[AXA FINANCIAL GRAPHIC OMITTED]

           FOR IMMEDIATE RELEASE 1/31/01 AT 1:30 AM EST, 7:30 AM PARIS



              AXA FINANCIAL ANNOUNCES FOURTH QUARTER NON-RECURRING
                          NET GAIN OF $1.74 BILLION AND
               COMPLETES THE SALE OF SHARES OF CREDIT SUISSE GROUP

NEW YORK -- AXA Financial said today that fourth quarter net income would
include a number of items totaling a net gain of $1.74 billion after tax,
related to the sale of Donaldson, Lufkin & Jenrette (DLJ), and AXA's acquisition
of the publicly held shares of AXA Financial as a result of which AXA Financial
became a wholly owned subsidiary of AXA. This net gain will be included in AXA
Financial's fourth quarter and full year earnings release on February 12.

AXA Financial also announced that it had completed the sale of all of the
approximately 25 million shares of Credit Suisse Group stock, received from the
sale of DLJ to Credit Suisse on November 3, 2000.

Regarding the sale of the Credit Suisse Group shares, Vice Chairman and Chief
Financial Officer Stan Tulin said: "As we stated at the time of the transaction,
we viewed these holdings as non-strategic and we intended to liquidate these
shares opportunistically over time. We are pleased that we were able to do it so
quickly."

The three major items recorded in the quarter were:

o    An after-tax gain of $2.62 billion, net of costs and other items, related
     to the sale of Donaldson, Lufkin & Jenrette, which was completed on
     November 3, 2000. This transaction eliminates both capital risk and
     earnings volatility associated with DLJ's business and increases AXA
     Financial's focus on retail financial services.

o    An after-tax cost of approximately $550 million in connection with AXA's
     purchase of all the publicly held shares of AXA Financial, primarily
     related to outstanding AXA Financial stock options.





o    An after-tax investment loss of $329 million primarily from write-downs on
     its high yield bond portfolio as a result of broad weakness in credit
     markets from a slowing economy, coupled with a review of investment
     strategy following AXA's purchase of the publicly held shares of AXA
     Financial. This effectively marks to market the bond portfolio and will
     provide AXA Financial with additional flexibility to pursue a future
     investment strategy focused on total return as well as current yield.

AXA prepares its consolidated financial statements in accordance with French
GAAP. Consequently, the effect of these transactions on AXA's consolidated
financial statements will be significantly different from those recorded by AXA
Financial due to differences related to French GAAP and as a result of AXA's 60%
ownership interest in AXA Financial for most of the fourth quarter.

Conference Call and Audio Webcast
AXA Financial will host a live conference call on Wednesday, Jan. 31, from Paris
at 9:00 am Paris time (3:00 am New York time).
o    Investors, excluding U.S. and U.K., should dial 44 20 8781 0598.
o    U.S. investors should dial (303) 267-1000.
o    U.K. investors should call 020 8781 0598.
Wait for an operator then reference the AXA Financial conference call. Please
call 15 minutes before the live event to ensure you will be connected.

The call will also be available live and for 60 days after the event through AXA
Financial's Web site at www.axa-financial.com.

A replay of the call will be available until Tuesday, Feb. 6, after the live
conference.
o    Investors, excluding U.S. and U.K., should dial 44 20 8288 4459; access
     code--648982.
o    U.S. investors should dial (303) 804-1855; access code--920120.
o    U.K. investors should call 020 8288 4459; access code--648982.


About AXA Financial
AXA Financial, Inc., with approximately $503 billion in assets under management*
as of September 30, 2000, is one of the world's premier





financial service organizations through its strong brands: The Equitable Life
Assurance Society, AXA Advisors, Equitable Distributors, Alliance Capital
Management and Sanford C. Bernstein. AXA Financial is a wholly owned subsidiary
and a member of the global AXA Group. AXA has operations in approximately 60
countries and has approximately 894 billion Euros in assets under management* as
of June 30, 2000 and reported revenues of about **51 billion Euros for the nine
months ended September 30, 2000. *AXA Financial AUM include Sanford C. Bernstein
and exclude DLJ. AXA AUM include Sanford C. Bernstein and Nippon Dantai, but
exclude DLJ. **Excludes DLJ and Sanford C. Bernstein.

Investor Contact:  Greg Wilcox, AXA
                   212-314-4040
                   Caroline Portel, AXA
                   212-314-6182
                   Matthieu Andre, AXA
                   212-314-4889
                   Anne-Karin Durante, AXA
                   011.33.1.40.75.57.91
                   Rebecca Antoniou, AXA
                   011.33.1.40.75.49.05

Media Contact:     Barbara Wilkoc, AXA Financial
                   212-314-3740
                   Christophe Dufraux, AXA
                   011.33.1.40.75.46.74