Axa Financial 8-K Results of Operations and Financial Condition

AXA Financial, Inc.
Reconciliation of AXA US Life & Savings Contribution to AXA Group IFRS Revenues
with Consolidated AXA Financial, Inc. Premiums under USGAAP
(in millions)
					Twelve Months Ended December 31,
					2008	2009
Contribution to IFRS Gross Revenues per AXA Press Release				in Euro
			Gross Premiums		13,027	8,717
			Other Revenues (A)		728	667
					13,755	9,384
			Average exchange rate   US$1.00 =		0.67998	0.71712
				in USD	20,229	13,086
Reconciling items:
			Less:  Other Revenues (A)		(1,071)	(931)
			Less:  Deposits from Universal life and investment-type product policy fee income (B)		(17,145)	(10,162)
			Less:  Reinsurance ceded premiums  (C)		(519)	(528)
			Add:   Others (D)		28	26
			Total Reconciling items		(18,707)	(11,595)
Consolidated AXA Financial, Inc. US GAAP Premiums					1,522	1,491
	(A)	Represents fees received from servicing and advisory business, and fees on the sales of Mutual Funds reported within Commissions, Fees & Other Income in the US GAAP Statement of Earnings
	(B)	Reflected as an increase to Policyholder Account Balances in the US GAAP Balance Sheet
	(C)	Reflected as a reduction to Premiums in the US GAAP Statement of Earnings
	(D)	Represents Pension fee income and Reinsurance Assumed Premiums that are excluded from premiums for IFRS reporting

	AXA Financial, Inc.
Reconciliation of the Contribution to IFRS Underlying Earnings, Adjusted Earnings and Net Income, Group Share
	to AXA Financial's USGAAP Net Earnings
	(in millions)
			12 Months Ended December 31,
			2008	2009
Contribution to IFRS Underlying Earnings		in Euro
	US Life & Savings		(225)	545
	Asset Management		318	185
	AXA Financial Holding Company		(88)	(99)
Total Contribution to IFRS Underlying Earnings		in Euro	5	631
	Net realized capital gains attributable to shareholders		(153)	(16)
Total Contribution to IFRS Adjusted Earnings		in Euro	(148)	615
	Profit or loss on financial assets (under Fair Value option) and derivatives		33	(541)
	Exceptional operations and discontinued operations		(21)	-
	Goodwill and related intangibles		(7)	(1)
Total Contribution to IFRS Net Income, Group Share		in Euro	(143)	73
	Average exchange rate	US$1.00 =	0.67998	0.71712
		in USD	(211)	102
Reconciling items:
(A)	GMIB/DB Reserves & Reinsurance Asset		5,152	(3,573)
(B)	Investment income & capital gains (losses)		(8)	(38)
(C)	Amortization of goodwill & other intangible assets		(25)	(24)
(D)	Employee Benefits Plan - Fresh Start, net of DAC capitalization		(55)	(69)
(E)	Employee stock based compensation		(5)	(10)
(F)	Other Reserve adjustment - including  SOP 03-01		12	(9)
(G)	Amortization of DAC & VOBA		(1,275)	617
(H)	Tax on sale of Alliance units		56	11
(I)	Other		(56)	(129)
Total Reconciling items			3,796	(3,224)
Consolidated US GAAP Net Earnings			$     3,585	$      (3,122)
(A)	Reflects the accounting for reinsurance contracts ceding variable annuity Guaranted Minimum Income Benefit ('GMIB') features as derivative contracts at fair value under USGAAP vs. ceded reinsurance reserves under IFRS; and insurance reserves for Guaranteed Minimum Death Benefit ("GMDB") and GMIB features subject to economic hedging programs on an SOP 03-1 basis under USGAAP vs. remeasurement to reflect current market conditions under IFRS.
(B)	Primarily reflects different accounting methodologies  for impairments under IFRS and USGAAP.
(C)	Reflects amortization of acquisition related intangible assets in USGAAP on acquisitions prior to adoption of IFRS.
(D)	Represents impact of IFRS initial implementation "fresh start" adjustment to eliminate the portion of employee benefit liabilities related to deferred actuarial gains and losses, which has resulted in a reduction of ongoing IFRS employee benefit expenses compared to USGAAP over the period in which those deferred gains and losses would otherwise have been amortized.  2008 includes the IFRS impacts of modifications made to the MONY Benefit Plans, which are recognized as a curtailment gain for IFRS but are deferred for USGAAP purposes.
(E)	Primarily reflects different accounting methodologies for share based awards under IFRS and USGAAP.
(F)	Represents adjustment of MVA liabilities from the IFRS basis accrued account balance (with interest rate floors reflected on a contract-by-contract basis) to the USGAAP basis (which considers the impact of interest rate floors on a block of business basis) and adjustments to the liability related to group pension contracts.
(G)	Represents DAC and VOBA reactivity to other IFRS adjustments.
(H)	Represents different accounting methodologies related to the tax expense associated with the sale of AllianceBernstein units.
(I)	Other primarily represents operations assumed on behalf of AXA Japan, Minority Interest in AllianceBernstein owned by AXA Companies and different effective tax rates under IFRS and USGAAP.