Exhibit 99.1
[AXA FINANCIAL PROTECTION LOGO]
PRESS RELEASE
July 28, 2005
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HALF YEAR 2005 ACTIVITY INDICATORS:
PROFITABLE GROWTH GAINING MOMENTUM IN ALL BUSINESSES:
- Life & Savings new business value up 20%
- P&C revenues up 3%
- Asset Management revenues up 6%
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o Life & Savings New Business Value (NBV) was up 20% to Euro 443 million,
mainly driven by France, the US, Japan and Southern Europe. As a result,
margin on new business increased to 17.6% (or 18.5% on a comparable basis)
from 16.4% in first half 2004.
o Life & Savings New Business APE(1) increased by 6% to Euro 2,515 million,
mainly driven by strong sales in France, Southern Europe, Belgium, the
United Kingdom, and Hong-Kong. Unit-linked APE increased by 14% to
represent 45% of total Life & Savings APE.
o Property & Casualty revenues increased by 3% to Euro 10,314 million.
Personal lines were up 4% and commercial lines were up 2%, benefiting from
a resilient pricing environment and moderate portfolio growth. Other lines
increased 2%, driven by UK Health.
o International Insurance revenues increased by 11% to Euro 2,501 million,
with AXA RE up 15%, due to the non-recurrence of some 2004 negative premium
adjustments and to European and Asian expansion in line with AXA RE's
objective to improve geographical diversification, and AXA Corporate
Solutions Assurance up 9%, driven by Marine, Aviation and Construction.
o Asset Management revenues increased by 6% to Euro 1,550 million driven by
higher average Assets Under Management (AUM) (+14% compared to 1H04) as a
result of favorable market conditions since June 2004 and strong net
inflows. In 1H05, Asset Management net inflows, excluding Alliance Capital
Cash Management Services, amounted to Euro 16 billion.
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(1) Annual Premium Equivalent (APE) represents 100% of new business regular
premiums plus 10% of new business single premiums. APE is Group share.
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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.
APE, PVEP, NBC and NBV are non-GAAP measures. Management uses these measures as
key indicators of performance in assessing AXA's Life & Savings business and
believes that the presentation of these measures provides useful and important
information to shareholders and investors. IFRS revenues are available in
Appendix 5 of this release.
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"The evolution of our activity indicators in first half 2005 fits well into our
profitable growth strategy," said AXA Chief Executive Officer Henri de Castries.
"For instance, the increase in our Life & Savings new business margin stems from
higher volume together with product mix improvement.
"The growth of our Property & Casualty revenues is in line with our long-term
objectives and illustrates the continued underwriting discipline of the Group.
This growth should result in increased profitability.
"The Euro 16 billion long-term net inflows in Asset Management demonstrate
ongoing strong momentum in AXA Investment Managers' third party activity and
Alliance Capital's private client business.
"Our first half 2005 performance comforts our long-term growth targets."
Six months ended Change on a
(Euro million, except when otherwise noted) June 30, 2005 June 30, 2004 Change comparable basis
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Life & Savings, group share
APE 2 515 2 269 +10.8% +6.5%
PVEP(2) 20 813 18 550 +12.2% +7.9%
NBC 529 452 +17.0% +17.2%
NBV 443 372 +19.0% +20.1%
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Property & Casualty revenues 10 314 9 794 +5.3% +2.9%
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International Insurance revenues 2 501 2 284 +9.5% +10.6%
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Asset Management
Revenues 1 550 1 518 +2.2% +5.7%
Net inflows (Euro billion):
- excluding AC cash management(3) 16 6
- including AC cash management -7 6
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(2) PVEP = Present Value of Expected Premiums, which will be a new volume
indicator under EEV principles.
(3) Alliance Capital's Cash Management Services have been sold to Federated
Investors.
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LIFE & SAVINGS:
Life & Savings new business APE increased by 6% to Euro 2,515 million, mainly
driven by strong sales in France, Southern Europe, Belgium, the United Kingdom,
and Hong-Kong.
Unit-linked APE increased by 14% to represent 45% of total Life & Savings APE,
compared to 43% in the first half of 2004.
The US continued to benefit from the MONY acquisition, with APE up 21% on a
reported basis. On a comparable basis, the US growth in Life and Variable
Annuity businesses was partly offset by the voluntary cautious stance on Fixed
Annuity. Germany was hurt by the very weak environment following year-end 2004
life business related to clients taking advantage of the more favorable
regulation in force in 2004.
New Business Value (NBV) was up 20% to Euro 443 million, mainly driven by
France, the US, Japan and Southern Europe, as a result of higher volume, product
mix improvement and the extension of the hedging strategy in the US. As a
result, NBV to APE margin increased to 17.6% (or 18.5% on a comparable basis)
from 16.4% in first half 2004.
Annual Premium Equivalent,
Group share (Euro million) Change on a
Six months ended June 30, 2005 June 30, 2004 Change comparable basis
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Life & Savings 2 515 2 269 +10.8% +6.5%
France 581 539 +7.8% +7.8%
United States 829 687 +20.7% +3.5%
United Kingdom 381 339 +12.3% +14.4%
Japan 258 252 +2.5% +6.5%
Germany 132 163 -19.0% -19.0%
Benelux 137 116 +18.5% +18.5%
Southern Europe 71 52 +36.4% +36.4%
Australia/New Zealand 95 92 +2.3% +2.5%
Hong-Kong 32 29 +7.8% +13.2%
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France APE increased by 8% with an increased focus on profitability. Investment
& Savings APE was up 13%, reflecting strong growth in individual unit-linked
premiums (up 39% to represent 28% of individual Investment & Savings APE).
Growth in individual Investment & Savings was partly offset by Group business,
which was impacted by strict underwriting and the non-recurrence of some large
premiums in the first half of 2004.
In the United States and excluding the contribution of MONY, APE increased by 3%
primarily driven by Life APE (up 9%) and Variable Annuity APE (up 5%), partly
offset by a 45% decline in Fixed Annuity APE, as, in the current interest rate
environment, this product does not match Group profitability targets.
In the second quarter of 2005, MONY's revenues included 21% of AXA-Equitable
products, up from 15% in the first quarter. And going forward, MONY product mix
should benefit from the fact that MONY and AXA retail distribution networks were
merged at the beginning of June 2005.
In the United Kingdom, APE was up 14% driven by strong sales in the IFA channel
(+24%). Unit-linked products experienced strong sales (+21%) due to increased
volume of Onshore & Offshore Bonds and Group Pension products.
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Japan APE increased by 7%, with individual business APE up 4%, driven by Term
Life products and riders (following the launch of new products in October 2004
and March 2005), and Group Life APE up 164%, thanks to the New Mutual Aid
product. After a slow start in 1Q05 Japan APE grew strongly during the second
quarter with new business APE increasing by 10% as a result of new product
launch and improved productivity in the AXA Advisors channel.
Germany APE was down 19%, or down 49% excluding year-end 2004-related backlog,
as non unit-linked activity was weak following the new business surge at the end
of 2004 in anticipation of the 2005 change in tax regulation. The Health market
was negatively impacted by higher social contribution limits, which mean that
employees now need a higher income to switch from legal health insurance to
private health insurance.
Benelux APE grew 19% driven by Belgium up 26%, mainly due to the continuing
strong activity on structured unit-linked products, such as the
open-architecture product Millesimo, and strong sales of Crest 30 (non
unit-linked product with no guaranteed rate).
Southern Europe APE increased by 36%, mainly driven by high new business in
traditional savings in Italy and strong activity from bank distribution
agreements in Spain, which should slow down in the second semester due to the
loss of one of these agreements.
Australia/New-Zealand APE was up 2%, as the decrease in traditional savings
products, due to the planned reduction in retirement income, was more than
offset by an increase in mutual funds sales driven by global equity growth and
value funds and the successful launch of the Generations administration
platform.
Hong-Kong APE increased by 13% primarily due to Dimensions, a unit-linked
product launched in late 2004, and higher sales of "Mandatory Provident Fund", a
pension product.
Life & Savings New Business Value (NBV) was up 20% to Euro 443 million due to
increased volume and shift in product mix. As a result, NBV to APE margin
increased to 17.6% (or 18.5% on a comparable basis) from 16.4% in first half
2004.
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PROPERTY & CASUALTY:
Property & Casualty revenues increased by 3% to Euro 10,314 million. Personal
lines were up 4% and commercial lines were up 2%, benefiting from a resilient
pricing environment and moderate portfolio growth. Other lines increased 2%,
driven by UK Health.
IFRS Revenues
Six months ended Change on a
(Euro million) June 30, 2005 June 30, 2004 Change comparable basis
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Property & Casualty 10 314 9 794 +5.3% +2.9%
.. France 2 770 2 668 +3.8% +3.8%
.. Germany 1 789 1 788 +0.1% -0.4%
.. United Kingdom, including Ireland (a) 2 290 2 368 -3.3% +1.0%
.. Belgium 775 774 +0.1% +0.1%
.. Southern Europe 1 551 1 466 +5.7% +5.5%
.. Other countries (b) 1 139 730 +56.1% +9.2%
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(a) The right to renew our UK Personal Direct business was sold to RAC in
October 2004. In 1H04, revenues from this activity amounted to Euro 64 million.
(b) As of January 2005, Turkey, Hong-Kong and Singapore are now fully
consolidated instead of being accounted for under the equity method. If full
consolidation had been applied in 1H04, other countries P&C revenues would have
been Euro 250 million higher. In addition, the Netherlands disability activity
has been transferred from Life & Savings to Property & Casualty. Other countries
P&C revenues would have been Euro 58 million higher in 1H04 if disability had
been included.
Personal lines (58% of P&C premiums) showed overall growth of 4%.
Motor revenues grew 3%, mainly driven by France and Southern Europe, up 3% and
5%, respectively, benefiting from positive net inflows of +35,300 and +91,300,
respectively.
Non-motor revenues increased by 5%, mainly driven by household in France, the
UK, Belgium and Southern Europe, owing to satisfying portfolio evolution and
increased tariffs.
Commercial lines (35% of P&C premiums) recorded a 2% growth.
Motor revenues decreased by 1% mainly driven by the UK & Ireland (-7%), in a
context of intense competition in Ireland, partly offset by France (+3%) and
Belgium (+2%).
Non-motor revenues were up 2% mainly driven by France (+7%) and Southern Europe
(+7%) as a result of tariff increases in most business lines, while maintaining
a strict underwriting policy.
Other Lines (7% of P&C premiums) increased by 2% driven by UK Health (+8%).
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INTERNATIONAL INSURANCE:
International Insurance revenues increased by 11% to Euro 2,501 million, with
AXA RE up 15%, due to the non-recurrence of some 2004 negative premium
adjustments and to European and Asian expansion, in line with AXA RE's objective
to improve geographical diversification, and AXA Corporate Solutions Assurance
up 9%, driven by Marine, Aviation and Construction.
IFRS Revenues
Six months ended June 30, June 30, Change on a
(Euro million) 2005 2004 Change comparable basis
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International Insurance 2 501 2 284 +9.5% +10.6%
. AXA RE 1 056 1 005 +5.0% +15.4%
. AXA Corporate Solutions Assurance 1 059 972 +8.9% +9.2%
. Others(a) 386 307 +25.9% +2.3%
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(a) Following the full consolidation of Turkey, Hong-Kong and Singapore, AXA
Cessions revenues derived from business with these entities are now eliminated
as inter-company transaction. In 1H04, this represented Euro 33 million of AXA
Cessions revenues. In addition, in line with the 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 increased by 15%, due to the non-recurrence of some 2004
negative premium adjustments and to higher premiums in European proportional
Property Cat and credit business as well as in selected non proportional General
Liability business in order to take advantage of favorable pricing conditions.
Insurance: AXA Corporate Solutions Assurance revenues increased by 9% reflecting
a selective growth on Marine, Aviation and Construction. However, it should be
noted that marine and aviation growth benefited from seasonal effect in 1H05,
and hence, annual growth is expected to be more moderate. Development was
cautious on commercial property and liability lines.
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ASSET MANAGEMENT:
Asset Management revenues increased by 6% to Euro 1,550 million driven by higher
average Assets Under Management (AUM) (+14% compared to 1H04) as a result of
favorable market conditions since June 2004 and strong net inflows. In 1H05,
Asset Management net inflows, excluding Alliance Capital Cash Management
Services, amounted to Euro 16 billion.
IFRS revenues(4)
Six months ended June 30, June 30, Change on a
(Euro million) 2005 2004 Change comparable basis
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Asset Management 1 550 1 518 +2.2% +5.7%
.. Alliance Capital 1 117 1 153 -3.1% +1.2%
.. AXA Investment Managers(a) 433 364 +18.8% +20.2%
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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 were up 1% thanks to higher investment advisory fees,
driven by higher average AUM (+10%) and higher performance fees in 2Q05, offset
by lower distribution revenues and lower shareholder servicing fees.
AUM increased by Euro 31 billion from year-end 2004 to Euro 427 billion at the
end of June 2005 as net positive long-term inflows (Euro 4 billion), a positive
exchange rate impact (Euro 48 billion) and a slightly favorable market impact
(Euro 1 billion) more than offset the Euro 22 billion decrease in AUM related to
the sale of the Cash Management Services to Federated Investors.
AXA Investment Managers: Revenues increased by 20%, while gross revenues,
excluding management and front-end fees collected on behalf of external
distributors, increased by 21%, driven by higher average AUM (+19%) and higher
performance fees.
AUM increased by Euro 37 billion from year-end 2004 to Euro 382 billion at the
end of June 2005 driven by (i) a Euro 16 billion favorable market impact, (ii)
Euro 12 billion of net inflows, including Euro 10 billion from institutional and
retail third party clients, (iii) a Euro 7 billion positive foreign exchange
rate impact, and (iv) a Euro 3 billion change in scope of money market AUM.
* * *
*
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(4) Net of inter-company transactions.
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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 reported total IFRS revenues of Euro 37 billion
for the first half of 2005. The AXA ordinary share is listed and trades under
the symbol AXA on the Paris Stock Exchange. The AXA American Depository Share is
also listed on the NYSE under the ticker symbol AXA.
* * *
*
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
Marie-Flore Bachelier: +33.1.40.75.49.45 Mary Taylor: +1.212.314.58.45
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 predications of or indicate future
events, trends, plans or objectives. 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 the forward looking statements (or from past results). These risks
and uncertainties include, without limitation, the risk of future catastrophic
events including possible future terrorist related incidents, economic and
market developments, regulatory actions and developments, litigations and other
proceedings. Please refer to AXA's Annual Report on Form 20-F and AXA's Document
de Reference for the year ended December 31, 2004, for a description of certain
important factors, risks and uncertainties that may affect AXA's business. AXA
undertakes no 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 - Annual Premium Equivalent (APE) and New Business Value (NBV)
for 9 main countries/regions and modeled business
First Half of 2005 - Group Share
Euro million APE APE Change Change on
1H05 1H04* comparable basis
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France 581 539 + 8% + 8%
United States 829 687 + 21% + 3%
United Kingdom 381 339 + 12% + 14%
Japan 258 252 + 2% + 7%
Germany (incl. Health) 132 163 -19% - 19%
Benelux 137 116 + 19% + 19%
Southern Europe 71 52 + 36% + 36%
Australia / New Zealand 95 92 + 2% + 2%
Hong Kong 32 29 + 8% + 13%
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TOTAL APE (9 main countries/regions) 2 515 2 269 + 11% + 6%
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New Business Value (NBV) 443 372 + 19% + 20%
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NBV to APE margin 17.6% 16.4% +1.2 pt +2.1 pts
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*1H04 APE are presented under end of 2004 modeling scope, resulting in a Euro 20
million difference compared to 1H04 APE figures reported in August 2004.
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APPENDIX 2
LIFE & SAVINGS -Annual Premium Equivalent (APE) and New Business Value (NBV) for
9 main countries/regions and modeled business - FY 2004 - Group Share
Euro million APE APE APE APE
1Q04 1H04(1) 9M04 FY04(2)
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France 280 539 762 1 030
United States 337 687 1 080 1 482
United Kingdom 162 339 504 713
Japan 123 252 383 505
Germany (incl. Health) 90 163 233 387
Benelux 62 116 163 238
Southern Europe 22 52 82 125
Australia / New Zealand 41 92 145 200
Hong Kong 14 29 45 62
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TOTAL APE (9 main countries/regions) 1 129 2 269 3 397 4 743
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New Business Value (NBV) 192 372 550 774
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(1) 1H04 APE are presented under end of 2004 modeling scope, resulting in a Euro
20 million difference compared to 1H04 APE figures reported in August 2004.
(2) MONY's FY04 APE have been reduced by Euro 77 million as the criteria used to
classify premiums as regular premiums or single premiums were refined for
certain products distributed by MONY.
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APPENDIX 3
LIFE & SAVINGS - Breakdown of APE between unit-linked, non unit-linked and
mutual funds 9 main countries/regions and modeled business
First Half of 2005 - Group Share
% UL in APE
1H05 APE (excl. mutual funds)
------------------------------------------- ------------------------------- UL change on
Euro million UL Non-UL Mutual Funds 1H05 (a) 1H04 comparable basis
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France 119 462 20% 18% + 25%
United States 433 187 210 70% 76% + 5%
United Kingdom 329 51 87% 82% + 21%
Japan 9 249 3% 2% + 50%
Germany 43 89 33% 24% + 11%
Benelux 42 96 30% 25% + 43%
Southern Europe 8 62 1 12% 14% + 15%
Australia/New-Zealand 11 14 70 44% 46% - 16%
Hong-Kong 13 19 40% 25% + 85%
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TOTAL 1 006 1 228 281 45% 43% + 14%
(a) Excluding MONY and using 1H04 exchange rates, unit-linked premiums
represented 78% of US APE and 46% of total APE in 1H05.
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APPENDIX 4
PROPERTY & CASUALTY - Split by business lines - First Half of 2005
Personal Personal Commercial Commercial
Motor Non-Motor Motor Non-Motor
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% Gross Change on % Gross Change on % Gross Change on % Gross Change on
Revenues comp. basis Revenues comp. Basis Revenues comp. Basis Revenues comp. basis
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France 33% + 3% 28% + 2% 8% + 3% 31% + 7%
Germany 31% - 0% 28% - 0% 7% + 1% 27% - 1%
Belgium 36% + 0% 27% + 3% 7% + 2% 32% + 1%
United Kingdom (a) 12% - 8% 23% + 11% 7% - 7% 31% - 4%
Southern Europe 56% + 5% 20% + 9% 6% - 1% 19% + 7%
Canada 39% + 5% 16% + 11% 8% - 1% 37% + 11%
The Netherlands 10% - 5% 37% + 14% 24% - 5% 30% - 2%
Others 56% + 16% 27% + 10% 2% NS 16% - 0%
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TOTAL 32% + 3% 25% +5% 7% - 1% 28% + 2%
Other
Lines
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% Gross Change on
Revenues comp. Basis
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France
Germany 7% - 2%
Belgium
United Kingdom (a) 27% + 6%
Southern Europe
Canada
The Netherlands
Others
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TOTAL 7% + 2%
(a) Including Ireland
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APPENDIX 5
AXA GROUP Revenues - 1H04 French GAAP/IFRS RECONCILIATION - Comparison 1H04 vs.
1H05
Euro million 1H04 1H05 IFRS revenue change
French GAAP Reconciliation IFRS IFRS Reported Comp. basis
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TOTAL 37 306 - 2 423 34 883 36 507 4.7% 3.3%
Life & Savings 23 317 - 2 232 21 085 21 915 3.9% 2.4%
France 6 147 - 201 5 945 6 583 10.7% 10.7%
United States 6 183 6 183 6 623 7.1% -2.5%
United Kingdom 3 004 - 1 829 1 176 1 130 -3.8% -2.1%
Japan 2 890 2 890 2 322 -19.6% -16.5%
Germany 1 672 1 672 1 718 2.8% 2.8%
Belgium 1 074 - 9 1 065 1 353 27.1% 27.1%
Southern Europe 593 - 21 572 717 25.2% 25.2%
Other countries (1) (2) 1 754 - 172 1 582 1 468 -7.2% 2.6%
of which Australia/New-Zealand 737 - 138 600 566 -5.6% -5.5%
of which Hong-Kong 374 - 11 363 366 0.7% 5.7%
Property & Casualty 9 794 9 794 10 314 5.3% 2.9%
France 2 668 2 668 2 770 3.8% 3.8%
Germany 1 788 1 788 1 789 0.1% -0.4%
United Kingdom + Ireland 2 368 2 368 2 290 -3.3% 1.0%
Belgium 774 774 775 0.1% 0.1%
Southern Europe 1 466 1 466 1 551 5.7% 5.5%
Other countries (1) (2) 730 730 1 139 56.1% 9.2%
International Insurance 2 287 - 3 2 284 2 501 9.5% 10.6%
AXA RE 1 005 1 005 1 056 5.0% 15.4%
AXA Corporate Solutions Assurance 972 972 1 059 8.9% 9.2%
Others 310 - 3 307 386 25.9% 2.3%
Asset Management 1 512 5 1 518 1 550 2.2% 5.7%
Alliance Capital 1 145 8 1 153 1 117 -3.1% 1.2%
AXA Investment Managers 368 -3 364 433 18.8% 20.2%
Other Financial Services 395 - 197 198 226 13.8% 15.9%
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(1) In the Netherlands, following the sale of the Health portfolio as of
December 1, 2004 (IFRS revenues of Euro 110 million in 1H04), the disability
activity was transferred from Life & Savings to Property & Casualty (IFRS
revenues of Euro 58 million in 1H04).
(2) As of January 2005, Turkey (Life + P&C), HK (P&C) and Singapore (P&C) are
consolidated. If they had been consolidated in 1H04, Life & Savings IFRS
revenues would have been Euro 37 million higher and P&C IFRS revenues would have
been Euro 250 million higher.
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