scope – Disposals

HY11

AXA transferred portfolios of its UK Life & Savings operations to Resolution Ltd in November 2011 and sold BlueFin Corporate Consulting (BCC), part of Bluefin Advisory Services Group (BAS) in April 2012 to Capita.

€-18m

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Exchange rates

Closing FX rates

Average FX rates

HY 2012 FY 2011

HY 2012 HY 2011

USD

1.269 1.298

1.297 1.404

JPY (100)

1.013 0.999

1.042 1.124

GBP

0.809 0.835

0.823 0.869

CHF

1.201 1.214

1.205 1.270

HKD

9.844 10.082

10.065 10.927

AUD

1.238 1.266

1.256 1.358

CAD

1.294 1.322

1.304 1.371

TRY (New Turkish Lira)

2.295 2.452

2.336 2.206

MXN

17.038 18.116

17.180 16.689

6

EARNINGS SUMMARY

CONSOLIDATED EARNINGS (in Euro million) - Group Share

Net income

Group Share

Exceptional and

Discontinued operations

Integration and

restructuring costs

Goodwill and related Intangibles

Profit or Loss

(including change) on

financial assets

(under Fair Value

option) & derivatives

Adjusted Earnings

Net realized capital gains attributable

to shareholders

Underlying earnings

HY

2011 HY

2012 HY

2011 HY

2012 HY

2011 HY

2012 HY

2011 HY

2012 HY

2011 HY

2012 HY

2011 HY

2012 Change

Change at

constant FX

HY 2011

HY 2012

HY 2011

HY 2012

Change

Change at

constant FX

Life & Savings

2,471 1,797 763 (26) (16) (14) (15) (19) 177 300 1,562 1,556 0% -4% 246 145 1,316 1,411 7% 3%

France

557 501 0 0 0 0 0 0 37 77 520 424 -19% -19% 146 49 374 375 0% 0%

United States

404 300 0 0 (12) (8) (1) (1) 51 97 365 211 -42% -47% (9) (26) 375 237 -37% -42%

United Kingdom 7 (19) 17 (0) (0) (3) (6) (4) 3 1 (6) (13) -107% -96% 2 0 (8) (13) -67% -58%

Japan 310 389 0 0 0 0 0 0 105 41 206 348 69% 57% 81 67 125 281 125% 108%

Germany

80 81 0 0 0 0 0 0 8 24 72 57 -20% -20% (7) (8) 80 66 -18% -18%

Switzerland 890 172 749 0 0 0 (3) (3) (1) 15 145 160 10% 4% 20 3 125 157 25% 19%

Belgium

56 170 0 (8) (3) (2) 0 0 (24) 59 82 121 46% 46% 0 44 82 77 -6% -6%

Central & Eastern Europe

7 18 0 0 0 0 (1) (1) 0 0 8 19 134% 143% 1 2 7 17 149% 159%

Mediterranean & Latin American Region

49 56 0 (0) (1) (1) (4) (10) (6) (11) 59 79 33% 33% 4 3 55 76 39% 39%

Asia excl. Japan (a)

102 143 (4) (17) 0 0 0 0 (0) (6) 106 165 55% 44% 6 11 101 154 53% 42%

Other countries (b)

10 (13) 2 0 0 0 0 0 5 0 3 (13) n.a n.a 2 0 1 (14) n.a n.a

Property & Casualty

1,212 1,017 93 8 (29) (41) (35) (37) 82 (3) 1,100 1,089 -1% -2% 111 45 989 1,044 6% 4%

France

287 256 0 0 0 0 0 0 37 (7) 250 263 5% 5% 10 16 240 247 3% 3%

United Kingdom & Ireland

58 93 0 0 (7) (5) (1) (1) (11) (17) 77 116 51% 48% (2) 21 78 94 21% 17%

Germany

206 164 0 0 0 0 (2) (2) 43 24 164 142 -13% -13% 19 (0) 145 143 -2% -2%

Switzerland

207 195 0 0 0 0 (14) (14) (5) 10 227 199 -12% -17% 18 1 209 198 -5% -10%

Belgium

112 88 0 0 (7) (5) (1) (1) 7 (19) 114 114 0% 0% 42 (1) 72 114 59% 59%

Central & Eastern Europe (c)

4 15 0 0 0 0 (2) (2) 0 5 6 12 113% 111% (14) (5) 19 17 -13% -14%


219 192 0 8 (14) (16) (14) (15) 12 4 235 210 -10% -11% 34 13 202 198 -2% -2%

Direct

13 14 0 0 0 0 (2) (2) (2) (1) 16 17 4% 3% 3 (2) 14 19 38% 36%

Other countries (d)

105 0 93 0 0 (14) 0 0 0 (0) 11 15 29% 22% 2 1 10 14 43% 35%

International Insurance

139 135 0 0 0 (2) 0 0 (7) 15 146 122 -16% -16% 3 5 143 118 -17% -18%

AXA Corporate Solutions Assurance

75 96 0 0 0 0 0 0 (4) 14 79 83 5% 4% (1) 2 81 80 0% -1%

Other

64 39 0 0 0 (2) 0 0 (2) 2 66 39 -40% -41% 4 2 62 37 -40% -40%

Asset Management

160 152 (0) (0) (0) (10) 0 0 6 3 154 159 3% -3% (2) (1) 157 159 2% -4%

AllianceBernstein

57 67 0 0 0 (9) 0 0 (0) 2 57 74 29% 19% 0 0 57 74 29% 19%

AXA Investment Managers 103 85 (0) (0) (0) (0) 0 0 6 1 97 85 -13% -16% (2) (1) 99 85 -14% -17%

Banking

(1) (9) 0 (11) (7) (2) (0) 0 1 10 5 (6) -224% -226% (3) (11) 8 5 -37% -38%

Holdings and other companies 33 (506) 687 21 (1) (0) 0 0 (89) (34) (565) (493) 13% 13% (180) (60) (384) (433) -13% -12%

TOTAL

4,013 2,586 1,543 (8) (52) (69) (50) (56) 170 291 2,402 2,427 1% -2% 174 123 2,228 2,305 3% 0%

(a) Asia excl. Japan corresponds to Hong Kong, South-East Asia, India & China. (b) Other countries correspond to Australia/New Zealand, Luxembourg, Architas, Family Protect and AXA Global Distributors. (c) Including Russia (d) Other countries correspond to Luxembourg, Singapore, Hong Kong and Malaysia

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FROM ADJUSTED EARNINGS TO NET INCOME / IMPACT FROM CERTAIN OPERATIONS

AXA Consolidated

(Euro million) Financial Statements

From Adjusted Earnings to Net Income

Exceptional and discontinued operations

Nature HY 2011 HY 2012 Nature HY 2011 HY 2012

Profit or loss (including change) on financial assets (under fair value option) & derivatives

168 291

M&A transactions 1,539 69

* Of which impacted by corporate spreads

(15) 167

* Of which realized capital gain on the sale of Australian & New Zealand operations (AXA SA)

691 -

* Of which impacted by interest rates movement

(132) 24

* Of which realized capital gain on the sale of Taikang Life stake (Switzerland L&S)

749 -

* Of which impacted by Alternative funds, Equities and Hedge Funds

167 99

* Of which income from discontinued operations from Canadian operations

99 -

* Of which other assets

89 47

* Of which deferred tax liability related to the sale of Canadian business

(17) -

* Of which FX and related derivatives

59 (47)

* Of which contingent consideration from the sale of Canadian business

- 68

* Of which gains from the transfer of AXA Bank Switzerland customer portfolio to bank zweiplus

- 8

* Of which losses from the disposal of "Vie Populaire" portfolio in Belgium

- (8)

Other items

1,444 (132)

Other operations 4 (77)

* Of which Goodwill and related intangibles (50) (56)

* Of which restructuring of the participation in Bharti AXA Life Insurance Co. Ltd and Bharti AXA General Insurance

(24) (20)

* Of which Integration and restructuring costs (52) (69)

* Of which write-back of tax litigation reserves on AXA Health in ANZ holding

52 -

* Of which Exceptional and discontinued operations 1,543 (8)

* Of which restructuring of an inter-company loan (UK holding) (15) -

* Of which credit losses in Hungary (Ella Bank) - (20)

* Of which impairment of Bharti AXA Investment Managers (BAIM) shares

- (20)

* Of which losses related to run-off operations from Integrity joint-venture (Hong-Kong Life)

- (10)

Total

1,612 159

Total

1,543 (8)

8

INCOME STATEMENT

AXA

Period ended June 30, 2011

AXA Consolidated


Life & Savings (d) Property & Casualty


Asset Management Banking Holdings & other companies

Inter-segment Eliminations

Total

Gross written premiums 27,037 15,502 1,695 - - - (276) 43,959

Fees and charges relating to investment contracts with no DPF 182 - - - - - - 182

Revenues from insurance activities 27,220 15,502 1,695 - - - (276) 44,141

of which ceded premiums 595 821 484 - - - (262) 1,639

Net revenues from banking activities - - - - 271 0 (26) 245

Revenues from other activities 659 38 136 1,823 3 - (209) 2,449

Gross revenues 27,879 15,540 1,831 1,823 274 0 (511) 46,835

Change in unearned premiums reserves net of unearned revenues and fees

(1,203) (2,393) (241) - - - 97 (3,740)

Underlying investment results 9,761 1,028 136 5 (1) 363 (228) 11,065

of which change in fair value of assets with financial risk borne by policyholders (a)

3,257 - - - - - - 3,257

of which realized & unrealized gains & losses on UK with profit assets

- - - - - - - -

of which net investment income 6,811 1,028 160 6 (1) 384 (223) 8,166

of which other (b) (306) (0) (23) (1) - (21) (5) (357)

Total revenues 36,437 14,175 1,726 1,828 273 364 (642) 54,161

Claims and benefits (30,644) (8,791) (1,029) - - - 113 (40,351)

Net result of reinsurance ceded (65) (469) (111) - - - 74 (571)

Banking operating expenses - - - - (44) 0 0 (44)

Insurance acquisition expenses (1,855) (2,311) (176) - - - 10 (4,332)

Amortization of value of purchased life business in force (c) (87) - - - - - - (87)

Administrative expenses and other (1,886) (1,208) (189) (1,493) (218) (340) 127 (5,207)

Total charges (34,536) (12,780) (1,504) (1,493) (262) (340) 324 (50,592)

Income from operating activities gross of tax expenses 1,901 1,395 222 335 11 23 (318) 3,569

Net income from investments in affiliates and associated 26 21 0 (0) - - - 46

Financing activities (47) (3) (2) (19) (9) (552) 436 (196)

Operating income, gross of tax expense 1,880 1,413 220 316 2 (529) 118 3,420

Income tax expense (503) (404) (76) (90) 7 136 (118) (1,048)

Minority interests in income or loss (61) (20) (1) (69) (1) 8 - (143)

UNDERLYING EARNINGS 1,316 989 143 157 8 (384) (0) 2,228

Net realized capital gains attributable to shareholders 246 111 3 (2) (3) (180) - 174

ADJUSTED EARNINGS 1,562 1,100 146 154 5 (565) (0) 2,402

Profit or loss (including change) on financial assets (under Fair Value option) & derivatives

177 82 (7) 6 1 (89) (0) 170

Exceptional operations 758 - 0 (0) - 687 - 1,444

Goodwill and related intangibles (15) (35) - - (0) - - (50)

Integration and Restructuring costs (16) (29) - (0) (7) (1) - (52)

Income from discontinued operations 6 93 - - - - - 99

Net income 2,471 1,212 139 160 (1) 33 (0) 4,013

(a) Offset by an adjustment on reserves in insurance benefits and claims resulting in zero underlying earnings impact. (b) Mainly corresponds to the loss from derivatives hedging variable annuities in Life & Savings (€-0.5bn) and in International Insurance (€-25m). (c) In the United Kingdom, VBI amortization is presented net of policyholder tax on life business in the margin analysis . (d) Restated for the voluntary change in accounting methodology on deffered acquisition costs adopted retrospectively as at January 1, 2012.

9

INCOME STATEMENT

AXA


AXA Consolidated


Life & Savings Property & Casualty


Asset Management Banking Holdings & other

companies Inter-segment Eliminations

Total

Gross written premiums 27,903 16,363 1,759 - - - (276) 45,749

Fees and charges relating to investment contracts with no DPF 164 - - - - - - 164

Revenues from insurance activities 28,067 16,363 1,759 - - - (276) 45,913

of which ceded premiums 658 966 556 - - - (273) 1,908

Net revenues from banking activities - - - - 226 0 (23) 204

Revenues from other activities 575 28 146 1,734 2 - (215) 2,268

Gross revenues 28,642 16,391 1,904 1,734 229 0 (515) 48,385


(1,361) (2,427) (276) - - - 94 (3,970)

Underlying investment results 13,202 1,036 95 6 (1) 250 (379) 14,208


6,224 - - - - - - 6,224


- - - - - - - -

of which net investment income 6,782 1,035 160 3 (1) 268 (376) 7,870

of which other (b) 196 1 (65) 3 - (18) (3) 114

Total revenues 40,483 15,000 1,724 1,739 228 250 (800) 58,624

Claims and benefits (35,316) (9,252) (1,160) - - - 135 (45,593)

Net result of reinsurance ceded (106) (538) 5 - - - 66 (572)

Banking operating expenses - - - - (47) (0) - (47)

Insurance acquisition expenses (1,684) (2,395) (189) - - - 10 (4,258)

Amortization of value of purchased life business in force (37) - - - - - - (37)

Administrative expenses and other (1,432) (1,279) (192) (1,405) (171) (282) 89 (4,671)

Total charges (38,574) (13,464) (1,535) (1,405) (218) (282) 299 (55,179)

Income from operating activities gross of tax expenses 1,910 1,536 189 335 10 (32) (501) 3,445

Net income from investments in affiliates and associated 27 16 0 (0) - 2 - 44

Financing activities (76) (3) (3) (17) (9) (642) 475 (275)

Operating income, gross of tax expense 1,860 1,549 186 317 1 (673) (26) 3,214

Income tax expense (418) (488) (67) (89) 5 240 26 (791)

Minority interests in income or loss (31) (17) (1) (68) (1) (0) - (118)

UNDERLYING EARNINGS 1,411 1,044 118 159 5 (433) (0) 2,305

Net realized capital gains attributable to shareholders 145 45 5 (1) (11) (60) 0 123

ADJUSTED EARNINGS 1,556 1,089 122 159 (6) (493) (0) 2,427


300 (3) 15 3 10 (34) - 291

Exceptional operations (26) 8 - (0) (11) 21 - (8)

Goodwill and related intangibles (19) (37) - - - - - (56)

Integration and Restructuring costs (14) (41) (2) (10) (2) (0) - (69)

Income from discontinued operations - - - - - - - -

Net income 1,797 1,017 135 152 (9) (506) (0) 2,586

(a) Offset by an adjustment on reserves in insurance benefits and claims resulting in zero underlying earnings impact. (b) Mainly corresponds to the loss from derivatives hedging variable annuities in Life & Savings (€-0.1bn) and in International Insurance (€-0.1bn).

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INCOME STATEMENT

LIFE & SAVINGS


AXA Consolidated


France United States

United Kingdom

Japan Germany Switzerland Belgium Central & Eastern Europe

Mediterranean & Latin

American Region

Asia excl. Japan (d)

Other Countries (e)

Total Life & Savings (f)

Gross written premiums 7,102 4,340 135 2,865 3,313 4,536 1,111 234 2,320 812 269 27,037

Fees and charges relating to investment contracts with no DPF

3 - 115 - - 8 0 31 12 6 7 182

Revenues from insurance activities 7,105 4,340 250 2,865 3,313 4,544 1,111 266 2,332 817 276 27,220

of which ceded premiums 264 189 1 20 29 16 1 0 19 56 (0) 595

Net revenues from banking activities - - - - - - - - - - - -

Revenues from other activities - 414 77 - 14 - - 11 6 13 124 659

Gross revenues 7,105 4,754 327 2,865 3,328 4,544 1,111 277 2,338 831 400 27,879


(18) 71 (23) (11) (32) (1,149) (1) (15) (16) (10) 0 (1,203)

Underlying investment results 1,817 3,853 416 590 895 657 572 20 585 111 245 9,761


(369) 3,075 383 182 (108) (31) (32) (8) 8 6 150 3,257


- - - - - - - - - - - -

of which net investment income 2,186 1,004 36 408 1,113 680 596 27 572 108 78 6,811

of which other (b) 0 (226) (4) (0) (110) 7 7 1 4 (3) 17 (306)

Total revenues 8,905 8,679 720 3,444 4,191 4,051 1,682 282 2,907 932 645 36,437

Claims and benefits (7,363) (7,217) (532) (2,772) (3,743) (3,719) (1,452) (188) (2,577) (671) (411) (30,644)

Net result of reinsurance ceded (54) 8 1 0 (7) 0 (1) (0) 0 (17) 5 (65)

Banking operating expenses - - - - - - - - - - - -

Insurance acquisition expenses (441) (461) (123) (259) (187) (34) (78) (29) (147) (59) (38) (1,855)

Amortization of value of purchased life business in force (c)

(7) 1 (2) (25) (10) (35) (3) (1) (7) 6 (5) (87)

Administrative expenses and other (559) (429) (96) (160) (129) (91) (43) (54) (67) (76) (182) (1,886)

Total charges (8,424) (8,098) (751) (3,214) (4,076) (3,879) (1,577) (273) (2,797) (817) (630) (34,536)

Income from operating activities gross of tax expenses

481 581 (31) 229 115 172 104 9 110 115 15 1,901

Net income from investments in affiliates and associated

4 - - - - - - - 0 21 1 26

Financing activities (4) (38) - (0) (0) - - (0) (4) - - (47)

Operating income, gross of tax expense 481 543 (31) 229 114 172 104 9 106 136 15 1,880

Income tax expense (106) (168) 23 (103) (35) (47) (22) (2) (29) (10) (4) (503)

Minority interests in income or loss (1) - 0 (2) (0) - (0) (0) (22) (25) (10) (61)

UNDERLYING EARNINGS 374 375 (8) 125 80 125 82 7 55 101 1 1,316

Net realized capital gains attributable to shareholders

146 (9) 2 81 (7) 20 0 1 4 6 2 246

ADJUSTED EARNINGS 520 365 (6) 206 72 145 82 8 59 106 3 1,562


37 51 3 105 8 (1) (24) 0 (6) (0) 5 177

Exceptional operations - - 17 - - 749 - - - (4) (4) 758

Goodwill and related intangibles - (1) (6) - - (3) - (1) (4) - - (15)

Integration and Restructuring costs - (12) (0) - - - (3) - (1) - - (16)

Income from discontinued operations - - - - - - - - - - 6 6

Net income 557 404 7 310 80 890 56 7 49 102 10 2,471

(a) Offset by an adjustment on reserves in insurance benefits and claims resulting in zero underlying earnings impact. (b) Mainly corresponds to the loss from derivatives hedging variable annuities. (c) In the United Kingdom, VBI amortization is presented net of policyholder tax on life business in the margin analysis. (d) Asia excl. Japan corresponds to Hong Kong, South-East Asia, India & China. (e) Other countries correspond to Australia/New Zealand, Luxembourg, Architas, Family Protect and AXA Global Distributors. (f) Restated for the voluntary change in accounting methodology on deffered acquisition costs adopted retrospectively as at January 1, 2012

11

INCOME STATEMENT

LIFE & SAVINGS


AXA Consolidated



United Kingdom



American Region

Asia excl. Japan (c)

Other Countries

(d)

Total Life & Savings

Gross written premiums 6,750 5,126 145 3,180 3,274 4,828 1,225 180 2,238 915 42 27,903


3 - 94 - - 11 - 32 13 11 - 164

Revenues from insurance activities 6,754 5,126 239 3,180 3,274 4,838 1,225 212 2,251 926 42 28,067

of which ceded premiums 299 210 - 22 29 24 1 1 14 58 1 658

Net revenues from banking activities - - - - - - - - - - - -

Revenues from other activities 0 441 78 - 16 - - 10 7 9 13 575

Gross revenues 6,754 5,567 317 3,180 3,290 4,838 1,225 222 2,258 936 55 28,642


52 0 (15) (41) (30) (1,228) 1 (10) (68) (21) (0) (1,361)

Underlying investment results 2,713 4,846 596 1,077 1,381 779 667 42 840 245 15 13,202


533 3,853 610 597 144 48 52 14 274 95 3 6,224


- - - - - - - - - - - -

of which net investment income 2,178 989 (15) 480 1,108 731 583 27 560 128 11 6,782

of which other (b) 1 4 1 - 129 0 32 0 6 21 1 196

Total revenues 9,519 10,413 898 4,216 4,642 4,389 1,892 254 3,031 1,159 71 40,483

Claims and benefits (7,853) (9,711) (729) (3,404) (4,237) (4,050) (1,666) (167) (2,634) (818) (48) (35,316)

Net result of reinsurance ceded (13) (49) 1 (3) (7) (6) (1) (0) (1) (27) (0) (106)

Banking operating expenses - - - - - - - - - - - -

Insurance acquisition expenses (759) 91 (154) (256) (165) (36) (58) (23) (165) (137) (21) (1,684)

Amortization of value of purchased life business in force

- 7 - (17) (11) 1 (4) (1) (7) (5) - (37)

Administrative expenses and other (381) (369) (66) (191) (117) (90) (57) (44) (64) (34) (19) (1,432)

Total charges (9,005) (10,031) (948) (3,871) (4,537) (4,181) (1,787) (234) (2,872) (1,020) (89) (38,574)

Income from operating activities gross of tax expenses

513 382 (49) 345 105 208 105 19 159 140 (18) 1,910

Net income from investments in affiliates and associated

3 - - - - - - - - 24 - 27

Financing activities (27) (42) - 0 (0) - - - (6) (0) - (76)

Operating income, gross of tax expense 489 340 (49) 345 105 208 105 19 153 163 (18) 1,860

Income tax expense (113) (103) 36 (61) (39) (52) (28) (2) (50) (9) 5 (418)

Minority interests in income or loss (1) - 0 (3) (0) - (0) (0) (27) 0 0 (31)

UNDERLYING EARNINGS 375 237 (13) 281 66 157 77 17 76 154 (14) 1,411

Net realized capital gains attributable to shareholders

49 (26) - 67 (8) 3 44 2 3 11 0 145

ADJUSTED EARNINGS 424 211 (13) 348 57 160 121 19 79 165 (13) 1,556


77 97 1 41 24 15 59 0 (11) (6) 0 300

Exceptional operations - - (0) - - - (8) - (0) (17) - (26)

Goodwill and related intangibles - (1) (4) - - (3) - (1) (10) - - (19)

Integration and Restructuring costs - (8) (3) - - - (2) - (1) - - (14)

Income from discontinued operations - - - - - - - - - - - -

Net income 501 300 (19) 389 81 172 170 18 56 143 (13) 1,797

(a) Offset by an adjustment on reserves in insurance benefits and claims resulting in zero underlying earnings impact. (b) Mainly corresponds to the loss from derivatives hedging variable annuities. (c) Asia excl. Japan corresponds to Hong Kong, South-East Asia, India & China. (d) Other countries correspond to Luxembourg, Architas, Family Protect and AXA Global Distributors.

12

INCOME STATEMENT

LIFE & SAVINGS - HIGH GROWTH MARKETS


AXA Consolidated


Hong Kong South-East Asia, India & China

Central & Eastern Europe Mediterranean & Latin American Region - high growth markets

Total high growth markets Life & Savings (b)

Gross written premiums 690 122 234 191 1,237

Fees and charges relating to investment contracts with no DPF 6 - 31 - 37

Revenues from insurance activities 696 122 266 191 1,274

of which ceded premiums 54 2 0 5 62

Net revenues from banking activities - - - - -

Revenues from other activities 7 6 11 - 24

Gross revenues 703 128 277 191 1,298

Change in unearned premiums reserves net of unearned revenues and fees (10) - (15) (0) (25)

Underlying investment results 117 (6) 20 52 183

of which change in fair value of assets with financial risk borne by policyholders (a) 15 (9) (8) 0 (2)

of which realized & unrealized gains & losses on UK with profit assets - - - - -

of which net investment income 102 6 27 51 186

of which other (0) (3) 1 - (2)

Total revenues 810 122 282 242 1,455

Claims and benefits (595) (75) (188) (176) (1,035)

Net result of reinsurance ceded (18) 1 (0) 3 (14)

Banking operating expenses - - - - -

Insurance acquisition expenses (33) (26) (29) (44) (132)

Amortization of value of purchased life business in force 7 (0) (1) (2) 4

Administrative expenses and other (59) (17) (54) (13) (144)

Total charges (698) (118) (273) (232) (1,322)

Income from operating activities gross of tax expenses 112 3 9 9 133

Net income from investments in affiliates and associated - 21 - 0 21

Financing activities - - (0) - (0)

Operating income, gross of tax expense 112 24 9 9 154

Income tax expense (7) (3) (2) (2) (14)

Minority interests in income or loss (22) (3) (0) 0 (25)

UNDERLYING EARNINGS 83 18 7 8 115

Net realized capital gains attributable to shareholders 4 2 1 3 10

ADJUSTED EARNINGS 87 20 8 10 125


(1) 1 0 (1) (1)

Exceptional operations - (4) - - (4)

Goodwill and related intangibles - - (1) - (1)

Integration and Restructuring costs - - - - -

Income from discontinued operations - - - - -

Net income 86 16 7 9 118

(a) Offset by an adjustment on reserves in insurance benefits and claims resulting in zero underlying earnings impact. (b) Restated for the voluntary change in accounting methodology on deffered acquisition costs adopted retrospectively as at January 1, 2012

13

INCOME STATEMENT



AXA Consolidated


Hong Kong South-East Asia, India &

China Central & Eastern Europe

Mediterranean & Latin American Region - high growth markets

Total high growth markets Life & Savings

Gross written premiums 777 138 180 192 1,287

Fees and charges relating to investment contracts with no DPF 11 - 32 0 44

Revenues from insurance activities 788 138 212 192 1,331

of which ceded premiums 54 4 1 7 65

Net revenues from banking activities - - - - -

Revenues from other activities 8 1 10 - 19

Gross revenues 796 140 222 192 1,350

Change in unearned premiums reserves net of unearned revenues and fees (14) (7) (10) (0) (32)

Underlying investment results 154 91 42 54 340

of which change in fair value of assets with financial risk borne by policyholders (a) 40 55 14 2 111



of which other - 21 0 0 21

Total revenues 936 224 254 246 1,659

Claims and benefits (666) (152) (167) (169) (1,153)

Net result of reinsurance ceded (24) (2) (0) 0 (26)

Banking operating expenses - - - - -

Insurance acquisition expenses (83) (54) (23) (50) (210)

Amortization of value of purchased life business in force (5) (0) (1) (2) (7)

Administrative expenses and other (26) (8) (44) (16) (94)

Total charges (804) (216) (234) (237) (1,491)

Income from operating activities gross of tax expenses 132 8 19 9 168

Net income from investments in affiliates and associated (4) 28 - - 24

Financing activities (0) - - - (0)

Operating income, gross of tax expense 128 35 19 9 192

Income tax expense (9) (0) (2) (2) (14)

Minority interests in income or loss - 0 (0) 0 0

UNDERLYING EARNINGS 119 35 17 7 178

Net realized capital gains attributable to shareholders 11 (0) 2 1 14

ADJUSTED EARNINGS 130 35 19 8 191


(5) (1) 0 1 (5)

Exceptional operations (13) (4) - (0) (17)

Goodwill and related intangibles - - (1) - (1)

Integration and Restructuring costs - - - - -


Net income 113 30 18 8 168

(a) Offset by an adjustment on reserves in insurance benefits and claims resulting in zero underlying earnings impact.

14

INCOME STATEMENT

PROPERTY & CASUALTY


AXA Consolidated


France United Kingdom &

Ireland

Germany Switzerland Belgium Central & Eastern

Europe (a)

Mediterranean & Latin American

Region

Direct Other Countries (b)

Total P&C

Gross written premiums 3,078 1,937 2,271 2,309 1,138 28 3,402 1,059 279 15,502


- - - - - - - - - -

Revenues from insurance activities 3,078 1,937 2,271 2,309 1,138 28 3,402 1,059 279 15,502

of which ceded premiums 183 78 57 59 36 0 239 120 48 821

Net revenues from banking activities - - - - - - - - - -

Revenues from other activities - 38 - - - - - - - 38

Gross revenues 3,078 1,975 2,271 2,309 1,138 28 3,402 1,059 279 15,540


(381) (154) (489) (1,027) (109) 2 (129) (70) (35) (2,393)

Underlying investment results 282 109 185 104 99 3 192 43 10 1,028


- - - - - - - - - -


- - - - - - - - - -

of which net investment income 282 109 185 104 99 3 192 43 10 1,028

of which other - - (1) - - - 0 0 0 (0)

Total revenues 2,979 1,930 1,968 1,387 1,127 34 3,465 1,032 254 14,175

Claims and benefits (1,849) (1,189) (1,209) (758) (695) (12) (2,138) (783) (158) (8,791)

Net result of reinsurance ceded (88) (65) (56) (38) (27) (0) (178) (9) (8) (469)

Banking operating expenses - - - - - - - - - -

Insurance acquisition expenses (417) (393) (244) (195) (216) (6) (633) (148) (57) (2,311)

Amortization of value of purchased life business in force - - - - - - - - - -

Administrative expenses and other (245) (173) (261) (130) (93) (13) (210) (69) (14) (1,208)

Total charges (2,601) (1,820) (1,771) (1,121) (1,031) (32) (3,159) (1,009) (237) (12,780)

Income from operating activities gross of tax expenses 378 110 197 266 96 2 306 23 17 1,395

Net income from investments in affiliates and associated - - 2 - - 19 0 - - 21

Financing activities - (1) - - - - 0 (0) (2) (3)

Operating income, gross of tax expense 378 109 198 266 96 21 306 23 15 1,413

Income tax expense (138) (30) (53) (55) (24) (2) (88) (10) (3) (404)

Minority interests in income or loss (0) (0) (0) (2) 0 (0) (16) (0) (2) (20)

UNDERLYING EARNINGS 240 78 145 209 72 19 202 14 10 989

Net realized capital gains attributable to shareholders 10 (2) 19 18 42 (14) 34 3 2 111

ADJUSTED EARNINGS 250 77 164 227 114 6 235 16 11 1,100


37 (11) 43 (5) 7 0 12 (2) 0 82

Exceptional operations - - - - - - - - - -

Goodwill and related intangibles - (1) (2) (14) (1) (2) (14) (2) - (35)

Integration and Restructuring costs - (7) - - (7) - (14) - - (29)

Income from discontinued operations - - - - - - - - 93 93

Net income 287 58 206 207 112 4 220 13 105 1,212

(a) Including Russia (b) Other countries correspond to Luxembourg, Singapore, Hong Kong and Malaysia

15

INCOME STATEMENT

PROPERTY & CASUALTY


AXA Consolidated


France United

Kingdom & Ireland

Germany Switzerland Belgium Central & Eastern

Europe (a)


Region Direct

Other Countries (b)

Total P&C

Gross written premiums 3,186 2,166 2,402 2,460 1,146 35 3,555 1,085 329 16,363


- - - - - - - - - -

Revenues from insurance activities 3,186 2,166 2,402 2,460 1,146 35 3,555 1,085 329 16,363

of which ceded premiums 179 110 99 67 38 1 286 135 52 966

Net revenues from banking activities - - - - - - - - - -

Revenues from other activities - 28 - - - - - - - 28

Gross revenues 3,186 2,194 2,402 2,460 1,146 35 3,555 1,085 329 16,391


(375) (185) (520) (1,085) (99) 0 (105) (14) (44) (2,427)

Underlying investment results 270 121 162 113 97 5 207 50 11 1,036


- - - - - - - - - -


- - - - - - - - - -

of which net investment income 270 121 160 113 97 5 207 50 11 1,035

of which other - - 1 - - - (0) - 0 1

Total revenues 3,081 2,130 2,043 1,487 1,144 40 3,657 1,121 296 15,000

Claims and benefits (1,866) (1,345) (1,210) (871) (648) (16) (2,285) (841) (171) (9,252)

Net result of reinsurance ceded (120) (83) (66) (29) (18) (1) (185) (15) (22) (538)

Banking operating expenses - - - - - - - - - -

Insurance acquisition expenses (425) (417) (251) (203) (214) (9) (652) (160) (66) (2,395)

Amortization of value of purchased life business in force - - - - - - - - - -

Administrative expenses and other (253) (163) (306) (132) (95) (11) (229) (75) (14) (1,279)

Total charges (2,664) (2,007) (1,833) (1,235) (974) (37) (3,351) (1,090) (273) (13,464)

Income from operating activities gross of tax expenses 417 123 211 252 170 4 306 31 23 1,536

Net income from investments in affiliates and associated - - - - - 16 - - - 16

Financing activities (0) - - - - - (1) (0) (2) (3)

Operating income, gross of tax expense 417 123 211 252 170 20 305 31 22 1,549

Income tax expense (170) (28) (68) (52) (55) (2) (96) (12) (5) (488)

Minority interests in income or loss (0) (0) (0) (2) (0) (1) (11) (0) (3) (17)

UNDERLYING EARNINGS 247 94 143 198 114 17 198 19 14 1,044

Net realized capital gains attributable to shareholders 16 21 (0) 1 (1) (5) 13 (2) 1 45

ADJUSTED EARNINGS 263 116 142 199 114 12 210 17 15 1,089


(7) (17) 24 10 (19) 5 4 (1) (0) (3)

Exceptional operations - - - - - - 8 - - 8

Goodwill and related intangibles - (1) (2) (14) (1) (2) (15) (2) - (37)

Integration and Restructuring costs - (5) - - (5) - (16) - (14) (41)

Income from discontinued operations - - - - - - - - - -

Net income 256 93 164 195 88 15 192 14 0 1,017

(a) Including Russia (b) Other countries correspond to Luxembourg, Singapore, Hong Kong and Malaysia

16

INCOME STATEMENT

PROPERTY & CASUALTY - HIGH GROWTH MARKETS

Period ended June 30, 2011 AXA Consolidated



Asia Central & Eastern Europe Total high growth markets P&C

Gross written premiums 1,327 218 28 1,573

Fees and charges relating to investment contracts with no DPF - - - -

Revenues from insurance activities 1,327 218 28 1,573

of which ceded premiums 171 39 0 211

Net revenues from banking activities - - - -

Revenues from other activities - - - -

Gross revenues 1,327 218 28 1,573

Change in unearned premiums reserves net of unearned revenues and fees (53) (21) 2 (71)

Underlying investment results 75 7 3 84

of which change in fair value of assets with financial risk borne by policyholders - - - -

of which realized & unrealized gains & losses on UK with profit assets - - - -

of which net investment income 74 6 3 84

of which other 0 0 - 0

Total revenues 1,349 203 34 1,586

Claims and benefits (776) (129) (12) (918)

Net result of reinsurance ceded (118) (6) (0) (124)

Banking operating expenses - - - -

Insurance acquisition expenses (239) (48) (6) (293)

Amortization of value of purchased life business in force - - - -

Administrative expenses and other (84) (10) (13) (107)

Total charges (1,218) (192) (32) (1,442)

Income from operating activities gross of tax expenses 132 11 2 145

Net income from investments in affiliates and associated 0 - 19 19

Financing activities - (2) - (2)

Operating income, gross of tax expense 132 9 21 162

Income tax expense (32) (2) (2) (36)

Minority interests in income or loss (12) (2) (0) (14)

UNDERLYING EARNINGS 88 5 19 112

Net realized capital gains attributable to shareholders (4) 1 (14) (16)

ADJUSTED EARNINGS 84 6 6 96


0 0 0 1

Exceptional operations - - - -

Goodwill and related intangibles - - (2) (2)

Integration and Restructuring costs - - - -

Income from discontinued operations - - - -

Net income 84 7 4 95

17

INCOME STATEMENT



AXA Consolidated



Asia Central & Eastern Europe Total high growth markets

P&C

Gross written premiums 1,537 266 35 1,838


Revenues from insurance activities 1,537 266 35 1,838

of which ceded premiums 209 45 1 255

Net revenues from banking activities - - - -

Revenues from other activities - - - -

Gross revenues 1,537 266 35 1,838

Change in unearned premiums reserves net of unearned revenues and fees (67) (30) 0 (97)

Underlying investment results 89 8 5 102



of which net investment income 89 8 5 102

of which other - - - -

Total revenues 1,559 244 40 1,843

Claims and benefits (925) (140) (16) (1,081)

Net result of reinsurance ceded (147) (17) (1) (165)

Banking operating expenses - - - -

Insurance acquisition expenses (268) (56) (9) (333)


Administrative expenses and other (97) (11) (11) (119)

Total charges (1,437) (225) (37) (1,698)


Net income from investments in affiliates and associated - - 16 16



Income tax expense (34) (3) (2) (39)



Net realized capital gains attributable to shareholders 10 0 (5) 6



(4) (0) 5 (0)

Exceptional operations - - - -

Goodwill and related intangibles (0) - (2) (2)

Integration and Restructuring costs (1) (14) - (16)


Net income 86 (4) 15 98

18

INCOME STATEMENT

INTERNATIONAL INSURANCE


AXA Consolidated


AXA Corporate Solutions Assurance Other Total International

Gross written premiums 1,285 410 1,695

Fees and charges relating to investment contracts with no DPF - - -

Revenues from insurance activities 1,285 410 1,695

of which ceded premiums 539 (55) 484

Net revenues from banking activities - - -

Revenues from other activities 0 135 136

Gross revenues 1,286 545 1,831

Change in unearned premiums reserves net of unearned revenues and fees (218) (23) (241)

Underlying investment results 100 36 136

of which change in fair value of assets with financial risk borne by policyholders - - -

of which realized & unrealized gains & losses on UK with profit assets - - -

of which net investment income 100 59 160

of which other (a) - (23) (23)

Total revenues 1,168 558 1,726

Claims and benefits (758) (271) (1,029)

Net result of reinsurance ceded (127) 16 (111)

Banking operating expenses - - -

Insurance acquisition expenses (94) (82) (176)

Amortization of value of purchased life business in force - - -

Administrative expenses and other (60) (128) (189)

Total charges (1,039) (466) (1,504)

Income from operating activities gross of tax expenses 129 92 222

Net income from investments in affiliates and associated - 0 0

Financing activities (2) (0) (2)

Operating income, gross of tax expense 128 92 220

Income tax expense (46) (30) (76)

Minority interests in income or loss (1) (0) (1)

UNDERLYING EARNINGS 81 62 143

Net realized capital gains attributable to shareholders (1) 4 3

ADJUSTED EARNINGS 79 66 146


(4) (2) (7)

Exceptional operations - 0 0

Goodwill and related intangibles - - -

Integration and Restructuring costs - - -

Income from discontinued operations - - -

Net income 75 64 139

(a) Mainly corresponds to the loss from derivatives hedging variable annuities.

19

INCOME STATEMENT



AXA Consolidated


AXA Corporate Solutions Assurance Other Total International

Gross written premiums 1,339 420 1,759

Fees and charges relating to investment contracts with no DPF - - -

Revenues from insurance activities 1,339 420 1,759

of which ceded premiums 511 45 556

Net revenues from banking activities - - -

Revenues from other activities 0 145 146

Gross revenues 1,339 565 1,904

Change in unearned premiums reserves net of unearned revenues and fees (203) (72) (276)

Underlying investment results 103 (8) 95

of which change in fair value of assets with financial risk borne by policyholders - - -

of which realized & unrealized gains & losses on UK with profit assets - - -

of which net investment income 103 57 160

of which other (a) - (65) (65)

Total revenues 1,239 485 1,724

Claims and benefits (809) (352) (1,160)

Net result of reinsurance ceded (127) 133 5

Banking operating expenses - - -

Insurance acquisition expenses (103) (86) (189)

Amortization of value of purchased life business in force - - -

Administrative expenses and other (69) (123) (192)

Total charges (1,108) (427) (1,535)

Income from operating activities gross of tax expenses 131 57 189

Net income from investments in affiliates and associated - 0 0

Financing activities (2) (0) (3)

Operating income, gross of tax expense 129 57 186

Income tax expense (47) (19) (67)

Minority interests in income or loss (1) (0) (1)

UNDERLYING EARNINGS 80 37 118

Net realized capital gains attributable to shareholders 2 2 5

ADJUSTED EARNINGS 83 39 122


14 2 15

Exceptional operations - - -

Goodwill and related intangibles - - -

Integration and Restructuring costs - (2) (2)

Income from discontinued operations - - -

Net income 96 39 135

(a) Mainly corresponds to the loss from derivatives hedging variable annuities.

20

INCOME STATEMENT

ASSET MANAGEMENT AND BANKING

Period ended June 30, 2011 AXA Consolidated


AllianceBernstein AXA Investment Managers Total Asset Management Banking

Gross written premiums - - - -


Revenues from insurance activities - - - -

of which ceded premiums - - - -

Net revenues from banking activities - - - 271

Revenues from other activities 1,064 759 1,823 3

Gross revenues 1,064 759 1,823 274

Change in unearned premiums reserves net of unearned revenues and fees - - - -

Underlying investment results 4 1 5 (1)



of which net investment income 1 5 6 (1)

of which other 2 (4) (1) -

Total revenues 1,068 760 1,828 273

Claims and benefits - - - -

Net result of reinsurance ceded - - - -

Banking operating expenses - - - (44)

Insurance acquisition expenses - - - -


Administrative expenses and other (892) (601) (1,493) (218)

Total charges (892) (601) (1,493) (262)


Net income from investments in affiliates and associated - (0) (0) -

Financing activities (10) (9) (19) (9)


Income tax expense (44) (46) (90) 7



Net realized capital gains attributable to shareholders - (2) (2) (3)



(0) 6 6 1

Exceptional operations - (0) (0) -

Goodwill and related intangibles - - - (0)

Integration and Restructuring costs - (0) (0) (7)


Net income 57 103 160 (1)

21

INCOME STATEMENT

ASSET MANAGEMENT AND BANKING


AXA Consolidated


AllianceBernstein AXA Investment Managers Total Asset Management Banking

Gross written premiums - - - -


Revenues from insurance activities - - - -

of which ceded premiums - - - -

Net revenues from banking activities - - - 226

Revenues from other activities 1,004 730 1,734 2

Gross revenues 1,004 730 1,734 229

Change in unearned premiums reserves net of unearned revenues and fees - - - -

Underlying investment results 7 (1) 6 (1)



of which net investment income 2 1 3 (1)

of which other 5 (2) 3 -

Total revenues 1,011 729 1,739 228

Claims and benefits - - - -

Net result of reinsurance ceded - - - -

Banking operating expenses - - - (47)

Insurance acquisition expenses - - - -


Administrative expenses and other (826) (579) (1,405) (171)

Total charges (826) (579) (1,405) (218)


Net income from investments in affiliates and associated - (0) (0) -

Financing activities (7) (10) (17) (9)


Income tax expense (40) (50) (89) 5



Net realized capital gains attributable to shareholders - (1) (1) (11)

ADJUSTED EARNINGS 74 85 159 (6)


2 1 3 10

Exceptional operations - (0) (0) (11)

Goodwill and related intangibles - - - -

Integration and Restructuring costs (9) (0) (10) (2)


Net income 67 85 152 (9)

22

INCOME STATEMENT

HOLDINGS & OTHER COMPANIES


AXA Consolidated


AXA Other French Holdings Foreign Holdings Other companies Total Holdings & Other Companies

Gross written premiums - - - - -

Fees and charges relating to investment contracts with no DPF - - - - -

Revenues from insurance activities - - - - -

of which ceded premiums - - - - -

Net revenues from banking activities - - - 0 0

Revenues from other activities - - - - -

Gross revenues - - - 0 0

Change in unearned premiums reserves net of unearned revenues and fees - - - - -


of which change in fair value of assets with financial risk borne by policyholders - - - - -



of which other (9) (11) (1) (0) (21)

Total revenues 224 (9) 143 6 364

Claims and benefits - - - - -

Net result of reinsurance ceded - - - - -

Banking operating expenses - - - 0 0

Insurance acquisition expenses - - - - -

Amortization of value of purchased life business in force - - - - -

Administrative expenses and other (199) 3 (140) (4) (340)

Total charges (199) 3 (140) (4) (340)

Income from operating activities gross of tax expenses 24 (6) 3 1 23

Net income from investments in affiliates and associated - - - - -

Financing activities (344) (16) (192) (0) (552)

Operating income, gross of tax expense (319) (22) (189) 1 (529)

Income tax expense 105 (16) 48 (0) 136

Minority interests in income or loss - 0 8 0 8

UNDERLYING EARNINGS (214) (38) (134) 1 (384)

Net realized capital gains attributable to shareholders (151) - (29) - (180)

ADJUSTED EARNINGS (365) (38) (163) 1 (565)


(110) - 21 - (89)

Exceptional operations 649 1 37 - 687

Goodwill and related intangibles - - - - -

Integration and Restructuring costs - - (1) - (1)


Net income 175 (37) (106) 1 33

23

INCOME STATEMENT

HOLDINGS & OTHER COMPANIES


AXA Consolidated


AXA Other French Holdings Foreign Holdings Other companies Total Holdings & Other Companies

Gross written premiums - - - - -

Fees and charges relating to investment contracts with no DPF - - - - -

Revenues from insurance activities - - - - -

of which ceded premiums - - - - -

Net revenues from banking activities - - - 0 0

Revenues from other activities - - - - -

Gross revenues - - - 0 0

Change in unearned premiums reserves net of unearned revenues and fees - - - - -


of which change in fair value of assets with financial risk borne by policyholders - - - - -


of which net investment income 173 (16) 111 0 268

of which other (14) (0) (4) (0) (18)

Total revenues 159 (16) 107 0 250

Claims and benefits - - - - -

Net result of reinsurance ceded - - - - -

Banking operating expenses - - - (0) (0)

Insurance acquisition expenses - - - - -

Amortization of value of purchased life business in force - - - - -

Administrative expenses and other (224) 8 (67) 1 (282)

Total charges (224) 8 (67) 1 (282)

Income from operating activities gross of tax expenses (66) (8) 40 1 (32)

Net income from investments in affiliates and associated - - 2 - 2

Financing activities (424) (5) (213) (0) (642)

Operating income, gross of tax expense (490) (13) (171) 1 (673)

Income tax expense 212 (21) 49 (0) 240

Minority interests in income or loss - 0 (0) (0) (0)

UNDERLYING EARNINGS (279) (33) (122) 1 (433)

Net realized capital gains attributable to shareholders (60) 0 0 - (60)

ADJUSTED EARNINGS (339) (33) (122) 1 (493)


(14) (2) (18) - (34)

Exceptional operations 47 (4) (22) - 21

Goodwill and related intangibles - - - - -

Integration and Restructuring costs - - (0) - (0)


Net income (305) (39) (162) 1 (506)

24

INVESTMENT INCOME

LIFE & SAVINGS


AXA Consolidated



United Kingdom



American Region

Asia excl. Japan

Other Countries

Total Life and

Savings

Investment in real estate properties

Net investment income 121 7 - 2 20 108 35 - 1 - 4 297

Debt instruments

Net investment income 1,868 769 31 560 957 532 516 25 551 91 53 5,952

Equity instruments

Net investment income 144 - 5 7 14 21 41 2 10 14 11 270

Loans

Net investment income 40 267 1 20 138 78 15 - 8 7 1 575

Non controlled investment funds

Net investment income 23 - - 20 7 60 7 1 7 - 1 125

Other investments

Net investment income (9) (39) (1) (199) (22) (120) (17) (1) (5) (4) 9 (408)

Total net underlying investment income 2,186 1,004 36 408 1,113 680 596 27 572 108 78 6,811

25

INVESTMENT INCOME

LIFE & SAVINGS


AXA Consolidated



United Kingdom



American Region

Asia excl. Japan

Other Countries

Total Life and

Savings


Net investment income 97 7 - 2 19 124 40 1 1 - 0 291

Debt instruments

Net investment income 1,770 830 2 436 934 518 546 25 550 105 11 5,727

Equity instruments

Net investment income 163 2 - 5 59 16 12 2 8 16 1 284

Loans

Net investment income 73 289 0 20 130 82 17 0 14 7 0 633


Net investment income 6 1 0 46 5 50 2 0 10 - (0) 121

Other investments

Net investment income 69 (141) (17) (29) (39) (60) (34) (1) (23) 0 (0) (275)

Total net underlying investment income 2,178 989 (15) 480 1,108 731 583 27 560 128 11 6,782

26

INVESTMENT INCOME



AXA Consolidated


Hong Kong South-East Asia,

India & China Central & Eastern

Europe


Region - high growth markets

Total high growth markets Life &

Savings


Net investment income - - - - -

Debt instruments

Net investment income 87 4 25 41 157

Equity instruments


Loans

Net investment income 6 - - 3 9


Net investment income - - 1 5 6

Other investments

Net investment income (4) - (1) 2 (3)

Total net underlying investment income 102 6 27 51 186

27

INVESTMENT INCOME



AXA Consolidated




Europe


Region - high growth markets


Savings



Debt instruments


Equity instruments


Loans




Other investments

Net investment income (3) 4 (1) 1 0

Total net underlying investment income 114 14 27 52 207

28

INVESTMENT INCOME

PROPERTY & CASUALTY


AXA Consolidated


France United

Kingdom & Ireland

Germany Belgium Switzerland Central & Eastern Europe


American Region

Direct Other

Countries Total P&C


Net investment income 22 2 5 24 8 - 8 - - 69

Debt instruments

Net investment income 248 89 166 116 104 1 150 37 7 918

Equity instruments

Net investment income 24 8 25 13 8 - 20 2 1 101

Loans

Net investment income 4 9 7 6 22 - 2 2 - 52


Net investment income 5 5 - 2 4 - 11 1 - 28

Other investments

Net investment income (excluding interest credited to P&C mathematical reserves relating to annuities)

(12) (4) (6) (12) (30) 2 5 1 2 (54)

Total invested assets

Net underlying investment income (excluding interest credited to P&C mathematical reserves relating to annuities)

291 109 198 149 116 3 195 43 10 1,114

Interests credited to P&C mathematical reserves relating to annuities (8) - (13) (50) (12) - (3) - - (86)

Total net underlying investment income 282 109 185 99 104 3 192 43 10 1,028

29

INVESTMENT INCOME

PROPERTY & CASUALTY


AXA Consolidated


France United

Kingdom & Ireland



American Region

Direct Other

Countries Total P&C



Debt instruments

Net investment income 238 96 165 120 84 2 164 45 8 921

Equity instruments


Loans



Net investment income 3 11 1 1 (0) - 10 2 - 29

Other investments

Net investment income (excluding interest credited to P&C mathematical reserves relating to annuities)

(6) (6) (9) (6) 8 3 3 (1) 2 (12)


Net underlying investment income (excluding interest credited to P&C mathematical reserves relating to annuities)

279 121 175 147 124 5 210 50 11 1,122

Interests credited to P&C mathematical reserves relating to annuities (9) - (14) (50) (11) - (3) (0) - (87)

Total net underlying investment income 270 121 160 97 113 5 207 50 11 1,035

30

INVESTMENT INCOME



AXA Consolidated



American Region - high growth markets

Asia Central & Eastern Europe Total high growth

markets P&C


Net investment income 2 - - 2

Debt instruments

Net investment income 44 4 1 49

Equity instruments

Net investment income 16 1 - 16

Loans

Net investment income - - - -



Other investments

Net investment income (excluding interest credited to P&C mathematical reserves relating to annuities) 8 2 2 12


Net underlying investment income (excluding interest credited to P&C mathematical reserves relating to annuities) 75 6 3 85

Interests credited to P&C mathematical reserves relating to annuities (1) - - (1)

Total net underlying investment income 74 6 3 84

31

INVESTMENT INCOME



AXA Consolidated



American Region - high growth markets

Asia Central & Eastern Europe Total high growth

markets P&C



Debt instruments

Net investment income 63 5 2 71

Equity instruments


Loans




Other investments

Net investment income (excluding interest credited to P&C mathematical reserves relating to annuities) 4 2 3 9


Net underlying investment income (excluding interest credited to P&C mathematical reserves relating to annuities) 91 8 5 103

Interests credited to P&C mathematical reserves relating to annuities (1) - - (1)

Total net underlying investment income 89 8 5 102

32

INVESTMENT INCOME



AXA Consolidated


AXA Corporate Solutions

Assurance Others Total International


Net investment income 2 27 29

Debt instruments


Equity instruments


Loans




Other investments

Net investment income (excluding interest credited to P&C mathematical reserves relating to annuities) (5) 4 (1)


Net underlying investment income (excluding interest credited to P&C mathematical reserves relating to annuities) 101 59 160

Interests credited to P&C mathematical reserves relating to annuities - - -

Total net underlying investment income 100 59 160

33

INVESTMENT INCOME



AXA Consolidated


AXA Corporate Solutions

Assurance Others Total International


Net investment income 7 - 7

Debt instruments


Equity instruments


Loans




Other investments

Net investment income (excluding interest credited to P&C mathematical reserves relating to annuities) (2) 8 6


Net underlying investment income (excluding interest credited to P&C mathematical reserves relating to annuities) 104 57 161

Interests credited to P&C mathematical reserves relating to annuities (0) - (0)

Total net underlying investment income 103 57 160

34

UNDERLYING OPERATING INCOME UNDER MARGIN FORMAT AND EXPENSE RATIOS LIFE & SAVINGS


(Euro million)

Axa Consolidated Financial statements

Margin Analysis France United States

United Kingdom

(1) Japan Germany Switzerland Belgium



American Region

Asia excl. Japan

Other Countries

Total Life and Savings

Underlying Investment Margin

587 239 6 (0) 50 52 148 14 137 6 11 1,248

Fees and revenues

749 1,013 185 727 150 131 65 65 155 203 231 3,675

of which loading on premiums and revenues on mutual funds sales 578 228 86 704 144 130 62 35 136 170 104 2,378

of which fees on UL account balances 169 672 63 24 7 3 3 19 18 30 6 1,015

of which other fees and revenues 2 112 35 - - (2) (0) 11 1 3 121 282

Net technical Margin

253 188 (0) (55) 35 130 25 16 42 19 (7) 645

Expenses (net of DAC capitalisation & amortisation)

(1,106) (898) (219) (418) (111) (106) (131) (85) (220) (115) (214) (3,623)

Amortisation of Value of Business in Force (gross of tax expense)

(7) 1 (1) (25) (10) (35) (3) (1) (7) 6 (5) (86)

Underlying earnings arising from investment in associates (2)

4 - - - - - - - - 17 - 22

Underlying operating income gross of tax expenses

481 543 (31) 229 114 172 104 9 106 136 15 1,880

Underlying Cost income ratio

70.0% 62.3% 116.1% 65.9% 51.4% 45.0% 56.3% 90.4% 68.1% 48.0% 93.4% 66.6%

Expense Ratios

% of technical reserves (3)(4)

2.0% 1.6% 2.0% 2.2% 0.5% 0.5% 1.0% 5.0% 1.4% 5.4% 8.4% 1.6%

(1) In the United Kingdom, VBI amortization is presented net of policyholder tax. (2) Also includes underlying operating income for countries for which no margin analysis was performed: South-East Asia, India & China. (3) Excludes all intangibles (VBI and DAC). (4) Excluding Australia / New Zealand

35

UNDERLYING OPERATING INCOME UNDER MARGIN FORMAT AND EXPENSE RATIOS LIFE & SAVINGS


(Euro million)


Margin Analysis France United States

United Kingdom

(1) Japan Germany Switzerland Belgium



American Region

Asia excl. Japan

Other Countries

Total Life and Savings


554 233 2 (0) 57 63 155 14 144 8 4 1,234

Fees and revenues

828 995 168 765 157 141 69 56 178 250 16 3,623

of which loading on premiums and revenues on mutual funds sales 678 172 94 737 150 140 63 28 156 219 2 2,440

of which fees on UL account balances 151 710 50 28 7 3 7 17 21 27 0 1,020

of which other fees and revenues (0) 112 24 - - (2) (0) 10 1 5 14 163


273 (580) 1 44 4 111 15 18 73 53 3 16


(1,170) (315) (220) (447) (102) (108) (129) (68) (235) (165) (41) (3,001)


- 7 - (17) (11) 1 (4) (1) (7) (5) - (37)


3 - - - - - - - - 22 - 25


489 340 (49) 345 105 208 105 19 153 163 (18) 1,860


70.6% 47.6% 128.9% 57.4% 52.0% 34.0% 55.9% 78.1% 61.2% 54.8% 178.6% 62.3%

Expense Ratios

% of technical reserves (3)

2.0% 1.6% 2.7% 2.3% 0.4% 0.5% 1.0% 3.5% 1.5% 5.3% 15.8% 1.6%

(1) In the United Kingdom, VBI amortization is presented net of policyholder tax. (2) Also includes underlying operating income for countries for which no margin analysis was performed: South-East Asia, India & China. (3) Excludes all intangibles (VBI and DAC).

36

UNDERLYING OPERATING INCOME UNDER MARGIN FORMAT AND EXPENSE RATIOS LIFE & SAVINGS - HIGH GROWTH MARKETS


(Euro million)


Mediterranean Mediterranean Mediterranean Mediterranean Mediterranean

Margin Analysis Hong Kong South-East Asia, India &

China Central & Eastern

Europe

Mediterranean & Latin American Region - high

growth markets



6 (1) 14 14 33

Fees and revenues

170 32 65 44 312

of which loading on premiums and revenues on mutual funds sales 146 24 35 44 249

of which fees on UL account balances 25 5 19 0 50

of which other fees and revenues (1) 3 11 - 14


14 5 16 11 46


(85) (30) (85) (58) (258)


7 (0) (1) (2) 4


- 17 - - 17


112 24 9 9 154


41.4% 82.4% 90.4% 86.4% 65.1%

Expense Ratios


4.7% 9.9% 5.0% 8.0% 5.5%

(1) Also includes underlying operating income for countries for which no margin analysis was performed: South-East Asia, India & China. (2) Excludes all intangibles (VBI and DAC)

37

UNDERLYING OPERATING INCOME UNDER MARGIN FORMAT AND EXPENSE RATIOS LIFE & SAVINGS - HIGH GROWTH MARKETS


(Euro million)


Mediterranean Mediterranean Mediterranean Mediterranean Mediterranean

Margin Analysis Hong Kong South-East Asia, India &

China Central & Eastern

Europe


growth markets



2 5 14 14 37

Fees and revenues

214 36 56 44 350

of which loading on premiums and revenues on mutual funds sales 188 30 28 43 290

of which fees on UL account balances 22 5 17 0 45

of which other fees and revenues 3 1 10 - 15


28 26 18 20 92


(107) (58) (68) (67) (301)


(5) (0) (1) (2) (7)


(4) 26 - - 22


128 35 19 9 192


46.1% 86.0% 78.1% 88.3% 64.6%

Expense Ratios


4.7% 9.5% 3.5% 8.0% 5.0%

(1) Also includes underlying operating income for countries for which no margin analysis was performed: South-East Asia, India & China. (2) Excludes all intangibles (VBI and DAC).

38

UNDERLYING OPERATING INCOME UNDER COMBINED RATIO ANALYSIS

PROPERTY & CASUALTY Period ended June 30, 2011

AXA Consolidated


France United

Kingdom & Ireland

Germany Belgium Switzerland Central & Eastern

Europe (2)


American Region

Direct Other

Countries Total P&C

Earned revenues (gross) 2,697 1,821 1,783 1,028 1,282 31 3,273 989 244 13,147

Current accident year loss ratio 74.0% 69.2% 70.5% 73.6% 69.4% 44.1% 73.4% 78.7% 69.1% 72.4%

All accident year loss ratio 71.8% 68.8% 71.0% 70.2% 62.1% 41.7% 70.7% 80.0% 68.3% 70.4%

Expense ratio 24.7% 31.1% 28.4% 30.1% 25.4% 61.4% 25.8% 21.9% 28.9% 26.8%

Net technical result 96 1 12 (3) 161 (1) 114 (19) 4 364

Underlying Net investment result 282 109 185 99 104 3 192 43 10 1,028

Underlying earnings from investments in affiliates and associates - - 2 - - 19 0 - 0 21

Financing activities - (1) - - - - 0 (0) (2) (3)

Underlying operating income, gross of tax expenses 378 109 198 96 266 21 306 23 15 1,413

Current year Combined ratio 98.7% 100.3% 98.9% 103.7% 94.8% 105.5% 99.2% 100.6% 98.0% 99.2%

o/w Nat Cat impact 0.0 pts 0.0 pts 0.0 pts 1.2 pts 0.0 pts 0.0 pts 0.0 pts 0.0 pts 0.4 pts 0.1 pts

Combined Ratio 96.5% 100.0% 99.3% 100.2% 87.4% 103.1% 96.5% 102.0% 97.2% 97.2%

o/w Enlarged Expense ratio (1) 32.7% 34.2% 32.2% 36.9% 29.2% 62.9% 28.9% 27.4% 30.3% 31.6%

Net New Contracts (thous. policy count)

Motor (61) 41 151 (4) 23 (7) 399 69 16 628

Household (36) 82 12 (9) 10 (4) 25 59 4 143

(1) Composed of the sum of expense ratio and claims handling cost ratio

(2) Including Russia

39



AXA Consolidated


France United

Kingdom & Ireland

Germany Belgium Switzerland Central & Eastern

Europe (2)


American Region

Direct Other

Countries Total P&C

Earned revenues (gross) 2,811 2,009 1,881 1,047 1,375 35 3,450 1,071 285 13,964

Current accident year loss ratio 72.9% 71.2% 70.5% 70.3% 72.2% 53.5% 72.3% 78.3% 69.8% 72.2%

All accident year loss ratio 70.7% 71.1% 67.8% 63.6% 65.5% 46.4% 71.6% 79.9% 67.7% 70.1%

Expense ratio 24.1% 28.9% 29.6% 29.5% 24.4% 56.8% 25.5% 21.9% 28.1% 26.3%

Net technical result 147 1 49 73 140 (1) 99 (19) 12 500

Underlying Net investment result 270 121 162 97 113 5 206 50 10 1,033

Underlying earnings from investments in affiliates and associates - - - - - 16 - - - 16

Financing activities (0) - - - - - (1) (0) (2) (3)

Underlying operating income, gross of tax expenses 417 123 211 170 252 20 305 31 22 1,549

Current year Combined ratio 97.0% 100.0% 100.1% 99.7% 96.6% 110.3% 97.9% 100.3% 97.9% 98.6%

o/w Nat Cat impact 0.0 pts 1.3 pts 0.0 pts 0.0 pts 1.8 pts 0.0 pts 0.6 pts 0.3 pts 0.0 pts 0.5 pts

Combined Ratio 94.8% 99.9% 97.4% 93.1% 89.8% 103.2% 97.1% 101.8% 95.8% 96.4%

o/w Enlarged Expense ratio (1) 31.1% 32.1% 32.7% 36.7% 28.2% 58.9% 28.5% 27.7% 29.4% 30.7%


Motor (30) (59) 60 (16) 14 (3) 321 105 28 420

Household (36) 189 (7) (21) 10 (5) 40 47 0 216



40


PROPERTY & CASUALTY - HIGH GROWTH MARKETS Period ended June 30, 2011

AXA Consolidated



Asia Central & Eastern Europe (2) Total high growth markets P&C

Earned revenues (gross) 1,275 197 31 1,502

Current accident year loss ratio 74.4% 68.3% 44.1% 73.0%

All accident year loss ratio 70.2% 68.2% 41.7% 69.4%

Expense ratio 25.3% 29.5% 61.4% 26.6%

Net technical result 57 4 (1) 60

Underlying Net investment result 75 7 3 84

Underlying earnings from investments in affiliates and associates 0 - 19 19


Underlying operating income, gross of tax expenses 132 9 21 162

Current year Combined ratio 99.7% 97.8% 105.5% 99.6%

o/w Nat Cat impact 0.1 pts 0.5 pts 0.0 pts 0.1 pts

Combined Ratio 95.5% 97.7% 103.1% 96.0%

o/w Enlarged Expense ratio (1) 28.1% 32.0% 62.9% 29.3%


Motor 373 15 (7) 381

Household 34 4 (4) 33



41



AXA Consolidated



Asia Central & Eastern Europe (2) Total high growth markets P&C

Earned revenues (gross) 1,470 236 35 1,741

Current accident year loss ratio 74.8% 68.3% 53.5% 73.5%

All accident year loss ratio 72.9% 66.7% 46.4% 71.5%

Expense ratio 24.8% 28.6% 56.8% 26.0%

Net technical result 33 11 (1) 43

Underlying Net investment result 89 9 5 104

Underlying earnings from investments in affiliates and associates - - 16 16


Underlying operating income, gross of tax expenses 123 17 20 160

Current year Combined ratio 99.6% 96.9% 110.3% 99.4%

o/w Nat Cat impact 0.5 pts 0.0 pts 0.0 pts 0.4 pts

Combined Ratio 97.7% 95.3% 103.2% 97.5%

o/w Enlarged Expense ratio (1) 27.2% 31.2% 58.9% 28.4%


Motor 255 27 (3) 279

Household 44 0 (5) 39



42

UNDERLYING OPERATING INCOME UNDER COMBINED RATIO ANALYSIS INTERNATIONAL INSURANCE


AXA Consolidated



Earned revenues (gross) 1,068

Current accident year loss ratio (net) 85.9%

All accident year loss ratio (net) 82.9%

Expense ratio 14.4%

Net technical result 29

Underlying Net investment income 100

Financing activities (2)

Operating income Underlying 128

Combined ratio 97.3%

Nat Cat impact 2.2 pts

43

UNDERLYING OPERATING INCOME UNDER COMBINED RATIO ANALYSIS INTERNATIONAL INSURANCE


AXA Consolidated



Earned revenues (gross) 1,136

Current accident year loss ratio (net) 82.3%

All accident year loss ratio (net) 82.4%

Expense ratio 15.1%

Net technical result 28

Underlying Net investment income 103

Financing activities (2)

Operating income Underlying 129

Combined ratio 97.5%

Nat Cat impact 0.0 pts

44

NUMBER OF SHARES

AXA Consolidated

(million shares) Financial Statements


Period ended December 31, 2011


Outstanding shares excluding treasury shares

(a) Weighted average number





BASIC

As of January 1st 2,294.5 2,294.5 2,294.5 2,294.5 2,339.7 2,339.7

Increase of capital dedicated to employees - - 36.7 2.2 - -

Adjustment linked to capital increase - - - - - -

Exercice of stock-options 0.3 0.1 0.4 0.2 0.1 0.1

AXA shares purchase (dilution control) - - - - - -

Other movement of treasury shares 7.6 3.8 8.2 4.1 1.0 0.5

Conversion of Convertible Bonds / BSA - - - - - -

Capital increase - - - - - -

As at end of period 2,302.4 2,339.7 2,340.8

During the period 2,298.4 2,301.0 2,340.3

FULLY DILUTED

Stock options 3.0 1.9 0.7

Performance shares 1.2 2.1 2.3

Equity Warrants (Germany) - - -

During the period 2,302.5 2,305.0 2,343.3

(a) Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares excluded from the IFRS outstanding shares amounted to 16 million shares at June 30, 2012, 17 million shares at December 31, 2011 and 18 million shares at June 30, 2011.

45

EARNINGS PER SHARE

Financial Statements

(Euro million) AXA Consolidated

Period ended June 30, 2011 (a) Period ended June 30, 2012

EARNINGS

Net income 4,013 2,586

Adjusted earnings 2,402 2,427

Underlying earnings 2,228 2,305

IMPACT OF UNDATED SUBORDINATED DEBT ON:

Net income -140 -148

Adjusted earnings -140 -148

Underlying earnings -140 -148

BASIC

Weighted average number of outstanding shares during the period (million shares) 2,298 2,340


EPS (euro per share) 1.69 1.04


Adjusted EPS (euro per share) 0.98 0.97


Underlying EPS (euro per share) 0.91 0.92

DILUTION IMPACTS

On earnings 0.0 0.0

On weighted average number of shares (million shares) 4.2 3.0

FULLY DILUTED

Weighted average number of outstanding shares during the period (million shares) 2,303 2,343


EPS (euro per share) 1.68 1.04


Adjusted EPS (euro per share) 0.98 0.97


Underlying EPS (euro per share) 0.91 0.92

(a) Restated for the voluntary change in accounting methodology on deffered acquisition costs adopted retrospectively as at January 1, 2012.

46

BALANCE SHEET

ASSETS

AXA Consolidated


Period ended December 31, 2011 (a) Period ended June 30, 2012

Goodwill (b) 15,855 16,094

Value of purchased Life business in force 3,074 3,026

Deferred acquisition costs and equivalent 18,688 19,873

Other intangible assets 3,382 3,305

Total intangible assets (c) 40,999 42,298

General account investments - Group share 430,970 443,080

Controlled investments funds - Minority interests assets (d) 3,856 5,367

Assets backing contracts where the financial risk is borne by policyholders 134,230 142,850

Investments from insurance activities 569,056 591,296

Investments from non-insurance activities 35,264 38,154

Investment in associates (equity method) 1,139 1,258

Reinsurers'share in insurance and investment contracts liabilities 10,698 10,857

Assets held for sale and relating to discontinued operations 360 480

Other assets and receivables 38,679 41,345

Cash and cash equivalents 31,072 30,417

TOTAL ASSETS 727,268 756,105

(a) Restated for the voluntary change in accounting methodology on deffered acquisition costs adopted retrospectively as at January 1, 2012. (b) Under IFRS, Goodwill is booked in the currency of the acquired company, and therefore is impacted by currency fluctuations. (c) Gross of URR, Minority Interests, PB & Tax. (d) Reflects Minority interest share in assets held in controlled investment funds fully consolidated, including €2,592 million relating to debt instruments, €1,825 million on equity instruments, and €949 million on other assets as of June 30, 2012, and €1,280 million relating to debt instruments, €1,662 million on equity instruments, and €914 million on other assets as of December 31, 2011.

47

BALANCE SHEET

LIABILITIES, MINORITY INTERESTS AND SHAREHOLDERS' EQUITY

(Euro million)

AXA Consolidated Financial Statements


Share capital and capital in excess of nominal value 25,188 25,206

Translation and other reserves 17,080 20,895

Net income for the period 4,190 2,586

Shareholders' equity 46,458 48,687

Minority interests 2,367 2,479

Total Minority interests and Shareholders' equity 48,825 51,166

Subordinated debt 7,108 7,301

Financing debt instrument issued 2,506 2,492

Financing debt owed to credit institutions 807 833

Total financing debt 10,421 10,627

Liabilities arising from insurance contracts 358,146 368,470

Liabilities arising from insurance contracts where the financial risk is borne by policyholders 104,642 111,248

Total liabilities arising from insurance contracts 462,788 479,718

Liabilities arising from investment contracts with discretionary participating feature 37,858 37,159

Liabilities arising from investment contracts with no discretionary participating feature 380 403

Liabilities arising from investment contracts with discretionary participating feature and financial risk is borne by policyholders 3,621 3,803

Liabilities arising from investment contracts with no discretionary participating feature and financial risk is borne by policyholders

26,336 28,180

Total liabilities arising from investment contracts 68,195 69,546

Unearned revenues and unearned fees revenues 2,975 2,993

Liabilities arising from policyholders' participation 17,938 22,597

Derivatives relating to insurance and investment contracts (2,056) (2,514)

Total liabilities arising from insurance and investment contracts 549,841 572,340

Liabilities arising from banking activities 34,023 35,721

Provisions for risk and charges 10,760 12,150

Minority interests of controlled investment funds and puttable instruments held by Minority interest holders 3,896 5,406

Other payables and other liabilities 69,312 68,370

Liabilities held for sale or relating to discontinued operations 189 325

TOTAL LIABILITIES, MINORITY INTERESTS AND SHAREHOLDERS' EQUITY 727,268 756,105


48

CONSOLIDATED SHAREHOLDERS' EQUITY

AXA Consolidated


Change in consolidated shareholders' equity

Euro million

Shareholders' equity as of period ended N-1

46,458

Share Capital

0

Capital in excess of nominal value

1

Equity - share based compensation

16

Treasury shares sold (bought) in open market

17

Change in equity component of compound financial instruments

-

Undated subordinated debt (including interests charges)

(148)

Fair value recorded in shareholders' equity

1,725

Fair value recorded in shareholders' equity (Cash Flow Hedge)

62

Impact of currency fluctuations

609

Payment of N-1 dividend

(1,626)

Other

(82)

Net income for the period

2,586

Actuarial gains and losses on pension benefits

(933)

Shareholders' equity as of the end of the period

48,687

Consolidated shareholders' equity at the end of the period

Period ended December 31, 2011 (a)


Share Capital and capital in excess of nominal value 25,869 25,886

Treasury shares (385) (368)

Other reserves 10,957 12,732

- of which equity component of compound financial instruments 95 95

- of which undated subordinated debt (including accumulated interests charges) (b) 5,975 5,962

- of which fair value recorded in shareholders' equity (c) 4,888 6,675

Translation reserve (2,296) (1,822)

Retained earnings brought forward 8,123 9,672

Net income for the period 4,190 2,586

Total shareholders' equity at the end of the period 46,458 48,687

(a) Restated for the voluntary change in accounting methodology on deffered acquisition costs adopted retrospectively as at January 1, 2012. (b) Includes nominal values of deeply subordinated debt of €+7,944 million and accumulated interests charge of €-1,982 million at June 30, 2012 (7,944-1,982=5,962) and €+7,809 million and accumulated interests charge of €-1,834 million at December 31, 2011 (7,809-1,834=5,975) . (c) Includes impact of changes in fair value of derivatives for €+112 million and €+50 million as ofJune 30, 2012 and Decembe r 31, 2011 respectively.

49

RETURN ON EQUITY AXA Consolidated


Period ended June 30, 2012 Period ended June 30, 2011 (a) Change in % points

ROE 11.1% 18.0% -7.0%


Average adjusted shareholders' equity 46,620 44,482

Adjusted ROE 13.8% 14.3% -0.6%

Adjusted earnings (b) 2,280 2,262

Average adjusted shareholders' equity (c) 33,104 31,572

Underlying ROE 13.0% 13.2% -0.2%

Underlying earnings (b) 2,157 2,088

Average adjusted shareholders' equity (c) 33,104 31,572

(a) Restated for the voluntary change in accounting methodology on deffered acquisition costs adopted retrospectively as at January 1, 2012. (b) Including adjustment to reflect financial charges related to undated subordinated debt (recorded through shareholders' equity). (c) Excluding unrealized capital gains & losses of invested assets and derivatives (recorded through shareholders' equity), and nominal value of undated subordinated debt (recorded through shareholders' equity).

50

CONSOLIDATED FINANCIAL STRUCTURE AXA Consolidated

(Euro billion) Financial Statements

Period ended December 31,

2011 (a)


Financial interest treatment

Financing debt instrument issued 2.5 2.5

Financing debt owed to credit institutions 0.8 0.8

Financing debt (A) 3.3 3.3

Dated subordinated debt (B) 7.1 7.3

Reversal of marked-to-market of interest rates derivatives (C) (0.3) (0.3)

Cash available at AXA SA level and its other holdings (D) 4.5 5.0

Total net debt (E) = (A) + (B) + (C) - (D) 5.6 5.3

P&L

Undated subordinated notes ("TSDI") (F) 1.6 1.6

Equity (b)

Undated deeply subordinated notes ("TSS") (G) 6.2 6.3

Equity (b)

Undated subordinated notes ("TSDI") and Undated deeply subordinated notes ("TSS") (H) = (F) +(G) 7.8 7.9

Equity (b)

Total net debt including TSDI &TSS (I) = (E)+(H) 13.4 13.2

Total shareholders' equity and minority interests (including TSDI &TSS (H)) (J) 48.8 51.2

o/w Minority interests 2.4 2.5

o/w Reserves relating to the change in FV of financial instruments AFS and of hedge accounting derivatives (K) 4.9 6.7

Shareholders' equity + net debt (L) = (J) -(K)+(E ) 49.5 49.8

Debt Gearing ratio (M) = (I) / (L) 27% 27%

(a) Restated for the voluntary change in accounting methodology on deffered acquisition costs adopted retrospectively as at January 1, 2012. (b) Financial interests net of tax on Undated Subordinated notes "TSDI" and Super Subordinated Notes "TSS" : Euro 291 million in 2011 and Euro 148 million in HY12.

51

INTANGIBLE ASSETS

AXA Consolidated




100% Group share, net of URR, URF, PB &

tax when applicable

100% Group share, net of URR, URF, PB &

tax when applicable

Goodwill (b) 15,855 14,845 16,094 15,018

Goodwill by activity - - - -

Life & Savings 6,824 6,772 6,870 6,818

Property & Casualty 4,502 4,478 4,597 4,572

International Insurance 34 34 34 34

Asset Management 4,427 3,494 4,525 3,526

Banks & Holdings and other companies 68 68 68 68

Deferred acquisition cost and equivalent (Life & Savings)

17,002 8,509 17,867 9,110

France 1,571 312 1,408 315

United States 7,221 4,885 7,902 5,332

United Kingdom 822 297 880 319

Japan 1,640 922 1,669 957

Germany 3,208 397 3,336 398

Switzerland 263 166 284 178

Belgium 212 135 149 96

Central & Eastern Europe 471 253 521 280

Mediterranean & Latin American Region 424 130 456 122

Asia excl. Japan 1,161 1,005 1,249 1,100

Others 8 7 13 12

Value of Business In force (VBI) acquired (Life & Savings)

3,074 2,249 3,026 2,233

France - - - -

United States 279 182 291 189

United Kingdom - - - -

Japan 480 303 442 291

Germany 583 396 572 388

Switzerland 933 737 936 740

Belgium 32 21 15 10

Central & Eastern Europe 19 15 19 16

Mediterranean & Latin American Region 118 69 113 66

Asia excl. Japan 631 527 638 533

Others 0 - - -

Other intangible assets 3,382 2,175 3,305 2,206

of which Life & Savings activities 1,405 796 1,334 746

of which Property & Casualty activities 1,230 746 1,216 751

(a) Restated for the voluntary change in accounting methodology on deffered acquisition costs adopted retrospectively as at January 1, 2012. (b) Under IFRS, Goodwill is booked in the currency of the acquired company and therefore is impacted by currency fluctuations.

52

DEFERRED ACQUISITION COSTS AND EQUIVALENT LIFE AND SAVINGS (GROSS OF TAXES AND PB)


AXA Consolidated


Period ended N-1 Capitalization for the

period Amortization for the

period Shadow DAC

Other changes (including currency

changes) Changes in scope Period ended N

Total 15,033 2,191 (665) (39) 481 1 17,002

France 1,491 155 (78) 4 - 0 1,571

United States 6,313 632 95 (74) 256 (0) 7,221

United Kingdom 730 136 (67) - 21 1 822

Japan 1,427 262 (220) 33 137 (0) 1,640

Germany 3,016 395 (202) - - 0 3,208

Switzerland 207 59 (7) (2) 7 - 263

Belgium 231 25 (41) (2) - - 212

Central & Eastern Europe 401 126 (23) - (33) - 471

Mediterranean & Latin American Region 356 145 (81) 4 (0) 0 424

Asia excl. Japan 858 252 (42) (0) 93 0 1,161

Other Countries 4 5 (1) - - - 8

Unearned revenue reserve and Unearned fees reserve (URR & URF)

2,757

2,975

Deferred acquisition costs and equivalent (Net of URR & URF)

12,276

14,026


53

DEFERRED ACQUISITION COSTS AND EQUIVALENT LIFE AND SAVINGS (GROSS OF TAXES AND PB)


AXA Consolidated


Period ended N-1 (a) Capitalization for the

period Amortization for the

period Shadow DAC

Other changes (including currency

changes) Changes in scope Period ended N

Total 17,002 1,154 (214) (284) 231 (21) 17,867

France 1,571 76 (123) (118) - 1 1,408

United States 7,221 344 302 (142) 177 - 7,902

United Kingdom 822 66 (35) - 27 - 880

Japan 1,640 152 (100) (2) (21) - 1,669

Germany 3,208 195 (67) - - 0 3,336

Switzerland 263 33 (12) (3) 3 - 284

Belgium 212 13 (54) (19) - (3) 149

Central & Eastern Europe 471 56 (22) - 16 - 521

Mediterranean & Latin American Region 424 88 (56) (0) 1 - 456

Asia excl. Japan 1,161 126 (47) (0) 28 (19) 1,249

Other Countries 8 6 (1) - - - 13

Unearned revenue reserve and Unearned fees reserve (URR & URF)

2,975

2,993

Deferred acquisition costs and equivalent (Net of URR & URF)

14,026

14,874


54

VALUE OF BUSINESS IN FORCE

LIFE AND SAVINGS (GROSS OF TAXES)


AXA Consolidated


Period ended N-1 Amortization for the period Shadow VBI

Other changes (including currency changes)

Changes in scope Period ended N

Total 3,105 (244) 110 101 3 3,074

France 42 (73) 32 - - -

United States 290 (4) (15) 8 - 279

United Kingdom - (3) - - 3 -

Japan 392 (59) 105 41 - 480

Germany 615 (32) - - - 583

Switzerland 979 (59) (16) 28 - 933

Belgium 39 (5) (2) - - 32

Central & Eastern Europe 23 (2) - (2) - 19

Mediterranean & Latin American Region 135 (14) - (3) - 118

Asia excl. Japan 590 7 6 28 (0) 631

Other Countries - - - 0 0 -

55

VALUE OF BUSINESS IN FORCE

LIFE AND SAVINGS (GROSS OF TAXES)


AXA Consolidated


Period ended N-1 Amortization for the period Shadow VBI

Other changes (including currency changes)

Changes in scope Period ended N

Total 3,074 (47) (29) 27 - 3,026

France - - - - -

United States 279 8 (3) 7 - 291

United Kingdom - - - - - -

Japan 480 (27) (4) (7) - 442

Germany 583 (11) - - - 572

Switzerland 933 1 (7) 10 - 936

Belgium 32 (4) (13) - - 15

Central & Eastern Europe 19 (1) - 1 - 19

Mediterranean & Latin American Region 118 (7) - 2 - 113

Asia excl. Japan 631 (6) (3) 15 - 638

Other Countries - - - - - -

56

INVESTED ASSETS

AXA


AXA Consolidated


Net of minority interests on controlled investment funds



Asset Management

Banking Holding & other companies (d)

Total

Debt instruments Carrying value 307,436 42,207 7,357 91 12,118 296 369,507

Fair value 307,374 42,221 7,357 91 12,118 296 369,458

Equity instruments (a) 11,434 3,555 425 376 9 1,907 17,705

Non controlled investment funds available for sale 4,705 1,757 209 - 1 178 6,851

Non controlled investment funds under fair value option 4,168 842 - 166 0 - 5,176

Non controlled investment funds Trading - - - 364 9 - 374

Total non controlled investment funds 8,873 2,599 209 530 10 178 12,401

Investment in real estate properties (b) Carrying value 13,756 2,169 136 - - 2,574 18,635

Fair value 17,485 2,710 136 - - 3,329 23,660

Mortgage loans and other loans Carrying value 22,871 2,130 50 6 18,711 917 44,684

Fair value 23,793 2,264 50 6 20,494 917 47,525

Other investments 5,264 410 89 6 151 (2,657) 3,263

Assets backing contracts where the financial risk is borne by policyholders 134,230 - - - - - 134,230

Cash and cash equivalents 20,038 3,320 1,318 1,068 888 4,439 31,072

Invested assets Carrying value 523,902 56,390 9,584 2,078 31,888 7,654 631,496

Fair value 528,491 57,079 9,583 2,078 33,672 8,410 639,313

Unrealized capital gains and losses on assets at cost (A) (c) 4,589 689 (0) - 1,784 756 7,817

Unrealized capital gains and losses recorded through shareholders' equity (Gross)

Debt instruments 11,384 1,053 397 1 (301) (4) 12,529

Equity instruments (a) 2,081 589 78 - 0 (861) 1,887

Non controlled investment funds available for sale 570 216 13 - (0) 5 805

Loans - - - - - - -

Total unrealized capital gains recorded through shareholders' equity (B) 14,034 1,858 488 1 (301) (859) 15,221

Total unrealized capital gains and losses (A) + (B) 18,623 2,547 487 1 1,483 (103) 23,038

(a) Including investments in listed equities, participating interests, hedge funds and private equities. (b) Includes share of minority interests from consolidated real estate funds. (c) Excluding unrealized gains and losses on assets held for sale. (d) Including 100% of some third party real estate and CDO funds operated by AXA Investment Managers but consolidated in AXA invested assets under IFRS rules and for which the group hold only a minority interest.

57

INVESTED ASSETS

AXA Period ended June 30, 2012

AXA Consolidated





Asset Management

Banking Holding & other companies (d)

Total

Debt instruments Carrying value

317,230 43,903 7,465 98 14,270 150 383,117

Fair value

317,312 43,930 7,465 98 14,270 150 383,226

Equity instruments (a)

12,014 3,466 444 382 8 2,017 18,331

Non controlled investment funds available for sale

4,555 1,807 105 - 1 188 6,657

Non controlled investment funds under fair value option

3,696 938 5 149 0 - 4,787

Non controlled investment funds Trading

- - - 373 - - 373

Total non controlled investment funds

8,251 2,745 110 522 1 188 11,817

Investment in real estate properties (b) Carrying value

14,026 2,152 29 - - 2,443 18,651

Fair value

17,927 2,708 30 - - 3,246 23,911

Mortgage loans and other loans Carrying value

23,350 1,991 47 5 19,187 935 45,517

Fair value

24,601 2,128 42 7 20,365 936 48,079

Other investments

5,294 461 100 1 6 (2,101) 3,762

Assets backing contracts where the financial risk is borne by policyholders

142,875 - - - - - 142,875

Cash and cash equivalents

19,584 3,785 1,070 847 553 4,579 30,417

Invested assets Carrying value

542,624 58,503 9,267 1,857 34,025 8,211 654,487

Fair value

547,858 59,222 9,262 1,858 35,203 9,014 662,418

Unrealized capital gains and losses on assets at cost (A) (c)

5,234 720 (5) 1 1,178 803 7,932


Debt instruments

18,012 1,805 505 1 (193) 0 20,131


2,030 581 75 - 1 (806) 1,881


609 240 10 - (0) 2 860

Loans

0 - - - - - 0

Total unrealized capital gains recorded through shareholders' equity (B)

20,651 2,626 590 1 (193) (803) 22,872

Total unrealized capital gains and losses (A) + (B)

25,885 3,346 585 2 985 0 30,804

(a) Including investments in listed equities, participating interests, hedge funds and private equities. (b) Includes share of minority interests from consolidated real estate funds. (c) Excluding unrealized gains and losses on assets held for sale. (d) Including 100% of some third party real estate and CDO funds operated by AXA Investment Managers but consolidated in AXA invested assets under IFRS rules and for which the group hold only a minority interest.

58

INVESTED ASSETS

LIFE & SAVINGS


AXA Consolidated




United Kingdom



American Region

Asia excl. Japan

Other countries

Life & Savings


84,394 38,731 10 45,500 44,733 35,970 27,161 1,410 23,935 5,082 510 307,436

Fair value 84,332 38,731 10 45,500 44,746 35,957 27,161 1,410 23,935 5,082 510 307,374

Equity instruments (a) 6,353 54 - 750 1,294 514 821 109 416 1,105 18 11,434

Non controlled investment funds available for sale 437 - - 23 383 2,894 282 - 545 141 1 4,705

Non controlled investment funds under fair value option 64 1,134 - 896 911 670 377 5 6 103 2 4,168

Non controlled investment funds Trading - - - - - - - - - - - -

Total non controlled investment funds 502 1,134 - 919 1,294 3,564 659 5 551 243 3 8,873


Carrying value

5,004 79 - 18 1,019 6,128 1,358 67 81 - 2 13,756

Fair value 7,341 265 - 22 1,175 6,730 1,736 72 140 - 4 17,485

Mortgage loans and other loans

Carrying value

1,090 8,155 59 847 5,296 6,077 923 2 175 247 0 22,871

Fair value 1,090 8,296 59 846 5,568 6,559 951 2 175 247 0 23,793

Other investments 2,270 529 1 424 320 363 451 1 916 (11) - 5,264


20,486 67,973 18,111 6,442 3,233 1,319 1,557 3,915 9,174 1,970 51 134,230

Cash and cash equivalents 4,290 5,607 290 2,022 889 4,496 134 145 1,395 705 66 20,038

Invested assets

Carrying value

124,390 122,261 18,471 56,921 58,079 58,430 33,063 5,654 36,643 9,341 649 523,902

Fair value 126,663 122,588 18,471 56,924 58,520 59,501 33,470 5,659 36,702 9,341 651 528,491

Unrealized capital gains and losses on assets at cost (A) (b) 2,274 327 - 3 441 1,071 406 5 59 - 2 4,589


Debt instruments 3,316 1,984 0 2,030 2,200 1,795 569 59 (1,018) 432 15 11,384

Equity instruments (a) 1,481 0 - 233 47 53 122 9 47 85 2 2,081

Non controlled investment funds available for sale 46 - - 3 16 344 61 - 98 3 - 570

Loans - - - - - - - - - - - -


4,843 1,985 0 2,266 2,263 2,193 751 69 (872) 520 17 14,034

Total unrealized capital gains and losses (A) + (B) 7,116 2,312 0 2,269 2,704 3,264 1,158 73 (813) 520 19 18,623

(a) Including investments in listed equities, participating interests, hedge funds and private equities. (b) Excluding unrealized gains and losses on assets held for sale.

59

INVESTED ASSETS

LIFE & SAVINGS Period ended June 30, 2012

AXA Consolidated




United Kingdom



American Region

Asia excl. Japan

Other countries

Life & Savings

Debt instruments

Carrying value

85,907 40,946 38 44,294 47,419 39,074 27,766 1,440 23,981 5,769 596 317,230

Fair value

85,864 40,946 38 44,294 47,431 39,187 27,766 1,440 23,981 5,769 596 317,312


6,347 58 - 783 1,329 871 874 111 405 1,218 17 12,014


430 - - 20 248 3,096 102 - 549 111 0 4,555


89 1,164 - 796 620 513 388 19 6 92 9 3,696


- - - - - - - - - - - -


519 1,164 - 816 868 3,609 489 19 554 203 10 8,251


Carrying value

5,034 84 - 18 1,113 6,278 1,354 66 78 - 2 14,026

Fair value

7,451 321 - 20 1,282 6,919 1,723 71 137 - 4 17,927

Mortgage loans and other loans

Carrying value

1,143 8,575 61 800 5,302 6,352 694 1 172 250 0 23,350

Fair value

1,143 8,740 61 799 5,818 6,882 735 1 172 250 0 24,601

Other investments

2,218 512 1 464 355 327 576 1 838 3 - 5,294


20,996 72,574 19,247 7,422 3,537 1,404 1,506 4,431 9,540 2,172 46 142,875


3,330 7,539 294 1,338 1,206 3,200 161 165 1,576 664 110 19,584

Invested assets

Carrying value

125,495 131,451 19,641 55,935 61,129 61,114 33,421 6,233 37,146 10,279 780 542,624

Fair value

127,868 131,853 19,641 55,936 61,825 62,398 33,831 6,239 37,205 10,279 782 547,858

Unrealized capital gains and losses on assets at cost (A) (b)

2,373 402 - 1 696 1,284 410 6 59 - 2 5,234


Debt instruments

5,008 2,671 0 2,164 3,854 2,266 1,623 85 (249) 555 35 18,012


1,411 (0) - 179 73 83 138 8 44 92 2 2,030


52 - - 2 15 404 35 - 97 3 - 609

Loans

- - 0 - - - - - - - - 0


6,471 2,671 0 2,346 3,943 2,753 1,795 93 (108) 651 37 20,651


8,844 3,073 0 2,347 4,639 4,037 2,205 99 (49) 651 40 25,885


60

INVESTED ASSETS

LIFE & SAVINGS - High growth markets


AXA Consolidated





Europe


region - high growth markets


Savings

Debt instruments Carrying value 4,659 422 1,410 1,377 7,869

Fair value 4,659 422 1,410 1,377 7,869

Equity instruments (a) 1,006 98 109 18 1,232

Non controlled investment funds available for sale 141 - - 283 423

Non controlled investment funds under fair value option 103 0 5 - 108

Non controlled investment funds Trading - - - - -

Total non controlled investment funds 243 0 5 283 531

Investment in real estate properties Carrying value - - 67 4 71

Fair value - - 72 5 77

Mortgage loans and other loans Carrying value 231 16 2 107 355

Fair value 231 16 2 107 355

Other investments (11) - 1 - (9)

Assets backing contracts where the financial risk is borne by policyholders 1,354 616 3,915 49 5,934

Cash and cash equivalents 600 105 145 124 974

Invested assets Carrying value 8,082 1,259 5,654 1,963 16,957

Fair value 8,082 1,259 5,659 1,964 16,963

Unrealized capital gains and losses on assets at cost (A) (b) - - 5 1 6


Debt instruments 432 - 59 127 618

Equity instruments (a) 85 - 9 8 103

Non controlled investment funds available for sale 3 - - 70 73

Loans - - - - -

Total unrealized capital gains recorded through shareholders' equity (B) 520 - 69 205 794

Total unrealized capital gains and losses (A) + (B) 520 - 73 206 800


61

INVESTED ASSETS

LIFE & SAVINGS - High growth markets Period ended June 30, 2012

AXA Consolidated





Europe


region - high growth markets


Savings


5,338 431 1,440 1,470 8,678

Fair value

5,338 431 1,440 1,470 8,678


1,108 111 111 17 1,346


111 - - 291 402


89 3 19 - 111


- - - - -


200 3 19 291 513

Investment in real estate properties Carrying value

- - 66 4 70

Fair value

- - 71 6 78


233 17 1 114 365

Fair value

233 17 1 114 365

Other investments

3 - 1 - 4


1,461 711 4,431 54 6,657


540 124 165 157 987


8,882 1,398 6,233 2,108 18,620

Fair value

8,882 1,398 6,239 2,110 18,628


- - 6 2 8


Debt instruments

555 - 85 180 820


92 - 8 7 108


3 - - 64 68

Loans

- - - - -


651 - 93 251 995


651 - 99 254 1,003


62

INVESTED ASSETS

PROPERTY & CASUALTY


AXA Consolidated



France United

Kingdom & Ireland



American Region

Direct Other

countries Total P&C

Debt instruments Carrying value 10,453 4,194 7,018 6,133 6,414 33 5,394 2,061 506 42,207

Fair value 10,453 4,194 7,018 6,133 6,428 33 5,394 2,061 506 42,221

Equity instruments (a) 1,352 284 745 268 246 - 553 67 39 3,555

Non controlled investment funds available for sale 103 183 30 58 511 - 841 31 - 1,757

Non controlled investment funds under fair value option 40 - 198 199 299 - 99 4 3 842

Non controlled investment funds Trading - - - - - - - - - -

Total non controlled investment funds 143 183 227 257 810 - 941 36 3 2,599

Investment in real estate properties Carrying value 321 137 334 540 454 - 351 25 7 2,169

Fair value 335 149 412 782 519 - 476 28 9 2,710

Mortgage loans and other loans Carrying value 198 31 37 568 1,211 - 24 59 1 2,130

Fair value 198 31 39 644 1,267 - 24 59 1 2,264

Other investments 280 (104) 44 128 63 - 6 (6) - 410


- - - - - - - - - -

Cash and cash equivalents 748 447 282 15 143 34 973 340 339 3,320

Invested assets Carrying value 13,497 5,172 8,688 7,908 9,340 67 8,241 2,582 896 56,390

Fair value 13,510 5,184 8,768 8,226 9,476 67 8,366 2,585 898 57,079

Unrealized capital gains and losses on assets at cost (A) (b) 13 12 80 319 135 - 125 2 2 689


Debt instruments 467 120 67 92 209 1 44 43 10 1,053

Equity instruments (a) 224 46 62 39 18 - 183 10 8 589

Non controlled investment funds available for sale 21 38 4 14 45 - 91 4 - 216

Loans - - - - - - - - - -

Total unrealized capital gains recorded through shareholders' equity (B) 712 204 134 144 272 1 317 57 18 1,858

Total unrealized capital gains and losses (A) + (B) 726 216 214 463 407 1 442 59 20 2,547


63

INVESTED ASSETS


AXA Consolidated



France United

Kingdom & Ireland



American Region

Direct Other

countries Total P&C


10,689 4,060 7,669 6,347 6,643 38 5,626 2,287 545 43,903

Fair value

10,689 4,060 7,668 6,347 6,671 38 5,626 2,287 545 43,930


1,383 273 708 263 220 - 528 58 33 3,466


110 158 23 62 520 - 896 37 - 1,807


53 - 181 197 426 - 78 1 3 938


- - - - - - - - - -


163 158 204 260 946 - 974 38 3 2,745


303 127 339 534 459 - 355 28 7 2,152

Fair value

329 139 421 779 514 - 488 30 9 2,708


169 (15) 36 346 1,336 - 19 98 1 1,991

Fair value

169 (15) 36 426 1,393 - 19 98 1 2,128

Other investments

272 8 20 102 51 - 2 6 - 461


- - - - - - - - - -


838 463 284 143 197 32 1,096 335 396 3,785


13,816 5,074 9,259 7,994 9,853 70 8,601 2,851 985 58,503

Fair value

13,842 5,085 9,340 8,319 9,992 70 8,733 2,853 987 59,222


26 11 82 325 139 - 133 2 2 720


Debt instruments

617 160 256 283 325 1 77 69 16 1,805


238 41 78 34 22 - 149 10 9 581


28 34 4 19 51 - 99 5 - 240

Loans

- - - - - - - - - -


883 236 337 336 398 1 325 84 25 2,626


909 247 419 661 537 1 457 87 27 3,346


64

INVESTED ASSETS



AXA Consolidated




growth markets Asia Central & Eastern Europe Total high growth markets P&C

Debt instruments Carrying value 1,223 370 33 1,627

Fair value 1,223 370 33 1,627

Equity instruments (a) 358 24 - 382

Non controlled investment funds available for sale 301 - - 301

Non controlled investment funds under fair value option - - - -

Non controlled investment funds Trading - - - -

Total non controlled investment funds 301 - - 301

Investment in real estate properties Carrying value 58 - - 58

Fair value 112 - - 112

Mortgage loans and other loans Carrying value 1 0 - 1

Fair value 1 0 - 1

Other investments - - - -

Assets backing contracts where the financial risk is borne by policyholders - - - -

Cash and cash equivalents 649 333 34 1,015

Invested assets Carrying value 2,589 727 67 3,383

Fair value 2,644 727 67 3,437

Unrealized capital gains and losses on assets at cost (A) (b) 54 - - 54


Debt instruments 37 5 1 43

Equity instruments (a) 140 6 - 146

Non controlled investment funds available for sale 18 - - 18

Loans - - - -

Total unrealized capital gains recorded through shareholders' equity (B) 195 11 1 207

Total unrealized capital gains and losses (A) + (B) 249 11 1 261


65

INVESTED ASSETS


AXA Consolidated




growth markets Asia Central & Eastern Europe Total high growth markets P&C


1,464 407 38 1,909

Fair value

1,464 407 38 1,909


347 24 - 371


339 - - 339


- - - -


- - - -


339 - - 339


61 - - 61

Fair value

123 - - 123


1 0 - 1

Fair value

1 0 - 1

Other investments

- - - -


- - - -


698 370 32 1,100


2,910 801 70 3,781

Fair value

2,973 801 70 3,844


63 - - 63


Debt instruments

58 6 1 64


113 7 - 120


18 - - 18

Loans

- - - -


188 13 1 202


251 13 1 264


66

INVESTED ASSETS



AXA Consolidated



AXA Corporate Solutions Assurance Other countries International Insurance

Debt instruments Carrying value 3,888 3,469 7,357

Fair value 3,888 3,469 7,357

Equity instruments (a) 317 108 425

Non controlled investment funds available for sale 127 82 209

Non controlled investment funds under fair value option - - -

Non controlled investment funds Trading - - -

Total non controlled investment funds 127 82 209

Investment in real estate properties Carrying value 26 110 136

Fair value 26 110 136

Mortgage loans and other loans Carrying value 44 5 50

Fair value 44 5 50

Other investments 89 0 89

Assets backing contracts where the financial risk is borne by policyholders - - -

Cash and cash equivalents 437 881 1,318

Invested assets Carrying value 4,929 4,655 9,584

Fair value 4,929 4,654 9,583

Unrealized capital gains and losses on assets at cost (A) (b) (0) (0) (0)


Debt instruments 264 132 397

Equity instruments (a) 56 21 78

Non controlled investment funds available for sale 11 2 13

Loans - - -

Total unrealized capital gains recorded through shareholders' equity (B) 332 156 488

Total unrealized capital gains and losses (A) + (B) 332 156 487


67

INVESTED ASSETS

INTERNATIONAL INSURANCE Period ended June 30, 2012

AXA Consolidated



AXA Corporate Solutions Assurance Other countries International Insurance


4,121 3,344 7,465

Fair value

4,121 3,344 7,465


349 96 444


42 64 105


3 2 5


- - -


45 65 110


29 - 29

Fair value

30 - 30


43 5 47

Fair value

43 (1) 42

Other investments

100 0 100


- - -


362 708 1,070


5,049 4,218 9,267

Fair value

5,050 4,212 9,262


1 (6) (5)


Debt instruments

342 163 505


56 19 75


6 3 10

Loans

- - -


405 185 590


406 179 585


68

NET UNREALIZED CAPITAL GAINS AND LOSSES

(Euro billion)

AXA Consolidated



(Euro billion)

Net unrealized capital gains and losses on invested assets recorded through shareholders'equity (b) 5,239 7,023

of which debt instruments 4,012 5,818

of which equity instruments 880 823

Net unrealized capital gains and losses on invested assets not included in shareholders'equity (c) 2,983 3,138

Net unrealized capital gains and losses on owner occupied properties 167 192

Net unrealized capital gains and losses on held for sale assets 43 41

TOTAL 8,432 10,394

(a) Restated for the voluntary change in accounting methodology on deferred acquisition costs adopted retrospectively as at January 2012. (b Excluding unrealized capital gains and losses related to Forex and minority interests (€-0.5bn and €-0.4bn in HY 2012 and FY 2011 respectively). (c) Excluding unrealized gains and losses on banking loans.

69

ASSETS UNDER MANAGEMENT

(Euro billion) AXA Consolidated


Period ended December 31,

2011 Period ended June 30, 2012

Breakdown as of Period ended N

Change since Period N-1

General account assets 510 526 48% 3.1%

of which managed by AllianceBernstein 75 82 8.2%

of which managed by AXA Investment Managers 317 340 7.3%

of which managed by other AXA companies 118 104 -11.3%

Life Insurance Separate Accounts 134 143 13% 6.3%


of which managed by AXA Investment Managers 17 17 -2.6%

of which managed by other AXA companies 100 108 7.8%

Third Party 420 431 39% 2.5%



of which managed by other AXA companies 0 0 0.0%

Total 1,065 1,100 3.3%



of which managed by other AXA companies 218 212 -2.6%

70

ASSET MANAGERS - AUM ROLLFORWARD




Institutional Retail Private clients Total

AllianceBernstein

AUM as of Period ended N-1 209 95 58 362

Gross sales 13 22 5 40

Redemptions (37) (24) (7) (68)

Others 8 (5) (3) (0)

Net sales (16) (7) (5) (28)

Change in scope (1) (1) 0 (2)

Market effect (3) (3) (1) (7)

Currency impact 6 2 2 10

AUM as of the end of the period 195 87 53 335

AXA Investment Managers

AUM as of Period ended N-1 468 47 516

Gross sales 76 18 94

Redemptions (75) (21) (96)

Others (1)

(32) 32 0

Net sales (31) 29 (2)

Change in scope (2)

(3) (1) (4)

Market effect (3) 0 (3)

Currency impact 4 2 5

AUM as of the end of the period 436 77 512

Total (AllianceBernstein + AXA Investment Managers)



Redemptions (112) (45) (7) (164)

Others (1)

(23) 27 (3) 0

Net sales (47) 21 (5) (30)

Change in scope (2)

(4) (2) 0 (5)

Market effect (6) (3) (1) (10)



(1) Following the partial sales of the UK Life operations, Friends Provident AUM were reclassified from Institutional to Retail.

(2) Related to AUM transfered to Friends Provident following the partial sales of the UK Life operations.

71

ASSET MANAGERS - AUM ROLLFORWARD





AllianceBernstein



Redemptions (13) (11) (4) (28)

Others (1) (3) (1) (5)

Net sales (7) 5 (3) (5)

Change in scope (4) (0) - (5)

Market effect 6 5 2 13



AXA Investment Managers

AUM as of Period ended N-1 436 77 512

Gross sales 40 12 52

Redemptions (45) (9) (54)

Others - - -

Net sales (5) 3 (2)

Change in scope (0) 0 0

Market effect 27 1 28

Currency impact 3 1 4

AUM as of the end of the period 460 81 542

Total (AllianceBernstein + AXA Investment Managers)



Redemptions (58) (20) (4) (82)

Others (1) (3) (1) (5)

Net sales (12) 8 (3) (8)

Change in scope (4) (0) - (4)

Market effect 33 6 2 41



72

ASSET MANAGERS - AUM BREAKDOWN





AllianceBernstein 195 87 53 335

of which equity instruments 45 28 24 96

of which debt instruments 101 40 27 168

of which others 49 19 3 71

AXA Investment Managers 436 77 512

of which equity instruments 40 21 61

of which debt instruments 306 41 348

of which others 89 14 104

Total (AllianceBernstein + AXA Investment Managers) 631 163 53 847




73

ASSET MANAGERS - AUM BREAKDOWN





AllianceBernstein 195 98 53 346

of which equity instruments (a) 35 27 24 85

of which debt instruments (a) 106 49 26 182


AXA Investment Managers 460 81 542

of which equity instruments 29 20 50

of which debt instruments 344 43 387

of which others 87 18 105

Total (AllianceBernstein + AXA Investment Managers) 655 180 53 888




(a) Ca. €11 billion reallocated from equity instruments to debt instruments between FY11 and HY12, following a review of mixed funds managed at AXA IM

74

LIFE RESERVES ROLLFORWARD


AXA Consolidated


Gross opening

reserves Inflows Outflows (1) Scope impact

Variation of exchange rate

Market appreciation

and other

Gross closing reserves

Reinsurance ceded

reserves

Net closing reserves

Of which premium reserves

Of which claims

reserves

Unit-linked


138,311 16,552 (14,073) 50 2,671 (8,891) 134,621 (5) 134,616

France

22,873 1,778 (1,813) - - (1,949) 20,890 (5) 20,885

United States

70,159 5,642 (6,308) - 2,056 (3,576) 67,973 - 67,973

United Kingdom

17,025 2,599 (1,952) 2 460 (56) 18,079 - 18,079

Japan

5,470 1,254 (357) - 545 (471) 6,441 - 6,441

Germany

3,106 942 (284) - - (532) 3,233 - 3,233

Switzerland

1,275 267 (188) (0) 39 (69) 1,323 - 1,323

Belgium

1,736 113 (236) 0 - (57) 1,557 - 1,557


3,976 1,013 (308) 0 (447) (326) 3,907 - 3,907


9,633 2,204 (2,131) (0) (5) (518) 9,184 - 9,184

Asia excl. Japan

3,002 668 (375) 0 23 (1,335) 1,984 - 1,984

Others Countries

56 72 (123) 49 (0) (3) 51 - 51

General Account


329,814 39,566 (38,781) (629) 6,514 11,092 347,575 (6,063) 341,512 326,965 14,546

France

92,143 12,060 (11,347) 1 1 1,102 93,960 (1,159) 92,800 84,167 8,633

United States

41,945 4,127 (4,140) - 1,881 7,013 50,826 (4,139) 46,687 46,317 370

United Kingdom

138 111 (24) 37 5 (88) 179 - 179 178 1

Japan

35,367 4,493 (3,984) - 3,139 (282) 38,733 (102) 38,631 38,175 456

Germany

53,365 6,031 (6,179) (18) - 1,473 54,671 (518) 54,153 53,414 739

Switzerland

43,761 6,076 (5,273) 0 1,329 582 46,476 (30) 46,446 42,910 3,536

Belgium

25,936 2,029 (1,842) (0) (0) 587 26,709 (0) 26,709 26,458 250

Central & Eastern Europe (2)

1,601 285 (274) (0) (41) 10 1,582 (1) 1,581 1,550 30


28,181 2,970 (4,946) (0) (24) 651 26,832 (75) 26,758 26,270 487

Asia excl. Japan

6,201 1,136 (513) (0) 251 41 7,116 (36) 7,080 7,043 37

Others Countries 1,177 262 (272) (648) (28) 1 492 (2) 490 484 6

(1) Outflows are presented net of policyholders' participation paid during the period. (2) Collected premiums from off balance sheet pension are restated in outflow to match with Life & Savings net inflows.

Under review

75

LIFE RESERVES ROLLFORWARD


AXA Consolidated


Gross opening

reserves Inflows Outflows (1) Scope impact

Variation of exchange rate

Market appreciation

and other

Gross closing reserves

Reinsurance ceded

reserves

Net closing reserves

Of which premium reserves

Of which claims

reserves

Unit-linked


134,621 8,684 (7,475) - 2,427 5,004 143,261 (5) 143,256

France

20,890 872 (853) - - 494 21,402 (5) 21,397

United States

67,973 3,290 (3,502) - 1,624 3,189 72,574 - 72,574

United Kingdom

18,079 1,062 (1,006) - 594 519 19,247 - 19,247

Japan

6,441 825 (204) - (58) 420 7,424 - 7,424

Germany

3,233 461 (138) - - (20) 3,537 - 3,537

Switzerland

1,323 129 (101) - 14 31 1,397 - 1,397

Belgium

1,557 38 (103) - - 14 1,506 - 1,506


3,907 299 (122) - 198 138 4,421 - 4,421


9,184 1,374 (1,255) - 1 215 9,519 - 9,519

Asia excl. Japan

1,984 331 (189) - 53 9 2,187 - 2,187

Others Countries

51 1 (2) - (0) (4) 46 - 46

General Account


347,575 21,505 (20,115) (47) 1,450 3,019 353,386 (6,106) 347,281 332,227 15,054

France

93,960 5,908 (5,895) - - 525 94,497 (1,201) 93,296 84,243 9,052

United States

50,826 2,477 (2,339) - 1,199 1,410 53,573 (4,116) 49,457 49,005 453

United Kingdom

179 66 (14) - 6 (25) 213 (1) 212 211 1

Japan

38,733 2,355 (2,056) - (491) (371) 38,170 (108) 38,062 37,607 455

Germany

54,671 2,813 (2,633) (47) - 721 55,525 (504) 55,021 54,258 764

Switzerland

46,476 4,808 (2,849) - 500 353 49,288 (44) 49,245 45,774 3,470

Belgium

26,709 1,186 (1,438) - - 107 26,564 (0) 26,564 26,348 216

Central & Eastern Europe (2)

1,582 127 (164) - 6 4 1,555 (1) 1,554 1,515 38


26,832 1,068 (2,409) - 44 288 25,824 (76) 25,748 25,193 554

Asia excl. Japan

7,116 655 (291) - 185 (3) 7,662 (53) 7,609 7,565 44

Others Countries 492 41 (27) - 0 10 516 (2) 514 507 7

(1) Outflows are presented net of policyholders' participation paid during the period. (2) Collected premiums from off balance sheet pension are restated in outflow to match with Life & Savings net inflows.

76

INSURANCE RESERVES

PROPERTY & CASUALTY AND INTERNATIONAL INSURANCE

Period ended December 2011

AXA Consolidated


Premiums reserves Claims reserves

TOTAL NET RESERVES

TOTAL GROSS RESERVES

Gross Reinsurance ceded Net Gross Reinsurance ceded Net

Total Property & Casualty 9,352 404 8,948 39,856 1,620 38,236 47,185 49,208

France 1,218 2 1,216 11,205 404 10,801 12,017 12,423

United Kingdom & Ireland 1,713 22 1,690 3,141 51 3,090 4,780 4,854

Germany 610 16 594 5,892 267 5,625 6,219 6,502

Belgium 509 2 507 5,729 179 5,550 6,057 6,238

Switzerland 394 - 394 6,796 45 6,750 7,144 7,190


3,659 260 3,399 4,883 434 4,449 7,848 8,542

Direct 1,003 84 920 1,702 145 1,557 2,476 2,705

Other countries 246 17 229 509 94 415 644 755

Total International Insurance 1,159 154 1,005 8,442 2,423 6,019 7,024 9,601

AXA Corporate Solutions Assurance 339 158 182 5,504 1,632 3,872 4,054 5,844

Others 820 (3) 823 2,938 791 2,147 2,970 3,758

of which

AXA LM 138 1 137 2,260 921 1,339 1,476 2,398

AXA Corporate Solutions Life Reinsurance Company

574 2 573 63 16 47 620 637

77

INSURANCE RESERVES

PROPERTY & CASUALTY AND INTERNATIONAL INSURANCE

Period ended June 2012

AXA Consolidated


Premiums reserves Claims reserves

TOTAL NET RESERVES

TOTAL GROSS RESERVES

Gross Reinsurance ceded Net Gross Reinsurance ceded Net

Total Property & Casualty 11,868 480 11,388 40,638 1,579 39,059 50,447 52,506

France 1,568 32 1,535 11,613 351 11,261 12,796 13,180

United Kingdom & Ireland 1,926 23 1,903 3,270 53 3,216 5,120 5,196

Germany 1,115 29 1,085 5,899 308 5,590 6,676 7,014

Belgium 602 5 597 5,649 189 5,460 6,057 6,251

Switzerland 1,487 27 1,460 6,923 43 6,880 8,340 8,411


3,846 243 3,603 4,879 399 4,480 8,082 8,725

Direct 1,030 97 932 1,868 156 1,712 2,645 2,898

Other countries 295 23 271 538 78 460 731 832

Total International Insurance 1,395 163 1,232 8,585 2,457 6,128 7,360 9,980

AXA Corporate Solutions Assurance 545 202 343 5,677 1,714 3,963 4,306 6,222

Others 850 (39) 889 2,908 743 2,165 3,054 3,758

of which

AXA LM 138 1 138 2,204 879 1,325 1,462 2,342

AXA Corporate Solutions Life Reinsurance Company

530 2 528 59 20 39 567 589

78

RESERVES RATIOS (a)

PROPERTY & CASUALTY

AXA Consolidated


Net technical reserves / Net earned premiums Net claims reserves / Net claims paid (b)

Period ended June 30, 2011 (d)

Period ended December 31, 2011 (d)

Period ended June 30, 2012 (d)

Period ended June 30, 2011 (c)

Period ended December 31, 2011 (c)

Period ended June 30, 2012 (c)

Property & Casualty

196% 187% 195%

243% 241% 256%

France 239% 229% 242% 402% 395% 482%

United Kingdom & Ireland 140% 136% 138% 135% 133% 139%

Germany 194% 182% 189% 261% 255% 251%

Belgium 311% 299% 301% 386% 397% 396%

Switzerland 315% 272% 312% 485% 458% 464%

Mediterranean & Latin American Region 134% 131% 130% 110% 106% 110%

Other Countries 121% 132% 136% 114% 137% 153%

(a) Net of reinsurance (b) also includes Other P&C reserves, notably non-life annuities mathematical reserves (c) reserves related to policyholders participation are no longer considered as part of claims reserves (d) including change in unearned premium reserve (prior year) related to reinsurance contract

79

APE, NBV AND NBV MARGIN

LIFE & SAVINGS

(Euro million) AXA Consolidated


Annual Premium Equivalent

HY 2012

HY 2011 Change HY 2012 / HY 2011

Group share

reported

basis comparable

basis

TOTAL 3,075

2,948

4.3% 0.0%

France 641

664

( 3.4%) ( 5.2%)

United States 599

502

19.1% 10.0%

United Kingdom 283

296

( 4.3%) ( 9.3%)

Japan 269

212

26.7% 17.3%

Germany 258

258

0.2% 0.2%

Switzerland 256

277

( 7.5%) ( 12.3%)

Belgium 119

80

49.6% 49.6%

Mediterranean & Latin American Region 190

202

( 6.4%) ( 6.0%)

Central & Eastern Europe 78

129

( 39.7%) ( 36.2%)

Hong Kong 180

166

8.1% ( 0.4%)

South-East Asia, India & China 201

162

24.2% 18.0%

Mature markets 2,590

2,467

5.0% 0.6%

High growth markets 485

481 0.9% ( 3.0%)

New Business Value (NBV) & NBV Margin HY 2012

HY 2011

Change HY 2012 / HY 2011

Group share

reported basis comparable basis comparable basis

NBV NBV margin %

NBV NBV margin %

NBV NBV NBV margin %

TOTAL 752 24.4%

713 24.2%

5.4% 0.2% 0.0 pts

France 97 15.1%

92 13.9%

4.9% 1.6% 1.0 pts

United States 76 12.7%

65 12.9%

17.8% 8.8% (0.1) pts

United Kingdom 4 1.5%

18 6.2%

(77.2%) (78.4%) (4.7) pts

Japan 167 62.0%

138 65.0%

21.0% 12.0% (2.9) pts

Germany 57 22.1%

63 24.5%

(9.5%) (9.5%) (2.4) pts

Switzerland 104 40.5%

111 40.2%

(6.8%) (11.6%) 0.3 pts

Belgium 9 7.4%

3 3.5%

217.2% 217.2% 3.9 pts

Mediterranean & Latin American Region 36 19.0%

31 15.1%

17.7% 18.1% 3.9 pts

Central & Eastern Europe 19 24.7%

25 19.4%

(23.0%) (18.4%) 5.4 pts

Hong Kong 106 59.2%

103 62.0%

3.2% (4.9%) (2.8) pts

South-East Asia, India & China 74 36.8%

64 39.5%

15.9% 10.6% (2.5) pts

-

Mature markets 548 21.2%

518 21.0%

5.8% 0.6% (0.0) pts

High growth markets 203 41.9% 195 40.5%

4.4% (1.0%) 0.9 pts

Documents

Financial Supplement HY2012 - … · FINANCIAL SUPPLEMENT ... Life & Savings ... International Insurance 20 Consolidated statement of income - Asset Management and Banking