AXA Financial Supplement 2010

Full Year 2010 Earnings
February 17, 2011
Financial Supplement
FINANCIAL SUPPLEMENT - TABLE OF CONTENTS

4 Important notes for analysis of numbers 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 - Other countries 14 Consolidated statement of income - Property & Casualty 16 Consolidated statement of income - International Insurance 18 Consolidated statement of income - Asset Management and Banking 20 Consolidated statement of income - Holdings and other companies 22 Investment income - Life & Savings 24 Investment income - Life & Savings - Other countries 26 Investment income - Property & Casualty 28 Investment income - International Insurance 30 Underlying operating income under margin analysis format and Expense ratios - Life & Savings 32 Underlying operating income under margin analysis format and Expense ratios - Life & Savings - Other countries 34 Underlying operating income under combined ratio analysis - Property & Casualty 36 Underlying operating income under 38 Number of shares (basic and diluted) 39 Earnings per share (EPS) (basic and diluted) 40 Consolidated balance sheet: assets 41 Consolidated balance sheet: liabilities 42 Consolidated shareholders' equity 43 Return on equity (ROE) 44 Consolidated financial structure 45 Intangible assets 46 Deferred acquisition costs and equivalent - Life & Savings 48 Value of business in force - Life & Savings combined ratio analysis - International insurance 50 Invested assets - AXA 52 Invested assets - Life & Savings 54 Invested assets - Life & Savings - Other countries 56 Invested assets - Property & Casualty 58 Invested assets - International Insurance 60 Unrealized Capital Gains and Losses 61 Assets under Management 62 AUM Rollforward - Asset Managers 64 AUM Breakdown - Asset Managers 66 Consolidated insurance reserves: Life & Savings 68 Consolidated insurance reserves: P&C and International Insurance 70 P&C reserves ratios 71 Internal Rate of Return PayBack Period (year) 72 Free Cash Flow Generation 73 Quarterly NBV, APE and NBV Margin
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 AXAs consolidated financial statements for the full year 2010 compared to full year 2009 are set out below: Revenues Change in scope Change in consolidation method * Consolidation starting in 1Q10 for Ukraine Property & Casualty (Vesko) that were not consolidated in FY09. Underlying Earnings
FY10 (Euro million) 67 0
FY10 (Euro million) Changes in scope Acquisitions
* On June 22, 2010, AXA completed the buyout of the minority interests held by the European Bank for Reconstruction and Development (EBRD) for an amount of 147 million in Czech Republic and in Hungary (Life & Savings and Pensions Funds). Those entities are fully consolidated.
* On April 30, 2010, AXA completed the acquisition of BHIs to 100% shares. BHI is fully consolidated. BH Insurance (M) Bhd. is a wholly owned subsidiary of AXA Affin General Insurance (joint venture between AXA SA and Affin Holdings Berhad).
44
FY09 (Euro million) Change in scope Disposals *On September 15, 2010 AXA completed the disposal to Resolution Ltd part of its UK Life operations including UK-based traditional life and pensions businesses, its IFA protection and corporate pension businesses, and its annuity businesses for a consideration of 2.8 billion (or ca. 3.3 billion). -801 -20
Exchange rates
Closing FX rates 31/12/2009 31/12/2010
Average FX rates FY 2009 FY 2010
USD JPY (100) GBP CHF HKD AUD CAD TRY (Turkish Lira) MXN
1.433 1.313 0.888 1.483 11.112 1.596 1.499 2.137 19.107
1.342 1.088 0.857 1.250 10.429 1.309 1.333 2.065 16.547
1.394 1.296 0.891 1.510 10.810 1.774 1.586 2.162 18.793
1.337 1.216 0.861 1.391 10.384 1.458 1.380 2.013 16.911

Profit or loss (including change) on financial assets (under Fair Value option) & derivatives EARNINGS SUMMARY
Net income Group Share Consolidated Earnings (in Euro million) FY 2009 FY 2010
Exceptional and Discontinued operations
Integration and restructuring costs
Goodwill and related intangibles
Adjusted Earnings
Net realized capital gains attributable to shareholders
Underlying Earnings
FY 2009
FY 2010
FY 2009
FY 2010
FY 2009
FY 2010
FY 2009
FY 2010
FY 2009
FY 2010
Change
Change at constant FX
FY 2009
FY 2010
FY 2009
FY 2010
Change
Change at constant FX
Life & Savings France United States United Kingdom Japan Germany Switzerland Belgium Mediterranean & Latin American Region Other countries of which Australia/New Zealand of which Hong Kong Property & Casualty France United Kingdom & Ireland Germany Belgium Mediterranean & Latin American Region Switzerland Other countries International Insurance AXA Corporate Solutions Assurance Other Asset Management AllianceBernstein AXA Investment Managers Banking Holdings and other companies TOTAL
2,075 842 (28) (33) 420 (50) 185 439 139 161 27 132 1,516 445 44 207 186 277 227 130 326 160 166 409 205 204 (17) (703) 3,606
1,396 917 410 (1,468) 377 214 361 265 127 194 76 162 1,750 462 32 190 151 368 370 177 378 192 186 255 116 139 9 (1,040) 2,749
(105) (3) (84) (16) 1 (3) 10 32 26 7 (1) 1 1 5 0 5 (135) (202)
(1,646) (1,642) 1 51 (4) (52) (2) 6 (2) (1) 9 3 3 2 2 0 20 (1,616)
(11) 0 (2) (3) (4) (1) (46) (21) (18) (7) (4) (60)
(16) (3) (1) (9) (0) (3) (0) (22) (10) (3) (9) (0) (31) (29) (2) (6) (0) (76)
(21) (1) (13) (5) (0) (2) (64) (6) (2) (25) (25) (6) (1) (1) (0) (85)
(23) (1) (12) (6) (0) (3) (64) (5) (0) (2) (24) (26) (7) (0) (87)
(52) 281 (555) (165) 191 25 (19) 188 20 (17) (12) (4) 187 65 7 23 62 22 5 3 20 16 5 49 20 29 (8) 288 485
347 63 73 59 46 29 69 33 (24) (0) 1 0 27 (6) 5 7 20 13 (12) (1) 32 26 6 21 0 20 9 (226) 210
2,263 561 529 148 231 12 225 256 119 183 29 137 1,406 380 42 179 143 281 247 133 306 144 161 355 185 171 (6) (857) 3,468
2,734 854 340 128 340 185 247 239 152 250 77 161 1,803 468 42 185 144 380 400 185 343 166 177 264 143 120 7 (834) 4,317
21% 52% -36% -13% 47% 1497% 10% -6% 28% 37% 164% 18% 28% 23% -1% 4% 0% 35% N/A 39% 12% 15% 10% -26% -22% -29% -212% -3% 24%
17% 52% -38% -16% 38% 1497% 1% -6% 27% -88% 117% 14% 24% 23% 0% 4% 0% 33% 49% 22% 11% 15% 8% -28% -25% -30% -246% -3% 20%
(73) 91 (16) (38) 20 (145) (1) 24 4 (12) (17) 2 (264) (26) (58) (105) (25) (44) (13) 7 19 12 7 (4) (64) (386)
279 247 (138) (6) 5 11 34 69 35 22 (4) 19 111 36 (9) 8 (15) 22 40 28 53 5 48 (5) (5) (3) 2 437
2,336 470 545 186 211 157 226 231 115 195 46 135 1,670 406 100 283 168 326 260 126 286 132 154 355 185 171 (2) (793) 3,854
2,455 607 478 134 335 174 212 170 117 228 82 142 1,692 432 50 177 159 358 359 157 290 161 129 269 143 125 9 (836) 3,880
5% 29% -12% -28% 59% 11% -6% -27% 2% 17% 77% 6% 1% 6% -50% -38% -6% 10% 38% 24% 1% 22% -16% -24% -22% -27% -643% 5% 1%
1% 29% -16% -30% 49% 11% -14% -27% 1% 5% 46% 1% -2% 6% -49% -38% -6% 8% 27% 10% 0% 21% -18% -26% -25% -27% -758% 5% -3%
FROM ADJUSTED EARNINGS TO NET INCOME / IMPACT FROM CERTAIN OPERATIONS

AXA Consolidated (Euro million) Financial Statements
FY 2009
612
FY 2010
185

Nature
Exceptional and discontinued operations
FY 2009
8 (8) (84) (13) (141) 21 8 12 (26) 5 (3) 11 (4) 11
FY 2010
(1,642) 2 (103) 92 (7) (2) (15) 37 (4) 9 3 -
From Adjusted Earnings to Net Income

Nature
Profit or loss (including change) on financial assets (under fair value option) & derivatives including Forex (excluding Forex impairments) * Of which impacted by corporate spread and interest rates movement * Of which impacted by ABS * Of which impacted by Alternative funds, Equities and Hedge Funds * Of which Interest rates derivatives * Of which FX and related derivatives (excluding Forex on impairments) * Of which time value of equity and Real Estate derivatives
Net loss related to the disposal of part of the UK L&S business Sale of Cash Management Services (AllianceBernstein)
1,116 63 (206) (107) 149 (403)
(42) 131 224 (89) (9) (31)
Tax effet (AllianceBernstein) PB and Tax impact of the elimination of internal gain between Life and P&C (Germany L&S) Residual past losses in India and associated (L&S) Deferred tax liability related to the planned sale of the Australia & New Zealand business (AXA SA) Gain on the sale of legal protection business (Germany P&C) Consolidation of new entities in Mexico (L&S and P&C) Gain on the sale of DV Finanz company (Germany P&C and Holding) Adjustment on Dutch Activities sale in 2007 (Belgium and Switzerland) Gain on the sale of ETF to BNPP (AXA IM) Deconsolidation of brokers (UK) Income from discontinued operations (Australian annuity portfolio, 2009 tax provision release) Costs incurred on Australian and New Zealand operations potential sale (ANZ holding and AXA SA)
Other items * Of which Exceptional and Discontinued operations * Of which Goodwill and other intangibles * Of which Integration and Restructuring costs * Of which Others
(475) (202) (85) (60) (127)
(1,753) (1,616) (87) (76) 25
Tax impact of internal sale in Switzerland (L&S and P&C) Tax impact of internal restructuring of participation in Switzerland (L&S) Litigation fees related to the acquisition of ING Seguros in Mexico Gain on the sale of SRS Holding (Switzerland P&C) Gain following the end of a joint venture in Japan (AXA Assistance) Others FY09: 1m Goodwill revaluation in AXA Assistance, 10m release of a tax provision related to AXA Konzern's minority interest buy out in AXA SA Others FY10: 7m tax adjustment on PGAAP in Switzerland L&S, -3m other M&A activities in AXA SA, 10m tax impact of a merger in Switzerland L&S
14
Total
138
(1,569)
Total
(202)
(1,616)

INCOME STATEMENT AXA
Period ended December 31, 2009
(Euro million) AXA Consolidated Financial Statements
Life & Savings
Property & Casualty
International Insurance
Asset Management
Banking
Holdings & other companies
Inter-segment Eliminations
Total
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 Revenues from other activities Gross revenues Change in unearned premiums reserves net of unearned revenues and fees Underlying investment results of which change in fair value of assets with financial risk borne by policyholders (a) of which realized & unrealized gains & losses on UK with profit assets of which net investment income of which others Total revenues Claims and benefits Net result of reinsurance ceded Banking operating expenses Insurance acquisition expenses Amortization of value of purchased life business in force (b) Administrative expenses and other Total charges Income from operating activities gross of tax expenses Net income from investments in affiliates and associated Financing activities Operating income, gross of tax expense Income tax expense Minority interests in income or loss UNDERLYING EARNINGS Net realized capital gains attributable to shareholders ADJUSTED EARNINGS Profit or loss (including change) on financial assets (under Fair Value option) & derivatives Exceptional operations Goodwill and related intangibles Integration and Restructuring costs Income from discontinued operations Net income
55,954 547 56,501 1,251 1,176 57,677 (162) 33,058 23,870 427 9,512 (751) 90,572 (79,000) (74) (4,007) (365) (3,831) (87,277) 3,295 3 (98) 3,201 (670) (195) 2,336 (73) 2,263 (52) (111) (21) (11) 7 2,075
26,291 26,291 1,463 77 26,368 (103) 2,068 2,068 (0) 28,333 (17,901) (710) (4,863) (2,525) (25,999) 2,334 18 (5) 2,347 (638) (39) 1,670 (264) 1,406 187 32 (64) (46) 1,516
2,724 2,724 915 272 2,996 19 136 136 (1) 3,150 (1,939) (84) (315) (395) (2,733) 417 0 (4) 413 (124) (3) 286 19 306 20 1 (1) 326
3,419 3,419 50 5 45 3,469 (2,821) (2,821) 648 (2) (32) 615 (113) (147) 355 355 49 5 409
476 8 484 (2) (2) 481 (102) (368) (470) 12 (21) (9) 9 (2) (2) (4) (6) (8) (0) (4) (17)
1 1 483 574 (91) 485 13 (480) (467) 17 (1,322) (1,305) 503 9 (793) (64) (857) 288 (136) 1 (703)
(323) (323) (331) (86) (408) (817) 8 (711) (9) (639) (63) (1,520) 381 (50) 19 (0) 257 608 (913) (0) 912 (0) 0 0 (0) (0) (0) 0 (0) (0) 0
84,646 547 85,193 3,299 392 4,544 90,128 (238) 35,081 23,861 427 11,654 (861) 124,971 (98,458) (919) (89) (9,166) (365) (10,162) (119,159) 5,812 20 (569) 5,262 (1,033) (375) 3,854 (386) 3,468 485 (210) (85) (60) 8 3,606
(a)Offsetbyanadjustmentonreservesininsurancebenefitsandclaimsresultinginzerounderlyingearningsimpact. (b)IntheUnitedKingdom.VBIamortizationispresentednetofpolicyholdertaxonlifebusinessinthemarginanalysis.

INCOME STATEMENT AXA
Life & Savings
Property & Casualty
Asset Management
Banking
Holdings & other companies
Inter-segment Eliminations
Total
55,023 518 55,541 1,429 1,447 56,988 (331) 28,384 13,798 943 13,607 36 85,041 (73,993) 197 (3,388) (250) (4,058) (81,491) 3,550 39 (90) 3,500 (807) (238) 2,455 279 2,734 347 (1,646) (23) (16) 1,396
27,578 27,578 1,521 78 27,656 (209) 2,121 2,121 0 29,568 (18,629) (885) (4,985) (2,705) (27,204) 2,364 33 (6) 2,390 (658) (40) 1,692 111 1,803 27 6 (64) (22) 1,750
2,736 2,736 1,005 289 3,025 30 248 248 3,303 (2,021) (282) (348) (214) (2,865) 438 0 (3) 435 (142) (3) 290 53 343 32 3 378
3,685 3,685 46 30 16 3,731 (3,195) (3,195) 536 (2) (31) 503 (131) (103) 269 (5) 264 21 2 (31) 255
487 7 494 (1) (1) 493 (97) (402) (499) (6) (20) (25) 37 (2) 9 (3) 7 9 (0) (6) 9
1 1 499 614 (115) 500 1 (582) (582) (82) (1,175) (1,256) 401 20 (836) 2 (834) (226) 20 (0) (1,040)
(391) (0) (391) (395) (43) (450) (884) (0) (722) (10) (711) 0 (1,606) 292 151 0 21 (0) 301 764 (842) (0) 837 (5) 5 (0) 0 0 0 0 0 (0) (0) 0
84,946 518 85,464 3,560 444 5,055 90,964 (510) 30,576 13,788 943 15,908 (63) 121,030 (94,351) (819) (96) (8,699) (250) (10,856) (115,071) 5,959 71 (488) 5,542 (1,296) (366) 3,880 437 4,317 210 (1,616) (87) (76) 2,749

INCOME STATEMENT LIFE & SAVINGS
(Euro million) Mediterranean & Latin American Region 6,450 20 6,471 28 13 6,483 (25) 1,771 769 1,020 (18) 8,230 (7,603) (3) (276) (30) (112) (8,025) 204 (15) 189 (48) (27) 115 4 119 20 1 (0) (1) 139 AXA Consolidated Financial Statements
France
United States
United Kingdom
Japan
Germany
Switzerland
Belgium
Other Countries
Total Life & Savings
16,342 11 16,353 411 16,353 33 7,046 3,092 3,954 (0) 23,433 (20,638) (46) (1,162) (77) (828) (22,752) 681 (0) (1) 680 (208) (1) 470 91 561 281 842
8,718 8,718 378 667 9,386 22 9,387 11,413 (1,994) (32) 18,795 (16,092) (185) (952) (39) (720) (17,988) 807 (79) 729 (184) (0) 545 (16) 529 (555) (1) (28)
2,261 417 2,678 216 106 2,783 (74) 7,973 6,364 427 1,065 117 10,682 (9,753) 150 (372) (7) (475) (10,456) 226 (1) 225 (39) (0) 186 (38) 148 (165) (13) 0 (3) (33)
5,438 5,438 40 5,438 12 534 (108) 642 (0) 5,984 (4,633) (10) (535) (178) (315) (5,671) 313 (2) 311 (97) (4) 211 20 231 191 (2) 420
6,715 6,715 61 6,715 (82) 2,216 331 2,100 (216) 8,849 (7,983) (15) (344) (11) (277) (8,630) 219 (1) 218 (61) (0) 157 (145) 12 25 (84) (3) (50)
4,433 9 4,442 21 4,442 (5) 1,230 89 1,146 (5) 5,667 (5,131) (6) (43) (28) (203) (5,410) 256 256 (30) 226 (1) 225 (19) (16) (5) 185
2,519 1 2,519 3 2,519 3 1,270 178 1,062 30 3,793 (3,308) (0) (175) (0) (84) (3,568) 225 225 6 (0) 231 24 256 188 (4) 439
3,078 89 3,167 92 391 3,557 (48) 1,631 1,741 518 (628) 5,140 (3,859) 41 (147) 5 (817) (4,777) 364 5 (1) 368 (10) (162) 195 (12) 183 (17) (13) (2) (0) 10 161
55,954 547 56,501 1,251 1,176 57,677 (162) 33,058 23,870 427 9,512 (751) 90,572 (79,000) (74) (4,007) (365) (3,831) (87,277) 3,295 3 (98) 3,201 (670) (195) 2,336 (73) 2,263 (52) (111) (21) (11) 7 2,075
10

INCOME STATEMENT LIFE & SAVINGS
(Euro million) Mediterranean & Latin American Region 6,919 24 6,943 37 13 6,955 (40) 1,452 346 1,116 (10) 8,367 (7,674) (7) (305) (21) (136) (8,143) 224 (7) 217 (70) (30) 117 35 152 (24) (0) 127 AXA Consolidated Financial Statements
France
United States
United Kingdom
Japan
Germany
Switzerland
Belgium
Other Countries
Total Life & Savings
14,645 4 14,650 517 14,650 7 5,800 1,631 4,170 (0) 20,457 (17,554) (15) (1,086) (13) (919) (19,587) 870 6 (1) 875 (266) (2) 607 247 854 63 917
8,649 8,649 391 811 9,460 (32) 9,378 7,780 1,744 (146) 18,806 (17,035) 154 (386) (52) (852) (18,172) 634 (80) 553 (75) 478 (138) 340 73 (1) (3) 410
1,546 376 1,922 244 117 2,040 (82) 4,867 2,942 943 760 221 6,824 (6,040) 68 (301) (4) (434) (6,711) 113 113 21 (0) 134 (6) 128 59 (1,642) (12) (1) (1,468)
5,560 5,560 43 5,560 (49) 747 7 740 0 6,259 (4,845) (15) (477) (66) (306) (5,708) 550 550 (211) (4) 335 5 340 46 (9) 377
6,880 6,880 64 6,880 (76) 2,512 301 2,157 55 9,316 (8,444) (14) (350) (14) (243) (9,065) 251 (1) 249 (75) (0) 174 11 185 29 1 (0) 214
5,077 13 5,090 16 5,090 (14) 1,190 (1) 1,187 4 6,266 (5,714) (1) (55) (43) (177) (5,990) 275 275 (63) 212 34 247 69 51 (6) 361
2,505 1 2,506 3 2,506 (0) 1,281 117 1,160 4 3,787 (3,313) (2) (165) (4) (76) (3,560) 227 227 (57) (0) 170 69 239 33 (4) (3) 265
3,242 100 3,342 114 506 3,848 (45) 1,157 676 573 (91) 4,959 (3,374) 29 (263) (32) (914) (4,553) 406 33 (0) 439 (10) (201) 228 22 250 (0) (52) (3) (0) 194
55,023 518 55,541 1,429 1,447 56,988 (331) 28,384 13,798 943 13,607 36 85,041 (73,993) 197 (3,388) (250) (4,058) (81,491) 3,550 39 (90) 3,500 (807) (238) 2,455 279 2,734 347 (1,646) (23) (16) 1,396
11

INCOME STATEMENT LIFE & SAVINGS - OTHER COUNTRIES
Australia & New Zealand
Hong Kong
Central Eastern Europe
Others
Total Other Countries Life
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 Revenues from other activities Gross revenues Change in unearned premiums reserves net of unearned revenues and fees Underlying investment results of which change in fair value of assets with financial risk borne by policyholders (a) of which realized & unrealized gains & losses on UK with profit assets of which net investment income of which others Total revenues Claims and benefits Net result of reinsurance ceded Banking operating expenses Insurance acquisition expenses Amortization of value of purchased life business in force Administrative expenses and other Total charges Income from operating activities gross of tax expenses Net income from investments in affiliates and associated Financing activities Operating income, gross of tax expense Income tax expense Minority interests in income or loss UNDERLYING EARNINGS Net realized capital gains attributable to shareholders ADJUSTED EARNINGS Profit or loss (including change) on financial assets (under Fair Value option) & derivatives Exceptional operations Goodwill and related intangibles Integration and Restructuring costs Income from discontinued operations Net income (a)Offsetbyanadjustmentonreservesininsurancebenefitsandclaimsresultinginzerounderlyingearningsimpact.
1,152 20 1,173 2 359 1,532 (1) 758 1,136 231 (609) 2,289 (1,630) 13 (57) (11) (522) (2,207) 82 2 84 2 (39) 46 (17) 29 (12) 10 27
1,191 10 1,201 63 2 1,203 (13) 590 429 161 (0) 1,780 (1,431) 2 21 18 (137) (1,526) 254 0 254 (6) (113) 135 2 137 (4) 132
395 59 453 1 17 470 (34) 100 40 57 3 536 (394) (1) (33) (2) (86) (514) 22 (1) 21 (1) (3) 16 (1) 16 0 (2) 14
339 (0) 339 25 13 352 183 136 69 (22) 536 (405) 27 (78) (0) (73) (529) 7 3 (0) 9 (5) (6) (2) 3 1 (1) (13) (0) (0) (13)
3,078 89 3,167 92 391 3,557 (48) 1,631 1,741 518 (628) 5,140 (3,859) 41 (147) 5 (817) (4,777) 364 5 (1) 368 (10) (162) 195 (12) 183 (17) (13) (2) (0) 10 161
12

INCOME STATEMENT LIFE & SAVINGS - OTHER COUNTRIES
Australia & New Zealand
Hong Kong
Others
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 Revenues from other activities Gross revenues Change in unearned premiums reserves net of unearned revenues and fees Underlying investment results of which change in fair value of assets with financial risk borne by policyholders (a) of which realized & unrealized gains & losses on UK with profit assets of which net investment income of which others Total revenues Claims and benefits Net result of reinsurance ceded Banking operating expenses Insurance acquisition expenses Amortization of value of purchased life business in force Administrative expenses and other Total charges Income from operating activities gross of tax expenses Net income from investments in affiliates and associated Financing activities Operating income, gross of tax expense Income tax expense Minority interests in income or loss UNDERLYING EARNINGS Net realized capital gains attributable to shareholders ADJUSTED EARNINGS Profit or loss (including change) on financial assets (under Fair Value option) & derivatives Exceptional operations Goodwill and related intangibles Integration and Restructuring costs Income from discontinued operations Net income (a)Offsetbyanadjustmentonreservesininsurancebenefitsandclaimsresultinginzerounderlyingearningsimpact.
1,066 25 1,090 (7) 461 1,551 2 533 335 261 (64) 2,087 (1,243) 28 (79) (22) (638) (1,954) 133 3 136 15 (70) 82 (4) 77 1 (2) 76
1,300 18 1,318 88 3 1,321 (11) 438 249 188 (0) 1,748 (1,333) (10) (33) (8) (90) (1,474) 274 274 (14) (118) 142 19 161 0 162
433 58 491 2 24 515 (37) 100 45 53 2 578 (412) (1) (46) (2) (105) (565) 14 (0) 14 (5) 0 9 1 10 (1) (3) (0) 6
442 442 32 18 460 (0) 86 46 70 (30) 546 (386) 13 (105) (0) (82) (561) (14) 30 (0) 15 (5) (14) (4) 6 2 (1) (50) (1) (0) (50)
3,242 100 3,342 114 506 3,848 (45) 1,157 676 573 (91) 4,959 (3,374) 29 (263) (32) (914) (4,553) 406 33 (0) 439 (10) (201) 228 22 250 (0) (52) (3) (0) 194
13

INCOME STATEMENT PROPERTY & CASUALTY
(Euro million) Mediterranean & Latin American Region 6,721 6,721 512 6,721 3 417 417 (0) 7,140 (4,666) (261) (1,305) (424) (6,657) 483 (1) 482 (124) (32) 326 (44) 281 22 7 (25) (7) 277 AXA Consolidated Financial Statements
France
United Kingdom & Ireland
Germany
Belgium
Switzerland
Other Countries
Total P&C
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 Revenues from other activities Gross revenues Change in unearned premiums reserves net of unearned revenues and fees Underlying investment results 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 of which others Total revenues Claims and benefits Net result of reinsurance ceded Banking operating expenses Insurance acquisition expenses Amortization of value of purchased life business in force Administrative expenses and other Total charges Income from operating activities gross of tax expenses Net income from investments in affiliates and associated Financing activities Operating income, gross of tax expense Income tax expense Minority interests in income or loss UNDERLYING EARNINGS Net realized capital gains attributable to shareholders ADJUSTED EARNINGS Profit or loss (including change) on financial assets (under Fair Value option) & derivatives Exceptional operations Goodwill and related intangibles Integration and Restructuring costs Income from discontinued operations Net income
5,724 5,724 368 5,724 (21) 600 600 6,302 (4,103) (126) (918) (503) (5,650) 652 652 (245) (1) 406 (26) 380 65 445
3,899 3,899 146 77 3,976 25 220 220 4,221 (2,677) (122) (993) (298) (4,090) 131 (4) 127 (26) (0) 100 (58) 42 7 (6) 44
3,527 3,527 138 3,527 (9) 352 352 3,870 (2,260) (109) (481) (623) (3,473) 397 (0) 0 396 (112) (1) 283 (105) 179 23 26 (21) 207
2,145 2,145 73 2,145 4 196 196 2,344 (1,462) (34) (456) (194) (2,147) 197 197 (29) 0 168 (25) 143 62 (2) (18) 186
2,161 2,161 43 2,161 (5) 186 186 0 2,343 (1,431) 1 (339) (257) (2,027) 316 316 (54) (2) 260 (13) 247 5 (1) (25) 227
2,116 2,116 183 2,116 (99) 98 98 2,114 (1,300) (59) (371) (226) (1,956) 159 19 (0) 177 (48) (3) 126 7 133 3 (0) (6) 130
26,291 26,291 1,463 77 26,368 (103) 2,068 2,068 (0) 28,333 (17,901) (710) (4,863) (2,525) (25,999) 2,334 18 (5) 2,347 (638) (39) 1,670 (264) 1,406 187 32 (64) (46) 1,516
14

INCOME STATEMENT PROPERTY & CASUALTY
(Euro million) Mediterranean & Latin American Region 6,928 6,928 509 6,928 (61) 397 397 7,264 (4,629) (314) (1,340) (426) (6,710) 554 (1) 553 (162) (33) 358 22 380 13 (1) (24) 368 AXA Consolidated Financial Statements
France
Germany
Belgium
Switzerland
Other Countries
Total P&C
5,896 5,896 349 5,896 (31) 609 609 6,474 (4,143) (198) (938) (534) (5,813) 661 661 (229) (0) 432 36 468 (6) 462
4,151 4,151 145 78 4,229 (43) 220 220 4,407 (2,932) (125) (925) (368) (4,350) 57 (3) 54 (3) (0) 50 (9) 42 5 (5) (10) 32
3,489 3,489 134 3,489 1 375 375 (0) 3,865 (2,456) (104) (516) (575) (3,651) 213 2 215 (38) (0) 177 8 185 7 (0) (3) 190
2,118 2,118 63 2,118 2 199 199 2,319 (1,384) (40) (447) (219) (2,090) 229 229 (70) 0 159 (15) 144 20 (2) (2) (9) 151
2,336 2,336 46 2,336 4 195 195 2,535 (1,415) (32) (352) (278) (2,078) 457 457 (95) (2) 359 40 400 (12) 9 (26) 370
2,661 2,661 275 2,661 (81) 126 125 0 2,705 (1,670) (72) (466) (304) (2,512) 193 31 (3) 221 (61) (3) 157 28 185 (1) (0) (7) (0) 177
27,578 27,578 1,521 78 27,656 (209) 2,121 2,121 0 29,568 (18,629) (885) (4,985) (2,705) (27,204) 2,364 33 (6) 2,390 (658) (40) 1,692 111 1,803 27 6 (64) (22) 1,750
15

INCOME STATEMENT INTERNATIONAL INSURANCE
AXA Corporate Solutions Assurance
Others
Total International
1,945 1,945 848 1 1,946 (2) 189 189 2,133 (1,620) (12) (177) (116) (1,925) 208 (3) 205 (71) (2) 132 12 144 16 160
779 779 67 271 1,050 21 (53) (53) (1) 1,018 (319) (72) (139) (279) (809) 209 0 (1) 208 (53) (1) 154 7 161 5 1 (1) 166
2,724 2,724 915 272 2,996 19 136 136 (1) 3,150 (1,939) (84) (315) (395) (2,733) 417 0 (4) 413 (124) (3) 286 19 306 20 1 (1) 326
16

INCOME STATEMENT INTERNATIONAL INSURANCE
Others
Total International
1,947 1,947 847 3 1,951 16 186 186 2,152 (1,316) (286) (180) (123) (1,905) 247 (3) 245 (81) (2) 161 5 166 26 192
789 789 158 286 1,074 15 62 62 1,151 (705) 4 (167) (92) (960) 191 0 (1) 190 (61) (1) 129 48 177 6 3 186
2,736 2,736 1,005 289 3,025 30 248 248 3,303 (2,021) (282) (348) (214) (2,865) 438 0 (3) 435 (142) (3) 290 53 343 32 3 378
17

INCOME STATEMENT ASSET MANAGEMENT AND BANKING
AllianceBernstein
AXA Investment Managers
Total Asset Management
Banking
1,973 1,973 42 7 34 2,015 (1,665) (1,665) 350 (20) 331 (26) (120) 185 185 20 0 205
1,445 1,445 9 (2) 11 1,454 (1,156) (1,156) 298 (2) (12) 284 (87) (26) 171 171 29 5 204
3,419 3,419 50 5 45 3,469 (2,821) (2,821) 648 (2) (32) 615 (113) (147) 355 355 49 5 409
476 8 484 (2) (2) 481 (102) (368) (470) 12 (21) (9) 9 (2) (2) (4) (6) (8) (0) (4) (17)
18

INCOME STATEMENT ASSET MANAGEMENT AND BANKING
AllianceBernstein
AXA Investment Managers
Total Asset Management
Banking
2,203 2,203 17 6 11 2,220 (1,821) (1,821) 399 (21) 379 (93) (142) 143 143 0 2 (29) 116
1,482 1,482 29 24 5 1,510 (1,374) (1,374) 136 (2) (11) 124 (38) 39 125 (5) 120 20 0 (2) 139
3,685 3,685 46 30 16 3,731 (3,195) (3,195) 536 (2) (31) 503 (131) (103) 269 (5) 264 21 2 (31) 255
487 7 494 (1) (1) 493 (97) (402) (499) (6) (20) (25) 37 (2) 9 (3) 7 9 (0) (6) 9
19

INCOME STATEMENT HOLDINGS & OTHER COMPANIES
AXA
Other French Holdings
Foreign Holdings
Other companies
Total Holdings & Other Companies
280 367 (87) 280 (385) (385) (105) (840) (944) 342 0 (602) (30) (632) 221 (131) (542)
2 5 (3) 2 (2) (2) 0 (2) (2) (22) 0 (24) (12) (36) (1) (38)
145 146 (1) 145 (57) (57) 88 (480) (392) 188 9 (194) (22) (216) 69 (5) 1 (152)
1 1 56 56 (0) 57 13 (36) (23) 34 (0) 34 (6) 28 28 28
1 1 483 574 (91) 485 13 (480) (467) 17 (1,322) (1,305) 503 9 (793) (64) (857) 288 (136) 1 (703)
20

INCOME STATEMENT HOLDINGS & OTHER COMPANIES
AXA
Other French Holdings
Foreign Holdings
Other companies
Total Holdings & Other Companies
276 371 (95) 276 (397) (397) (121) (696) (817) 264 (553) 4 (549) (202) 60 (691)
(5) 12 (17) (5) (15) (15) (19) (17) (36) (5) 0 (40) (3) (43) 7 (19) (55)
212 216 (4) 212 (167) (167) 45 (462) (417) 147 20 (251) 0 (251) (31) (21) (0) (303)
1 1 16 16 16 1 (3) (2) 14 (0) 14 (5) 9 9 9
1 1 499 614 (115) 500 1 (582) (582) (82) (1,175) (1,256) 401 20 (836) 2 (834) (226) 20 (0) (1,040)
21

INVESTMENT INCOME
LIFE & SAVINGS Period ended December 31, 2009
AXA Consolidated
(Euro million)
Financial Statements
France Investment in real estate properties Net investment income Debt instruments Net investment income Equity instruments Net investment income Loans Net investment income Non controlled investment funds Net investment income Other investments Net investment income (excluding unit linked revenues with related derivatives) Total invested assets Net underlying investment income (excluding unit linked revenues with related derivatives) Unit linked revenues with related derivatives (a) Total net underlying investment income (a)Netofadjustmentonreservesinclaimsandbenefits. (*)ofwhich4.0bnlossfromderivativeshedgingvariableannuities 109 (4,193)(*) (49) (57) (25) (97) (52) 10 62 (4,294) 42 32 1 1 13 19 2 15 1 126 114 133 1 543 192 5 19 42 52 304 20 175 55 35 26 13 67 28 545 1,278 3,347 1,593 812 635 1,702 870 969 953 344 11,224 United States United Kingdom Japan Germany Switzerland Belgium Mediterranean & Latin American Region 53 4 Other Countries Total Life and Savings
209
30
105
55
159
16
633
3,954 3,954
(1,994) (1,994)
1,065 1,065
642 642
2,100 2,100
1,146 1,146
1,062 1,062
1,020 1,020
518 (0) 518
9,512 (0) 9,512
22

INVESTMENT INCOME
LIFE & SAVINGS Period ended December 31, 2010
AXA Consolidated
(Euro million)
France Investment in real estate properties Net investment income Debt instruments Net investment income Equity instruments Net investment income Loans Net investment income Non controlled investment funds Net investment income Other investments Net investment income (excluding unit linked revenues with related derivatives) Total invested assets Net underlying investment income (excluding unit linked revenues with related derivatives) Unit linked revenues with related derivatives (a) Total net underlying investment income (a)Netofadjustmentonreservesinclaimsandbenefits (*)ofwhich0.5bnlossfromderivativeshedgingvariableannuities 17 121 76 (614)(*) 0 (32) 10 (47) 13 (40) 46 (98) 66 (33) 16 (16) 4 38 249 (721) 96 565 3 38 287 200 32 14 29 1,263 213 3,586 136 15 1,703 (1) 71 579 138 1 726 12 47 1,822 29 175 828 36 48 987 60 2 1,078 23 15 431 55 588 11,741 488 United States United Kingdom Japan Germany Switzerland Belgium Mediterranean & Latin American Region Other Countries Total Life and Savings
4,170 4,170
1,744 1,744
760 760
740 740
2,157 2,157
1,187 1,187
1,160 1,160
1,116 1,116
573 (0) 573
13,607 (0) 13,607
23

INVESTMENT INCOME
LIFE & SAVINGS - OTHER COUNTRIES Period ended December 31, 2009
AXA Consolidated
(Euro million)
Australia New Zealand Investment in real estate properties Net investment income Debt instruments Net investment income Equity instruments Net investment income Loans Net investment income Non controlled investment funds Net investment income Other investments Net investment income (excluding unit linked revenues with related derivatives) Total invested assets Net underlying investment income (excluding unit linked revenues with related derivatives) Unit linked revenues with related derivatives (a) Total net underlying investment income (a)Netofadjustmentonreservesinclaimsandbenefits. 231 231 53 14 110 40 14
Hong-Kong
Central & Eastern Europe
Others
141 21 12 (13) 161 161
2 49 2 0 3 57 57
(0) 44 4 1 1 18 69 (0) 69
16 344 67 28 1 62 518 (0) 518
24

INVESTMENT INCOME
LIFE & SAVINGS - OTHER COUNTRIES Period ended December 31, 2010
AXA Consolidated
(Euro million)
Australia New Zealand Investment in real estate properties Net investment income Debt instruments Net investment income Equity instruments Net investment income Loans Net investment income Non controlled investment funds Net investment income Other investments Net investment income (excluding unit linked revenues with related derivatives) Total invested assets Net underlying investment income (excluding unit linked revenues with related derivatives) Unit linked revenues with related derivatives (a) Total net underlying investment income (a)Netofadjustmentonreservesinclaimsandbenefits 261 261 39 15 2 30 15 160
Hong-Kong
Others
170 19 13 (13) 188 188
0 51 2 0 0 (0) 53 53
(0) 50 4 1 2 12 70 (0) 70
15 431 55 29 4 38 573 (0) 573
25

INVESTMENT INCOME
PROPERTY & CASUALTY Period ended December 31, 2009
(Euro million)
AXA Consolidated Financial Statements

Mediterranean & Latin American Region 35 15
France Investment in real estate properties Net investment income Debt instruments Net investment income Equity instruments Net investment income Loans Net investment income Non controlled investment funds Net investment income Other investments Net investment income (excluding interest credited to P&C mathematical reserves relating to annuities) Total invested assets Net underlying investment income (excluding interest credited to P&C mathematical reserves relating to annuities) Interests credited to P&C mathematical reserves relating to annuities Total net underlying investment income 11 11 32 523 44
Germany
Belgium
Switzerland
Other Countries
Total P&C
(9)
16
12
(0)
113
186
288
237
329
157
82
1,802
12
49
19
40
10
165
19
25
14
49
130
17
40
(5)
13
(18)
616 (16) 600
220 220
381 (29) 352
309 (113) 196
422 (5) 417
208 (22) 186
98 98
2,253 (186) 2,068
26

INVESTMENT INCOME
PROPERTY & CASUALTY Period ended December 31, 2010
AXA Consolidated
(Euro million)
Mediterranean & Latin American Region 36 14
France Investment in real estate properties Net investment income Debt instruments Net investment income Equity instruments Net investment income Loans Net investment income Non controlled investment funds Net investment income Other investments Net investment income (excluding interest credited to P&C mathematical reserves relating to annuities) Total invested assets Net underlying investment income (excluding interest credited to P&C mathematical reserves relating to annuities) Interests credited to P&C mathematical reserves relating to annuities Total net underlying investment income 9 6 29 539 41
Germany
Belgium
Switzerland
Other Countries
Total P&C
10
14
(0)
119
193
291
239
316
173
100
1,850
11
71
13
33
11
174
16
17
13
38
100
10
19
22
63
(14)
13
(20)
12
(15)
(14)
625 (16) 609
220 220
402 (27) 375
300 (100) 199
402 (5) 397
217 (22) 195
125 125
2,293 (171) 2,121
27

INVESTMENT INCOME
INTERNATIONAL INSURANCE Period ended December 31, 2009
(Euro million)
AXA Corporate Solutions Assurance Investment in real estate properties Net investment income Debt instruments Net investment income Equity instruments Net investment income Loans Net investment income Non controlled investment funds Net investment income Other investments Net investment income (excluding interest credited to P&C mathematical reserves relating to annuities) Total invested assets Net underlying investment income (excluding interest credited to P&C mathematical reserves relating to annuities) Interests credited to P&C mathematical reserves relating to annuities Total net underlying investment income (*)ofwhich0.2bnlossfromderivativeshedgingvariableannuities 190 (1) 189 (13) 1 1 9 184 8
Others
Total International
13
95
279
10
11
11
-164(*)
(177)
(53) (0) (53)
137 (1) 136
28

INVESTMENT INCOME
INTERNATIONAL INSURANCE Period ended December 31, 2010
AXA Consolidated
(Euro million)
AXA Corporate Solutions Assurance Investment in real estate properties Net investment income Debt instruments Net investment income Equity instruments Net investment income Loans Net investment income Non controlled investment funds Net investment income Other investments Net investment income (excluding interest credited to P&C mathematical reserves relating to annuities) Total invested assets Net underlying investment income (excluding interest credited to P&C mathematical reserves relating to annuities) Interests credited to P&C mathematical reserves relating to annuities Total net underlying investment income (*)ofwhich0.1bnlossfromderivativeshedgingvariableannuities 187 (1) 186 (7) 2 1 9 176 8
Others
Total International
13
100
275
10
(2)
(2)
-43(*)
(51)
62 (0) 62
249 (1) 248
29

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
Mediterranean & Latin American Region
Other Countries
Total Life and Savings
Underlying Investment Margin Fees and revenues of which loading on premiums and revenues on mutual funds sales of which fees on UL account balances of which other fees and revenues Net technical Margin Expenses (net of DAC capitalisation & amortisation) Amortisation of Value of Business in Force (gross of tax expense) Underlying earnings arising from investment in associates (2) Underlying operating income
884 1,430 1,149 276 4 762 (2,318) (77) (0) 680
450 1,554 293 1,082 179 500 (1,735) (39) 729
133 609 223 308 78 243 (754) (5) 225
(0) 1,326 1,297 29 16 (851) (178) (2) 311
118 302 294 8 37 (228) (11) 218
92 208 210 3 (6) 163 (179) (28) 256
228 159 145 16 (2) 95 (256) (0) 225
225 303 278 24 1 98 (406) (30) 189
50 1,135 682 76 378 91 (915) 5 1 368
2,179 7,024 4,569 1,822 633 2,003 (7,642) (363) (1) 3,201
Underlying Cost income ratio
77.9%
70.9%
77.1%
76.7%
52.3%
44.6%
53.3%
69.7%
71.3%
71.4%
Expense Ratios % of technical reserves (3) (4) 2.2% 1.7% 1.2% 2.7% 0.6% 0.6% 1.0% 1.3% 5.2% 1.7%
(1)IntheUnitedKingdom,VBIamortizationispresentednetofpolicyholdertax. (2)Alsoincludesunderlyingoperatingincomeforcountriesforwhichnomarginanalysiswasperformed:SouthEastAsia. (3)Excludesallintangibles(VBIandDAC) (4)Forconsistencyreasons,theratioswerecalculatedtakingintoaccountthereservesclassifiedasheldforsaleinAustralia/NZ.
30

UNDERLYING OPERATING INCOME UNDER MARGIN FORMAT AND EXPENSE RATIOS LIFE & SAVINGS
Margin Analysis
France
United States
United Kingdom (1)
Japan
Germany
Switzerland
Belgium
Mediterranean & Latin American Region
Other Countries
Total Life and Savings
1,105 1,513 1,217 292 3 561 (2,296) (13) 6 875
505 1,804 290 1,284 230 (426) (1,278) (52) 553
122 506 163 272 71 65 (577) (3) 113
0 1,356 1,318 38 43 (782) (66) 550
84 306 296 11 98 (225) (14) 249
113 231 229 5 (3) 169 (194) (43) 275
262 153 139 15 (2) 67 (250) (4) 227
253 332 296 36 0 108 (455) (21) 217
91 1,415 832 105 478 81 (1,132) (32) 14 438
2,536 7,615 4,781 2,056 778 767 (7,190) (250) 21 3,500
72.7%
70.6%
83.6%
60.6%
49.0%
46.4%
52.8%
68.7%
73.3%
68.1%
Expense Ratios % of technical reserves (3) (4) 2.1% 1.6% 4.0% 2.4% 0.5% 0.6% 1.0% 1.3% 5.5% 1.8%
(1)IntheUnitedKingdom,VBIamortizationispresentednetofpolicyholdertax. (2)Alsoincludesunderlyingoperatingincomeforcountriesforwhichnomarginanalysiswasperformed:Thailand,Philippines,India,China,partnershipwithBankMandiriinIndonesiaandArchitasEurope. (3)Excludesallintangibles(VBIandDAC) (4)Forconsistencyreasons,theratioswerecalculatedtakingintoaccountthereservesclassifiedasheldforsaleinAustralia/NZ
31

UNDERLYING OPERATING INCOME UNDER MARGIN FORMAT AND EXPENSE RATIOS LIFE & SAVINGS - OTHER COUNTRIES
Margin Analysis
Australia New Zealand
Hong-Kong
Others Countries
(9) 652 290 17 345 (2) (546) (11) 84
21 280 249 35 (3) 49 (113) 18 254
26 95 49 19 27 22 (120) (2) 21
13 109 95 5 9 22 (136) (0) 1 9
50 1,135 682 76 378 91 (915) 5 0 368
87.0%
27.3%
85.2%
94.6%
71.3%
Expense Ratios % of technical reserves (2) (3) (1)Alsoincludesunderlyingoperatingincomeforcountriesforwhichnomarginanalysiswasperformed:SouthEastAsia. (2)Excludesallintangibles(VBIandDAC) (3)Forconsistencyreasons,theratioswerecalculatedtakingintoaccountthereservesclassifiedasheldforsaleinAustralia/NZ. 6.0% 3.3% 5.1% 8.2% 5.2%
32

UNDERLYING OPERATING INCOME UNDER MARGIN FORMAT AND EXPENSE RATIOS LIFE & SAVINGS - OTHER COUNTRIES
Margin Analysis
Australia New Zealand
Hong-Kong
Others Countries
32 840 378 22 440 (25) (690) (22) 136
24 332 289 45 (2) 53 (128) (8) 274
25 115 60 28 28 27 (152) (2) 14
10 127 106 10 11 26 (163) (0) 14 15
91 1,415 832 105 478 81 (1,132) (32) 21 438
83.9%
33.3%
91.8%
99.8%
73.3%
Expense Ratios % of technical reserves (2) (3) 6.5% 3.8% 4.8% 8.5% 5.5%
(1)Alsoincludesunderlyingoperatingincomeforcountriesforwhichnomarginanalysiswasperformed:Thailand,Philippines,India,China,partnershipwithBankMandiriinIndonesiaandArchitasEurope. (2)Excludesallintangibles(VBIandDAC). (3)Forconsistencyreasons,theratioswerecalculatedtakingintoaccountthereservesclassifiedasheldforsaleinAustralia/NZ.
33

UNDERLYING OPERATING INCOME UNDER COMBINED RATIO ANALYSIS PROPERTY & CASUALTY
AXA Consolidated (Euro million) Mediterranean & Latin American Region 6,723 77.7% 73.3% 25.7% 66 417 (1) 482 99.0% 1.1 pts Financial Statements
France
Germany
Belgium
Switzerland
Other Countries
Total P&C
Earned revenues (gross) Current accident year loss ratio (i) All accident year loss ratio Expense ratio Net technical result Underlying Net investment income Underlying earnings from investments in affiliates and associates Financing activities Operating income Underlying Combined ratio Nat Cat impact Net New Contracts (thous. policy count) Motor Household
5,702 81.5% 74.2% 24.9% 52 600 652 99.1% 3.1 pts
4,001 74.1% 70.0% 32.3% (89) 220 (4) 127 102.2% 3.7 pts
3,518 72.1% 67.4% 31.4% 45 352 (0) 0 396 98.7% 0.5 pts
2,148 78.4% 69.7% 30.1% 1 196 197 99.8% 1.7 pts
2,157 73.2% 66.3% 27.6% 130 186 316 94.0% 1.7 pts
2,017 70.5% 67.4% 29.6% 61 98 19 (0) 177 96.9% 0.7 pts
26,266 76.4% 70.9% 28.1% 267 2,068 18 (5) 2,347 99.0% 1.8 pts
68 58
306 8
(9) 11
(5) (7)
372 14
15 14
241 48
989 146
(i) The presentation of the allocation between current and prior year loss ratio have been harmonized throughout the Group. 2009 current year loss ratios by country presented hereafter incorporate such change * to ensure sufficient comparability. The all accident year loss ratio, combined ratio, earnings and reserves are not impacted by this change in presentation. * Mainly current year loss ratios in Germany, Belgium, Switzerland and Mediterranean & Latin American Region.
Current accident year loss ratio published
81.5%
74.1%
76.4%
82.1%
79.2%
76.8%
73.2%
78.1%
34

UNDERLYING OPERATING INCOME UNDER COMBINED RATIO ANALYSIS PROPERTY & CASUALTY
AXA Consolidated (Euro million) United Kingdom & Ireland 4,186 74.4% 73.0% 30.9% (164) 220 (3) 54 103.9% 4.4 pts Mediterranean & Latin American Region 6,867 75.2% 72.0% 25.7% 157 397 (1) 553 97.7% 0.6 pts Financial Statements
France
Germany
Belgium
Switzerland
Other Countries
Total P&C
Earned revenues (gross) Current accident year loss ratio All accident year loss ratio Expense ratio Net technical result Underlying Net investment income Underlying earnings from investments in affiliates and associates Financing activities Operating income Underlying Combined ratio Nat Cat impact Net New Contracts (thous. policy count) Motor Household
5,865 76.5% 74.0% 25.1% 52 609 661 99.1% 1.6 pts
3,490 74.3% 73.3% 31.3% (161) 375 2 215 104.6% 1.1 pts
2,120 77.2% 67.2% 31.3% 30 199 229 98.5% 3.8 pts
2,340 68.5% 61.9% 26.9% 262 195 457 88.8% 0.0 pts
2,579 70.4% 67.5% 29.9% 67 126 31 (3) 221 97.4% 0.5 pts
27,447 74.4% 71.1% 28.0% 242 2,121 33 (6) 2,390 99.1% 1.7 pts
(75) 13
333 314
15 23
(2) (10)
590 55
16 12
98 34
974 441
35

UNDERLYING OPERATING INCOME UNDER COMBINED RATIO ANALYSIS INTERNATIONAL INSURANCE
Earned revenues (gross) Current accident year loss ratio (net) (1) All accident year loss ratio (net) Expense ratio Net technical result Underlying Net investment income Financing activities Operating income Underlying Combined ratio Nat Cat impact (1)Currentaccidentyearclaimscharges(includingclaimshandlingexpenses)/Currentaccidentyearearnedrevenues(excludingpremiumadjustmentsonpreviousyears).
1,944 87.2% 84.0% 15.0% 19 189 (3) 205 99.0% 2.8 pts
36

UNDERLYING OPERATING INCOME UNDER COMBINED RATIO ANALYSIS INTERNATIONAL INSURANCE
Earned revenues (gross) Current accident year loss ratio (net) (1) All accident year loss ratio (net) Expense ratio Net technical result Underlying Net investment income Financing activities Operating income Underlying
1,966 85.6% 81.5% 15.4% 61 186 (3) 245
Combined ratio Nat Cat impact (1)Currentaccidentyearclaimscharges(includingclaimshandlingexpenses)/Currentaccidentyearearnedrevenues(excludingpremiumadjustmentsonpreviousyears).
96.9% 2.3 pts
37

NUMBER OF SHARES
AXA Consolidated (million shares) Financial Statements
Outstanding shares excluding treasury shares * BASIC As of January 1st Increase of capital dedicated to employees Adjustment linked to capital increase (a) Exercice of stock-options AXA shares purchase (dilution control) Other movement of treasury shares Conversion of Convertible Bonds / BSA Capital increase As at end of period During the period FULLY DILUTED Stock options Performance shares Equity Warrants (Germany) During the period 2,060.0 26.4 0.3 2.8 0.0 174.1 2,263.6
Weighted average number
Outstanding shares excluding treasury shares *
Weighted average number
2,060.0 2.2 48.4 0.1 1.9 0.0 14.5 2,127.0
2,263.6 30.1 0.1 0.7 2,294.5
2,263.6 2.3 0.4 2,266.3
2.4 3.8 2,133.3
2.7 5.5 2,274.6
* Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares excluded from the IFRS outstanding shares amounted to 26 million shares at December 31, 2010 and 26 million shares at December 31, 2009. (a) Following AXAs rights issue in 4Q09, the average number of shares has been adjusted to take into account an adjustment factor of 1.023. In the average number of shares calculation, the adjustment factor has been applied on outstanding shares prior to the date of the capital increase leading to an adjustment on average number of shares of 48.4 million shares as at December 31, 2009.
38

EARNINGS PER SHARE
Financial Statements (Euro million) AXA Consolidated
Period ended December 31, 2009 (weighted average number of shares restated) (b)
EARNINGS Net income Adjusted earnings Underlying earnings IMPACT OF UNDATED SUBORDINATED DEBT ON: Net income Adjusted earnings Underlying earnings BASIC Weighted average number of outstanding shares during the period (million shares) Net income EPS (euro per share) (a) Adjusted earnings Adjusted EPS (euro per share) Underlying earnings Underlying EPS (euro per share) DILUTION IMPACTS On earnings On weighted average number of shares (million shares) FULLY DILUTED Weighted average number of outstanding shares during the period (million shares) Net income EPS (euro per share) (a) Adjusted earnings Adjusted EPS (euro per share) Underlying earnings Underlying EPS (euro per share) 2,133 3,318 1.56 3,180 1.49 3,566 1.67 2,275 2,449 1.08 4,018 1.77 3,580 1.57 6.2 8.3 2,127 3,318 1.56 3,180 1.50 3,566 1.68 2,266 2,449 1.08 4,018 1.77 3,580 1.58 -288 -288 -288 -300 -300 -300 3,606 3,468 3,854 2,749 4,317 3,880
(a) Revised net income EPS takes into account interest payments related to undated subordinated debts classified in equity, excluding FOREX impacts. Previously disclosed EPS included FOREX adjustments and, as at December 31, 2009, basic net income EPS amounted to 1.51 and fully diluted net income EPS to 1.51. Excluding FOREX reflects implemented hedges which would qualify as net investment hedges with related changes in fair value recognised through translation reserves. (b) Following AXAs rights issue in 4Q09, the average number of shares has been adjusted to take into account an adjustment factor of 1.023. In the average number of shares calculation, the adjustment factor has been applied on outstanding shares prior to the date of the capital increase leading to an adjustment on average number of shares of 48.4 million shares as at December 31, 2009.
39

BALANCE SHEET ASSETS
AXA Consolidated
(Euro million)
Period ended December 31, 2010 - provisional
Goodwill (a) Value of purchased Life business in force Deferred acquisition costs and equivalent Other intangible assets Total intangible assets (b) General account investments - Group share Controlled investments funds - Minority interests assets (c) Assets backing contracts where the financial risk is borne by policyholders Investments from insurance activities Investments from non-insurance activities (d) Reinsurers'share in insurance and investment contracts liabilities Assets held for sale and relating to discontinued operations (e) Other assets and receivables Cash and cash equivalents TOTAL ASSETS
16,469 3,617 18,789 3,143 42,019 398,295 6,275 155,457 560,027 30,018 11,320 11,559 33,744 19,565 708,252
16,741 3,105 19,642 3,647 43,135 420,360 4,781 137,739 562,880 31,857 11,096 22,848 37,987 22,065 731,868
(a)UnderIFRS,Goodwillisbookedinthecurrencyoftheacquiredcompany,andthereforeisimpactedbycurrencyfluctuations. (b)GrossofURR,MinorityInterests,PB&Tax. (c)ReflectsMinorityinterestshareinassetsheldincontrolledinvestmentfundsfullyconsolidated,including2,815millionrelatingtodebtinstruments,1,768milliononequityinstruments,and1,692milliononotherassetsasofDecember31,2009,and1,316millionrelatingtodebt instruments,1,486milliononequityinstruments,and2,073milliononotherassetsasofDecember31,2010. (d)Inordertoimprovetheconsolidatedfinancialstatementspresentationconsistencyacrosssegments,balancesofrecievablesarisingfrombankingoperationsdisclosedsofarinthe"Otherassetsandreceivables"aggregatehavebeenreclassifiedtothe"Investmentsfromnoninsurance activities"aggregate. (e)AssetsandliabilitiesrelatedtotheAustralianandNewZealandoperations,andsomeUKLife&Savingsportfoliosforwhichthedisposalprocessisnotyetfinalizedareclassifiedasheldforsale.ThisclassificationalreadyappliedforAustralianandNewZealandoperationsasatDecember31, 2009.
40

BALANCE SHEET LIABILITIES, MINORITY INTERESTS AND SHAREHOLDERS' EQUITY
Period ended December 31, 2010 - provisional
Share capital and capital in excess of nominal value Translation and other reserves Net income for the period Shareholders' equity Minority interests Total Minority interests and Shareholders' equity Subordinated debt Financing debt instrument issued Financing debt owed to credit institutions Total financing debt Liabilities arising from insurance contracts Liabilities arising from insurance contracts where the financial risk is borne by policyholders Total liabilities arising from insurance contracts Liabilities arising from investment contracts with discretionary participating feature Liabilities arising from investment contracts with no discretionary participating feature Liabilities arising from investment contracts with discretionary participating feature and financial risk is borne by policyholders Liabilities arising from investment contracts with no discretionary participating feature and financial risk is borne by policyholders Total liabilities arising from investment contracts Unearned revenues and unearned fees revenues Liabilities arising from policyholders' participation Derivatives relating to insurance and investment contracts Total liabilities arising from insurance and investment contracts Liabilities arising from banking activities (a) Provisions for risk and charges Minority interests of controlled investment funds and puttable instruments held by Minority interest holders Other payables and other liabilities Liabilities held for sale or relating to discontinued operations (b)
24,339 18,285 3,606 46,229 3,693 49,922 6,352 2,937 921 10,210 330,016 103,281 433,297 39,650 917 5,767 46,750 93,083 2,610 16,648 (321) 545,317 23,810 9,538 6,516 53,339 9,599
24,723 22,226 2,749 49,698 4,170 53,868 7,066 2,500 887 10,454 342,559 108,587 451,146 37,233 720 4,700 25,006 67,659 2,757 15,897 (722) 536,737 26,825 10,495 4,855 68,466 20,168
TOTAL LIABILITIES, MINORITY INTERESTS AND SHAREHOLDERS' EQUITY 708,252 731,868 (a) In order to improve the consolidated financial statements presentation consistency across segments, balances of payables arising from banking operations disclosed so far in the "Other payables and other liabilities" aggregate have been reclassified to the "Liabilities arising from banking activities" agregate. (b) Assets and liabilities related to the Australian and New Zealand operations, and some UK Life & Savings portfolios for which the disposal process is not yet finalized are classified as held for sale. This classification already applied for Australian and New Zealand operations as at December 31, 2009.
41

CONSOLIDATED SHAREHOLDERS' EQUITY
Change in consolidated shareholders' equity
Euro million
Shareholders' equity as of period ended N-1 Share Capital Capital in excess of nominal value Equity - share based compensation Treasury shares sold (bought) in open market Deeply subordinated debt (including accrued interests) Fair value recorded in shareholders' equity Impact of currency fluctuations Payment of N-1 dividend Other Net income for the period Actuarial gains and losses on pension benefits Shareholders' equity as of the end of the period
46,229 69 247 59 10 (333) 1,463 1,000 (1,259) (85) 2,749 (450) 49,698
Consolidated shareholders' equity at the end of the period
Share Capital and capital in excess of nominal value Treasury shares Other reserves - of which equity component of compound financial instruments - of which deeply subordinated debt (including accrued interests) (a) - of which fair value recorded in shareholders' equity (b) Translation reserve Retained earnings brought forward Net income for the period
25,130 (505) 10,963 95 6,114 4,755 (2,742) 9,777 3,606
25,505 (495) 12,426 95 6,114 6,218 (2,074) 11,588 2,749 49,698
Total shareholders' equity at the end of the period 46,229 (a) Includes nominal values of deeply subordinated debt of +7,656 million and -1,543 million at December 31, 2010 (7,656-1,543=6,114) and +7,357 million and accrued interests of -1,243 million at December 31, 2009 ( 7,357-1,243 =6,114 ). (b) Includes impact of changes in fair value of derivatives for -40 million and -32 million as of December 31, 2009 and December 31, 2010 respectively.
42

RETURN ON EQUITY
Change in % points
ROE Net income Average shareholders' equity Adjusted ROE Adjusted earnings (a) Average shareholders' equity (b) Underlying ROE Underlying earnings (a) Average shareholders' equity (b)
9.3% 3,606 38,857 11.0% 3,180 28,887 12.3% 3,566 28,887
5.9% 2,749 46,225 12.0% 4,018 33,552 10.7% 3,580 33,552
-3.3%
1.0%
-1.7%
(a)Includingadjustmenttoreflectfinancialchargesrelatedtoundatedsubordinateddebt(recordedthroughshareholders'equity). (b)Excludingunrealizedcapitalgains&lossesofinvestedassetsandderivatives(recordedthroughshareholders'equity),andnominalvalueofundatedsubordinateddebt(recordedthroughshareholders'equity).
43

CONSOLIDATED FINANCIAL STRUCTURE
AXA Consolidated (Euro billion) Period ended December 31, 2009 Period ended December 31, 2010 Financial Statements
Financial interest treatment
Financing debt instrument issued Financing debt owed to credit institutions Financing debt (A) Dated subordinated debt (B) Reversal of marked-to-market of interest rates derivatives (C) Cash available at AXA SA level and its other holdings (D) Total net debt (A) + (B) + (C) - (D)
2.9 0.9 3.9 6.4 (0.3) 3.7 6.1
2.5 0.9 3.4 7.1 (0.4) 2.5 7.6 P&L
Undated subordinated notes ("TSDI") (E)
1.5
1.6
Equity (a)
Undated deeply subordinated notes ("TSS") (F)
5.9
6.1
Equity (a)
Total Minority interests and shareholders' equity (including (E) and (F)) o/w Minority interests o/w Reserves relating to the change in FV of financial instruments AFS and of hedge accounting derivatives (a) Financial interests net of tax on Undated Subordinated notes "TSDI" and Super Subordinated Notes "TSS" : Euro 288 milion in 2009 and Euro 300 million in 2010.
49.9 3.7 4.8
53.9 4.2 6.2
44

INTANGIBLE ASSETS
Period ended December 31, 2009 Group share, net of URR, URF, PB & tax when applicable
Period ended December 31, 2010 Group share, net of URR, URF, PB & tax when applicable
100%
100%
Goodwill (a) (b) Goodwill by activity Life & Savings Property & Casualty International Insurance Asset Management Banks & Holdings and other companies Deferred acquisition cost and equivalent (Life & Savings) France United States United Kingdom Japan Germany Switzerland Belgium Mediterranean & Latin American Region Others Value of Business In force (VBI) acquired (Life & Savings) France United States United Kingdom Japan Germany Switzerland Belgium Mediterranean & Latin American Region Others Other intangible assets of which Life & Savings activities of which Property & Casualty activities
16,469
15,299
16,741
15,511
7,799 4,524 31 3,987 127 17,050 2,084 7,043 1,899 1,399 2,852 139 211 330 1,094 3,617 50 313 410 551 629 881 37 151 593 3,143 1,178 1,278
7,494 4,524 31 3,122 127 8,374 617 4,673 971 835 405 89 122 137 525 2,432 33 204 274 346 427 696 25 86 342 2,037 646 814
7,557 4,745 33 4,279 127 17,846 2,199 7,861 730 1,690 3,068 207 231 399 1,463 3,105 42 290 392 615 979 39 135 613 3,647 1,622 1,295
7,305 4,721 33 3,325 127 8,823 705 5,263 273 977 435 129 134 159 747 2,044 27 188 247 418 774 26 79 285 2,373 941 817
(a)UnderIFRS,Goodwillisbookedinthecurrencyoftheacquiredcompanyandthereforeisimpactedbycurrencyfluctuations. (b)Goodwillgroupshareexcludesgoodwillrelatedtoputs(asatDecember31,200965millionforCentralEasternEuropeand1millionasatDecember31,2010).
45

DEFERRED ACQUISITION COSTS AND EQUIVALENT LIFE AND SAVINGS (GROSS OF TAXES AND PB)
AXA Consolidated (Euro million) Other changes (including currency changes) (117) (36) (191) 128 (49) 1 (15) 45 61 (20) 5 (0) Financial Statements
Period ended N-1
Capitalization for the period
Amortization for the period
Shadow DAC
Changes in scope (a)
Period ended N
Total France United States United Kingdom Japan Germany Switzerland Belgium Mediterranean & Latin American Region Other Countries Australia & New Zealand Hong Kong Central & Eastern Europe Others
17,026 2,058 7,550 1,614 1,435 2,613 103 213 305 1,135 241 664 185 46
2,576 288 721 387 346 361 40 30 103 300 48 131 106 16
(1,648) (232) (619) (231) (305) (122) (7) (26) (42) (64) (27) (17) (14) (6)
(465) 5 (419) (26) 1 (5) (20) (1) (1) (0) 0
(322) 0 (322) (322) 0
17,050 2,084 7,043 1,899 1,399 2,852 139 211 330 1,094 757 282 55
Unearned revenue reserve and Unearned fees reserve (URR & URF)
2,454
2,610
DEFERRED ACQUISITION COSTS AND EQUIVALENT (Net of URR & URF)
14,572
14,440
46

DEFERRED ACQUISITION COSTS AND EQUIVALENT LIFE AND SAVINGS (GROSS OF TAXES AND PB)
Period ended N-1
Capitalization for the period
Shadow DAC
Other changes (including currency changes)
Period ended N
Total France United States United Kingdom Japan Germany Switzerland Belgium Mediterranean & Latin American Region Other Countries Australia & New Zealand Hong Kong Central & Eastern Europe Others
17,050 2,084 7,043 1,899 1,399 2,852 139 211 330 1,094 0 757 282 55
2,502 266 708 314 312 372 48 28 116 339 0 190 120 29
(1,073) (159) (231) (182) (236) (156) (8) (8) (59) (35) (10) (9) (17)
(224) (18) (138) (75) (2) 1 10 (1) (1) 0
953 26 479 60 290 30 1 66 (0) 49 8 10
(1,361) 0 (0) (1,362) 0 0 0
17,846 2,199 7,861 730 1,690 3,068 207 231 399 1,463 985 401 77
Unearned revenue reserve and Unearned fees reserve (URR & URF)
2,610
2,757
DEFERRED ACQUISITION COSTS AND EQUIVALENT (Net of URR & URF)
14,440
15,090
(a) Of which -549 million of impairments net of tax following the disposal of some UK Life and Saving portfolio.
47

VALUE OF BUSINESS IN FORCE LIFE AND SAVINGS (GROSS OF TAXES)
Period ended December 31, 2009 AXA Consolidated (Euro billion) Financial Statements
Period ended N-1
Shadow VBI
Changes in scope
Period ended N Restated
Total France United States United Kingdom Japan Germany Switzerland Belgium Mediterranean & Latin American Region Other Countries Australia / New Zealand Hong-Kong Central & Eastern Europe Others
4,405 132 480 386 866 640 919 48 183 750 161 562 26 1
(394) (91) (33) (7) (192) (11) (28) (6) (32) 5 (11) 18 (2) (0)
(231) 9 (126) (97) (16) (4) 3 3 (0)
25 (8) 30 (26) 6 0 23 38 (15) (0) (0)
(188) (188) (188) -
3,617 50 313 410 551 629 881 37 151 593 568 24 1
48

VALUE OF BUSINESS IN FORCE LIFE AND SAVINGS (GROSS OF TAXES)
Period ended December 31, 2010 AXA Consolidated (Euro billion) Financial Statements
Period ended N-1
Shadow VBI
Period ended N
Total France United States United Kingdom Japan Germany Switzerland Belgium Mediterranean & Latin American Region Other Countries Australia / New Zealand Hong-Kong Central & Eastern Europe Others
3,617 50 313 410 551 629 881 37 151 593 (0) 568 24 1
(234) (14) (48) (4) (73) (14) (43) (0) (21) (16) (14) (2) (0)
(178) 5 3 (171) (16) 2 (3) (3) 0
278 22 (30) 85 157 5 38 0 37 0 0
(377) (377) -
3,105 42 290 392 615 979 39 135 613 589 23 1
(a) Of which -128 million of impairments net of tax following the disposal of some UK Life and Saving portfolio.
49

INVESTED ASSETS AXA
Net of minority interests on controlled investment funds
Life & Savings (d)
Property & Casualty
Asset Management
Banking (e)
Holding & other companies (e) (f)
Total
Debt instruments Equity instruments (a) Non controlled investment funds available for sale Non controlled investment funds under fair value option Non controlled investment funds Trading Total non controlled investment funds Investment in real estate properties (b) Mortgage loans and other loans Other investments Assets allocated to UK with-profits contracts o/w debt instruments o/w equity investments and mutual funds o/w investment in real estate properties o/w loans Assets backing contracts where the financial risk is borne by policyholders Cash and cash equivalents Invested assets
Carrying value Fair value
260,368 260,322 13,246 3,755 1,898 58 5,711
41,496 41,496 4,645 1,715 55 13 1,783 1,911 2,436 1,884 1,969 961
7,075 7,075 382 118 46 164 114 111 239 236 247
126 126 375 84 84 24 24 5
5,662 5,662 10 0 0 16,178 17,215 1,663
639 639 2,722 153 153 2,456 2,896 854 856 (1,029)
315,365 315,319 21,381 5,741 2,083 71 7,895 16,876 20,828 42,060 43,617 7,094 17,547 9,633 5,625 2,094 195
Carrying value Fair value Carrying value Fair value
12,394 15,385 22,881 23,315 5,247 17,547 9,633 5,625 2,094 195 155,457 10,296
2,342 55,022 55,633 611
1,235 9,456 9,449 (6)
1,101 1,715 1,715 (0)
402 23,915 24,953 1,038
4,189 9,985 10,427 442
155,457 19,565 603,240 608,703 5,463
Carrying value Fair value Unrealized capital gains and losses on assets at cost (A) (c)
503,147 506,526 3,379
Unrealized capital gains and losses recorded through shareholders' equity (Gross)
Debt instruments Equity instruments (a) Non controlled investment funds available for sale Loans Total unrealized capital gains recorded through shareholders' equity (B) Total unrealized capital gains and losses (A) + (B)
6,582 3,704 399 (53) 10,633 14,012
800 935 184 1,918 2,529
218 72 8 297 291
(0) 0 0 0
(214) 1 0 (213) 824
(9) (275) 0 (283) 158
7,377 4,437 590 (53) 12,352 17,814
(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) Assets and liabilities of the Australian and New Zealand operations (including local holdings) are classified as held for sale separately from other assets and liabilities in the consolidated statement of financial position as at December 31, 2009. (e) In order to improve the consolidated financial statements presentation consistency across segments, balances disclosed so far as "Receivables arising from banking operations" and "Payables arising from banking operations" have been respectively reclassified to the "Invested assets" and to the new "Liabilities arising from banking operations" aggregates. (f) 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.
50

INVESTED ASSETS AXA
Life & Savings (d)
Property & Casualty
Asset Management
Banking
Holding & other companies (e)
Total
Debt instruments Equity instruments (a) Non controlled investment funds available for sale Non controlled investment funds under fair value option Non controlled investment funds Trading Total non controlled investment funds Investment in real estate properties (c) Mortgage loans and other loans Other investments Assets allocated to UK with-profits contracts o/w debt instruments o/w equity investments and mutual funds o/w investment in real estate properties o/w loans Assets backing contracts where the financial risk is borne by policyholders Cash and cash equivalents Invested assets
290,244 290,214 13,699 4,756 3,687 4 8,448
43,181 43,181 5,042 2,038 580 2,618 2,241 2,798 2,151 2,239 770
7,656 7,656 370 188 188 108 107 55 53 170
111 111 245 106 337 444 30 31 3
8,399 8,399 10 0 10 10 17,634 18,674 497
462 462 2,575 186 186 2,435 3,003 1,252 1,260 (2,501)
350,053 350,024 21,942 7,168 4,373 351 11,893 18,144 22,589 46,139 47,931 3,981 -
13,360 16,681 25,017 25,673 5,043 137,739 11,981
3,344 59,346 59,991 645
1,272 9,819 9,816 (2)
1,277 2,109 2,111 1
1,166 27,716 28,757 1,040
3,026 7,434 8,010 576
137,739 22,065 611,956 618,164 6,208
Carrying value Fair value Unrealized capital gains and losses on assets at cost (A) (b)
505,531 509,479 3,948
8,692 3,996 665 (24) 13,329 17,277
1,039 1,158 265 2,461 3,106
274 88 10 371 369
0 (0) 0 2
(222) 1 0 (221) 819
(6) (427) (3) (436) 139
9,777 4,815 936 (24) 15,504 21,713
(a) Including investments in listed equities, participating interests, hedge funds and private equities. (b) Excluding unrealized gains and losses on assets held for sale. (c) Includes share of minority interests from consolidated real estate funds. (d) Assets and liabilities mainly related to the Australian and New Zealand operations, and some UK Life & Savings portfolios for which the disposal process is not yet finalized, are classified as held for sale separately from other assets ad liabilities in the consolidated statement of financial position as at Dec 31, 2010. Impacts on invested assets are a reduction of 9,764m (of which 5,047m in general account) related to the Australian and New Zealand operations and a reduction of 8,287m (of which 668m in general account, 1,006m allocated to with-profits contracts and 6,613m in unit-linked assets) related to the part of the UK Life & Savings operations to be disposed. This classification already applied for Australian and New Zealand operations as at December 31, 2009. (e) 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.
51

INVESTED ASSETS LIFE & SAVINGS
AXA Consolidated (Euro million) Mediterranean & Latin American Region 23,836 23,836 601 561 27 48 636 62 118 201 201 933 Financial Statements
France
United States
United Kingdom
Japan
Germany
Switzerland
Belgium
Other countries (d)
Life & Savings
Debt instruments Equity instruments (a) Non controlled investment funds available for sale Non controlled investment funds under fair value option Non controlled investment funds Trading Total non controlled investment funds Investment in real estate properties (b) Mortgage loans and other loans Other investments Assets allocated to UK with-profits contracts o/w debt instruments o/w equity investments and mutual funds o/w investment in real estate properties o/w loans
78,546 78,488 5,319 494 151 644
29,351 29,351 66 920 920 69 222 7,276 7,241 (148)
5,394 5,394 224 51 51 503 17,547 9,633 5,625 2,094 195
29,926 29,926 876 16 579 595 13 17 848 850 277
40,282 40,294 1,326 404 404 985 1,135 6,071 6,352 -
25,358 25,358 2,107 1,970 16 1,986 4,790 5,075 5,869 6,021 40
22,481 22,481 1,528 310 10 10 330 1,260 1,542 684 730 121
5,193 5,193 1,201 0 194 195 70 77 231 231 (115)
260,368 260,322 13,246 3,755 1,898 58 5,711 12,394 15,385 22,881 23,315 5,247 17,547 9,633 5,625 2,094 195
5,145 7,200 1,648 1,637 3,637
Assets backing contracts where the financial risk is borne by policyholders Cash and cash equivalents Invested assets Carrying value Fair value
21,332 2,637 118,908 120,894 1,986
60,100 1,525 99,159 99,277 118
50,305 469 74,493 74,493 -
3,809 1,109 37,453 37,459 6
2,300 1,385 52,754 53,196 442
1,022 572 41,743 42,180 437
1,719 103 28,226 28,553 327
9,727 1,361 37,358 37,413 55
5,144 1,134 13,054 13,061 8
155,457 10,296 503,147 506,526 3,379
Unrealized capital gains and losses on assets at cost (A) (c) Unrealized capital gains and losses recorded through shareholders' equity (Gross) Debt instruments Equity instruments (a) Non controlled investment funds available for sale Loans Total unrealized capital gains recorded through shareholders' equity (B) Total unrealized capital gains and losses (A) + (B)
3,880 1,986 64 (53) 5,876 7,862
(43) 5 (37) 81
(127) 9 (117) (117)
1,050 266 0 1,316 1,322
229 132 19 380 823
152 792 173 1,118 1,554
608 255 34 896 1,223
699 132 110 941 996
134 126 260 267
6,582 3,704 399 (53) 10,633 14,012
(a) Including investments in listed equities, participating interests, hedge funds and private equities. (b) Excluding unrealized gains and losses on assets held for sale. (c) Includes share of minority interests from consolidated real estate funds. (d) Assets and liabilities of the Australian and New Zealand operations (including local holdings) are classified as held for sale separately from other assets and liabilities in the consolidated statement of financial position as at December 31, 2009.
52

INVESTED ASSETS LIFE & SAVINGS
AXA Consolidated (Euro million) Mediterranean & Latin American Region 26,869 26,869 655 565 18 0 583 60 125 192 192 827 Financial Statements
France
United States
United Kingdom (d)
Japan
Germany
Switzerland
Belgium
Other countries (d)
Life & Savings
Debt instruments Equity instruments (a) Non controlled investment funds available for sale Non controlled investment funds under fair value option Non controlled investment funds Trading Total non controlled investment funds Investment in real estate properties (c) Mortgage loans and other loans Other investments Assets allocated to UK with-profits contracts o/w debt instruments o/w equity investments and mutual funds o/w investment in real estate properties o/w loans
82,934 82,890 5,963 661 60 722
33,382 33,382 53 1,066 1,066 104 241 7,673 7,766 55
66 66 -
37,856 37,856 848 0 705 705 17 21 973 977 402
42,432 42,446 1,303 414 503 917 957 1,111 5,707 5,999 24
35,423 35,423 1,874 2,524 686 3,209 5,832 6,282 7,871 8,110 268
24,663 24,663 1,626 592 369 4 965 1,379 1,716 620 651 385
6,685 6,685 1,378 0 281 281 71 78 254 254 (3)
290,244 290,214 13,699 4,756 3,687 4 8,448 13,360 16,681 25,017 25,673 5,043 -
4,939 7,108 1,662 1,658 3,086
22,500 3,177 124,983 127,103 2,121
70,159 2,752 115,243 115,472 229
16,808 341 17,215 17,215 -
5,470 2,122 48,394 48,402 8
3,106 809 55,255 55,716 462
1,271 933 56,681 57,371 689
1,736 108 31,483 31,851 368
9,639 972 39,795 39,861 65
7,051 766 16,482 16,489 7
137,739 11,981 505,531 509,479 3,948
Unrealized capital gains and losses on assets at cost (A) (b) Unrealized capital gains and losses recorded through shareholders' equity (Gross) Debt instruments Equity instruments (a) Non controlled investment funds available for sale Loans Total unrealized capital gains recorded through shareholders' equity (B) Total unrealized capital gains and losses (A) + (B)
3,233 2,170 102 (24) 5,480 7,601
1,000 0 1,000 1,229
2 (0) 2 2
2,399 236 0 2,635 2,643
401 98 28 527 988
853 904 347 2,104 2,793
429 256 77 762 1,130
113 159 111 383 448
262 174 436 443
8,692 3,996 665 (24) 13,329 17,277
(a) Including investments in listed equities, participating interests, hedge funds and private equities. (b) Excluding unrealized gains and losses on assets held for sale. (c) Includes share of minority interests from consolidated real estate funds. (d)Assets and liabilities mainly related to the Australian and New Zealand operations, and some UK Life & Savings portfolios for which the disposal process is not yet finalized, are classified as held for sale separately from other assets ad liabilities in the consolidated statement of financial position as at Dec 31, 2010. Impacts on invested assets are a reduction of 9,764m (of which 5,047m in general account) related to the Australian and New Zealand operations and a reduction of 8,287m (of which 668m in general account, 1,006m allocated to with-profits contracts and 6,613m in unit-linked assets) related to the part of the UK Life & Savings operations to be disposed. This classification already applied for Australian and New Zealand operations as at December 31, 2009.
53

INVESTED ASSETS LIFE & SAVINGS - OTHER COUNTRIES
Australia & New Zealand (d)
Hong Kong
Others
Debt instruments Equity instruments (a) Non controlled investment funds available for sale Non controlled investment funds under fair value option Non controlled investment funds Trading Total non controlled investment funds Investment in real estate properties (b) Mortgage loans and other loans Other investments Assets allocated to UK with-profits contracts o/w debt instruments o/w equity investments and mutual funds o/w investment in real estate properties o/w loans Assets backing contracts where the financial risk is borne by policyholders Cash and cash equivalents Invested assets Unrealized capital gains and losses on assets at cost (A) (c)
2,788 2,788 897 142 142 188 188 (107)
1,252 1,252 111 7 7 68 73 23 23 (8)
1,154 1,154 193 0 44 45 2 5 20 20 (0)
5,193 5,193 1,201 0 194 195 70 77 231 231 (115)
Carrying value Fair value -
1,835 775 6,519 6,519 -
2,728 211 4,393 4,398 5
581 148 2,141 2,144 3
5,144 1,134 13,054 13,061 8
(0) (0) (0)
104 106 210 210
7 16 23 28
23 4 27 30
134 126 260 267
(a) Including investments in listed equities, participating interests, hedge funds and private equities. (b) Excluding unrealized gains and losses on assets held for sale. (c) Includes share of minority interests from consolidated real estate funds. (d) Assets and liabilities of the Australian and New Zealand operations (including local holdings) are classified as held for sale separately from other assets and liabilities in the consolidated statement of financial position as at December 31, 2009.
54

INVESTED ASSETS LIFE & SAVINGS - OTHER COUNTRIES
Australia & New Zealand (d)
Hong Kong
Others
Debt instruments Equity instruments (a) Non controlled investment funds available for sale Non controlled investment funds under fair value option Non controlled investment funds Trading Total non controlled investment funds Investment in real estate properties (c) Mortgage loans and other loans Other investments Assets allocated to UK with-profits contracts o/w debt instruments o/w equity investments and mutual funds o/w investment in real estate properties o/w loans Assets backing contracts where the financial risk is borne by policyholders Cash and cash equivalents Invested assets Unrealized capital gains and losses on assets at cost (A) (b)
3,845 3,845 1,100 210 210 213 213 (3)
1,445 1,445 112 8 8 70 74 17 17 -
1,394 1,394 165 0 62 63 2 5 24 24 (0)
6,685 6,685 1,378 0 281 281 71 78 254 254 (3)
Carrying value Fair value -
2,347 495 8,207 8,207 -
3,979 144 5,775 5,779 4
724 128 2,500 2,503 3
7,051 766 16,482 16,489 7
0 0 0
198 152 350 350
45 19 64 67
19 3 23 26
262 174 436 443
(a) Including investments in listed equities, participating interests, hedge funds and private equities. (b) Excluding unrealized gains and losses on assets held for sale. (c) Includes share of minority interests from consolidated real estate funds. (d) Assets and liabilities mainly related to the Australian and New Zealand operations, and some UK Life & Savings portfolios for which the disposal process is not yet finalized . Impacts on invested assets are a reduction of 9,764m (of which 5,047m in general account) related to the Australian and New Zealand operations and a reduction of 8,287m (of which 668m in general account, 1,006m allocated to with-profits contracts and 6,613m in unit-linked assets) related to the part of the UK Life & Savings operations to be disposed. This classification already applied for Australian and New Zealand operations as at December 31, 2009.
55
INVESTED ASSETS PROPERTY & CASUALTY

AXA Consolidated
(Euro million) Mediterranean & Latin American Region 6,754 6,754 899 871 9 13 892 360 491 19 19 0
France
Germany
Belgium
Switzerland
Other countries
Property & Casualty
Debt instruments Equity instruments (a) Non controlled investment funds available for sale Non controlled investment funds under fair value option Non controlled investment funds Trading Total non controlled investment funds Investment in real estate properties (b) Mortgage loans and other loans Other investments Assets allocated to UK with-profits contracts o/w debt instruments o/w equity investments and mutual funds o/w investment in real estate properties o/w loans
10,070 10,070 1,234 143 36 179
3,900 3,900 456 211 (3) 208 127 134 98 98 287
6,570 6,570 805 28 28 328 399 292 289 -
6,270 6,270 627 23 23 577 840 264 334 37
5,458 5,458 375 440 13 453 353 382 935 959 8
2,474 2,474 249 0 0 7 11 59 59 1
41,496 41,496 4,645 1,715 55 13 1,783 1,911 2,436 1,884 1,969 961
159 179 216 211 627
470 12,955 12,971 16
362 5,439 5,446 7
351 8,374 8,441 67
14 7,812 8,145 334
602 9,527 9,658 131
150 7,732 7,784 52
394 3,184 3,187 4
2,342 55,022 55,633 611
Unrealized capital gains and losses on assets at cost (A) (c)
Debt instruments Equity instruments (a) Non controlled investment funds available for sale Loans Total unrealized capital gains recorded through shareholders' equity (B) Total unrealized capital gains and losses (A) + (B) (a) Including investments in listed equities, participating interests, hedge funds and private equities. (b) Excluding unrealized gains and losses on assets held for sale. (c) Includes share of minority interests from consolidated real estate funds.
580 234 14 827 843
(61) 72 15 27 34
19 114 3 136 203
27 125 5 157 491
157 300 96 553 684
11 53 50 113 166
67 37 0 104 108
800 935 184 1,918 2,529
56

INVESTED ASSETS PROPERTY & CASUALTY
AXA Consolidated (Euro million) Mediterranean & Latin American Region 6,194 6,194 972 938 40 977 351 487 19 19 1 Financial Statements
France
Germany
Belgium
Switzerland
Other countries
Property & Casualty
Debt instruments Equity instruments (a) Non controlled investment funds available for sale Non controlled investment funds under fair value option Non controlled investment funds Trading Total non controlled investment funds Investment in real estate properties (c) Mortgage loans and other loans Other investments Assets allocated to UK with-profits contracts o/w debt instruments o/w equity investments and mutual funds o/w investment in real estate properties o/w loans
10,695 10,695 1,247 149 29 178
4,205 4,205 369 391 (2) 389 154 166 66 66 -
6,483 6,483 955 30 167 196 333 406 283 271 -
6,113 6,113 794 28 106 134 611 853 239 303 176
6,392 6,392 398 503 237 740 442 489 1,323 1,359 38
3,100 3,100 307 0 3 3 8 11 63 63 0
43,181 43,181 5,042 2,038 580 2,618 2,241 2,798 2,151 2,239 770
342 385 159 158 554
606 13,782 13,823 42
423 5,607 5,618 12
301 8,551 8,612 61
44 8,110 8,417 307
925 9,439 9,575 136
488 9,821 9,905 84
556 4,037 4,040 4
3,344 59,346 59,991 645
Unrealized capital gains and losses on assets at cost (A) (b)
503 293 29 825 867
87 69 34 190 201
15 145 4 164 225
38 199 13 250 557
165 364 117 647 783
153 40 68 261 344
78 48 0 125 129
1,039 1,158 265 2,461 3,106
57

INVESTED ASSETS INTERNATIONAL INSURANCE
Other countries
Debt instruments Equity instruments (a) Non controlled investment funds available for sale Non controlled investment funds under fair value option Non controlled investment funds Trading Total non controlled investment funds Investment in real estate properties (b) Mortgage loans and other loans Other investments Assets allocated to UK with-profits contracts o/w debt instruments o/w equity investments and mutual funds o/w investment in real estate properties o/w loans Assets backing contracts where the financial risk is borne by policyholders Cash and cash equivalents Invested assets Unrealized capital gains and losses on assets at cost (A) (c)
3,613 3,613 251 59 59
3,461 3,461 131 59 46 105 87 87 205 205 15
7,075 7,075 382 118 46 164 114 111 239 236 247
27 24 34 31 232
337 Carrying value Fair value 4,553 4,547 (6)
898 4,902 4,902 (0)
1,235 9,456 9,449 (6)
198 46 6 250 243
20 26 2 48 48
218 72 8 297 291
58

INVESTED ASSETS INTERNATIONAL INSURANCE
Other countries
Debt instruments Equity instruments (a) Non controlled investment funds available for sale Non controlled investment funds under fair value option Non controlled investment funds Trading Total non controlled investment funds Investment in real estate properties (c) Mortgage loans and other loans Other investments Assets allocated to UK with-profits contracts o/w debt instruments o/w equity investments and mutual funds o/w investment in real estate properties o/w loans Assets backing contracts where the financial risk is borne by policyholders Cash and cash equivalents Invested assets Unrealized capital gains and losses on assets at cost (A) (b)
4,009 4,009 276 137 137
3,647 3,647 94 51 51 83 83 22 22 10
7,656 7,656 370 188 188 108 107 55 53 170
26 25 32 31 160
173 Carrying value Fair value 4,813 4,810 (2)
1,099 5,006 5,006 -
1,272 9,819 9,816 (2)
203 66 7 275 273
71 22 3 96 96
274 88 10 371 369
59

NET UNREALIZED CAPITAL GAINS AND LOSSES
(Euro billion) AXA Consolidated Financial Statements
Net unrealized capital gains and losses on invested assets recorded through shareholders'equity of which debt instruments of which equity instruments Net unrealized capital gains and losses on invested assets not included in shareholders'equity (a) Net unrealized capital gains and losses on owner occupied properties Net unrealized capital gains and losses on held for sale assets TOTAL (a) Excluding unrealized gains and losses on banking loans.
4,691 1,733 2,740 2,335 141 86 7,252
6,186 3,187 3,101 2,541 160 155 9,042
60

ASSETS UNDER MANAGEMENT
Period ended December 31, 2009 (1) (2)
Breakdown as of Period ended N
Change since Period N-1
General account assets of which managed by AllianceBernstein of which managed by AXA Investment Managers of which managed by other AXA companies Life Insurance Separate Accounts of which managed by AllianceBernstein of which managed by AXA Investment Managers of which managed by other AXA companies Third Party of which managed by AllianceBernstein of which managed by AXA Investment Managers of which managed by other AXA companies Total of which managed by AllianceBernstein of which managed by AXA Investment Managers of which managed by other AXA companies
461 36 314 111 155 33 40 83 418 270 145 2 1,034 340 499 195
494 41 324 130 149 37 16 95 461 284 176 1 1,104 362 516 226
45%
7.2% 12.8% 3.2% 16.9%
14%
-4.1% 12.8% -59.3% 15.6%
42%
10.3% 5.0% 21.0% -57.6% 6.8% 6.6% 3.4% 15.7%
(1) Reclassification of AUM ANZ from "managed by AllianceBernstein" to "managed by other AXA companies" (GA: 4.4bn; UL: 1.7bn) (2) In order to improve the consolidated financial statements presentation consistency across segments, balances of receivables arising from banking operations disclosed so far in the "Other assets and receivables" aggregate have been reclassified to the "Investments from non- insurance activities" aggregate.
61

ASSET MANAGERS - AUM ROLLFORWARD
Institutional AllianceBernstein AUM as of Period ended N-1 Gross sales Redemptions Others Net sales Change in scope Market effect Currency impact AUM as of the end of the period AXA Investment Managers AUM as of Period ended N-1 Gross sales Redemptions Others Net sales Change in scope Market effect Currency impact AUM as of the end of the period Total (AllianceBernstein + AXA Investment Managers) AUM as of Period ended N-1 Gross sales Redemptions Others Net sales Change in scope Market effect Currency impact AUM as of the end of the period 618 78 (122) (12) (55) (3) 72 (2) 629 410 68 (82) (14) (1) 25 3 420 209 11 (40) (12) (41) 0 47 (6) 209
Retail
Private clients
Total
73 17 (19) (4) (6) (0) 20 (2) 84 75 14 (19) (5) (1) 6 2 79 148 31 (37) (4) (11) (1) 27 (0) 163
49 5 (6) (5) (5) (0) 9 (1) 52
331 33 (65) (21) (53) 77 (9) 346 485 82 (100) (18) (1) 31 5 499
49 5 (6) (5) (5) (0) 9 (1) 52
816 114 (165) (21) (71) (4) 108 (4) 845
62

ASSET MANAGERS - AUM ROLLFORWARD
Institutional AllianceBernstein AUM as of Period ended N-1 Gross sales Redemptions Others Net sales Change in scope Market effect Currency impact AUM as of the end of the period AXA Investment Managers AUM as of Period ended N-1 Gross sales Redemptions Others Net sales Change in scope Market effect Currency impact AUM as of the end of the period Total (AllianceBernstein + AXA Investment Managers) AUM as of Period ended N-1 Gross sales Redemptions Others Net sales Change in scope Market effect Currency impact AUM as of the end of the period 629 88 (133) 19 (26) (0) 35 40 678 420 73 (94) 26 4 18 26 468 209 14 (39) (6) (31) (0) 17 14 209
Retail
Private clients
Total
84 25 (24) (6) (6) 10 6 95 79 20 (21) (26) (27) 4 (8) 47 163 45 (45) (32) (33) 14 (3) 142
52 6 (4) (3) (1) 0 4 4 58
346 45 (68) (15) (38) 31 24 362 499 93 (115) (0) (23) 22 18 516
52 6 (4) (3) (1) 0 4 4 58
845 138 (183) (15) (61) 53 41 878
63

ASSET MANAGERS - AUM BREAKDOWN
Institutional
Retail
Private clients
Total
AllianceBernstein of which equity instruments of which debt instruments of which others AXA Investment Managers of which equity instruments of which debt instruments of which others Total (AllianceBernstein + AXA Investment Managers) of which equity instruments of which debt instruments of which others
209 112 85 12 420 114 248 58 629 226 333 70
84 43 28 14 79 26 34 19 163 69 62 32
52 30 22 0
346 185 135 26 499 140 282 77
52 30 22 0
845 325 417 103
64

ASSET MANAGERS - AUM BREAKDOWN
Institutional
Retail
Private clients
Total
AllianceBernstein of which equity instruments of which debt instruments of which others AXA Investment Managers of which equity instruments of which debt instruments of which others Total (AllianceBernstein + AXA Investment Managers) of which equity instruments of which debt instruments of which others
209 91 92 27 468 51 341 77 678 141 433 104
95 41 37 17 47 17 18 12 142 58 55 29
58 31 25 1
362 163 154 45 516 68 359 89
58 31 25 1
878 230 513 134
65

LIFE RESERVES ROLLFORWARD
GROSS OPENING RESERVES UNIT-LINKED RESERVES Total Life & Savings France United States United Kingdom Japan Germany Switzerland Belgium Mediterranean & Latin American Region Other Countries Australia & New Zealand (3) Hong Kong Central & Eastern Europe Others GENERAL ACCOUNT RESERVES Total Life & Savings France United States United Kingdom (excluding With Profits) United Kingdom With Profits Japan Germany Switzerland Belgium Mediterranean & Latin American Region Other Countries Australia & New Zealand Hong Kong Central & Eastern Europe (1) Others 132,452 18,997 49,892 41,016 3,199 1,455 825 1,701 8,917 6,450 2,932 1,261 1,867 390
Inflows (3)
Outflows (2) (3)
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
18,850 1,776 5,812 5,732 1,125 954 257 131 1,468 1,594 253 484 751 106
(14,269) (1,624) (4,307) (5,507) (147) (105) (126) (285) (1,399) (770) (342) (208) (164) (56)
(2,222) (250) 858 11 1 (2,843) (2,843) -
1,534 (1,635) 3,260 (119) 9 (2) 21 0 (49) 58 12
19,473 2,920 9,479 5,664 (244) (4) 60 171 740 686 340 216 129
155,818 21,820 60,100 50,177 3,815 2,300 1,024 1,719 9,726 5,137 1,829 2,727 581
(32) (30) (3) (0) (0) (0)
155,785 21,790 60,100 50,175 3,815 2,300 1,024 1,718 9,726 5,137 1,829 2,727 581
322,922 81,613 43,761 2,752 18,830 32,339 51,476 34,926 22,953 22,931 11,341 3,891 4,603 1,659 1,188
43,026 14,597 2,908 503 560 4,312 5,761 4,360 2,389 5,137 2,497 1,002 844 417 234
(38,960) (10,011) (4,387) (408) (1,889) (5,572) (5,676) (4,218) (1,522) (3,215) (2,064) (914) (453) (573) (124)
(4,504) 250 (858) 2,375 (2,055) (294) (10) 67 (3,979) (3,979) -
(292) (0) (1,031) 229 1,475 (1,163) 0 252 (0) (19) (35) 0 (127) 21 72
1,639 842 (2,221) 274 983 (580) 774 594 566 416 (9) (29) 13 8
323,831 87,291 38,171 5,725 17,905 29,336 52,042 35,914 24,377 25,317 7,752 4,838 1,536 1,377
(6,025) (892) (3,271) (816) (47) (56) (667) (28) 0 (75) (174) (3) (1) (170)
317,805 86,399 34,900 4,909 17,858 29,280 51,376 35,887 24,378 25,242 7,578 4,835 1,535 1,207
286,817 78,396 34,576 4,887 28,950 50,757 32,753 24,128 24,887 7,484 4,790 1,516 1,178
13,130 8,003 324 23 330 619 3,134 250 355 93 45 19 29
(1) Collected premiums from off B/S pension are restated in outflows to match with TOCF. (2) Outflows are presented net of policyholders' participation paid during the period. (3) Ewcludes -91 million of Mutual funds' net inflows and +21 billion Closing Mutual funds under management. In the net inflows of a few countries (mainly the US in FY09), certain products' classification is in line with reporting and differs from accounting classification.
66

LIFE RESERVES ROLLFORWARD
GROSS OPENING RESERVES UNIT-LINKED RESERVES Total Life & Savings France United States United Kingdom Japan Germany Switzerland Belgium Mediterranean & Latin American Region Other Countries Hong Kong Central & Eastern Europe Others GENERAL ACCOUNT RESERVES Total Life & Savings France United States United Kingdom (excluding With Profits) United Kingdom With Profits Japan Germany Switzerland Belgium Mediterranean & Latin American Region Other Countries Hong Kong Central & Eastern Europe (1) Others 155,818 21,820 60,100 50,177 3,815 2,300 1,024 1,719 9,726 5,137 1,829 2,727 581
Inflows (3)
Outflows (2) (3)
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
18,137 1,443 5,394 5,178 1,235 1,040 266 192 1,542 1,847 563 1,110 174
(15,624) (1,655) (5,363) (5,028) (251) (195) (182) (242) (2,045) (664) (307) (217) (140)
(37,958) (146) (37,812) (1) -
7,074 4,078 1,610 880 196 4 305 118 102 85
10,865 1,411 5,950 2,899 (210) (39) (28) 68 406 408 149 253 5
138,311 22,873 70,159 17,025 5,470 3,106 1,275 1,736 9,633 7,033 2,352 3,976 705
(263) (13) (250) (0) -
138,048 22,860 70,159 16,775 5,470 3,106 1,275 1,736 9,633 7,033 2,352 3,976 705
323,831 87,291 38,171 5,725 17,905 29,336 52,042 35,914 24,377 25,317 7,752 4,838 1,536 1,377
42,187 13,219 3,256 344 419 4,325 5,840 5,009 2,315 5,619 1,841 979 594 268
(36,059) (10,159) (4,426) (157) (1,305) (3,964) (5,696) (4,471) (1,478) (3,223) (1,179) (447) (586) (146)
(23,574) 172 (6,304) (17,419) 0 (24) 0 1 -
16,649 0 2,599 174 542 6,026 0 6,691 0 92 525 315 73 137
6,780 1,620 2,345 355 (142) (356) 1,202 618 722 376 40 42 (17) 15
329,814 92,143 41,945 138 35,367 53,365 43,761 25,936 28,181 8,979 5,726 1,601 1,651
(5,752) (1,133) (3,599) (77) (592) (32) (1) (80) (237) (17) (1) (219)
324,062 91,010 38,346 138 35,290 52,772 43,729 25,935 28,101 8,742 5,709 1,600 1,433
309,696 82,561 37,958 138 34,900 52,043 40,067 25,669 27,696 8,663 5,681 1,576 1,406
14,366 8,449 387 390 729 3,661 266 404 79 28 24 26
(1) Collected premiums from off B/S pension are restated in outflows to match with TOCF. (2) Outflows are presented net of policyholders' participation paid during the period. (3) TOCF differs from the reported number (8,423m) as it excludes Australia/New Zealand's contribution of -146m in UL and -71m in GA due to its classification as held for sale operation. In the net inflows of a few countries (mainly the US in FY10), certain products' classification is in line with reporting and differs from accounting classification.
67

INSURANCE RESERVES PROPERTY & CASUALTY AND INTERNATIONAL INSURANCE
Premiums reserves
Claims reserves TOTAL NET RESERVES TOTAL GROSS RESERVES
Gross
Reinsurance ceded
Net
Gross
Reinsurance ceded
Net
Total Property & Casualty France United Kingdom & Ireland Germany Belgium Mediterranean & Latin American Region Switzerland Other Countries Total International Insurance AXA Corporate Solutions Assurance Others of which AXA LM AXA Corporate Solutions Life Reinsurance Company
8,845 1,244 1,756 537 518 3,525 155 1,111 1,076 355 721 167 423
362 12 26 9 3 246 66 111 146 (35) 10 2
8,483 1,231 1,729 528 515 3,279 155 1,044 965 209 756 157 422
39,413 10,911 3,574 5,707 6,062 5,612 5,792 1,756 9,076 5,408 3,669 3,204 70
1,934 629 72 287 228 485 91 143 2,871 1,629 1,243 1,597 25
37,479 10,282 3,503 5,420 5,834 5,127 5,701 1,613 6,205 3,779 2,426 1,607 46
45,962 11,513 5,232 5,948 6,349 8,406 5,856 2,657 7,170 3,988 3,181 1,764 467
48,258 12,154 5,330 6,244 6,580 9,137 5,947 2,867 10,152 5,763 4,389 3,371 494
68

INSURANCE RESERVES PROPERTY & CASUALTY AND INTERNATIONAL INSURANCE
Premiums reserves
Claims reserves TOTAL NET RESERVES TOTAL GROSS RESERVES
Gross
Reinsurance ceded
Net
Gross
Reinsurance ceded
Net
Total Property & Casualty France United Kingdom & Ireland Germany Belgium Mediterranean & Latin American Region Switzerland Other Countries Total International Insurance AXA Corporate Solutions Assurance Others of which AXA LM AXA Corporate Solutions Life Reinsurance Company
9,478 1,274 1,850 541 518 3,706 180 1,408 1,005 343 662 128 412
399 14 20 9 2 251 101 121 141 (20) 5 2
9,080 1,260 1,830 532 516 3,455 180 1,307 884 202 683 124 410
41,097 11,335 3,685 5,841 5,905 5,301 6,824 2,205 9,135 5,621 3,514 2,948 61
1,721 518 59 266 207 437 68 167 2,860 1,707 1,153 1,424 33
39,375 10,817 3,626 5,575 5,698 4,865 6,756 2,038 6,274 3,914 2,360 1,523 28
48,455 12,077 5,456 6,107 6,215 8,320 6,936 3,345 7,159 4,116 3,043 1,647 438
50,575 12,610 5,535 6,383 6,424 9,007 7,004 3,613 10,140 5,964 4,176 3,076 473
69
RESERVES RATIOS (a) PROPERTY & CASUALTY

Net technical reserves / Net earned premiums
Net claims reserves / Net claims paid (b)
AXA Property & Casualty France Germany United Kingdom & Ireland Belgium Mediterranean & Latin American Region Switzerland Other Countries (a) Net of reinsurance (b) includes policyholder participation
187% 216% 177% 141% 306% 136% 272% 138%
185% 219% 184% 138% 303% 132% 272% 139%
235% 320% 265% 140% 410% 115% 442% 148%
236% 353% 266% 132% 399% 109% 459% 158%
70

IRR/Payback Life and Savings
NB IRR (%)
Payback Period (year)
New Business Investments (m) (a)
FY 2010
FY 2009
FY 2010
FY 2009
FY 2010
FY 2009
France United States United Kingdom Japan Germany Switzerland Belgium Mediterranean Region & Latin America Others countries Australia and NZ Central & Eastern Europe Asia excl. Japan Total Group (a) New Business strain + New Business required capital
8.4% 9.8% 8.4% 11.8% 8.4% 8.7% 8.5% 9.9% 23.5% 19.1% 10.9% 52.2% 10.9%
8.4% 8.9% 9.4% 12.3% 8.0% 8.5% 10.2% 10.4% 19.1% 12.2% 11.8% 42.6% 10.3%
9 10 10 9 10 11 12 8 10 5 9 3 9
10 9 8 8 11 11 12 7 6 6 9 2 9
(623) (311) (122) (199) (228) (102) (96) (243) (268) (57) (139) (71) (2,191)
(639) (512) (345) (207) (259) (79) (106) (217) (175) (45) (85) (44) (2,539)
71

Free Cash Flow Generation Life and Savings
Euro million, Group share

FY 2010 FY 2009
Expected inforce surplus generation
New business investments (a)
L&S normalized free cash flow generation
Expected inforce surplus generation
New business investments (a)
L&S normalized free cash flow generation
France United States United Kingdom Japan Germany Switzerland Belgium Mediterranean Region & Latin America Others countries Australia and NZ Central & Eastern Europe Asia excl. Japan All (a) New Business strain + New Business required capital
873 862 82 541 318 223 110 282 324 112 75 137 3,615
(623) (311) (122) (199) (228) (102) (96) (243) (268) (57) (139) (71) (2,191)
250 551 (39) 342 90 120 14 39 57 55 (64) 66 1,423
773 972 242 454 290 91 119 135 275 83 56 135 3,350
(639) (512) (345) (207) (259) (79) (106) (217) (175) (45) (85) (44) (2,539)
134 459 (102) 247 31 12 13 (82) 100 38 (29) 91 811
72

QUARTERLY NEW BUSINESS VALUE INDICATORS
(Euro million)
LIFE AND SAVINGS
Q1 2010 NBV France United States United Kingdom Japan Germany Switzerland Belgium MedLA Australia / New Zealand Hong Kong Central Eastern Europe South East Asia and China Total 38 29 8 67 29 55 4 22 9 22 11 16 311 APE 346 231 161 91 136 128 68 171 69 33 51 38 1,522 NBV Margin 11.0% 12.5% 5.0% 73.5% 21.7% 42.8% 6.5% 12.8% 12.6% 65.9% 21.3% 43.3% 20.4% NBV 41 34 7 83 21 29 5 23 12 29 10 18 311
Q2 2010 APE 335 274 134 131 111 51 55 151 84 38 58 41 1,464 NBV Margin 12.2% 12.4% 5.1% 63.3% 18.9% 55.9% 8.2% 15.1% 14.3% 74.6% 17.9% 45.2% 21.2% NBV 32 30 8 89 24 25 7 19 12 30 13 21 310
Q3 2010 APE 315 236 126 113 111 54 54 109 70 40 61 42 1,331 NBV Margin 10.2% 12.9% 6.3% 78.8% 22.0% 45.8% 12.7% 17.5% 16.5% 74.7% 21.8% 50.3% 23.3% NBV 48 29 6 115 21 16 7 27 12 34 22 21 358
Q4 2010 APE 388 245 124 130 106 49 42 121 60 48 104 46 1,464 NBV Margin 12.4% 11.8% 5.2% 88.6% 19.7% 32.4% 15.8% 22.5% 19.8% 70.6% 21.0% 45.8% 24.5% NBV 159 122 29 354 96 124 22 91 44 114 56 77 1,290
2010 APE 1,384 986 545 465 464 283 218 553 283 159 274 166 5,780 NBV Margin 11.5% 12.4% 5.4% 76.1% 20.6% 43.9% 10.2% 16.5% 15.6% 71.6% 20.6% 46.2% 22.3%

Q1 2009 NBV France United States United Kingdom Japan Germany Switzerland Belgium MedLA Australia / New Zealand Hong Kong Central Eastern Europe South East Asia and China Total 34 (16) 21 74 22 42 6 13 7 19 6 7 234 APE 387 327 228 126 132 123 52 101 56 30 28 15 1,604 NBV Margin 8.8% (5.0%) 9.3% 58.7% 16.9% 33.8% 11.7% 13.3% 12.2% 62.6% 21.0% 46.5% 14.6% NBV 33 22 28 74 12 16 8 19 10 19 7 13 262 Q2 2009 APE 389 249 265 128 86 47 55 119 74 30 40 25 1,507 NBV Margin 8.4% 9.0% 10.6% 58.2% 14.4% 33.0% 14.3% 16.2% 13.9% 64.2% 16.8% 51.4% 17.4% NBV 30 28 31 80 13 12 13 17 10 19 11 15 280 Q3 2009 APE 344 193 218 126 124 38 67 114 69 29 50 25 1,398 NBV Margin 8.8% 14.6% 14.1% 63.3% 10.1% 32.8% 18.9% 14.9% 14.9% 65.3% 22.1% 61.1% 20.0% NBV 48 38 17 101 16 15 15 30 10 21 10 15 337 Q4 2009 APE 481 224 216 152 128 47 90 163 71 34 50 23 1,679 NBV Margin 9.9% 17.0% 8.0% 66.7% 12.5% 31.7% 16.6% 18.2% 14.8% 63.5% 20.6% 65.0% 20.1% NBV 145 73 97 330 63 84 41 79 38 78 34 50 1,113 2009 APE 1,602 994 926 532 469 255 264 497 269 123 168 88 6,188 NBV Margin 9.0% 7.3% 10.5% 61.9% 13.5% 33.1% 15.7% 16.0% 14.0% 63.9% 20.2% 56.8% 18.0%
73

NEW BUSINESS VALUE (NBV) AND NBV MARGIN LIFE & SAVINGS - OTHER COUNTRIES
Annual Premium Equivalent FY 2010 Group share TOTAL France United States United Kingdom Japan Germany Switzerland Belgium MedLA Australia/New Zealand Hong Kong Central Eastern Europe South East Asia and China (a) Constant methodology, constant exchange rates, constant scope 5,780 1,384 986 545 465 464 283 218 553 283 159 274 166 6,188 1,602 994 926 532 469 255 264 497 269 123 168 88 FY 2009 reported basis
Change FY 2010 / FY 2009 comparable basis (a) ( 6.6%) ( 13.6%) ( 0.8%) ( 41.2%) ( 12.6%) ( 1.1%) 10.9% ( 17.2%) 11.1% 4.9% 29.8% 62.9% 87.8% (2.4%) (13.6%) (4.9%) 36.3% (18.0%) (1.1%) 2.2% (17.2%) 9.9% (13.9%) 24.8% 15.6% 58.0%
New Business Value & NBV Margin FY 2010 Group share NBV NBV margin % NBV NBV margin % FY 2009 reported basis NBV
Change FY 2010 / FY 2009 comparable basis (a) NBV comparable basis (a) NBV margin %
TOTAL France United States United Kingdom Japan Germany Switzerland Belgium MedLA Australia / New Zealand Hong Kong Central Eastern Europe South East Asia and China (a) Constant methodology, constant exchange rates and constant scope
1,290 159 122 29 354 96 124 22 91 44 114 56 77
22.3% 11.5% 12.4% 5.4% 76.1% 20.6% 43.9% 10.2% 16.5% 15.6% 71.6% 20.6% 46.2%
1,113 145 73 97 330 63 84 41 79 38 78 34 50
18.0% 9.0% 7.3% 10.5% 61.9% 13.5% 33.1% 15.7% 16.0% 14.0% 63.9% 20.2% 56.8%
15.9% 10.2% 68.6% (69.8%) 7.4% 51.5% 47.2% (46.1%) 14.9% 16.7% 45.5% 65.8% 52.7%
11.8% 10.2% 61.7% (57.9%) 0.7% 51.5% 35.7% (46.1%) 14.2% (4.0%) 39.9% 16.1% 29.1%
2.8 pts 2.5 pts 5.1 pts (12.0) pts 14.2 pts 7.2 pts 10.8 pts (5.5) pts 0.6 pts 1.6 pts 7.7 pts 0.1 pts (10.3) pts
74

AXA Financial Supplement 2010

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Full Year 2010 Earnings

February 17, 2011

FINANCIAL SUPPLEMENT - TABLE OF CONTENTS

Important notes for analysis of numbers

FY10 (Euro million) 67 0

FY10 (Euro million) Changes in scope Acquisitions

Closing FX rates 31/12/2009 31/12/2010

Average FX rates FY 2009 FY 2010

1.433 1.313 0.888 1.483 11.112 1.596 1.499 2.137 19.107

1.342 1.088 0.857 1.250 10.429 1.309 1.333 2.065 16.547

1.394 1.296 0.891 1.510 10.810 1.774 1.586 2.162 18.793

1.337 1.216 0.861 1.391 10.384 1.458 1.380 2.013 16.911

Exceptional and Discontinued operations

Integration and restructuring costs

Goodwill and related intangibles

Net realized capital gains attributable to shareholders

(105) (3) (84) (16) 1 (3) 10 32 26 7 (1) 1 1 5 0 5 (135) (202)

(1,646) (1,642) 1 51 (4) (52) (2) 6 (2) (1) 9 3 3 2 2 0 20 (1,616)

347 63 73 59 46 29 69 33 (24) (0) 1 0 27 (6) 5 7 20 13 (12) (1) 32 26 6 21 0 20 9 (226) 210

FROM ADJUSTED EARNINGS TO NET INCOME / IMPACT FROM CERTAIN OPERATIONS

Exceptional and discontinued operations

From Adjusted Earnings to Net Income

1,116 63 (206) (107) 149 (403)

(42) 131 224 (89) (9) (31)

(475) (202) (85) (60) (127)

(1,753) (1,616) (87) (76) 25

Life & Savings

Property & Casualty

Holdings & other companies

Life & Savings

Property & Casualty

Holdings & other companies

Total Life & Savings

Total Life & Savings

Australia & New Zealand

Central Eastern Europe

Total Other Countries Life

Australia & New Zealand

Central Eastern Europe

Total Other Countries Life

United Kingdom & Ireland

United Kingdom & Ireland

AXA Corporate Solutions Assurance

AXA Corporate Solutions Assurance

AXA Investment Managers

Total Asset Management

AXA Investment Managers

Total Asset Management

Other French Holdings

Total Holdings & Other Companies

1 1 56 56 (0) 57 13 (36) (23) 34 (0) 34 (6) 28 28 28

Other French Holdings

Total Holdings & Other Companies

1 1 16 16 16 1 (3) (2) 14 (0) 14 (5) 9 9 9

518 (0) 518

9,512 (0) 9,512

573 (0) 573

13,607 (0) 13,607

Central & Eastern Europe

Total Other Countries Life

141 21 12 (13) 161 161

16 344 67 28 1 62 518 (0) 518

Central & Eastern Europe