[ AXA LOGO ]
FINANCIAL
PROTECTION
PRESS RELEASE
MAY 11, 2006
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2006 OFF TO A GOOD START WITH VERY STRONG 1Q06 ACTIVITY INDICATORS:
- LIFE & SAVINGS NEW BUSINESS VOLUME UP 17% AND NEW BUSINESS VALUE
UP 21%
- PROPERTY & CASUALTY REVENUES UP 3%
- ASSET MANAGEMENT REVENUES UP 27% WITH NET INFLOWS OF EURO 19 BILLION
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o LIFE & SAVINGS ENTITIES DELIVERED VERY STRONG GROWTH IN 1Q06, WITH NEW
BUSINESS(1) UP 17% TO EURO 1,573 MILLION, OF WHICH EUROPE UP 11%, THE
US UP 13% AND ASIA(2) UP 43%, NOTABLY DRIVEN BY JAPAN UP 56%. THIS
GROWTH WAS SUPPORTED BY GEOGRAPHIC AND DISTRIBUTION DIVERSIFICATION,
AS WELL AS PRODUCT BREADTH.
LIFE & SAVINGS NEW BUSINESS VALUE(3) WAS UP 21% TO EURO 318 MILLION,
RESULTING IN A MARGIN OF 20.2%, UP 0.7 POINT COMPARED TO 1Q05, OWING TO
HIGHER VOLUME TOGETHER WITH AN IMPROVED PRODUCT MIX IN FRANCE AND THE
US.
o PROPERTY & CASUALTY REVENUES INCREASED BY 3% TO EURO 6,181 MILLION.
PERSONAL LINES WERE UP 4% WITH A STRONG CONTRIBUTION FROM THE UK &
IRELAND AND SOUTHERN EUROPE AS WELL AS POSITIVE EVOLUTION IN FRANCE
HOUSEHOLD. COMMERCIAL LINES WERE UP 2%, MAINLY DRIVEN BY FRANCE AND THE
UK.
TOTAL PERSONAL MOTOR NET INFLOWS REACHED 274,000 POLICIES.
o ASSET MANAGEMENT REVENUES INCREASED BY 27% TO EURO 1,004 MILLION
DRIVEN BY HIGHER AVERAGE ASSETS UNDER MANAGEMENT (AUM) (+16% COMPARED
TO 1Q05), AS A RESULT OF FAVORABLE EQUITY MARKET CONDITIONS, AND VERY
STRONG NET INFLOWS, AS WELL AS A FAVORABLE MIX EVOLUTION FOR BOTH
ALLIANCEBERNSTEIN AND AXA INVESTMENT MANAGERS. IN 1Q06, ASSET
MANAGEMENT NET INFLOWS AMOUNTED TO EURO 19 BILLION.
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(1) On an APE basis. Annual Premium Equivalent (APE) represents 100% of new
business regular premiums plus 10% of new business single premiums. APE is
group share.
(2) Including Australia.
(3) New Business Value (NBV) is group share. NBV for both 1Q05 and 1Q06 were
computed using profitability factors by products from year-end 2005, keeping
most economic, productivity and actuarial assumptions the same.
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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 and NBV are both in line with the Group's EEV disclosure. They are non-GAAP
measures, which Management uses as key indicators of performance in assessing
AXA's Life & Savings business and believes to provide useful and important
information to shareholders and investors. IFRS revenues are available in
Appendix 4 of this release.
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"Our Life & Savings and Asset Management activities experienced outstanding
growth in the first quarter of 2006, supported by a favorable equity market
environment and the dynamism of our local operations" said AXA Chief Executive
Officer Henri de Castries.
"Our Property & Casualty revenues development demonstrated a good momentum in
France, the UK and Asia as well as good resilience in a competitive pricing
environment.
"This strong start, together with numerous ongoing initiatives on new product
launches, quality of service improvements and distribution reinforcements, makes
us confident for the year 2006."
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Three months ended Change on a
(Euro million, except when otherwise noted) March 31, 2006 March 31, 2005 Change comparable basis
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Life & Savings new business, group share
APE 1 573 1 305 + 20.5% +17.0%
NBV 318 257 +23.6% +21.1%
NBV to APE margin 20.2% 19.7% +0.5 pt +0.7 pt
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Property & Casualty revenues 6 181 5 903 +4.7% +3.2%
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International Insurance revenues 1 793 1 772 +1.1% -1.8%
of which ACSA & other transnational activities 1 070 1 010 +5.9% +4.7%
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Asset Management
Revenues 1 004 753 +33.3% +27.3%
Net inflows (Euro billion): 19 9
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LIFE & SAVINGS:
LIFE & SAVINGS ENTITIES DELIVERED A VERY STRONG GROWTH IN 1Q06, WITH NEW
BUSINESS UP 17% TO EURO 1,573 MILLION, OF WHICH EUROPE UP 11%, THE US UP 13% AND
ASIA(4) UP 43%, NOTABLY DRIVEN BY JAPAN UP 56%. THIS GROWTH WAS SUPPORTED BY
GEOGRAPHIC AND DISTRIBUTION DIVERSIFICATION, AS WELL AS PRODUCT BREADTH.
UNIT-LINKED NEW BUSINESS APE INCREASED BY 20% TO REPRESENT 46% OF TOTAL LIFE &
SAVINGS APE IN 1Q06, COMPARED TO 44% IN 1Q05.
NEW BUSINESS VALUE (NBV) WAS UP 21% TO EURO 318 MILLION, RESULTING IN A MARGIN
OF 20.2%, UP 0.7 POINT COMPARED TO 1Q05, OWING TO HIGHER VOLUME TOGETHER WITH AN
IMPROVED PRODUCT MIX IN FRANCE AND THE US.
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Annual Premium Equivalent,
Group share (Euro million) March 31, 2006 March 31, 2005 Change Change on a
Three months ended comparable basis
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LIFE & SAVINGS 1 573 1 305 +20.5% +17.0%
United States 502 406 +23.7% +13.4%
France 324 286 +13.5% +13.5%
United Kingdom 230 167 +37.8% +36.3%
Japan 182 119 +52.8% +55.5%
Germany 72 105 -31.1% -31.1%
Benelux 119 105 +13.2% +13.2%
Southern Europe 24 28 -12.4% -12.4%
Australia/New Zealand 101 76 +32.6% +27.8%
Hong Kong 19 15 +32.0% +20.9%
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New Business Value, March 31, 2006 March 31, 2005 Change Change on a
Group share (Euro million) comparable basis
Three months ended
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LIFE & SAVINGS 318 257 +23.6% +21.1%
United States 80 61 +32.8% +21.8%
France 50 37 +34.7% +34.7%
United Kingdom 19 16 +18.0% +16.7%
Japan 99 77 +27.9% +30.2%
Germany 9 12 -27.4% -27.4%
Benelux 34 30 +12.7% +12.7%
Southern Europe 5 7 -30.3% -30.3%
Australia/New Zealand 7 6 +22.3% +17.9%
Hong Kong 15 11 +34.1% +22.8%
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(4) Including Australia.
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The UNITED STATES new business APE increased by 13%, primarily driven by a 23%
growth in Variable Annuity and a 19% growth in Individual Life, partly offset by
a 73% decline in Fixed Annuity, as in the current interest rate environment this
product does not fit Group profitability targets, and a 67% decrease in COLI(5),
due to the non-repeat of one large case in 1Q05. Excluding fixed annuities, COLI
and mutual funds, new business APE was up 22% with a 70% increase of Variable
Annuity APE distributed through the wholesale planner channel.
The United States NBV increased 22% to Euro 80 million, resulting in a margin of
16.0%, up 1.1 points from 1Q05, as a result of a favorable shift in product mix
towards Variable Annuity and away from Fixed Annuity.
FRANCE new business APE increased by 13%, mainly due to (i) individual
Investment & Savings up 14%, reflecting very strong growth in unit-linked
premiums (up 48% to represent 36% of individual Investment & Savings new
business), driven by the continued focus on unit-linked products in proprietary
channels, and following successful commercial campaigns and product launches as
illustrated by the continued momentum in sales through the salaried network due
to the launch of the Odyssiel product in 4Q05 and to (ii) the 17% growth in
individual Protection and Health.
France NBV increased 35% to Euro 50 million, resulting in a margin of 15.5%, up
2.4 points from 1Q05, owing to the continued product-mix shift towards more
profitable unit-linked products, and, to a lesser extent, protection products.
In the UNITED KINGDOM, new business APE was up 36% driven by Investments and
Savings new business (+35%), largely due to sales of unit-linked investment
bonds, and increased sales of pension products (+41%). The IFA channel generated
most of the increase, growing by 35%. Protection business was up 10%, following
growth in AXA Protection Account sales, launched at the end of 2004.
The United Kingdom NBV increased 17% to Euro 19 million, resulting in a
margin of 8.4%, down 1.4 points compared to 1Q05, due to a higher proportion of
pension products.
JAPAN new business APE increased by 56%, as (i) individual business grew by 52%,
driven by Term Life products and riders (following the launch of new products in
March and September 2005) as well as SPA (savings product) sales (predominantly
via the AXA Advisors channel) partly offset by a 12% reduction in health sales,
and (ii) Group Life new business was up 158%, driven by sales from the recently
launched New Mutual Aid product.
Japan NBV increased 30% to Euro 99 million, resulting in a strong margin of
54.5%, down compared to 65.2% in 1Q05 as a result of a product mix shift (higher
sales of savings products and lower sales of medical products).
GERMANY new business APE was down 31% due to 1Q05 backlog(6). Excluding this
backlog effect, new business increased 28% mainly due to Investment & Savings
unit-linked products, but also to strong Medical Cost Insurance new business in
non-proprietary channels.
Germany NBV of Euro 9 million in 1Q06 was down 27%, or up 185% excluding 1Q05
backlog effect. NBV to APE margin stood at 11.9%, up 0.6 point compared to 1Q05,
or up 6.5 points excluding backlog in 1Q05 owing to higher sales of Investment &
Savings unit-linked products. The newly launched TwinStar product will be
reported starting 2Q06.
BENELUX new business APE increased by 13%, with Belgium up 10% and the
Netherlands up 34%. Belgium benefited from continued strong momentum of
structured unit-linked products,
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(5) COLI = Corporate-Owned Life Insurance.
(6) 1Q05 backlog resulted from Life new business boom at the end of 2004 related
to the tax reform effective beginning of 2005
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such as the open-architecture product Millesimo, and Crest 30 and 40 (general
account products with no guaranteed rate). The Netherlands' growth was driven
by successful commercial campaigns for mortgages as well as annuity products.
Benelux NBV increased 13% to Euro 34 million, in line with volume growth,
resulting in a margin of 28.4%, flat compared to 1Q05.
SOUTHERN EUROPE new business APE decreased by 12%, as the 4% growth in
proprietary channels (74% of APE) mainly related to non unit-linked products,
was more than offset by a 40% decrease in third-party distribution as Spain was
notably impacted by the loss of a 2005 bancassurance agreement.
Southern Europe NBV decreased by 30% to Euro 5 million, resulting in a margin of
20.2%, down 5.2 points compared to 1Q05 due to lower volume combined with
unfavorable product mix shift from protection towards savings products.
AUSTRALIA/NEW-ZEALAND new business APE was up 28%, driven by the continued
success of international equity funds, including two large international equity
mandates awarded to AllianceBernstein in March 2006.
Australia/New Zealand NBV increased 18% to Euro 7 million, resulting in a margin
of 7.3%, slightly down compared to 7.9% in 1Q05 due to the increased proportion
of sales in institutional funds.
HONG KONG new business APE was up 21% driven by a 24% increase in individual
life regular premiums, a 63% increase in non unit-linked regular premiums,
primarily due to the launch of MAXX, a new traditional participating product,
and strong growth in investment linked products through both broker and agency
channels.
Hong Kong NBV increased 23% to Euro 15 million, in line with volume growth,
resulting in a margin of 75.7%, up 1.2 points compared to 1Q05.
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PROPERTY & CASUALTY:
PROPERTY & CASUALTY REVENUES INCREASED BY 3% TO EURO 6,181 MILLION. PERSONAL
LINES WERE UP 4% WITH A STRONG CONTRIBUTION FROM THE UK & IRELAND AND SOUTHERN
EUROPE, AS WELL AS POSITIVE EVOLUTION IN FRANCE HOUSEHOLD. COMMERCIAL LINES WERE
UP 2%, MAINLY DRIVEN BY FRANCE AND THE UK. TOTAL PERSONAL MOTOR NET INFLOWS
REACHED 274,000 POLICIES.
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IFRS Revenues March 31, 2006 March 31, 2005 Change Change on a
Three months ended comparable basis
(Euro million)
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PROPERTY & CASUALTY 6 181 5 903 +4.7% +3.2%
.. France(a) 1 709 1 667 +2.5% +3.6%
.. Germany(b) 1 348 1 329 +1.4% +0.7%
.. United Kingdom & Ireland 1 172 1 067 +9.8% +8.7%
.. Belgium 444 439 +1.1% +1.1%
.. Southern Europe(c) 799 799 -0.0% -0.7%
.. Other countries 711 602 +18.1% +4.8%
of which Canada(d) 241 171 +41.1% +0.9%
of which Turkey 138 108 +28.1% +17.9%
of which Asia 80 71 +12.4% +12,4%
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(a) Poland assumed business, which was reported in the French P&C segment and
represented revenues of Euro 18 million in 1Q05, was discontinued in
December 2005.
(b) Since June 2005, DAEV has been fully consolidated. If full consolidation
had been applied in 1Q05, Germany P&C revenues would have been Euro 10
million higher.
(c) Seguro Directo was acquired in Portugal at the end of 2005. In 1Q06, Seguro
Directo revenues were Euro 6 million.
(d) Citadel was acquired on March 1, 2006 with retroactive effect as of January
1, 2006. In 1Q06, Citadel P&C revenues were Euro 42 million.
PERSONAL LINES (59% OF THE P&C PREMIUMS) showed overall growth of 4%. Motor
revenues grew 4% in the first quarter of 2006, largely driven by the UK &
Ireland, followed by Southern Europe (+3%) and Germany (+3%, driven by positive
net inflows of 123,000 policies), as well as Asia (+20%) and Turkey (+17%). UK
and Ireland revenues were up 19% following revamping of the UK motor offer.
Southern Europe motor revenue growth of 3% was driven by positive net inflows
partly mitigated by some pressure on tariffs.
Non-motor revenues rose 5%, mainly driven by new product launches in the UK
household segment, and growth in all business lines in Southern Europe. France
revenues were up 4% mainly due to positive net inflows and, to a lesser extent,
average premium growth in household.
COMMERCIAL LINES (40% OF THE P&C PREMIUMS)(7) recorded a 2% overall growth.
Motor revenues increased by 1% as growth in France (+3%), the UK & Ireland (+3%)
and Belgium (+3%) was partly offset by a decrease in Germany (-4%) and Southern
Europe (-3%). Non-motor revenues were up 3% due to the UK & Ireland up 7% and
France up 7%, driven by construction and liability.
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(7) In addition, other lines accounted for 1% of the P&C premiums.
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ASSET MANAGEMENT:
ASSET MANAGEMENT REVENUES INCREASED BY 27% TO EURO 1,004 MILLION DRIVEN BY
HIGHER AVERAGE ASSETS UNDER MANAGEMENT (AUM) (+16% COMPARED TO 1Q05) AS A RESULT
OF FAVORABLE EQUITY MARKET CONDITIONS AND VERY STRONG NET INFLOWS, AS WELL AS A
FAVORABLE MIX EVOLUTION FOR BOTH ALLIANCEBERNSTEIN AND AXA INVESTMENT MANAGERS.
IN 1Q06, ASSET MANAGEMENT NET INFLOWS AMOUNTED TO EURO 19 BILLION.
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IFRS revenues(8) March 31, 2006 March 31, 2005 Change Change on a
Three months ended comparable basis
(Euro million)
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ASSET MANAGEMENT 1 004 753 +33.3% +27.3%
.. AllianceBernstein 690 545 +26.4% +22.6%
.. AXA Investment Managers(a)(b) 314 208 +51.2% +39.0%
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(a) AXA IM acquired Framlington on October, 31, 2005. In 1Q06, AXA Framlington
revenues were Euro 20 million.
(b) Excluding management and front-end fees collected by AXA Investment Managers
on behalf of external distributors, gross revenues increased 41% on a
comparable basis.
ALLIANCEBERNSTEIN: Revenues increased by 23% compared to 1Q05, due to higher
investment advisory fees driven by 12% higher average AUM and higher average
fees.
AUM increased by Euro 20 billion from year-end 2005 to Euro 510 billion at the
end of March 2006 driven by strong investment performance (market appreciation
of Euro 22 billion) and strong global net inflows of Euro 10 billion across all
client categories (Euro 5 billion from institutional clients, Euro 3 billion
from retail and Euro 2 billion from private clients) partly offset by negative
exchange rate impact (Euro -13 billion).
AXA INVESTMENT MANAGERS: Revenues increased by 39%, while gross revenues,
excluding management and front-end fees collected on behalf of external
distributors, increased by 41%, driven by higher average AUM (+21%) and higher
average fees in most segments.
AUM increased by Euro 15 billion from year-end 2005 to Euro 448 billion at the
end of March 2006 driven by Euro 9 billion of net inflows (of which Euro 5
billion at AXA Rosenberg, Euro 1 billion at AXA Framlington and Euro 1 billion
in Structured Finance products), mainly from institutional clients and third
party retail clients, a Euro 8 billion increase due to market appreciation,
partly offset by a Euro 3 billion negative foreign exchange rate impact.
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(8) Net of inter-company transactions.
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INTERNATIONAL INSURANCE:
INTERNATIONAL INSURANCE REVENUES DECREASED BY 2% TO EURO 1,793 MILLION, WITH AXA
CORPORATE SOLUTIONS ASSURANCE UP 3%, DRIVEN BY SELECTIVE PORTFOLIO DEVELOPMENT,
AND AXA RE DOWN 10% DUE TO A STRONG REDUCTION OF US CAT EXPOSED TREATIES.
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IFRS Revenues March 31, 2006 March 31, 2005 Change Change on a
Three months ended comparable basis
(Euro million)
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INTERNATIONAL INSURANCE 1 793 1 772 +1.1% -1.8%
.. AXA Corporate Solutions Assurance 833 798 +4.4% +3.0%
.. AXA RE 723 762 -5.1% -10.3%
.. Others 236 212 +11.4% +11.3%
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INSURANCE: AXA Corporate Solutions Assurance revenues increased by 3%, mainly
driven by portfolio development in property, construction and aviation as well
as rate increases in motor. Portfolio development was achieved through selective
new business activity combined with low lapses despite softening markets.
REINSURANCE: Revenues decreased by 10% driven by strong reduction of US
proportional coastal cat exposed treaties, in line with the underwriting
strategy aimed at diversifying the portfolio both geographically in Property as
well as in terms of lines of business.
* * *
*
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. IFRS revenues amounted to Euro 72 billion for full
year 2005 and Euro 22 billion in 1Q06.
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:
- ---------------------- -------------------
Etienne Bouas-Laurent: +33.1.40.75.57 25. 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: +1.212.314.5845
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 predictions of or indicate future
events, trends, plans or objectives (including statements herein with respect to
AXA's Ambition 2012 project and the objectives, financial and other, associated
with that project). 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 numerous 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 weather-related catastrophic events and/or
terrorist related incidents), economic and market developments, legislative
developments, regulatory actions or investigations, as well as litigations and
/or types of other proceedings. Please refer to AXA's Document de Reference for
the year ended December 31, 2005 and Annual Report on Form 20-F 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 - BREAKDOWN OF APE BETWEEN UNIT-LINKED, NON UNIT-LINKED AND
MUTUAL FUNDS
9 MAIN COUNTRIES/REGIONS AND MODELED BUSINESS
FIRST QUARTER 2006 - GROUP SHARE
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% UL in APE
1Q06 APE (excl. mutual funds) UL change on comparable
------------------------------------- ---------------------- basis
Euro million UL Non-UL Mutual Funds 1Q06 1Q05
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United States 257 114 131 69% 70% + 12%
France 89 236 27% 21% + 44%
United Kingdom 205 25 89% 86% + 37%
Japan 14 167 8% 2% + 451%
Germany 20 52 27% 34% - 45%
Benelux 29 90 24% 26% + 6%
Southern Europe 3 21 1 12% 17% - 37%
Australia/New-Zealand 5 6 90 44% 43% - 1%
Hong-Kong 6 13 31% 43% - 15%
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TOTAL 627 725 221 46% 44% + 20%
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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 2005 - GROUP SHARE
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1Q05 1H05 9M05 FY05
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APE NBV APE NBV APE NBV APE NBV
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United States 406 61 829 129 1 245 202 1 700 284
France 286 37 536 69 745 100 1 075 157
United Kingdom 167 16 381 33 599 54 817 72
Japan 119 77 258 163 432 279 589 364
Germany 105 12 144 16 195 21 270 29
Benelux 105 30 173 51 259 78 381 115
Southern Europe 28 7 71 13 99 20 140 27
Australia/NZ 76 6 171 13 309 23 428 32
Hong-Kong 15 11 32 24 50 39 75 59
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TOTAL 1 305 257 2 595 512 3 934 816 5 476 1 138
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APPENDIX 3
PROPERTY & CASUALTY - SPLIT BY BUSINESS LINES - FIRST QUARTER 2006
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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
- ------------------------------------------------------------------------------------------------------------------------------------
France 28% 0% 26% + 4% 10% + 3% 37% + 7%
Germany 37% + 3% 23% 0% 7% - 4% 27% - 1%
Belgium 32% 0% 27% + 1% 8% + 3% 34% + 1%
United Kingdom (a) 13% + 19% 34% + 10% 7% + 3% 44% + 7%
Southern Europe 54% + 3% 23% + 5% 7% - 3% 16% - 15%
Canada (b) 33% - 9% 14% - 5% 8% + 1% 45% + 10%
The Netherlands 9% - 6% 49% + 7% 21% - 6% 23% - 27%
Others 54% + 14% 28% + 12% 2% NS 17% + 11%
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TOTAL 32% + 4% 27% +5% 8% + 1% 32% + 3%
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(a) Including Ireland
(b) Personal lines evolution in Canada reflects the high proportion of 18 and 24
month contracts sold in 2005 causing a mechanic decrease in gross written
premiums in 1Q06.
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APPENDIX 4 - AXA GROUP IFRS REVENUES - COMPARISON 1Q06 VS. 1Q05
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Euro million 1Q 06 1Q 05 IFRS revenue change
IFRS IFRS Reported Comp. basis
- ---------------------------------------------------------------------------------------------------------------
TOTAL 21 993 19 623 12.1% 9.6%
LIFE & SAVINGS 12 929 11 087 16.6% 14.0%
France 3 809 3 435 10.9% 10.9%
United States (1) 3 998 3 202 24.9% 17.1%
United Kingdom (2) 1 077 568 89.8% 87.7%
Japan 1 262 1 124 12.3% 14.3%
Germany 856 875 -2.1% -2.1%
Belgium 761 842 -9.6% -9.6%
Southern Europe 280 297 -5.6% -5.6%
Other countries 885 745 18.7% 11.9%
of which Australia/New-Zealand 293 261 12.5% 6.6%
of which Hong-Kong 227 173 30.9% 19.9%
PROPERTY & CASUALTY 6 181 5 903 4.7% 3.2%
France 1 709 1 667 2.5% 3.6%
Germany 1 348 1 329 1.4% 0.7%
United Kingdom + Ireland 1 172 1 067 9.8% 8.7%
Belgium 444 439 1.1% 1.1%
Southern Europe 799 799 -0.0% -0.7%
Other countries (3) 711 602 18.1% 4.8%
INTERNATIONAL INSURANCE 1 793 1 772 1.1% -1.8%
AXA RE 723 762 -5.1% -10.3%
AXA Corporate Solutions Assurance 833 798 4.4% 3.0%
Others 236 212 11.4% 11.3%
ASSET MANAGEMENT 1 004 753 33.3% 27.3%
AllianceBernstein (4) 690 545 26.4% 22.6%
AXA Investment Managers (5) 314 208 51.2% 39.0%
OTHER FINANCIAL SERVICES 87 107 -19.2% -19.4%
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(1) Advest was sold in December 2005. Advest's contribution to 1Q05 revenues
amounted to Euro 64 million.
(2) The UK revenues benefited from the change in classification of some products
from investment contracts to insurance contracts.
(3) Citadel was acquired on March 1, 2006 with retroactive effect as of January
1, 2006. In 1Q06, Citadel P&C revenues were Euro 42 million.
(4) As of end of June 2005, AllianceBernstein's Cash Management Services were
transferred to Federated Investors. Cash Management Services'
contribution to 1Q05 revenues amounted to Euro 34 million.
(5) AXA IM acquired Framlington on October, 31, 2005. In 1Q06, AXA Framlington
revenues were Euro 20 million.
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