[AXA LOGO]
FINANCIAL
PROTECTION
PRESS RELEASE
JANUARY 27, 2005
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AXA CONSOLIDATED FULL YEAR 2004 REVENUES UP 1%
(2% ON A COMPARABLE BASIS) TO EURO 72.2 BILLION
STRONG RECOVERY IN LIFE & SAVINGS REVENUES IN 4Q04
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o LIFE & SAVINGS REVENUES INCREASED APPROXIMATELY 6% IN 4Q04, LEADING TO A 1%
GROWTH IN FULL YEAR 2004 TO EURO 47.1 BILLION, WITH FULL YEAR 2004
UNIT-LINKED SALES UP 14%. THE FULL YEAR REVENUE GROWTH WAS MAINLY SUPPORTED
BY CONTINUED STRONG PREMIUM INCREASE IN FRANCE (+9%) AND, AS ANTICIPATED, A
US RECOVERY IN 4Q04, WITH US 4Q04 REVENUES UP 6% COMPARED TO 4Q03 AND TO
3Q04.
o PROPERTY & CASUALTY REVENUES INCREASED BY 3% TO EURO 17.9 BILLION, WITH
PERSONAL AND COMMERCIAL LINES GROWING 4% AND 6%, RESPECTIVELY, AS THE GROUP
CONTINUED TO ATTRACT NEW CLIENTS AND FAVORABLE PRICING PERSISTED IN MOST
BUSINESS LINES. THIS WAS PARTLY OFFSET BY FURTHER RESTRUCTURING IN OTHER
LINES.
o ASSET MANAGEMENT REVENUES INCREASED BY 14% TO EURO 3.1 BILLION, BENEFITING
FROM HIGHER AVERAGE ASSETS UNDER MANAGEMENT (AUM) (+16% VERSUS FULL YEAR
2003), THE RESULT OF VERY STRONG 2004 NET INFLOWS (EURO 35 BILLION) AND
MARKET APPRECIATION.
o INTERNATIONAL INSURANCE REVENUES WERE EURO 3.4 BILLION, DECLINING BY 6% AS
AXA RE REDUCED ITS REVENUES BY 15%, IN LINE WITH ITS STRATEGIC
REPOSITIONING IMPLEMENTED IN 2002.
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Numbers herein have not been audited or adjusted for scope and currency changes.
Growth rates are on a comparable basis and, accordingly, have been adjusted for
changes in scope, accounting methods and currency.
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PARIS--AXA reported today consolidated revenues of Euro 72.2 billion for full
year 2004. On a comparable basis, revenues grew by 2% compared to full year
2003. On a reported basis, total revenues were up 1% from full year 2003 (Euro
71.6 billion), mainly driven by organic growth (revenues on a comparable basis
up Euro 1.3 billion, or +2%) and MONY's 2H04 revenues (Euro 1.0 billion impact,
or +1%), partly offset by the strength of the Euro versus other currencies (Euro
- -1.6 billion impact, or -2%).
"As expected, our competitive product offering and the expansion of the
distribution platform have contributed to our growth momentum in the fourth
quarter of 2004," said AXA Chief Executive Officer Henri de Castries.
"Our P&C and Asset Management revenues growth are in line with our long term
targets, and we are particularly pleased with the strong Asset Management net
inflows.
"Total revenues in our Life & Savings activities have returned to growth in the
fourth quarter of 2004, owing to continued strong performance in France,
Southern Europe and Japan, as well as to an anticipated recovery in the United
States and the United Kingdom. In addition, business mix continues to
significantly improve as reflected by the increased percentage of unit-linked
sales in our total revenues.
"The benefits of higher revenues within the context of improved margins will
become more apparent with the disclosure of our 2004 new business contribution
growth for Life & Savings operations which, we anticipate, should be higher than
the half year 2004 increase."
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Twelve months ended Change on a Contribution
(Euro million) December 31, December 31, Change comparable basis to Total
2004 2003 Revenues
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TOTAL 72 164 71 628 +0.7% +1.8% 100%
Life & Savings 47 063 46 799 +0.6% +1.0% 65%
Property & Casualty 17 852 17 098 +4.4% +3.4% 25%
International Insurance 3 371 3 972 -15.1% -6.4% 5%
Asset Management 3 087 2 922 +5.7% +13.9% 4%
Other Financial Services 791 836 -5.4% +5.5% 1%
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LIFE & SAVINGS: 65% OF CONSOLIDATED REVENUES
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LIFE & SAVINGS REVENUES INCREASED APPROXIMATELY 6% IN 4Q04, LEADING TO A 1%
GROWTH IN FULL YEAR 2004 TO EURO 47,063 MILLION. THIS FULL YEAR PERFORMANCE WAS
MAINLY SUPPORTED BY CONTINUED STRONG REVENUE INCREASE IN FRANCE (+9%) STEMMING
FROM A 58% SURGE IN INDIVIDUAL UNIT-LINKED PREMIUMS. REVENUES ALSO BENEFITED
FROM A US RECOVERY IN 4Q04, WITH US 4Q04 REVENUES UP 6% COMPARED TO 4Q03 AND TO
3Q04.
FULL YEAR 2004 UNIT-LINKED REVENUES INCREASED BY 14% TO REPRESENT 35% OF TOTAL
LIFE & SAVINGS REVENUES, MAINLY DRIVEN BY THE US, FRANCE AND THE UK.
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Twelve months ended Change on a
(Euro million) December 31, December 31, Change comparable
2004 2003 basis
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LIFE & SAVINGS 47 063 46 799 +0.6% +1.0%
.. France 11 893 10 882 +9.3% +9.3%
.. United States (a) 12 880 13 732 -6.2% -4.7%
.. United Kingdom 6 309 5 831 +8.2% +6.1%
.. Japan 5 526 6 078 -9.1% -6.8%
.. Germany 3 499 3 428 +2.1% +2.1%
.. Belgium (b) 2 203 2 050 +7.4% +3.3%
.. Southern Europe 1 364 1 182 +15.4% +15.4%
.. Other countries 3 389 3 615 -6.3% -4.5%
Of which Australia/New Zealand 1 496 1 697 -11.9% -14.4%
Of which Hong-Kong 751 791 -5.1% +5.1%
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(a) 2H04 revenues include Euro 980 million from MONY, which AXA Financial
acquired on July 8, 2004.
(b) Effective January 1, 2004, the minority interests of Assurances La Poste
have been bought out. Belgium full year 2003 Life & Savings revenues would
have been Euro 82 million higher if the minority buyout had been effective as
of January 1, 2003.
FRANCE: Revenues increased by 9% and APE(1) was up 14%, mainly resulting from a
surge in Individual unit-linked premiums and in Health. The individual savings
segment recorded a 58% growth in unit-linked premiums, compared with a 34%
increase for the overall market(2) , due to a strong focus on these products in
all sales networks, while general account premiums increased slightly (+1%).
Unit-linked premiums represented 21% of individual savings premiums versus 14%
last year. Sales in the new French retirement PERP product experienced a
promising start in 2004 as 140,000 accounts were opened, with AXA being one of
the market's top three players(2).
Group retirement premiums were up 13% due to new business with major companies
and renewals of contracts, reflecting AXA's favorable competitive position in
both unit-linked and non unit-linked markets. Life and Health premiums grew by
8%, reflecting a 15% growth in Health premiums, due to an increasing number of
contracts in individual Health as well as rate increases, and a 4% growth in
Life premiums.
UNITED STATES: Excluding the contribution of MONY, revenues for the fourth
quarter of 2004 increased by 6%, reflecting a 13% growth in Variable Annuity
("VA") sales and a 28% growth in first year life sales partially offset by lower
fixed annuity sales (-22%) and renewal life premiums (-2%).
Full year 2004 revenues were down 5% and APE was down 2%, as increases in First
Year Life premiums (+25%) and Institutional Separate Account premiums (+65%)
were more than offset by
- ----------
(1) Annual Premium Equivalent (APE) represents 100% of regular premiums plus 10%
of single premiums.
(2) Source: FFSA at the end of November 2004.
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a 10% decrease in VA premiums from a very high 2003 level . Compared to 2002,
2004 VA sales increased by 19% on a CAGR(3) basis.
MONY's 4Q04 revenues were up 20% compared to 3Q04, and included 14% from sales
of AXA-Equitable products, up from 8% in 3Q04.
UNITED KINGDOM: Total revenues increased by a strong 16% in 4Q04, leading to
revenues up 6% and APE up 3% in full year 2004. This was driven by continued
growth in sales of single premium unit-linked bonds (up 12%) and strong sales of
Group Pension regular premium business (up 32%), partly offset by decreased
Individual pension business (down 20%) reflecting the impact of actions taken in
2003 to improve profitability.
Since the beginning of 4Q04, significant distribution agreements have been
reached with Britannia Building Society, Millfield Group and THINC Destini, as
well as further agreements for the distribution of the new Protection offer with
Bankhall, Tenet Group and Sesame.
JAPAN: Revenues decreased by 7%, but were up 8% excluding the impact of group
pension transfers (Euro 217 million versus Euro 882 million last year) and
conversions (Euro 695 million versus Euro 822 million last year). This 8%
increase was driven by the 25% growth in Investment & Savings premiums,
reflecting strong individual annuity sales in the bancassurance channel which
benefited from new partnerships signed since August 2003, and by the 16% growth
of Health premiums fuelled by continuing focus of the salesforce on strong
margin Key6 products such as Medical Whole Life and Medical Riders. In November
2004, AXA Japan signed a partnership agreement with Bank of Tokyo-Mitsubishi for
the distribution of AXA Japan's newly launched US dollar-denominated individual
annuity certain product.
GERMANY: Revenues increased by 2%, driven by unit-linked Investment & Savings
premiums, which nearly doubled compared to last year, fuelled by strong new
business from the "Pensionskasse" (group pension fund product). Health revenues
increased by 14% due to higher regular premiums, following significant new
business inflows in 2003 and legal premium rate adjustments.
Life revenues, which represented half of Germany's revenues, were flat.
BELGIUM: Revenues increased by 3% and APE was up a strong 16%. Excluding a Euro
103 million non-recurring single premium contract in 1Q03, revenues were up 9%
driven by Individual business up 14%, fuelled by the Crest product and
unit-linked business (up 37% due primarily to structured funds), partly offset
by Group business down 11%. The decrease in Group business resulted from lower
single premiums, only partly compensated by higher regular premiums. 4Q04
revenues grew a strong 33%, as three successful structured funds were launched
during that quarter.
SOUTHERN EUROPE: Revenues increased by 15% driven by strong Investment & Savings
premium growth, both in unit-linked contracts (+35%), stemming from new
distribution agreements in Spain, and in non unit-linked contracts (+12%),
resulting from high single premium new business in Italy.
Life premiums were up 7% benefiting from the growth in the bancassurance channel
in Spain.
AUSTRALIA/NEW ZEALAND: Revenues were down 14%, due to product substitution into
the rapidly growing mutual fund business and the planned reduction in retirement
income business, following tactical price increases implemented during the
second half of 2003 to maximize profitability. These were partly offset by a 5%
increase in protection products.
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(3) Compounded Annual Growth Rate.
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Fees, the key growth area for the Australian market, increased 17% as a result
of fund growth in an improving market environment and increased sales through
wrap accounts and retail unit trusts.
Overall, APE was up 14%, due to the significant shift in business mix towards
mutual funds.
HONG-KONG: Revenues increased 5% and APE was up 14%. This increase was driven by
improved retention of inforce business, combined with new marketing and
productivity initiatives in the agency, advisor and broker channels.
PROPERTY & CASUALTY: 25% OF CONSOLIDATED REVENUES
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PROPERTY & CASUALTY REVENUES INCREASED BY 3% IN 2004 TO EURO 17,852 MILLION,
WITH PERSONAL AND COMMERCIAL LINES GROWING 4% AND 6%, RESPECTIVELY, AS THE GROUP
ATTRACTED NEW CLIENTS AND FAVORABLE PRICING PERSISTED IN MOST BUSINESS LINES.
THIS WAS PARTLY OFFSET BY FURTHER RESTRUCTURING IN OTHER LINES, PRIMARILY IN
GERMANY.
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Twelve months ended Change on a
(Euro million) December 31, December 31, Change comparable
2004 2003 basis
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PROPERTY & CASUALTY 17 852 17 098 +4.4% +3.4%
.. France 4 895 4 640 +5.5% +5.5%
.. Germany 2 796 2 847 -1.8% -1.8%
.. United Kingdom, including Ireland 4 469 4 222 +5.9% +4.0%
.. Belgium 1 430 1 405 +1.8% +1.6%
.. Southern Europe(a) 2 901 2 577 +12.6% +7.0%
.. Other countries 1 361 1 408 -3.3% -0.3%
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(a) In Spain, AXA Seguros purchased in January 2004 BBVA's 50% stake in Direct
Seguros. As a consequence, Direct Seguros is fully consolidated starting January
2004 (versus equity method accounting in 2003). Spain full year 2003 Property &
Casualty revenues would have been Euro 133 million higher if Direct Seguros had
been fully consolidated as of January 1, 2003.
PERSONAL LINES (59% OF THE P&C PREMIUMS) showed overall growth of 4%.
Motor revenues (+3%) improved in most countries, due to moderate tariff
increases and strong positive net inflows, especially in France (+154,000
policies), Germany (+139,000 policies), and Southern Europe (+159,000 policies).
As a result, motor revenues in France grew 5%, above estimated(4) market trend.
Motor revenues for UK, including Ireland, were down 18%, as a result of AXA's
continued underwriting discipline amidst softening market rates, the planned
reduction in UK Personal Direct prior to its sale to RAC in October 2004 and the
decrease in Ireland average premiums following rate reductions in 2003 and in
2004, reflecting an improved claims environment and risk selection.
Non-motor activities rose 5%, mainly driven by strong growth in the UK (+23%)
led by the increase in new business from Corporate Partners and intermediaries
in Personal Household and Creditor. France experienced strong positive net
inflows of 83,000 contracts in Household supported by the successful
introduction of segmented products.
COMMERCIAL LINES (34% OF THE P&C PREMIUMS) recorded growth of 6% due to
continued tariff increases in most business lines and strong new business in
non-motor. Growth was +9% at AXA France, with the main lines of business
registering increases in premiums above estimated(4) market trends.
- ----------
(4) Internal management estimates.
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Commercial motor revenues increased by 4%, mainly driven by Southern Europe's
renewals of fleet contracts, France's selective rate increases associated with
strict underwriting control, and Belgium's rate increases. Growth in commercial
non-motor revenues of 6% was due to successful tariff increases in most
countries, especially in property and liability in France, the UK, and Southern
Europe.
OTHER LINES (7% OF THE P&C PREMIUMS) decreased by 3% mainly driven by a sharp
decrease in Germany both in assumed business, in line with a reduction of share
in the Aviation pool and Atomic pool, and in foreign activities as they were
partly put in run-off.
INTERNATIONAL INSURANCE: 5% OF CONSOLIDATED REVENUES
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INTERNATIONAL INSURANCE REVENUES DECLINED BY 6% TO EURO 3,371 MILLION, MAINLY
DUE TO A 15% DECREASE IN REINSURANCE ACTIVITIES IN LINE WITH THE STRATEGIC
REPOSITIONING OF AXA RE IMPLEMENTED IN 2002.
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Twelve months ended December 31, December 31, Change Change on a
(Euro million) 2004 2003 comparable basis
- --------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL INSURANCE 3 371 3 972 -15.1% -6.4%
.. AXA RE(a) 1 056 1 913 -44.8% -14.9%
.. AXA Corporate Solutions Assurance(a) 1 506 1 550 -2.8% -3.0%
.. AXA Cessions 94 87 +7.2% +7.2%
.. AXA Assistance 475 408 +16.3% +16.4%
.. Other transnational activities(a) 240 14 NM -22.8%
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(a) In line with the legal restructuring of AXA RE and AXA Corporate Solutions
Assurance, all businesses related to US entities in run-off, formerly owned by
AXA Re, have been transferred to a new US holding company reported in "Other
transnational activities".
REINSURANCE: Revenues declined by 15% reflecting AXA RE's strategy, implemented
in 2002, aimed at reducing the portfolio risk exposure and exiting non-strategic
business lines. As a result, the decrease was mainly explained by lower non-life
gross written premiums (-15%) resulting from a sharp drop in Assumed Business
and some re-underwriting of the Marine account.
INSURANCE: As a result of its continuing strict underwriting guidelines, AXA
Corporate Solutions Assurance's revenues decreased by 3%, driven by lower
activity in Property (-19%) and the decrease in Marine business (-5%) partly
offset by a strong increase in Aviation (+20%) which was negatively impacted in
2003 by SARS and the Iraq war.
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ASSET MANAGEMENT: 4% OF CONSOLIDATED REVENUES
- ---------------------------------------------
ASSET MANAGEMENT REVENUES INCREASED BY 14% TO EURO 3,087 MILLION IN 2004,
BENEFITING FROM HIGHER AVERAGE AUM (+16%), THE RESULT OF VERY STRONG NET INFLOWS
(EURO 35 BILLION) AND MARKET APPRECIATION, PARTLY OFFSET BY THE DEPRECIATION OF
THE U.S. DOLLAR VERSUS THE EURO.
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Twelve months ended December 31, December 31, Change Change on a
(Euro million) 2004 2003 comparable basis
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ASSET MANAGEMENT 3 087 2 922 +5.7% +13.9%
.. Alliance Capital 2 312 2 311 +0.0% +10.0%
.. AXA Investment Managers(a) 776 611 +26.9% +28.6%
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(a) Excluding management and front-end fees collected by AXA Investment Managers
on behalf of external distributors, gross revenues increased 21% on a comparable
basis.
ALLIANCE CAPITAL: Revenues(5) were up 10% compared to 2003, driven by higher
average investment advisory fees from higher average AUM (+16%), higher
institutional research service fees (+13%) due to increased market share, and
higher performance fees (+13%), partly offset by lower fees on US long-term
open-end retail mutual funds.
AUM increased by Euro 19 billion from year-end 2003 to Euro 395 billion at
year-end 2004, mainly driven by positive market impact (Euro 46 billion), net
positive inflows (Euro 5 billion, of which cash management outflows of Euro -2
billion and net inflows from AXA insurance affiliates of approximately Euro 6
billion) and negative exchange rate impact (Euro -32 billion).
AXA INVESTMENT MANAGERS: Revenues(5) increased by 29%, while gross revenues,
excluding management and front-end fees collected on behalf of external
distributors, increased by 21%, due to a combination of higher average AUM
(+17%) and favorable product mix shift.
AUM increased by Euro 54 billion from year-end 2003 to Euro 346 billion at
year-end 2004 largely driven by Euro 30 billion of net inflows, mainly from
third party clients (Euro 23 billion net inflows, i.e., a 39% growth on year-end
2003 third party AUM of Euro 58 billion). AUM also benefited from a Euro 24
billion favorable market impact, partly offset by a Euro -2 billion unfavorable
foreign exchange rate impact.
* * *
*
ABOUT AXA
AXA Group is a worldwide leader in Financial Protection. AXA's operations are
diverse geographically, with major operations in Western Europe, North America
and the Asia/Pacific area. AXA had Euro 827 billion in assets under management
as of June 30, 2004, and reported total revenues of Euro 37 billion and
underlying earnings of Euro 1,436 million for first half 2004. Total revenues
for full year 2004 were Euro 72 billion. The AXA ordinary share is listed and
trades under the symbol AXA on the Paris Stock Exchange. The AXA American
Depositary Share is also listed on the NYSE under the ticker symbol AXA.
* * *
*
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(5) Net of inter-company transactions.
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AXA INVESTOR RELATIONS: AXA MEDIA RELATIONS:
- ---------------------- -------------------
Matthieu Andre: +33.1.40.75.46.85 Christophe Dufraux: +33.1.40.75.46.74
Caroline Portel: +33.1.40.75.49.84 Clara Rodrigo: +33.1.40.75.47.22
Sophie Bourlanges: +33.1.40.75.56.07 Rebecca Le Rouzic: +33.1.40.75.97.35
Kevin Molloy: +1.212.314.28.93 Mary Taylor: +1.212.314.58.45
Marie-Flore Bachelier: +33.1.40.75.49.45
IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING
STATEMENTS
Certain statements contained herein are forward-looking statements including,
but not limited to, statements that are predictions of or indicate future
events, trends, plans or objectives. These statements speak only as of the date
of the particular statement. These statements are not historical facts but
instead represent our belief regarding future events many of which are
inherently uncertain and outside of our control. Undue reliance should not be
placed on such statements because, by their nature, they are subject to known
and unknown risks and uncertainties and can be affected by other factors that
could cause actual results and AXA's plans and objectives to differ materially
from those expressed or implied in such forward-looking statements (or from past
results). These risks and uncertainties include, without limitation, risks
related to AXA's business such as the risk of future catastrophic events,
including possible future terrorist related incidents, economic and market
developments, regulatory actions and developments, and litigation and other
legal proceedings. Please refer to AXA's Annual Report on Form 20-F and AXA's
Document de Reference for the year ended December 31, 2003, for a description of
certain important factors, risks and uncertainties that could affect AXA's
business. AXA does not undertake nor intends to undertake any obligation to (and
expressly disclaims any such obligation to) publicly update or revise any of
these forward-looking statements, whether to reflect new information, future
events or circumstances, or otherwise.
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APPENDIX 1
LIFE & SAVINGS - UL, GENERAL ACCOUNT, HEALTH AND OTHER REVENUES - FULL YEAR 2004
--------------------------------- -----------------------------------------------------------
Gross Change on Gross Written Premiums
Revenues comparable ------------------------------------------- Other
In million euros 2004 basis UL Non-UL Health Revenues*
--------------------------------- -----------------------------------------------------------
----------------------------- --------------------------------- -----------------------------------------------------------
France 11 893 + 9.3% 1 840 8 406 1 647
United States 12 880 - 4.7% 7 957 4 127 143 653
United Kingdom 6 309 + 6.1% 4 598 1 711
Japan 5 526 - 6.8% 84 4 039 1 404
Germany 3 499 + 2.1% 313 2 292 893
Belgium 2 203 + 3.3% 273 1 930
Southern Europe 1 364 + 15.4% 281 1 083
The Netherlands 802 + 5.6% 260 273 262 7
Australia/New-Zealand 1 496 - 14.4% 487 716 138 155
Hong-Kong 751 + 5.1% 150 570 29 1
Others 340 - 0.3% 69 254 12 5
----------------------------- --------------------------------- -----------------------------------------------------------
TOTAL 47 063 + 1.0% 16 313 25 400 4 529 821
-------------------------------
% UL
in Gross Revenues
-------------------------------
In million euros 2004 (a) 2003
-------------------------------
----------------------------- -------------------------------
France 15% 12%
United States 62% 56%
United Kingdom 73% 72%
Japan 2% 1%
Germany 9% 7%
Belgium 12% 9%
Southern Europe 21% 18%
The Netherlands 32% 32%
Australia/New-Zealand 33% 34%
Hong-Kong 20% 16%
Others 20% 20%
----------------------------- -------------------------------
TOTAL 35% 32%
* Other revenues include all non-insurance business (fees received from
servicing business and fees on the sale of mutual funds).
(a) Using 2003 exchange rates, 2004 unit-linked products would also represent
approximately 35% of total gross revenues compared to 32% in 2003.
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APPENDIX 2
LIFE & SAVINGS - SPLIT BY BUSINESS LINES - FULL YEAR 2004
-------------------------------------------------------------------------------------------
LIFE & SAVINGS Investment & Savings Life Health
-------------------------------------------------------------------------------------------
in % Contribution Change ** Contribution Change ** Contribution Change **
-------------------------------------------------------------------------------------------
- -------------------------------- -------------------------------------------------------------------------------------------
France 67% + 10% 19% + 4% 14% + 15%
United States 74% - 9% 16% 0% 1% - 5%
United Kingdom 87% + 5% 13% + 15%
Japan (a) 33% - 15% 41% - 13% 25% + 21%
Germany 20% + 6% 48% - 0% 26% + 14%
Belgium (b) 71% + 9% 11% - 3%
Southern Europe 86% + 17% 14% + 7%
The Netherlands 40% + 18% 27% + 3% 33% -5%
Australia/New Zealand 61% - 24% 19% + 5% 9% + 4%
Hong Kong 26% + 7% 68% + 3% 4% + 28%
Others 36% - 4% 48% + 2% 10% + 6%
- -------------------------------- -------------------------------------------------------------------------------------------
TOTAL 63% - 1% 23% - 1% 10% + 14%
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LIFE & SAVINGS Other premiums Other revenues *
------------------------------------------------------------
in % Contribution Change ** Contribution Change **
------------------------------------------------------------
- -------------------------------- ------------------------------------------------------------
France
United States 5% + 51% 4% + 30%
United Kingdom
Japan (a)
Germany 6% - 25%
Belgium (b) 17% - 11%
Southern Europe
The Netherlands 1% + 9%
Australia/New Zealand 10% + 17%
Hong Kong 2% + 9%
Others 5% - 4% 1% + 81%
- -------------------------------- ------------------------------------------------------------
TOTAL 3% + 10% 1% + 27%
* Other revenues include fees received from servicing and advisory business and
fees on the sales of Mutual Funds (non-insurance business).
** On a comparable basis.
(a) Japan gross revenues include group pension business.
(b) Other premiums for Belgium include Group investment & savings and life
premiums (split unavailable).
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APPENDIX 3
LIFE & SAVINGS - ANNUAL PREMIUM EQUIVALENT FOR 11 COUNTRIES - FULL YEAR 2004
100% BASIS (INCLUDING MINORITY INTERESTS)
--------------------------------------------------------------------------
in million euros APE APE Change Change on
2004 2003 comparable basis
-------------------------------------------------------------------------
- ------------------------------------------ -------------------------------------------------------------------------
France 1 033 910 + 14% + 14%
United States (a) 1 559 1 499 + 4% - 2%
United Kingdom 715 681 + 5% + 3%
Japan 509 485 + 5% + 8%
Germany (incl. Health) 464 529 - 12% - 12%
Belgium (b) 189 155 + 22% + 16%
Southern Europe 123 109 + 13% + 13%
Australia / New Zealand 368 314 + 17% + 14%
Hong Kong 121 118 + 3% + 14%
- ------------------------------------------ -------------------------------------------------------------------------
TOTAL (11 COUNTRIES) 5 081 4 799 + 6% + 4%
- ------------------------------------------ -------------------------------------------------------------------------
(a) 2004 APE include Euro 220 million from MONY, which AXA Financial acquired on
July 8, 2004.
(b) Effective January 1, 2004, the minority interests of Assurances La Poste
have been bought out. Belgium 2003 APE would have been Euro 8 million higher if
the minority buyout had been effective as of January 1, 2003.
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APPENDIX 4
PROPERTY & CASUALTY - SPLIT BY BUSINESS LINES - FULL YEAR 2004
--------------------------------------------------------------------------------------
Personal Personal Commercial
Motor Non-Motor Motor
--------------------------------------------------------------------------------------
% Gross Change on % Gross Change on % Gross Change on
Revenues comp. basis Revenues comp. Basis Revenues comp. Basis
--------------------------------------------------------------------------------------
- ---------------------------- --------------------------------------------------------------------------------------
France 34% + 5% 29% + 2% 8% + 5%
Germany 32% + 5% 32% - 3% 3% - 3%
Belgium 36% + 2% 26% 0% 6% + 6%
United Kingdom (a) 14% - 18% 23% + 21% 8% + 1%
Southern Europe 56% + 5% 20% + 6% 6% + 22%
Canada 38% - 3% 16% - 11% 9% + 5%
The Netherlands 17% - 12% 17% - 10% 38% - 11%
Others 56% + 33% 24% + 8% 1%
- ---------------------------- --------------------------------------------------------------------------------------
TOTAL 34% + 3% 25% +5% 7% +4%
----------------------------------------------------------
Commercial Other
Non-Motor lines
----------------------------------------------------------
% Gross Change on % Gross Change on
Revenues comp. basis Revenues comp. basis
----------------------------------------------------------
- ---------------------------- ----------------------------------------------------------
France 29% + 10%
Germany 25% + 1% 8% - 24%
Belgium 30% + 1% 1% + 24%
United Kingdom (a) 30% + 7% 25% + 4%
Southern Europe 18% + 14% 0% - 34%
Canada 37% + 9%
The Netherlands 31% - 15% - 3%
Others 18% - 3% 1% - 14%
- ---------------------------- ----------------------------------------------------------
TOTAL 27% + 6% 7% - 3%
(a) Including Ireland
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