[ AXA LOGO ]
FINANCIAL
PROTECTION
PRESS RELEASE
JANUARY 26, 2006
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STRONG 2005 ACTIVITY PERFORMANCE WITH FURTHER
ACCELERATION IN ALL OF OUR BUSINESSES IN 4Q05:
DOUBLE DIGIT GROWTH IN LIFE & SAVINGS NEW BUSINESS
AND ASSET MANAGEMENT REVENUES
RECORD ASSET MANAGEMENT NET INFLOWS OF EURO 56 BILLION
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o LIFE & SAVINGS NEW BUSINESS (APE(1)) GROWTH ACCELERATED STRONGLY
THROUGHOUT THE YEAR AND MORE PARTICULARLY IN 4Q05. NEW BUSINESS WAS UP 11%
TO EURO 5,463 MILLION. NEW BUSINESS GROWTH WAS SUPPORTED BY GEOGRAPHICAL
DIVERSIFICATION AND PRODUCT BREADTH WITH EUROPE UP 8%, ASIA(2) UP 30% AND
THE US, INCLUDING MONY, UP 15%.
o PROPERTY & CASUALTY REVENUES INCREASED BY 3% TO EURO 18,874 MILLION MAINLY
DRIVEN BY FRANCE AND SOUTHERN EUROPE. GROWTH SLIGHTLY ACCELERATED IN 4Q05,
BENEFITING FROM GOOD MOMENTUM IN PERSONAL LINES AND SUPPORT FROM CANADA AS
WELL AS MARKETS SUCH AS TURKEY, HONG KONG AND SINGAPORE.
o ASSET MANAGEMENT REVENUES INCREASED BY 14% TO EURO 3,440 MILLION DRIVEN BY
HIGHER AVERAGE ASSETS UNDER MANAGEMENT (AUM) (+16% COMPARED TO 2004). BOTH
AXA IM AND ALLIANCE CAPITAL CONTRIBUTED TO RECORD NET INFLOWS OF EURO 56
BILLION(3).
o INTERNATIONAL INSURANCE REVENUES INCREASED BY 10% TO EURO 3,813 MILLION.
THE 17% INCREASE AT AXA RE WAS DUE TO THE NON-RECURRENCE OF CERTAIN 2004
NEGATIVE PREMIUM ADJUSTMENTS, INCREASED REINSTATEMENT PREMIUMS LINKED TO
2005 NATURAL CATASTROPHE EVENTS AND SELECTED DEVELOPMENT IN LINES WITH
FAVORABLE PRICING CONDITIONS. AXA CORPORATE SOLUTIONS ASSURANCE WAS UP 5%,
DRIVEN BY MARINE AND AVIATION.
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(1) Annual Premium Equivalent (APE) represents 100% of new business regular
premiums + 10% of new business single premiums. APE is group share. FY 2004
and 2005APE are in line with the Group's EEV disclosures.
(2) Including Australia.
(3) 2005 net inflows exclude the impact of change in scope at Alliance Capital
mainly linked to the sale of Alliance Capital Cash Management Services.
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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 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 4 of this
release.
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"Our 2012 aspirational objectives are all about focusing the Group on profitable
growth initiatives centered on product innovation, distribution management and
quality of service", said Henri de Castries, Chief Executive Officer of AXA.
"Product launches in Asia and Europe, distribution initiatives in the US and
Japan, and improved quality of service and innovation across the board, notably
in Asset Management, are at the core of our very solid 2005 performance. We are
broadly on track with our long-term activity objectives in 2005 and are seeing
promising signs in all of our key markets that our 2012 ambition initiatives are
gaining traction."
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Twelve months ended December 31, December 31, Change Change on a
(Euro million, except when otherwise noted) 2005 2004 comparable basis
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Life & Savings, group share APE 5 463 4 808 +13.6% +10.6%
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Property & Casualty revenues 18 874 17 852 +5.7% +2.8%
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International Insurance revenues 3 813 3 363 +13.4% +10.3%
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Asset Management
Revenues 3 440 3 084 +11.5% +13.7%
Net inflows (Euro billion):
- excluding change in scope(4) 56 36
- including change in scope 31 34
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(4) Mainly linked to the sale of Alliance Capital's Cash Management Services to
Federated Investors.
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LIFE & SAVINGS:
LIFE & SAVINGS NEW BUSINESS GROWTH ACCELERATED STRONGLY THROUGHOUT THE YEAR AND
MORE PARTICULARLY IN 4Q05. NEW BUSINESS WAS UP 11% TO EURO 5,463 MILLION.
NEW BUSINESS GROWTH WAS SUPPORTED BY GEOGRAPHICAL DIVERSIFICATION AND PRODUCT
BREADTH WITH EUROPE UP 8%, ASIA(5) UP 30% AND THE US, INCLUDING MONY, UP 15%.
FRANCE NEW BUSINESS GROWTH PICKED UP IN 4Q05, TO REACH 13% FOR FULL YEAR 2005,
LARGELY DRIVEN BY INDIVIDUAL UNIT-LINKED PRODUCTS (UP 60%). THE 4Q05
ACCELERATION WAS NOTABLY DRIVEN BY THE LAUNCH OF THE NEW ODYSSIEL PRODUCT IN THE
SALARIED NETWORK AND STRONG ACTIVITY IN GROUP PENSION BUSINESS.
UNIT-LINKED NEW BUSINESS INCREASED BY 16% TO REPRESENT 45% OF TOTAL LIFE &
SAVINGS APE, COMPARED TO 42% IN 2004.
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Annual Premium Equivalent,
Group share (Euro million) December 31, December 31, Change Change on a
Twelve months ended 2005 2004 comparable basis
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LIFE & SAVINGS 5 463 4 808 +13.6% +10.6%
France 1 075 951 +13.0% +13.0%
United States 1 700 1 482 +14.7% +4.4%
United Kingdom 817 713 +14.6% +15.5%
Japan 589 505 +16.6% +19.9%
Germany 270 387 -30.1% -30.1%
Benelux 381 315 +20.9% +20.9%
Southern Europe 140 125 +12.2% +12.2%
Australia/New Zealand 417 268 +55.9% +50.6%
Hong Kong 73 62 +17.5% +17.5%
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FRANCE new business increased by 13% with a strong acceleration in the fourth
quarter of 2005. Individual Investment & Savings new business was up 17%,
reflecting very strong growth in unit-linked premiums (up 60% to represent 32%
of individual Investment & Savings new business), driven by the continued focus
on unit-linked products in proprietary channels and the successful launch of
Odyssiel in the salaried network.
Group new business was up 7%, benefiting in 4Q05 from a significant new pension
contract.
The UNITED STATES continued to benefit from the MONY acquisition, with new
business up 15% on a reported basis. On a comparable basis(6), new business
increased by 4% primarily driven by Life APE (up 10%) and Variable Annuity APE
(up 9%), partly offset by a 64% decline in Fixed Annuity APE, as, in the current
interest rate environment, this product does not correspond to Group
profitability targets. Excluding fixed annuities, new business was up 8% with a
strong acceleration in the second half of the year.
JAPAN new business growth further accelerated in 4Q05 (+35%) as a result of
strong momentum of new products and continued improved productivity in the AXA
Advisors channel. FY 2005 new business increased by 20%, as individual business
APE grew by 15%, driven by Term Life products and riders (following the launch
of new products in October 2004 and March 2005), and Group Life APE was up 311%,
primarily due to the New Mutual Aid product, a Group Term Life product featuring
new cancer and disability riders.
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(5) Including Australia.
(6) As MONY was acquired on July 8, 2004, the constant scope in the US includes
the contribution of MONY only for 2H 2004 and 2H 2005 (i.e. excluding the
first half of 2005).
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In the UNITED KINGDOM, new business was up 16% driven by Investments and Savings
new business (+34%), largely due to sales of unit-linked investment bonds, and
group pension products, partly offset by individual pensions and Life. Sales
within the IFA channel were up 21%.
GERMANY new business was down 30% following the strong Life new business boom in
2004 in connection with the tax reform effective beginning of 2005. The Health
market continued to be negatively impacted by change in social contribution
limits introduced at the beginning of 2004 and the continued uncertainty over
the potential changes in the Health regulatory environment.
BENELUX new business increased by 21% driven by Belgium up 26%, mainly due to
the continuing strong growth momentum of structured unit-linked products, such
as the open-architecture product Millesimo, and Crest 30 and 40 (general account
products with no guaranteed rate). In December 2005, activity in Belgium also
benefited from policyholders' anticipation of the tax changes to be implemented
on January 1, 2006.
SOUTHERN EUROPE new business increased by 12%, mainly driven by traditional
savings' new business in the agent network in Italy as well as some significant
corporate contracts, partly offset by lower unit-linked business as 2H04 was
particularly strong, benefiting from the launch of some significant
bancassurance agreements. Activity in individual Life products (including the
launch of new products) remained strong.
AUSTRALIA/NEW-ZEALAND new business was up 51%, with third quarter and fourth
quarter APE up 81% and 94%, respectively, driven by a very high level of
institutional mandate wins by Alliance/Bernstein who was elected Money
Management 2005 Fund Manager of the year and International Equities Fund Manager
of the year in Australia. Strong sales into "Generations" and "Summit" dedicated
platforms and increased sales of global equity growth and value funds also
contributed to the increase.
HONG KONG new business growth accelerated to reach 17% in 2005 reflecting (i)
further improvements in productivity in both agency and adviser channels, (ii)
the successful launch of new products, and (iii) strong inflows into investment
and retirement products, in particular in the new multi-manager investment
platform.
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PROPERTY & CASUALTY:
PROPERTY & CASUALTY REVENUES INCREASED BY 3% TO EURO 18,874 MILLION MAINLY
DRIVEN BY FRANCE AND SOUTHERN EUROPE. GROWTH SLIGHTLY ACCELERATED IN 4Q05,
BENEFITING FROM GOOD MOMENTUM IN PERSONAL LINES AND SUPPORT FROM CANADA AS WELL
AS MARKETS SUCH AS TURKEY, HONG KONG AND SINGAPORE.
IFRS Revenues ---------------------------------------------------------------
Twelve months ended December 31, December 31, Change Change on a
(Euro million) 2005 2004 comparable basis
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PROPERTY & CASUALTY 18 874 17 852 +5.7% +2.8%
.. France 5 070 4 895 +3.6% +3.5%
.. Germany 2 785 2 796 -0.4% -0.7%
.. United Kingdom & Ireland (a) 4 393 4 469 -1.7% +1.5%
.. Belgium 1 451 1 430 +1.5% +1.5%
.. Southern Europe 3 012 2 901 +3.8% +4.1%
.. Other countries (b) 2 162 1 361 +58.9% +8.4%
of which Canada 855 746 +14.6% +7.0%
of which Turkey 453 n.a. n.a. +17.3%
of which Singapore 78 n.a. n.a. +14.0%
of which Hong Kong 64 n.a. n.a. +20.6%
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(a) The right to renew the UK Personal Direct business was sold to RAC in
October 2004. In 2004, revenues from this activity amounted to Euro 110 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 2004, "other countries" FY04 P&C revenues
would have been Euro 487 million higher. In addition, the Netherlands disability
activity has been transferred from Life & Savings to Property & Casualty. Other
countries FY04 P&C revenues would have been Euro 76 million higher if disability
had been included.
PERSONAL LINES (62% OF P&C PREMIUMS) showed overall growth of 4%.
Motor revenues grew 3%, mainly driven by Southern Europe and France up 4% and
2%, respectively, benefiting from positive net inflows of +125,000 and +100,000
policies (of which +77,600 four wheels policies), respectively. Canada (up 7%),
Turkey (up 17%), Hong Kong (up 19%) and Singapore (up 15%) also contributed to
motor revenues growth.
Non-motor revenues increased by 5% mainly driven by the UK health activity,
France Household business, as well as Belgium, Southern Europe, Turkey, Hong
Kong and Singapore as a result of portfolio evolution and increased tariffs.
COMMERCIAL LINES (37% OF P&C PREMIUMS) recorded a 1% growth.
Motor revenues were up 1%, mainly as positive evolution in France (+4%),
Southern Europe (+6%) and Belgium (+2%) was offset by the decrease of UK &
Ireland revenues (-7%), in a context of intense competition in Ireland.
Non-motor revenues were up 1% mainly driven by France (+6%) as a result of
tariff increases in most business lines, while maintaining a strict underwriting
policy.
OTHER LINES(7) (1% OF P&C PREMIUMS) revenues decreased by 13% driven by the
planned reduction of assumed business in Germany.
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(7) Please note that UK Health is no longer reported in other lines but is now
allocated between personal non motor and commercial non motor lines.
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INTERNATIONAL INSURANCE:
INTERNATIONAL INSURANCE REVENUES INCREASED BY 10% TO EURO 3,813 MILLION. THE 17%
INCREASE AT AXA RE WAS DUE TO THE NON-RECURRENCE OF CERTAIN 2004 NEGATIVE
PREMIUM ADJUSTMENTS, INCREASED REINSTATEMENT PREMIUMS LINKED TO 2005 NATURAL
CATASTROPHE EVENTS AND SELECTED DEVELOPMENT IN LINES WITH FAVORABLE PRICING
CONDITIONS. AXA CORPORATE SOLUTIONS ASSURANCE WAS UP 5%, DRIVEN BY MARINE AND
AVIATION.
IFRS Revenues ---------------------------------------------------------------
Twelve months ended December 31, December 31, Change Change on a
(Euro million) 2005 2004 comparable basis
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INTERNATIONAL INSURANCE 3 813 3 363 +13.4% +10.3%
. AXA RE 1 451 1 056 +37.4% +17.0%
. AXA Corporate Solutions Assurance 1 605 1 506 +6.6% +4.8%
. Others(a) 756 801 - 5.6% +11.0%
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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 2004, this represented Euro 39 million of AXA
Cessions revenues.
REINSURANCE: Revenues increased by 17% mainly due to the non-recurrence of some
2004 negative premium adjustments and the increase in reinstatement premiums
linked to natural catastrophe events in 2005. Excluding these two effects,
revenues increased by 6% mainly driven by higher premiums in selected non
proportional General Liability business, taking advantage of favorable pricing
conditions, as well as in Credit business, marine offshore and non-cat property.
INSURANCE: AXA Corporate Solutions Assurance revenues increased by 5% reflecting
a selective growth in the marine and aviation lines of business. Development
remained cautious on commercial property and liability lines.
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ASSET MANAGEMENT:
ASSET MANAGEMENT REVENUES INCREASED BY 14% TO EURO 3,440 MILLION DRIVEN BY
HIGHER AVERAGE ASSETS UNDER MANAGEMENT (AUM) (+16% COMPARED TO 2004). BOTH AXA
IM AND ALLIANCE CAPITAL CONTRIBUTED TO RECORD NET INFLOWS OF EURO 56 BILLION(8).
IFRS revenues(9) ------------------------------------------------------------
Twelve months ended December 31, December 31, Change Change on a
(Euro million) 2005 2004 comparable basis
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ASSET MANAGEMENT 3 440 3 084 +11.5% +13.7%
.. Alliance Capital 2 472 2 325 +6.3% +9.2%
.. AXA Investment Managers(a) 968 759 +27.5% +26.9%
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(a) Excluding management and front-end fees collected by AXA Investment Managers
on behalf of external distributors, gross revenues increased 28% on a comparable
basis.
ALLIANCE CAPITAL: Revenues were up 9% as higher investment advisory fees, driven
by 11% higher average AUM, and increased performance fees were partly offset by
lower distribution revenues due to lower AUM in the retail channel. In addition,
Alliance has restructured its private client fee structure during the first half
of 2005, effectively eliminating transaction charges while raising base fees.
AUM increased by Euro 95 billion from year-end 2004 to Euro 491 billion at the
end of 2005 as a positive exchange rate impact (Euro 63 billion), a favorable
market impact (Euro 34 billion) and strong net positive long-term inflows (Euro
22 billion) more than offset the Euro 24 billion decrease in AUM related to
change in scope mainly linked to the sale of the Cash Management Services to
Federated Investors.
AXA INVESTMENT MANAGERS: Revenues increased by 27%, while gross revenues,
excluding management and front-end fees collected on behalf of external
distributors, increased by 28%, driven by higher average AUM (+21%), mostly from
third party retail and institutional client segments which generate higher
average fees, and by higher performance fees, especially on AXA Rosenberg's
portfolios.
AUM increased by Euro 87 billion from year-end 2004 to Euro 432 billion at the
end of 2005 primarily driven by (i) Euro 34 billion of net inflows mainly from
institutional and retail third party clients (Euro +31 billion) especially on
AXA Rosenberg's products as well as real estate, structured finance and fixed
income products, (ii) a Euro 38 billion favorable market impact, (iii) a Euro 6
billion positive foreign exchange rate impact, and (iv) Euro 7 billion following
the acquisition of Framlington effective beginning of November 2005.
* * *
*
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(8) 2005 net inflows exclude the impact of change in scope at Alliance Capital
mainly linked to the sale of Alliance Capital Cash Management Services.
(9) 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 72 billion
in 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 Mary Taylor: +1.212.314.58.45
Marie-Flore Bachelier: +33.1.40.75.49.45
Emmanuel Touzeau: +33.1.40.75.49.05
Kevin Molloy: +1.212.314.2893
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.
Certain of the forward-looking statements made herein, including those with
respect to AXA's Ambition 2012 project, include statements regarding estimated
revenues, earning and other financial projections for the next several years.
Our ability to achieve these projections over the next several years is highly
dependent on a number of assumptions and factors which are inherently
unpredictable and uncertain, including the following: the performance and
stability of financial markets, general economic conditions, competitive
conditions, the effect of future acquisitions and/or divestitures, changes in
laws or government regulations (including changes in tax laws), the nature,
frequency and severity of future catastrophic losses, the nature, frequency and
severity of future terrorist events as well as the various other risks and
uncertainties referred to in AXA's Document de Reference and AXA's Annual Report
on Form 20-F for the year ended December 31, 2004. Given the inherently
unpredictable and uncertain nature of these assumptions and factors, these
estimates and projections should not be relied on as predictions of actual
results, but should be viewed as estimates and projections based on assumptions
which may or may not be correct or achieved. There can be no assurance that we
will be able to meet our targets, including those with respect to AXA's Ambition
2012 project.
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) FOR 9 MAIN COUNTRIES/REGIONS
AND MODELED BUSINESS
FULL YEAR 2005 - GROUP SHARE
----------------------------------------------------------------
Euro million APE APE Change Change on
FY 05 (a) FY 04 (a) comparable basis
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France 1 075 951 + 13% + 13%
United States 1 700 1 482 + 15% + 4%
United Kingdom 817 713 + 15% + 16%
Japan 589 505 + 17% + 20%
Germany 270 387 - 30% - 30%
Benelux 381 315 + 21% + 21%
Southern Europe 140 125 + 12% + 12%
Australia / New Zealand 417 268 + 56% + 51%
Hong Kong 73 62 + 17% + 17%
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TOTAL APE (9 MAIN COUNTRIES/REGIONS) 5 463 4 808 + 14% + 11%
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(a) FY 2005 and 2004 APE are in line with our EEV disclosures, reflecting the
change in recognition of flexible premiums introduced by the EEV methodology
(impact on France and Belgium APE) and the change in modeling methodology in
Australia to reflect the inclusion of funds inflows into the JV with
Alliance Capital.
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APPENDIX 2
LIFE & SAVINGS - BREAKDOWN OF APE BETWEEN UNIT-LINKED, NON UNIT-LINKED AND
MUTUAL FUNDS
9 MAIN COUNTRIES/REGIONS AND MODELED BUSINESS
FULL YEAR 2005 - GROUP SHARE
-------------------------------------------------------------------------
% UL in APE
FY 05 APE (excl. mutual funds) UL change on
------------------------------------------------------ comparable
Mutual basis
Euro million UL Non-UL Funds FY05 FY04
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France 226 849 21% 17% +42%
United States 916 376 408 71% 70% +12%
United Kingdom 709 108 87% 82% +22%
Japan 15 574 3% 2% +31%
Germany 81 190 30% 29% -29%
Benelux 77 304 20% 20% +24%
Southern Europe 25 111 4 18% 22% -8%
Australia/New-Zealand 23 30 364 43% 37% +7%
Hong Kong 27 47 36% 32% +36%
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TOTAL 2 098 2 589 776 45% 42% +16%
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APPENDIX 3
PROPERTY & CASUALTY - SPLIT BY BUSINESS LINES - FULL YEAR 2005
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Personal Personal Commercial Commercial Other
Motor Non-Motor Motor Non-Motor Lines
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% Gross Change % Gross Change % Gross Change % Gross Change % Gross Change
Revenues on comp. Revenues on comp. Revenues on comp. Revenues on comp. Revenues on comp.
Basis Basis Basis Basis Basis
- ------------------------------------------------------------------------------------------------------------------------------------
France 34% + 2% 28% + 3% 8% + 4% 29% + 6%
Germany 28% - 0% 31% + 0% 7% + 1% 26% - 1% 8% - 7%
Belgium 36% + 0% 26% + 3% 6% + 2% 31% + 2%
United Kingdom (a) 12% - 4% 37% + 8% 7% - 7% 44% + 0%
Southern Europe 56% + 4% 20% + 5% 6% + 6% 18% - 0%
Canada 38% + 7% 16% + 9% 8% + 0% 37% + 8%
The Netherlands 12% - 6% 35% + 8% 28% - 6% 27% - 16%
Others 59% + 16% 25% + 14% 2% NS 14% - 5%
of which Turkey 67% + 17% 33% + 23%
of which Singapore 39% + 15% 7% + 15% 13% + 33% 50% + 6%
of which Hong Kong 26% + 19% 12% + 17% 13% + 229% 62% + 4%
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TOTAL 33% + 3% 29% +5% 7% + 1% 30% + 1% 1% - 13%
(a) Including Ireland
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APPENDIX 4
AXA GROUP REVENUES - FY 04 FRENCH GAAP/IFRS RECONCILIATION -
COMPARISON FY 04 VS. FY 05
----------------------------------------------------------------------------------------
Euro million FY 04 FY 05 IFRS revenue change
French GAAP Reconciliation IFRS IFRS Reported Comp. basis
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL 72 164 -5 133 67 031 71 671 6.9% 5.2%
LIFE & SAVINGS 47 063 -4 720 42 344 45 116 6.5% 5.2%
France 11 893 -354 11 538 13 228 14.6% 14.6%
United States 12 880 -33 12 847 13 940 8.5% 1.9%
United Kingdom 6 309 -3 890 2 420 2 395 -1.0% -0.2%
Japan 5 526 5 526 4 735 -14.3% -11.8%
Germany 3 499 3 499 3 585 2.5% 2.5%
Belgium 2 203 -15 2 188 2 734 25.0% 25.0%
Southern Europe 1 364 -32 1 333 1 439 8.0% 8.0%
Other countries (1) (2) 3 389 -397 2 993 3 059 2.2% 6.3%
of which Australia/New-Zealand 1 496 -343 1 153 1 225 6.2% 2.5%
of which Hong Kong 751 -16 734 831 13.1% 13.1%
PROPERTY & CASUALTY 17 852 17 852 18 874 5.7% 2.8%
France 4 895 4 895 5 070 3.6% 3.5%
Germany 2 796 2 796 2 785 -0.4% -0.7%
United Kingdom + Ireland (3) 4 469 4 469 4 393 -1.7% 1.5%
Belgium 1 430 1 430 1 451 1.5% 1.5%
Southern Europe 2 901 2 901 3 012 3.8% 4.1%
Other countries (1) (2) 1 361 1 361 2 162 58.9% 8.4%
INTERNATIONAL INSURANCE 3 371 -8 3 363 3 813 13.4% 10.3%
AXA RE 1 056 1 056 1 451 37.4% 17.0%
AXA Corporate Solutions Assurance 1 506 1 506 1 605 6.6% 4.8%
Others 809 -8 801 756 -5.6% 11.0%
ASSET MANAGEMENT 3 087 -3 3 084 3 440 11.5% 13.7%
Alliance Capital 2 312 13 2 325 2 472 6.3% 9.2%
AXA Investment Managers 776 -16 759 968 27.5% 26.9%
OTHER FINANCIAL SERVICES 791 -404 387 428 10.5% 13.0%
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(1) In the Netherlands, following the sale of the Health portfolio as of
December 1, 2004 (IFRS revenues of Euro 149 million in 2004), the disability
activity was transferred from Life & Savings to Property & Casualty (IFRS
revenues of Euro 76 million in 2004).
(2) As of January 2005, Turkey (Life + P&C), HK (P&C) and Singapore (P&C) are
consolidated. If they had been consolidated in 2004, 2004 Life & Savings
IFRS revenues would have been Euro 61 million higher and 2004 P&C IFRS
revenues would have been Euro 487 million higher.
(3) The right to renew our UK Personal Direct business was sold to RAC in
October 2004. In 2004, revenues from this activity amounted to Euro 110
million.
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