-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IR1VqvR4Niz+WAgsHAx7Ix7URmEF3+j/st7E7KwIKL/od53TS+1Fh5z1qGSs+kwQ lGJqnE8/1S99pokFHnS0kw== 0000089024-07-000075.txt : 20071113 0000089024-07-000075.hdr.sgml : 20071112 20071113153135 ACCESSION NUMBER: 0000089024-07-000075 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20071108 FILED AS OF DATE: 20071113 DATE AS OF CHANGE: 20071113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AXA CENTRAL INDEX KEY: 0000898427 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 000000000 STATE OF INCORPORATION: I0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14410 FILM NUMBER: 071237894 BUSINESS ADDRESS: STREET 1: 25 AVE MATIGNON CITY: PARIS FRANCE STATE: I0 BUSINESS PHONE: 2125544489 MAIL ADDRESS: STREET 1: 135 WEST 50TH ST 3RD ST STREET 2: 135 WEST 50TH ST 3RD ST CITY: NEW YORK STATE: NY ZIP: 10020 FORMER COMPANY: FORMER CONFORMED NAME: AXA UAP DATE OF NAME CHANGE: 19970904 6-K 1 e9743.htm REPORT OF FROEIGN PRIVATE ISSUER Unassociated Document

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 
  FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR
15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE MONTH OF NOVEMBER 2007


AXA

(Translation of registrant's name into English)

 
25, AVENUE MATIGNON
75008 PARIS, FRANCE

(address of principal executive offices)

 

 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x       Form 40-F o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2 (b) under the Securities Exchange Act of 1934.
Yes o       No x

If "yes" is marked, indicate below this file number assigned to the registrant in connection with Rule 12g3-2 (b): N/A

Incorporation By Reference

AXA's press release furnished by the Registrant under this Form 6-K, except for all non-GAAP financial measures as such term is defined in Regulation G of the Securities Exchange Act of 1934, is incorporated by reference into the Registration Statements on Form F-3 (File Nos. 333-12872 and 333-12956), the Registration Statements on Form S-8 (File Nos. 333-145265, 333-136679, 333-128450, 333-118107, 333-118105, 333-118103, 333-109227, 333-104438, 333-91900, 333-9212, 333-12088 and 333-12944) and any other Registration Statement filed by the Registrant which shall by its terms automatically incorporate AXA's furnished 6-Ks. For the avoidance of doubt, the disclosure containing non-GAAP financial measures contained in the attached press release is not incorporated hereby into any Registration Statement filed by the Registrant that allows for the incorporation by reference of each Form 6-K furnished to the SEC by the Registrant.



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

     
  AXA
 
 
 (REGISTRANT)   
 
  By:   /s/   Denis Duverne
 

Name     Denis Duverne 
 
Title      Chief Financial Officer and Member of the
          Management Board
 Date:  November 13, 2007  



EXHIBIT INDEX

 
EXHIBITS    DESCRIPTION
   
99.1  Press Release issued on November 8, 2007 by AXA, announcing first nine months 2007 activity indicators.
 
  

 
EX-99.1 2 e9743_ex99-1.htm PRESS RELEASE e9743.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

PRESS RELEASE

November 8, 2007         

  
9M07 ACTIVITY INDICATORS CONFIRM AXA’S SUSTAINED GROWTH
MOMENTUM

LIFE & SAVINGS NEW BUSINESS VOLUME1 UP 26% (UP 10% ON A COMPARABLE BASIS)
LIFE & SAVINGS NEW BUSINESS VALUE2 UP 19% (UP 10% ON A COMPARABLE BASIS)
PROPERTY & CASUALTY REVENUES UP 30% (UP 4% ON A COMPARABLE BASIS)
ASSET MANAGEMENT REVENUES UP 16% (UP 23% ON A COMPARABLE BASIS) 
 


Life and Savings new business volume (APE)1 was up 26% to Euro 5,599 million, or 10% on a comparable basis3 , reflecting AXA's continued organic growth momentum. The main contributors to the growth were the United States, Australia/New Zealand and the United Kingdom while Japan remained negative.
Unit-linked new business APE mix increased from 49.2% to 54.4%.

Life and Savings new business value (NBV)2 was up 19% to Euro 1,250 million, or 10% on a comparable basis3 , with a margin of 22.3%, in line3 with 9M06 as a result of positive business mix evolution offset by negative country mix evolution.

Property & Casualty revenues increased by 30% to Euro 19,631 million, or 4% on a comparable basis3 , mainly driven by the UK and fast growing markets (Turkey up 20%, Morocco up 19% and Asia up 10%) with strong Personal Motor and Household net new inflows reaching respectively 897,000 and 265,000 contracts. Personal lines were up 5% and Commercial lines up 2%.
Asset Management revenues increased by 16% to Euro 3,621 million, or 23% on a comparable basis3 , driven by higher average Assets under Management and business mix improvement. Both AllianceBernstein and AXA IM revenues grew at a strong double digit pace.


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* *

_____________________

1Annual Premium Equivalent (APE) represents 100% of new business regular premiums + 10% of new business single premiums. APE is Group share.
2New Business Value (NBV) is Group share. NBV for both 9M06 and 9M07 were computed using profitability factors by products from year-end 2006. Economic and actuarial assumptions remained unchanged.
3Changes on a comparable basis were calculated at constant FX and scope (notably Winterthur’s contribution was included in both 2006 and 2007 figures).




 



                Change
Nine months ended         Change on
a reported
basis
(Euro million, except when otherwise 9M06   9M07   Comp. (a)
basis
Scope &
Other
FX
impact (b)
noted)    
         
Life & Savings new business(c)                              
       APE 4,435   5,599   + 26.3% + 10.5% + 19.1 % -3.3 %
       NBV 1,049   1,250   + 19.2% + 9.7% + 14.8% -5.3 %
       NBV to APE margin 23.7%   22.3%   -1.3 pts -0.2 pt          
Property & Casualty revenues 15,101   19,631   + 30.0% + 3.9% + 26.7% -0.6 %
International Insurance revenues 3,185   3,119   -2.1 % + 6.5%   -7.8 % -0.8 %
Asset Management                              
       Revenues 3,117   3,621   + 16.2% + 22.5% + 0.3% -6.7 %
       Net inflows (Euro billion) 65   25                        
  
Total revenues 58,574   71,652   + 22.3% + 5.9% + 19.3% -2.8 %
(a) Change on a comparable basis was calculated at constant FX and scope (notably Winterthur’s contribution was included in both 2006 and 2007 figures).
(b) Mainly due to continued appreciation of the Euro against US Dollar, Yen and CHF.
(c) Group share

 

“9M07 figures continued to demonstrate AXA’s sustained top line momentum while the integration of Winterthur continues to progress well”, said Henri de Castries, Chairman of the AXA Management Board.

“Our Life & Savings activities delivered once more double-digit growth. NBV margin improved compared to 1H07 notably as a result of an increased contribution from our Accumulator roll-out program.”

“The Property & Casualty revenues demonstrated good resilience in a competitive pricing environment, especially in retail lines.”

“Our Asset Management business continued to record strong performance but experienced in Q307 some net outflows from third party investors in low fee asset classes.”

 

*
* *

 

Numbers herein have not been audited. 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 3 of this release.





LIFE & SAVINGS:

Life and Savings new business volume (APE) was up 26% to Euro 5,599 million, or 10% on a comparable basis, reflecting AXA's continued organic growth momentum. The main contributors to the growth were the United States, Australia/New Zealand and the United Kingdom while Japan remained negative. Unit-linked new business APE mix increased from 49.2% to 54.4% .

Life and Savings new business value (NBV) was up 19% to Euro 1,250 million, or 10% on a comparable basis, with a margin of 22.3%, in line with 9M06 as a result of positive business mix evolution offset by negative country mix evolution.
   

Annual Premium Equivalent,
Group share (Euro million)
Nine months ended
September 30,
2006
September 30,
2007
Change on a
reported basis
  Change on a
comparable basis
Life & Savings 4,435   5,599   26.3 % 10.5 %
 United States 1,424   1,597   12.2 % 21.2 %
 France 873   899   2.9 % 2.9 %
 Japan 487   431   -11.5 % -16.7 %
 United Kingdom 764   1,227   60.6 % 17.7 %
 Germany 188   313   66.5 % 3.4 %
 Switzerland(1) -   187   -   0.3 %
 Belgium 230   255   11.0 % 7.8 %
 Southern Europe 87   110   26.3 % -12.8 %
 Central & Eastern Europe -    74   -   49.0 %
 Australia/New Zealand 310   402   29.7 % 25.6 %
 Hong Kong 72    104    44.6 % 15.9 %

(1) In compliance with AXA Group methodology, 9M07 APE includes voluntary additional purchase premiums for Euro 16 million. Change on a comparable basis includes Euro 9 million in 2006.

New Business Value,
Group share (Euro million)
Nine months ended
September 30,
2006
September 30,
2007
  Change on a
reported basis
  Change on a
comparable  basis
Life & Savings 1,049   1,250   19.2 % 9.7 %
 United States 316   329   4.2 % 12.6 %
 France 138   148   7.6 % 7.6 %
 Japan 282   299   6.0 % 3.8 %
 United Kingdom 69   113   63.0 % 29.6 %
 Germany 57   98   72.6 % 22.1 %
 Switzerland -   38   -   -21.1 %
 Belgium 99   102   2.5 % 9.2 %
 Southern Europe 16   15   -6.8 % -12.1 %
 Central & Eastern Europe -   18   -   39.0 %
 Australia/New Zealand 27   38   38.0 % 33.6 %
 Hong Kong 45     53    16.4 % 0.0 %

 

The following comments are on a comparable basis.

The United States new business APE increased by 21% due to strong growth in sales of Variable Annuities (up 20%) as well as in Life products. Variable Annuities growth was primarily driven by the continued expansion in the third party distribution networks, especially independent financial advisory firms. The addition of product features also contributed to the increase in sales.
NBV was up 13% to Euro 329 million with a NBV margin of 20.6%, down 1.6 points from 9M06 primarily due to increased sales of Universal Life to older clients. However, the NBV margin improved in 9M07 compared to 1H07 (20.6% at 9M07 vs. 19.6% at 1H07) largely due to change in product mix.

France new business APE increased by 3% to Euro 899 million driven by Group retirement (+57%) as well as Individual Life and Health (+10%). Individual Savings were down 5% despite strong sales in 3Q07.
France
NBV increased by 8% to Euro 148 million mainly driven by volumes and improved business mix which includes the contribution from the Accumulator-type product “Capital Ressources” launched in March 2007. Unit-linked share increased from 23% to 26%. NBV margin was up 0.7 points to 16.5% .

Japan new business APE decreased by 17% to Euro 431 million, in line with 1H07 trend as certain Term products no longer benefit from a favorable tax environment. The lower term product sales were partly offset by strong performance from medical and cancer product sales (+Euro 76 million) and the sales of US Dollar and Yen denominated variable annuity products (Euro 39 million).
Japan
NBV increased by 4% to Euro 299 million reflecting the company's successful strategy to focus on more profitable medical products and to develop individual savings products. Unit linked share increased from 9% in 9M06 to 21% in 9M07 due to the increase in variable annuity sales.

In the United Kingdom, new business APE was up 18% to Euro 1,227 million due to a 13% growth in pension reflecting the strength of the combined AXA and Winterthur Individual pension offering and the impact of strong sales of offshore bonds in 1Q07 prior to a change in the tax environment of these products. Life Risk products business grew by 22% following improved penetration of individual protection products in the IFA market.
The United Kingdom
NBV increased by 30% to Euro 113 million as a result of higher volumes. NBV margin was up 0.8 points to 9.2% .

Germany new business APE was up 3% to Euro 313 million due to strong growth in Investment & Savings unit-linked products (especially “TwinStar” product range), partly offset by the negative impact of traditional Riester products (notably in Winterthur’s portfolio) which had benefited last year from strong inflows as a result of a 2006 fiscal incentive.
Germany
NBV recorded a sharp 22% growth to Euro 98 million as a result of improved business mix towards TwinStar products. NBV margin was up 4.8 points to 31.4% .

Switzerland new business APE was stable at Euro 187 million with Individual life up 9% and Group life down 2%. Unit-Linked share was up to 7% further to the launch of new products (including AXA comfort).
Switzerland
NBV was down 21% to Euro 38 million. NBV margin was 20%, down 5.5pts due to a large co-insurance agreement in Group life.

Belgium new businessAPE was up 8% to Euro 255 million due to individual life (+4% to Euro 234 million), mainly driven by non unit-linked products (largely Crest 40), and Group business (+70% to Euro 21 million).
Belgium
NBV was up 9% to Euro 102 million, largely driven by higher volumes. NBV margin was up 0.5 point to 40%.



Southern Europe new business APE decreased by 13% to Euro 110 million due to the non recurrence of single premiums in group business (down 37%) notably at Winterthur in 2006 as well as a decrease in individual segment.
Southern Europe
NBV decreased by 12% to Euro 15 million, in line with lower volumes. NBV margin was up 0.1 point to 13.3% .

Central & Eastern Europe new business APE was up 49% to Euro 74 million, mainly driven by Czech Republic (+72% to Euro 25 million) and Hungary (+48% to Euro 17 million), benefiting from strong Life unit-linked sales (+105% to Euro 27 million) and Pension Fund transfers from competitors (+28% to Euro 45 million).
Central & Eastern Europe
NBV was up 39% to Euro 18 million due to higher volumes and lower average margin as a result of a change in country mix. NBV margin remained very strong at 24.6%, down 1.8 points.

Australia/New-Zealand new business APE wasup 26% to Euro 402 million mainly driven by continued strong inflows into mezzanine Global Equity Value fund and ipac wholesale products, in addition to strong personal superannuation flows into Summit & Generations platforms. Australia/New Zealand NBV was up 34% to Euro 38 million. The NBV margin increased from 8.8% to 9.3% due to scale benefits from the increasing funds under management in wealth management and improved business mix.

Hong Kong new business APE was up 16% to Euro 104 million, reflecting strong growth in individual unit-linked regular premiums and Group retirement sales as a result of the buoyant economic environment and encouraging results from the new Citibank bancassurance agreement (signed in July 2007).
Hong Kong
NBV was stable at Euro 53 million as the increase in sales was offset by a lower NBV margin following a reduced share of higher margin traditional products. NBV margin remained very strong at 50.6%, down 7.6 points.

  

*

*  *

 

 



PROPERTY & CASUALTY :

Property & Casualty revenues increased by 30% to Euro 19,631 million, or 4% on a comparable basis, mainly driven by the UK and fast growing markets (Turkey up 20%, Morocco up 19% and Asia up 10%) with strong Personal Motor and Household net new inflows reaching respectively 897,000 and 265,000 contracts.
Personal lines were up 5% and Commercial lines up 2%.

IFRS Revenues
Nine months ended
(Euro million)
September 30,
2006
September 30,
2007
Change on a
reported basis
Change on a
comparable basis
Property & Casualty 15,101   19,631   +30.0 % +3.9 %
   . France 4,081   4,182   +2.5 % +2.5 %
   . Germany 2,296   2,909   +26.7 % +1.5 %
   . Switzerland 81   1,883   ns -0.3 %
   . United Kingdom & Ireland 3,635   3,971   +9.2 % +7.8 %
   . Southern Europe 2,245   3,235   +44.1 % +3.7 %
   . Belgium 1,162   1,648   +41.8 % +1.5 %
   . Other countries 1,601   1,804   +12.7 % +11.1 %
             of which Canada 811   804   -0.9 % +4.4 %
             of which Turkey 371   441   +18.9 % +20.5 %
             of which Asia(a) 238   336   +0.9 % +9.6 %
             of which Morocco 125    147    +17.8 % + 9.1 %

(a) Singapore, Hong Kong, Japan and Korea in 2007 (Change on a comparable basis excludes Kyobo Auto figures in both 2006 and 2007)

The following comments are on a comparable basis.

Personal lines (60% of P&C premiums) were up 5%.
Motor revenues grew by 6% mainly driven by (i) the UK & Ireland (+24%), largely as a result of the new business written through the Internet player Swiftcover, (ii) Southern Europe up 7%, following new product launches in 2006 and 2007 (mainly “Protezione at volante” in Italy and “Dynamic 2” in Spain) (iii) Turkey (up 23%), Asia (up 14%) and Morocco (up 8%) which confirmed their strong momentum, (iv) partly offset by lower growth in countries where competition was strong like France (+0%) and Switzerland (-1%).

Non-motor revenues increased by 5% mainly driven by (i) the UK & Ireland (+9%) mostly in health business, (ii) Southern Europe (+7%) due to Accident and Health products (iii) partly offset by France (+1%) and Germany (+2%).

Commercial lines (39% of P&C premiums)were up 2%.
Motor revenues were up 1%, as the growth in Germany (+6%) and France (+2%) was offset by Southern Europe (-8%) due to a lower contribution from former Winterthur fleet rental business further to a strategic decision and Belgium (-2%).

Non-motor revenues were up 2%, with France up 6% driven by Construction and Liability and the UK up 3% largely driven by Health, partly offset by Belgium (-3%) due to the non renewal of some less profitable contracts.
  

*
* *

  



ASSET MANAGEMENT

Asset Management revenues increased by 16% to Euro 3,621 million, or 23% on a comparable basis, driven by higher average assets under management and business mix improvement. Both AllianceBernstein and AXA IM grew at a strong double digit pace.

AllianceBernstein revenues increased by +20% on a comparable basis largely due to higher base advisory fees (+26%, with +30% in institutional clients, +21% in retail clients and +25% in private clients) driven by higher average assets under management (+23%). Other revenues (mainly distribution fees, institutional research and performance fees) were up 7%.

AXA Investment Managers revenues increased by 28% on a comparable basis mainly driven by 24% higher average assets under management and favorable client and product mix evolution.

Assets Under Management were Euro 1,123 billion as of September 30, 2007 as a result of net inflows (Euro +25 billion), market appreciation (Euro +60 billion), impact of transfers from Winterthur (Euro +61 billion) partly offset by a strong negative exchange rate impact (Euro -51 billion).

AllianceBernstein net inflows of Euro 17 billion were strong across all client categories (Euro 6 billion from institutional clients, Euro 5 billion from retail and Euro 6 billion from private clients). Net inflows in 3Q07 were close to zero with net outflows in the institutional channel (largely low fee index mandates for approximately Euro 4 billion).

AXA Investment Managers net inflows of Euro 8 billion were driven by AXA’s Main funds (Euro 4 billion), Institutional clients (Euro 2 billion) and retail segment (Euro 1 billion). AXA IM recorded in 3Q07 third party net outflows of Euro 6 billion in certain lower margin funds (mainly institutional money market clients).

         9M 2007 AUM Roll-forward
                             In Euro billion   Alliance
Bernstein
AXA IM Total
 
 
AUM at FY06 544.1   484.6   1,028.7  
Net inflows 17.3   7.6   24.8  
Market appreciation 54.1   5.7   59.7  
Scope impact (Winterthur) -   61.3   61.3  
Other impacts -   -0.8   -0.8  
Forex impact -42.5   -8.4   -50.8  
AUM at 9M07 573.0     550.0     1,123.0  
 
Average AUM over the period 568.9     544.6     1,113.5    
Change on a reported basis 13%   21%   17%  
Change on a comparable basis 23%   24%   23%  

 

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*   *



INTERNATIONAL INSURANCE:

International Insurance revenues were down 2% to Euro 3,119 million, or up 7% on a comparable basis, with AXA Corporate Solutions Assurance up 6%, driven by selective portfolio development and AXA Assistance up 15%.

IFRS Revenues
Nine months ended
(Euro million)
September 30,
2006
September 30,
2007
Change on a
reported basis
Change on a
comparable
basis
International Insurance 3,185 3,119 -2.1 % + 6.5 %
. AXA Corporate Solutions Assurance 1,416 1,511 + 6.7 % + 6.0 %
. AXA Assistance 463 531 + 14.7 % + 15.0 %
. AXA Cessions 57 59 + 2.3 % + 2.3 %
. Other transnational activities (a) 1,249 1,019 -18.4 % N/A

(a) Other transnational activities include AXA RE. The sale of AXA RE's business to Paris Re Holdings was completed on December 21, 2006. AXA RE’s revenues, reported under “Other Transnational Activities” amounted to Euro 1,005 million at 09/30/2007 versus Euro 1,222 million at 09/30/2006. 100% of the business fronted on behalf of Paris Re was retroceded to Paris Re Holdings or its affiliates and therefore these amounts have been excluded from comparison on a comparable basis. The fronting was terminated on October 1st , 2007.

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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 Europe, North America and the Asia/Pacific area. IFRS revenues amounted to Euro 79 billion in FY06 (Euro 51 billion at 1H07) and IFRS adjusted earnings amounted to Euro 5,140 million in FY06 (Euro 3,424 million at 1H07). 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 : +  33.1.40.75.46.85 Christophe Dufraux: +  33.1.40.75.46.74
Paul-Antoine Cristofari: +  33.1.40.75.73.60 Clara Rodrigo: +  33.1.40.75.47.22
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George Guerrero: +  1.212.314.2893 Mary Taylor: +  1.212.314.5845

  
   
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. Please refer to AXA's Annual Report on Form 20-F and AXA’s Document de Référence for the year ended December 31, 2006, for a description of certain important factors, risks and uncertainties that may affect AXA’s business. In particular, please refer to the section " Special Note Regarding Forward-Looking Statements" in AXA's Annual Report on Form 20-F. 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.



APPENDIX 1

LIFE & SAVINGS Breakdown of APE between unit-linked, non unit-linked and mutual funds 11 main countries/regions and modeled business
First Nine
Months2007 – Group Share

 

    9M07 APE     % UL in APE  
(excl. mutual funds)
UL change on
comparable basis
Euro million UL Non-UL  Mutual
Funds
  9M06 9M07  
     
 
France 236   662       23 % 26 %   +18%     
United States 920   341   336     75 % 73 %   +24%  
Japan 91   340       9 % 21 %   +36%  
United Kingdom 1,115   112       89 % 91 %   +17%  
Germany 110   203       38 % 35 %   +45%  
Switzerland 12   174       -   7 %   +157%  
Belgium 35   220       16 % 14 %   -11%  
Southern Europe 16   89   5     7 % 15 %   -38%  
Central&Eastern Europe 53   22       -   71 % +50%  
Australia/New-Zealand 12   27   363     28 % 30 %   +9%  
Hong-Kong 61   42       37 % 59 %   +36%    
 
TOTAL   2,662   2,233   704     49 % 54 %   +21 %  

 


 


   APPENDIX 2
   PROPERTY & CASUALTY – Split by business line – First Nine Months of 2007
 
  Personal
Motor
Personal
Non-Motor
Commercial
Motor
Commercial
Non-Motor
 
  % Gross
Revenues
Change on
comp. basis
% Gross
Revenues
Change on
comp. Basis
% Gross
Revenues
Change on
comp. Basis
% Gross
Revenues
Change on
comp. basis
 
 
France   32 % +0 % 27 % +1 % 9 % +2 % 33 % +6 %
Germany   33 % +1 % 31 % +2 % 6 % +6 % 24 % +1 %
Switzerland   37 % -1 % 13 % -1 % 4 % +7 % 47 % +0 %
United Kingdom (a)   15 % +24 % 37 % +9 % 7 % +4 % 41 % +3 %
Southern Europe   54 % +7 % 21 % +7 % 7 % -8 % 18 % -1 %
Belgium   34 % +4 % 25 % +4 % 7 % -2 % 34 % -3 %
Canada   36 % +8 % 17 % +9 % 8 % +2 % 40 % -1 %
Other   62 % +20 % 5 % +10 % 3 % +9 % 32 % +17 %
 
TOTAL   35 % +6 % 26 % +5 % 7 % +1 % 32 % +2 %
 
   (a) Including Ireland                                


APPENDIX 3 - AXA GROUP IFRS Revenues – Comparison 9M07 vs. 9M06

                                         Euro million 9M 2006
IFRS
9M 2007
IFRS
   IFRS revenue change
  Reported Comp. basis
TOTAL   58,574   71,652   22.3 % 5.9%
 
Life & Savings   36,885   45,032   22.1% 5.6%
   United States   11,539   12,285   6.5% 15.0%
   France   10,831   11,199   3.4% 3.4%
   Japan   3,906   3,867   -1.0% -1.8%
   United Kingdom   3,169   3,521   11.1% 2.3%
   Germany   2,562   4,471   74.5% 2.5%
   Switzerland   111   3,575   ns -1.1%
   Belgium   1,807   2,245   24.3% 13.6%
   Southern Europe   915   1,177   28.6% -11.2%
   Other countries (1)   2,045   2,692   31.7% 6.6%
         of which Australia/New-Zealand   949   1,056   11.3% 7.3%
         of which Hong-Kong (2)   763   907   18.9% 1.3%
         of which Central & Eastern Europe   -   308   ns 12.4%
 
Property & Casualty   15,101   19,631   30.0% 3.9%
   France   4,081   4,182   2.5% 2.5%
   Germany   2,296   2,909   26.7% 1.5%
   Switzerland   81   1,883   ns -0.3%
   United Kingdom + Ireland   3,635   3,971   9.2% 7.8%
   Southern Europe   2,245   3,235   44.1% 3.7%
   Belgium   1,162   1,648   41.8% 1.5%
   Other countries   1,601   1,804   12.7% 11.1%
 
International Insurance(3)   3,185   3,119   -2.1% 6.5%
   AXA Corporate Solutions Assurance   1,416   1,511   6.7% 6.0%
   Others   1,769   1,608   -9.1% 7.7%
 
Asset Management   3,117   3,621   16.2% 22.5%
   AllianceBernstein   2,106   2,336   10.9% 19.9%
   AXA Investment Managers   1,010   1,285   27.2% 28.0%
 
Other Financial Services   286   249   -13.2% -3.6%

(1) Newly consolidated South Eastern Asia entities contributed Euro 52 million to “other countries” Life & Savings revenues.
(2) MLC which was acquired on May 8, 2006 contributed Euro 81 million to Hong Kong Life & Savings revenues.
(3) AXA RE's revenues amounted to Euro 1,005 million at 9M07 versus Euro 1,222 million at 9M06 and are excluded from comparison between 9M07 and 9M06 on a comparable basis.

 


APPENDIX 4 - AXA GROUP IFRS Revenues in local currency Discrete quarters 2006/2007

In million local currency
except Japan in billion
1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07
Life & Savings                            
   United States 4,806   4,958   4,589   4,981   5,258   5,654   5,601  
   France 3,809   3,809   3,213   3,966   4,313   3,479   3,407  
   Japan 176   204   172   167   201   210   197  
   United Kingdom 739   685   747   755   765   846   771  
   Germany 856   845   861   1,119   1,518   1,467   1,486  
   Switzerland 87   45   43   48   4,434   837   580  
   Belgium 761   545   500   705   957   671   617  
   Southern Europe 280   400   235   442   356   512   308  
   Other countries                            
          of which Australia/New-Zealand 477   585   517   510   515   600   614  
         of which Hong-Kong 2,122   2,046   3,170   2,764   3,690   2,729   3,131  
          of which Central & Eastern Europe                 103   98   106  
                               
Property & Casualty                            
   France 1,709   1,124   1,249   1,106   1,744   1,151   1,286  
   Germany 1,348   453   495   449   1,620   582   707  
   Switzerland 72   23   31   22   2,676   250   156  
   United Kingdom + Ireland 804   893   793   728   863   975   849  
   Southern Europe 799   774   673   906   1,131   1,159   945  
   Belgium 444   356   363   349   641   514   493  
   Canada 335   434   374   361   334   442   417  
                             
International Insurance                            
   AXA Corporate Solutions Assurance 833   265   318   273   859   337   314  
   Others, including AXA RE 959   1,441   516   328   1,441   683   427  
                             
Asset Management                            
   AllianceBernstein 829   912   879   1,101   987   1,077   1,076  
   AXA Investment Managers 314   360   337   435   397   458   430  
                             
Other Financial Services 87   95   105   95   80   76   93  

  

           


APPENDIX 5 – 3Q07 press releases
     
Earnings
     

08/09/2007 AXA HY07 earnings
     
Merger, Acquisitions and disposals
     

10/19/2007 AXA and BMPS finalize their partnership on the Italian financial protection market

09/12/2007 AXA announces partnership with Bao Minh on the Vietnamese insurance market

09/06/2007 AXA completes the sale of its Dutch insurance operations

07/27/2007 AXA and BNP Paribas extend their partnership to take the 3rd place on the Ukranian P&C insurance market

07/25/2007 AXA to sell its operations in Taiwan
   
Other
   

10/10/2007 AXA announces the launch of Euro 100 million research fund to promote academic research

09/19/2007 AXA joins the Dow Jones Sustainability STOXX and World Indices

09/18/2007 AXA announces the subscription prices for 2007 employee share offering

07/06/2007 AXA announces the success of its second securitization of motor insurance risk

07/02/2007 AXA allocates 50 free shares to all AXA employees worldwide

Please refer to the following web site address for further details: http://www.axa.com/en/press/pr/

APPENDIX 6 – 3Q07 significant operations on AXA shareholders equity and debt

Shareholders equity
Since June 30 2007, AXA bought back 45 million shares for a total amount of Euro 1.3 billion.

Debt
No significant events to be reported in the third quarter. 
  
 
 



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