AXA Financial Supplement 2010

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Full Year 2010 Earnings February 17, 2011

Financial Supplement


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FINANCIAL SUPPLEMENT - TABLE OF CONTENTS

4 Important notes for analysis of numbers6 Earnings summary7 From adjusted earnings to net income / Impact from certain operations8 Consolidated statement of income - AXA

10 Consolidated statement of income - Life & Savings12 Consolidated statement of income - Life & Savings - Other countries14 Consolidated statement of income - Property & Casualty16 Consolidated statement of income - International Insurance18 Consolidated statement of income - Asset Management and Banking20 Consolidated statement of income - Holdings and other companies22 Investment income - Life & Savings

24 Investment income - Life & Savings - Other countries26 Investment income - Property & Casualty28 Investment income - International Insurance30 Underlying operating income under margin analysis format and Expense ratios - Life & Savings32 Underlying operating income under margin analysis format and Expense ratios - Life & Savings - Other countries34 Underlying operating income under combined ratio analysis - Property & Casualty36 Underlying operating income under38 Number of shares (basic and diluted)39 Earnings per share (EPS) (basic and diluted)

40 Consolidated balance sheet: assets41 Consolidated balance sheet: liabilities42 Consolidated shareholders' equity43 Return on equity (ROE)44 Consolidated financial structure45 Intangible assets46 Deferred acquisition costs and equivalent - Life & Savings48 Value of business in force - Life & Savings combined ratio analysis - International insurance50 Invested assets - AXA52 Invested assets - Life & Savings54 Invested assets - Life & Savings - Other countries56 Invested assets - Property & Casualty58 Invested assets - International Insurance60 Unrealized Capital Gains and Losses61 Assets under Management62 AUM Rollforward - Asset Managers64 AUM Breakdown - Asset Managers66 Consolidated insurance reserves: Life & Savings68 Consolidated insurance reserves: P&C and International Insurance

70 P&C reserves ratios71 Internal Rate of Return PayBack Period (year)72 Free Cash Flow Generation73 Quarterly NBV, APE and NBV Margin


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Important notes for analysis of numbers

AXA's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU.Please refer to the glossary at the end of the Management Report for definitions of terms used in this document.

The main changes in the presentation of AXAs consolidated financial statements for the full year 2010 compared to full year 2009 are set out below:

RevenuesUnderlyingEarnings

Change in scope Change in consolidation method FY10 (Euro million)

* Consolidation starting in 1Q10 for Ukraine Property & Casualty (Vesko)that were not consolidated in FY09. 67 0

Changes in scope AcquisitionsFY10 (Euro million)

* On June 22, 2010, AXA completed the buyout of the minority interests held by the European Bank for Reconstruction andDevelopment (EBRD) for an amount of 147 million in Czech Republic and in Hungary (Life & Savings and Pensions Funds). Thoseentities are fully consolidated.

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* On April 30, 2010, AXA completed the acquisition of BHIs to 100% shares. BHI is fully consolidated. BH Insurance (M) Bhd. is a

wholly owned subsidiary of AXA Affin General Insurance (joint venture between AXA SA and Affin Holdings Berhad).44 2

Change in scope Disposals

FY09 (Euro million)

*On September 15, 2010 AXA completed the disposal to Resolution Ltd part of its UK Life operations including UK-based traditionallife and pensions businesses, its IFA protection and corporate pension businesses, and its annuity businesses for a consideration of2.8 billion (or ca. 3.3 billion).

-801 -20


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Closing FX rates Average FX rates

31/12/2009 31/12/2010 FY 2009 FY 2010

USD 1.433 1.342 1.394 1.337

JPY (100) 1.313 1.088 1.296 1.216

GBP 0.888 0.857 0.891 0.861CHF 1.483 1.250 1.510 1.391

HKD 11.112 10.429 10.810 10.384

AUD 1.596 1.309 1.774 1.458

CAD 1.499 1.333 1.586 1.380

TRY (Turkish Lira) 2.137 2.065 2.162 2.013

MXN 19.107 16.547 18.793 16.911

Exchange rates


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INCOME STATEMENT

INTERNATIONAL INSURANCEPeriod ended December 31, 2009

AXA Consolidated(Euro million) Financial Statements

AXA Corporate Solutions Assurance Others Total International

Gross written premiums 1,945 779 2,724

Fees and charges relating to investment contracts with no DPF - - -

Revenues from insurance activities 1,945 779 2,724

of which ceded premiums 848 67 915

Net revenues from banking activities - - -

Revenues from other activities 1 271 272

Gross revenues 1,946 1,050 2,996

Change in unearned premiums reserves net of unearned revenues and fees (2) 21 19

Underlying investment results 189 (53) 136

of which change in fair value of assets with financial risk borne by policyholders - - -

of which realized & unrealized gains & losses on UK with profit assets - - -

of which net investment income 189 (53) 136

of which others - (1) (1)

Total revenues 2,133 1,018 3,150

Claims and benefits (1,620) (319) (1,939)

Net result of reinsurance ceded (12) (72) (84)Banking operating expenses - - -

Insurance acquisition expenses (177) (139) (315)

Amortization of value of purchased life business in force - - -

Administrative expenses and other (116) (279) (395)

Total charges (1,925) (809) (2,733)

Income from operating activities gross of tax expenses 208 209 417

Net income from investments in affiliates and associated - 0 0

Financing activities (3) (1) (4)

Operating income, gross of tax expense 205 208 413

Income tax expense (71) (53) (124)

Minority interests in income or loss (2) (1) (3)

UNDERLYING EARNINGS 132 154 286

Net realized capital gains attributable to shareholders 12 7 19

ADJUSTED EARNINGS 144 161 306

Profit or loss (including change) on financial assets (under Fair Value option) & derivatives 16 5 20

Exceptional operations - 1 1

Goodwill and related intangibles - (1) (1)

Integration and Restructuring costs - - -

Income from discontinued operations - - -

Net income 160 166 326


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INCOME STATEMENT

INTERNATIONAL INSURANCE

Period ended December 31, 2010AXA Consolidated

(Euro million) Financial Statements

AXA Corporate Solutions Assurance Others Total International

Gross written premiums 1,947 789 2,736

Fees and charges relating to investment contracts with no DPF - - -

Revenues from insurance activities 1,947 789 2,736

of which ceded premiums 847 158 1,005

Net revenues from banking activities - - -

Revenues from other activities 3 286 289

Gross revenues 1,951 1,074 3,025

Change in unearned premiums reserves net of unearned revenues and fees 16 15 30

Underlying investment results 186 62 248

of which change in fair value of assets with financial risk borne by policyholders - - -

of which realized & unrealized gains & losses on UK with profit assets - - -

of which net investment income 186 62 248

of which others - - -

Total revenues 2,152 1,151 3,303

Claims and benefits (1,316) (705) (2,021)

Net result of reinsurance ceded (286) 4 (282)

Banking operating expenses - - -

Insurance acquisition expenses (180) (167) (348)

Amortization of value of purchased life business in force - - -

Administrative expenses and other (123) (92) (214)

Total charges (1,905) (960) (2,865)

Income from operating activities gross of tax expenses 247 191 438

Net income from investments in affiliates and associated - 0 0

Financing activities (3) (1) (3)

Operating income, gross of tax expense 245 190 435

Income tax expense (81) (61) (142)

Minority interests in income or loss (2) (1) (3)

UNDERLYING EARNINGS 161 129 290

Net realized capital gains attributable to shareholders 5 48 53

ADJUSTED EARNINGS 166 177 343

Profit or loss (including change) on financial assets (under Fair Value option) & derivatives 26 6 32

Exceptional operations - 3 3

Goodwill and related intangibles - - -

Integration and Restructuring costs - - -

Income from discontinued operations - - -

Net income 192 186 378


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INCOME STATEMENT

ASSET MANAGEMENT AND BANKING



AllianceBernstein AXA Investment Managers Total Asset Management Banking

Gross written premiums - - - -

Fees and charges relating to investment contracts with no DPF - - - -

Revenues from insurance activities - - - -

of which ceded premiums - - - -

Net revenues from banking activities - - - 476

Revenues from other activities 1,973 1,445 3,419 8Gross revenues 1,973 1,445 3,419 484

Change in unearned premiums reserves net of unearned revenues and fees - - - -

Underlying investment results 42 9 50 (2)

of which change in fair value of assets with financial risk borne by policyholders - - - -

of which realized & unrealized gains & losses on UK with profit assets - - - -

of which net investment income 7 (2) 5 (2)

of which others 34 11 45 -

Total revenues 2,015 1,454 3,469 481

Claims and benefits - - - -

Net result of reinsurance ceded - - - -

Banking operating expenses - - - (102)

Insurance acquisition expenses - - - -Amortization of value of purchased life business in force - - - -

Administrative expenses and other (1,665) (1,156) (2,821) (368)

Total charges (1,665) (1,156) (2,821) (470)

Income from operating activities gross of tax expenses 350 298 648 12

Net income from investments in affiliates and associated - (2) (2) -

Financing activities (20) (12) (32) (21)

Operating income, gross of tax expense 331 284 615 (9)

Income tax expense (26) (87) (113) 9

Minority interests in income or loss (120) (26) (147) (2)

UNDERLYING EARNINGS 185 171 355 (2)

Net realized capital gains attributable to shareholders - - - (4)

ADJUSTED EARNINGS 185 171 355 (6)

Profit or loss (including change) on financial assets (under Fair Value option) & derivatives 20 29 49 (8)

Exceptional operations 0 5 5 -

Goodwill and related intangibles - - - (0)

Integration and Restructuring costs - - - (4)

Income from discontinued operations - - - -

Net income 205 204 409 (17)


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INCOME STATEMENT

ASSET MANAGEMENT AND BANKING



AllianceBernstein AXA Investment Managers Total Asset Management Banking

Gross written premiums - - - -

Fees and charges relating to investment contracts with no DPF - - - -

Revenues from insurance activities - - - -

of which ceded premiums - - - -

Net revenues from banking activities - - - 487

Revenues from other activities 2,203 1,482 3,685 7

Gross revenues 2,203 1,482 3,685 494

Change in unearned premiums reserves net of unearned revenues and fees - - - -Underlying investment results 17 29 46 (1)

of which change in fair value of assets with financial risk borne by policyholders - - - -

of which realized & unrealized gains & losses on UK with profit assets - - - -

of which net investment income 6 24 30 (1)

of which others 11 5 16 -

Total revenues 2,220 1,510 3,731 493

Claims and benefits - - - -

Net result of reinsurance ceded - - - -

Banking operating expenses - - - (97)

Insurance acquisition expenses - - - -

Amortization of value of purchased life business in force - - - -

Administrative expenses and other (1,821) (1,374) (3,195) (402)Total charges (1,821) (1,374) (3,195) (499)

Income from operating activities gross of tax expenses 399 136 536 (6)

Net income from investments in affiliates and associated - (2) (2) -

Financing activities (21) (11) (31) (20)

Operating income, gross of tax expense 379 124 503 (25)

Income tax expense (93) (38) (131) 37

Minority interests in income or loss (142) 39 (103) (2)

UNDERLYING EARNINGS 143 125 269 9

Net realized capital gains attributable to shareholders - (5) (5) (3)

ADJUSTED EARNINGS 143 120 264 7

Profit or loss (including change) on financial assets (under Fair Value option) & derivatives 0 20 21 9

Exceptional operations 2 0 2 -

Goodwill and related intangibles - - - (0)

Integration and Restructuring costs (29) (2) (31) (6)

Income from discontinued operations - - - -

Net income 116 139 255 9


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INCOME STATEMENT

HOLDINGS & OTHER COMPANIES



AXA Other French Holdings Foreign Holdings Other companies Total Holdings & Other Companies

Gross written premiums - - - - -

Fees and charges relating to investment contracts with no DPF - - - - -

Revenues from insurance activities - - - - -

of which ceded premiums - - - - -

Net revenues from banking activities - - - 1 1

Revenues from other activities - - - - -

Gross revenues - - - 1 1

Change in unearned premiums reserves net of unearned revenues and fees - - - - -

Underlying investment results 280 2 145 56 483

of which change in fair value of assets with financial risk borne by policyholders - - - - -

of which realized & unrealized gains & losses on UK with profit assets - - - - -

of which net investment income 367 5 146 56 574

of which others (87) (3) (1) (0) (91)

Total revenues 280 2 145 57 485

Claims and benefits - - - - -Net result of reinsurance ceded - - - - -

Banking operating expenses - - - 13 13

Insurance acquisition expenses - - - - -

Amortization of value of purchased life business in force - - - - -

Administrative expenses and other (385) (2) (57) (36) (480)

Total charges (385) (2) (57) (23) (467)

Income from operating activities gross of tax expenses (105) 0 88 34 17

Net income from investments in affiliates and associated - - - - -

Financing activities (840) (2) (480) (0) (1,322)

Operating income, gross of tax expense (944) (2) (392) 34 (1,305)

Income tax expense 342 (22) 188 (6) 503

Minority interests in income or loss 0 0 9 - 9UNDERLYING EARNINGS (602) (24) (194) 28 (793)

Net realized capital gains attributable to shareholders (30) (12) (22) - (64)

ADJUSTED EARNINGS (632) (36) (216) 28 (857)

Profit or loss (including change) on financial assets (under Fair Value option) & derivatives 221 (1) 69 - 288

Exceptional operations (131) - (5) - (136)

Goodwill and related intangibles - - - - -

Integration and Restructuring costs - - - - -

Income from discontinued operations - - 1 - 1

Net income (542) (38) (152) 28 (703)


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INVESTMENT INCOME

LIFE & SAVINGS

Period ended December 31, 2010


FranceUnitedStates

UnitedKingdom

Japan Germany Switzerland Belgium

Mediterranean& Latin

AmericanRegion

OtherCountries

Total Lifeand

Savings

Investment in real estate properties

Net investment income 213 15 71 1 47 175 48 2 15 588

Debt instruments

Net investment income 3,586 1,703 579 726 1,822 828 987 1,078 431 11,741

Equity instrumentsNet investment income 136 (1) 138 12 29 36 60 23 55 488

Loans

Net investment income 96 565 3 38 287 200 32 14 29 1,263

Non controlled investment funds

Net investment income 17 76 0 10 13 46 66 16 4 249

Other investments

Net investment income (excluding unit linked revenues with related derivatives) 121 (614)(*) (32) (47) (40) (98) (33) (16) 38 (721)

Total invested assets

Net underlying investment income (excluding unit linked revenues with relatedderivatives)

4,170 1,744 760 740 2,157 1,187 1,160 1,116 573 13,607

Unit linked revenues with related derivatives (a) - - - - - - - - (0) (0)

Total net underlying investment income 4,170 1,744 760 740 2,157 1,187 1,160 1,116 573 13,607(a)Netofadjustmentonreservesinclaimsandbenefits

(*)ofwhich0.5bnlossfromderivativeshedgingvariableannuities


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INVESTMENT INCOME

LIFE & SAVINGS - OTHER COUNTRIES



AustraliaNew Zealand

Hong-KongCentral & Eastern

EuropeOthers

Total OtherCountries Life


Net investment income 14 - 2 (0) 16

Debt instruments

Net investment income 110 141 49 44 344

Equity instruments


Loans



Net investment income - - - 1 1

Other investments

Net investment income (excluding unit linked revenues with related derivatives) 53 (13) 3 18 62


Net underlying investment income (excluding unit linked revenues with related derivatives) 231 161 57 69 518

Unit linked revenues with related derivatives (a) - - - (0) (0)

Total net underlying investment income 231 161 57 69 518

(a)Netofadjustmentonreservesinclaimsandbenefits.


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INVESTMENT INCOME

PROPERTY & CASUALTY

Period ended December 31, 2009 AXA Consolidated(Euro million) Financial Statements

FranceUnited

Kingdom &Ireland

Germany Belgium


AmericanRegion

SwitzerlandOther

CountriesTotal P&C


Net investment income 44 (9) 16 35 15 12 (0) 113

Debt instruments

Net investment income 523 186 288 237 329 157 82 1,802

Equity instruments

Net investment income 32 12 49 19 40 4 10 165

Loans




Other investments

Net investment income (excluding interest credited to P&C mathematical reserves relating toannuities) (5) 6 4 3 13 (18) 1 3


Net underlying investment income (excluding interest credited to P&C mathematical reserves relatingto annuities) 616 220 381 309 422 208 98 2,253

Interests credited to P&C mathematical reserves relating to annuities (16) - (29) (113) (5) (22) - (186)

Total net underlying investment income 600 220 352 196 417 186 98 2,068


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INVESTMENT INCOME

PROPERTY & CASUALTY



FranceUnited

Kingdom &Ireland

Germany Belgium


AmericanRegion

SwitzerlandOther

CountriesTotal P&C


Net investment income 41 4 10 36 14 14 (0) 119

Debt instruments

Net investment income 539 193 291 239 316 173 100 1,850Equity instruments


Loans




Other investments

Net investment income (excluding interest credited to P&C mathematical reserves relating toannuities)

1 (14) 13 (20) 12 (15) 9 (14)


Net underlying investment income (excluding interest credited to P&C mathematical reserves relatingto annuities)

625 220 402 300 402 217 125 2,293

Interests credited to P&C mathematical reserves relating to annuities (16) - (27) (100) (5) (22) - (171)

Total net underlying investment income 609 220 375 199 397 195 125 2,121


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INVESTMENT INCOMEINTERNATIONAL INSURANCE



AXA Corporate SolutionsAssurance

Others Total International


Net investment income 8 5 13Debt instruments

Net investment income 184 95 279

Equity instruments


Loans




Other investments

Net investment income (excluding interest credited to P&C mathematical reserves relating to annuities) (13) -164(*) (177)


Net underlying investment income (excluding interest credited to P&C mathematical reserves relating to annuities) 190 (53) 137

Interests credited to P&C mathematical reserves relating to annuities (1) (0) (1)

Total net underlying investment income 189 (53) 136



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INVESTMENT INCOME



AXA Corporate SolutionsAssurance

Others Total International



Debt instruments


Equity instruments


Loans

Net investment income 1 (2) (2)



Other investments

Net investment income (excluding interest credited to P&C mathematical reserves relating to annuities) (7) -43(*) (51)


Net underlying investment income (excluding interest credited to P&C mathematical reserves relating to annuities) 187 62 249Interests credited to P&C mathematical reserves relating to annuities (1) (0) (1)

Total net underlying investment income 186 62 248



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UNDERLYING OPERATING INCOME UNDER MARGIN FORMAT AND EXPENSE RATIOSLIFE & SAVINGS


(Euro million) Axa ConsolidatedFinancial statements

Margin Analysis France United StatesUnited

Kingdom (1)Japan Germany Switzerland Belgium


AmericanRegion

OtherCountries

TotalLife andSavings

Underlying Investment Margin 884 450 133 (0) 118 92 228 225 50 2,179

Fees and revenues 1,430 1,554 609 1,326 302 208 159 303 1,135 7,024of which loading on premiums and revenues on mutual funds

sales1,149 293 223 1,297 294 210 145 278 682 4,569

of which fees on UL account balances 276 1,082 308 29 8 3 16 24 76 1,822

of which other fees and revenues 4 179 78 - - (6) (2) 1 378 633

Net technical Margin 762 500 243 16 37 163 95 98 91 2,003

Expenses (net of DAC capitalisation & amortisation) (2,318) (1,735) (754) (851) (228) (179) (256) (406) (915) (7,642)

Amortisation of Value of Business in Force (gross of tax expense) (77) (39) (5) (178) (11) (28) (0) (30) 5 (363)

Underlying earnings arising from investment in associates (2) (0) - - (2) - - - - 1 (1)

Underlying operating income 680 729 225 311 218 256 225 189 368 3,201

Underlying Cost income ratio 77.9% 70.9% 77.1% 76.7% 52.3% 44.6% 53.3% 69.7% 71.3% 71.4%

Expense Ratios

% of technical reserves (3) (4) 2.2% 1.7% 1.2% 2.7% 0.6% 0.6% 1.0% 1.3% 5.2% 1.7%

(1)IntheUnitedKingdom,VBIamortizationispresentednetofpolicyholdertax.

(2)Alsoincludesunderlyingoperatingincomeforcountriesforwhichnomarginanalysiswasperformed:SouthEastAsia.

(3)Excludesallintangibles(VBIandDAC)

(4)Forconsistencyreasons,theratioswerecalculatedtakingintoaccountthereservesclassifiedasheldforsaleinAustralia/NZ.

.


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UNDERLYING OPERATING INCOME UNDER MARGIN FORMAT AND EXPENSE RATIOSLIFE & SAVINGS


(Euro million)

Axa Consolidated

Financial statements

Margin Analysis France United StatesUnited

Kingdom (1)Japan Germany Switzerland Belgium


AmericanRegion

OtherCountries

TotalLife andSavings

Underlying Investment Margin 1,105 505 122 0 84 113 262 253 91 2,536

Fees and revenues 1,513 1,804 506 1,356 306 231 153 332 1,415 7,615of which loading on premiums and revenues on mutual funds

sales1,217 290 163 1,318 296 229 139 296 832 4,781

of which fees on UL account balances 292 1,284 272 38 11 5 15 36 105 2,056of which other fees and revenues 3 230 71 - - (3) (2) 0 478 778

Net technical Margin 561 (426) 65 43 98 169 67 108 81 767

Expenses (net of DAC capitalisation & amortisation) (2,296) (1,278) (577) (782) (225) (194) (250) (455) (1,132) (7,190)

Amortisation of Value of Business in Force (gross of tax expense) (13) (52) (3) (66) (14) (43) (4) (21) (32) (250)

Underlying earnings arising from investment in associates (2) 6 - - - - - - - 14 21

Underlying operating income 875 553 113 550 249 275 227 217 438 3,500

Underlying Cost income ratio 72.7% 70.6% 83.6% 60.6% 49.0% 46.4% 52.8% 68.7% 73.3% 68.1%

Expense Ratios

% of technical reserves (3) (4) 2.1% 1.6% 4.0% 2.4% 0.5% 0.6% 1.0% 1.3% 5.5% 1.8%

(1)IntheUnitedKingdom,VBIamortizationispresentednetofpolicyholdertax.

(2)Alsoincludesunderlyingoperatingincomeforcountriesforwhichnomarginanalysiswasperformed:Thailand, Philippines,India,China,partnershipwithBankMandiriinIndonesiaandArchitasEurope.


(4)Forconsistencyreasons,theratioswerecalculatedtakingintoaccountthereservesclassifiedasheldforsaleinAustralia/NZ


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UNDERLYING OPERATING INCOME UNDER MARGIN FORMAT AND EXPENSE RATIOSLIFE & SAVINGS - OTHER COUNTRIES


(Euro million)

Axa Consolidated


Margin AnalysisAustralia

New ZealandHong-Kong Central Eastern Europe Others Countries Total Other Countries Life

Underlying Investment Margin (9) 21 26 13 50

Fees and revenues 652 280 95 109 1,135

of which loading on premiums and revenues on mutual funds sales 290 249 49 95 682

of which fees on UL account balances 17 35 19 5 76

of which other fees and revenues 345 (3) 27 9 378

Net technical Margin (2) 49 22 22 91

Expenses (net of DAC capitalisation & amortisation) (546) (113) (120) (136) (915)

Amortisation of Value of Business in Force (gross of tax expense) (11) 18 (2) (0) 5

Underlying earnings arising from investment in associates (1) - - - 1 0

Underlying operating income 84 254 21 9 368

Underlying Cost income ratio 87.0% 27.3% 85.2% 94.6% 71.3%

Expense Ratios

% of technical reserves (2) (3) 6.0% 3.3% 5.1% 8.2% 5.2%

(1)Alsoincludesunderlyingoperatingincomeforcountriesforwhichnomarginanalysiswasperformed:SouthEastAsia.




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UNDERLYING OPERATING INCOME UNDER MARGIN FORMAT AND EXPENSE RATIOSLIFE & SAVINGS - OTHER COUNTRIES


(Euro million)

Axa Consolidated


Margin AnalysisAustralia

New ZealandHong-Kong Central Eastern Europe Others Countries Total Other Countries Life

Underlying Investment Margin 32 24 25 10 91

Fees and revenues 840 332 115 127 1,415

of which loading on premiums and revenues on mutual funds sales 378 289 60 106 832

of which fees on UL account balances 22 45 28 10 105

of which other fees and revenues 440 (2) 28 11 478

Net technical Margin (25) 53 27 26 81

Expenses (net of DAC capitalisation & amortisation) (690) (128) (152) (163) (1,132)

Amortisation of Value of Business in Force (gross of tax expense) (22) (8) (2) (0) (32)

Underlying earnings arising from investment in associates (1) - - - 14 21

Underlying operating income 136 274 14 15 438

Underlying Cost income ratio 83.9% 33.3% 91.8% 99.8% 73.3%

Expense Ratios

% of technical reserves (2) (3) 6.5% 3.8% 4.8% 8.5% 5.5%

(1)Alsoincludesunderlyingoperatingincomeforcountriesforwhichnomarginanalysiswasperformed:Thailand, Philippines,India,China,partnershipwithBankMandiriinIndonesiaandArchitasEurope.

(2)Excludesallintangibles(VBIandDAC).



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UNDERLYING OPERATING INCOME UNDER COMBINED RATIO ANALYSIS

PROPERTY & CASUALTYPeriod ended December 31, 2009

AXA Consolidated


FranceUnited Kingdom

& IrelandGermany Belgium

Mediterranean &Latin American

RegionSwitzerland Other Countries Total P&C

Earned revenues (gross) 5,702 4,001 3,518 2,148 6,723 2,157 2,017 26,266

Current accident year loss ratio (i) 81.5% 74.1% 72.1% 78.4% 77.7% 73.2% 70.5% 76.4%

All accident year loss ratio 74.2% 70.0% 67.4% 69.7% 73.3% 66.3% 67.4% 70.9%Expense ratio 24.9% 32.3% 31.4% 30.1% 25.7% 27.6% 29.6% 28.1%

Net technical result 52 (89) 45 1 66 130 61 267

Underlying Net investment income 600 220 352 196 417 186 98 2,068

Underlying earnings from investments in affiliates and associates - - (0) - - - 19 18

Financing activities - (4) 0 - (1) - (0) (5)

Operating income Underlying 652 127 396 197 482 316 177 2,347

Combined ratio 99.1% 102.2% 98.7% 99.8% 99.0% 94.0% 96.9% 99.0%

Nat Cat impact 3.1 pts 3.7 pts 0.5 pts 1.7 pts 1.1 pts 1.7 pts 0.7 pts 1.8 pts

Net New Contracts (thous. policy count)

Motor 68 306 (9) (5) 372 15 241 989

Household 58 8 11 (7) 14 14 48 146

(i) The presentation of the allocation between current and prior year loss ratio have been harmonized throughout the Group. 2009 current year loss ratios by country presented hereafter incorporate such change * to ensure sufficient comparability. The all accident yearloss ratio, combined ratio, earnings and reserves are not impacted by this change in presentation. * Mainly current year loss ratios in Germany, Belgium, Switzerland and Mediterranean & Latin American Region.

Current accident year loss ratio published 81.5% 74.1% 76.4% 82.1% 79.2% 76.8% 73.2% 78.1%


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UNDERLYING OPERATING INCOME UNDER COMBINED RATIO ANALYSIS

PROPERTY & CASUALTYPeriod ended December 31, 2010

AXA Consolidated


FranceUnited

Kingdom &Ireland

Germany BelgiumMediterranean &Latin American

RegionSwitzerland Other Countries Total P&C

Earned revenues (gross) 5,865 4,186 3,490 2,120 6,867 2,340 2,579 27,447

Current accident year loss ratio 76.5% 74.4% 74.3% 77.2% 75.2% 68.5% 70.4% 74.4%

All accident year loss ratio 74.0% 73.0% 73.3% 67.2% 72.0% 61.9% 67.5% 71.1%

Expense ratio 25.1% 30.9% 31.3% 31.3% 25.7% 26.9% 29.9% 28.0%

Net technical result 52 (164) (161) 30 157 262 67 242

Underlying Net investment income 609 220 375 199 397 195 126 2,121

Underlying earnings from investments in affiliates and associates - - 2 - - - 31 33Financing activities - (3) - - (1) - (3) (6)

Operating income Underlying 661 54 215 229 553 457 221 2,390

Combined ratio 99.1% 103.9% 104.6% 98.5% 97.7% 88.8% 97.4% 99.1%

Nat Cat impact 1.6 pts 4.4 pts 1.1 pts 3.8 pts 0.6 pts 0.0 pts 0.5 pts 1.7 pts

Net New Contracts (thous. policy count)

Motor (75) 333 15 (2) 590 16 98 974

Household 13 314 23 (10) 55 12 34 441


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36

UNDERLYING OPERATING INCOME UNDER COMBINED RATIO ANALYSISINTERNATIONAL INSURANCE



AXA Corporate Solutions Assurance

Earned revenues (gross) 1,944

Current accident year loss ratio (net) (1) 87.2%

All accident year loss ratio (net) 84.0%

Expense ratio 15.0%

Net technical result 19

Underlying Net investment income 189

Financing activities (3)

Operating income Underlying 205

Combined ratio 99.0%

Nat Cat impact 2.8 pts

(1)Currentaccidentyearclaimscharges(includingclaimshandlingexpenses)/Currentaccidentyearearnedrevenues(excludingpremiumadjustmentsonpreviousyears).


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UNDERLYING OPERATING INCOME UNDER COMBINED RATIO ANALYSISINTERNATIONAL INSURANCE



AXA Corporate Solutions Assurance

Earned revenues (gross) 1,966

Current accident year loss ratio (net) (1) 85.6%

All accident year loss ratio (net) 81.5%

Expense ratio 15.4%

Net technical result 61

Underlying Net investment income 186

Financing activities (3)

Operating income Underlying 245

Combined ratio 96.9%

Nat Cat impact 2.3 pts

(1)Currentaccidentyearclaimscharges(includingclaimshandlingexpenses)/Currentaccidentyearearnedrevenues(excludingpremiumadjustmentsonpreviousyears).


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38

NUMBER OF SHARESAXA Consolidated

(million shares) Financial Statements

Period ended December 31, 2009 Period ended December 31, 2010

Outstanding shares excludingtreasury shares *

Weighted average numberOutstanding shares excluding

treasury shares *Weighted average number

BASIC

As of January 1st 2,060.0 2,060.0 2,263.6 2,263.6Increase of capital dedicated to employees 26.4 2.2 30.1 2.3Adjustment linked to capital increase (a) - 48.4 - -Exercice of stock-options 0.3 0.1 0.1 -AXA shares purchase (dilution control) - - - -Other movement of treasury shares 2.8 1.9 0.7 0.4Conversion of Convertible Bonds / BSA 0.0 0.0 - -Capital increase 174.1 14.5 - -

As at end of period 2,263.6 2,294.5

During the period 2,127.0 2,266.3

FULLY DILUTED

Stock options 2.4 2.7Performance shares 3.8 5.5Equity Warrants (Germany) - -

During the period 2,133.3 2,274.6

* Under IFRS, Treasury shares are not considered as outstanding shares. Treasury shares excluded from the IFRS outstanding shares amounted to 26 million shares at December 31, 2010 and 26 million shares at December 31, 2009.(a) Following AXAs rights issue in 4Q09, the average number of shares has been adjusted to take into account an adjustment factor of 1.023. In the average number of shares calculation, the adjustment factor has been applied on outstanding shares prior to the dateof the capital increase leading to an adjustment on average number of shares of 48.4 million shares as at December 31, 2009.


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39

EARNINGS PER SHAREFinancial Statements

(Euro million) AXA Consolidated

Period ended December 31, 2009 (weighted averagenumber of shares restated) (b)


EARNINGS

Net income 3,606 2,749

Adjusted earnings 3,468 4,317

Underlying earnings 3,854 3,880

IMPACT OF UNDATED SUBORDINATED DEBT ON:

Net income -288 -300

Adjusted earnings -288 -300Underlying earnings -288 -300

BASIC

Weighted average number of outstanding shares during the period (million shares) 2,127 2,266


EPS (euro per share) (a) 1.56 1.08


Adjusted EPS (euro per share) 1.50 1.77


Underlying EPS (euro per share) 1.68 1.58

DILUTION IMPACTS

On earnings - -

On weighted average number of shares (million shares) 6.2 8.3

FULLY DILUTED

Weighted average number of outstanding shares during the period (million shares) 2,133 2,275


EPS (euro per share) (a) 1.56 1.08


Adjusted EPS (euro per share) 1.49 1.77


Underlying EPS (euro per share) 1.67 1.57

(a) Revised net income EPS takes into account interest payments related to undated subordinated debts classified in equity, excluding FOREX impacts. Previously disclosed EPS included FOREX adjustments and, as at December 31, 2009, basic net income EPSamounted to 1.51 and fully diluted net income EPS to 1.51. Excluding FOREX reflects implemented hedges which would qualify as net investment hedges with related changes in fair value recognised through translation reserves.(b) Following AXAs rights issue in 4Q09, the average number of shares has been adjusted to take into account an adjustment factor of 1.023. In the average number of shares calculation, the adjustment factor has been applied on outstanding shares prior to the date ofthe capital increase leading to an adjustment on average number of shares of 48.4 million shares as at December 31, 2009.


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40

BALANCE SHEETASSETS


Period ended December 31, 2009 Period ended December 31, 2010 - provisional

Goodwill (a) 16,469 16,741Value of purchased Life business in force 3,617 3,105Deferred acquisition costs and equivalent 18,789 19,642Other intangible assets 3,143 3,647Total intangible assets (b) 42,019 43,135

General account investments - Group share 398,295 420,360Controlled investments funds - Minority interests assets (c) 6,275 4,781Assets backing contracts where the financial risk is borne by policyholders 155,457 137,739Investments from insurance activities 560,027 562,880

Investments from non-insurance activities (d) 30,018 31,857

Reinsurers'share in insurance and investment contracts liabilities 11,320 11,096

Assets held for sale and relating to discontinued operations (e) 11,559 22,848Other assets and receivables 33,744 37,987Cash and cash equivalents 19,565 22,065

TOTAL ASSETS 708,252 731,868

(a)UnderIFRS,Goodwillisbookedinthecurrencyoftheacquiredcompany,andthereforeisimpactedbycurrencyfluctuations.

(b)GrossofURR,MinorityInterests,PB&Tax.

(c)ReflectsMinorityinterestshareinassetsheldincontrolledinvestmentfundsfullyconsolidated,including2,815millionrelatingtodebtinstruments,1,768milliononequityinstruments,and1,692milliononotherassetsasofDecember31,2009,and1,316millionrelatingtodebt

instruments,1,486milliononequityinstruments,and2,073milliononotherassetsasofDecember31,2010.

(d)Inordertoimprovetheconsolidatedfinancialstatementspresentationconsistencyacrosssegments,balancesofrecievablesarisingfrombankingoperationsdisclosedsofarinthe"Otherassetsandreceivables"aggregatehavebeenreclassifiedtothe"Investmentsfromnon insurance

activities"aggregate.

(e)AssetsandliabilitiesrelatedtotheAustralianandNewZealandoperations,andsomeUKLife&Savingsportfoliosforwhichthedisposalprocessisnotyetfinalizedareclassifiedasheldforsale.ThisclassificationalreadyappliedforAustralianandNewZealandoperationsasatDecember31,

2009.


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CONSOLIDATED SHAREHOLDERS' EQUITY


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CONSOLIDATED SHAREHOLDERS' EQUITYAXA Consolidated


Change in consolidated shareholders' equity Euro million

Shareholders' equity as of period ended N-1 46,229

Share Capital 69

Capital in excess of nominal value 247

Equity - share based compensation 59

Treasury shares sold (bought) in open market 10

Deeply subordinated debt (including accrued interests) (333)

Fair value recorded in shareholders' equity 1,463

Impact of currency fluctuations 1,000

Payment of N-1 dividend (1,259)

Other (85)

Net income for the period 2,749Actuarial gains and losses on pension benefits (450)

Shareholders' equity as of the end of the period 49,698

Consolidated shareholders' equity at the end of the period Period ended December 31, 2009 Period ended December 31, 2010

Share Capital and capital in excess of nominal value 25,130 25,505

Treasury shares (505) (495)

Other reserves 10,963 12,426

- of which equity component of compound financial instruments 95 95

- of which deeply subordinated debt (including accrued interests) (a) 6,114 6,114- of which fair value recorded in shareholders' equity (b) 4,755 6,218

Translation reserve (2,742) (2,074)

Retained earnings brought forward 9,777 11,588

Net income for the period 3,606 2,749

Total shareholders' equity at the end of the period 46,229 49,698

(a) Includes nominal values of deeply subordinated debt of +7,656 million and -1,543 million at December 31, 2010 (7,656-1,543=6,114) and +7,357 million and accrued interests of -1,243 million at December 31, 2009 ( 7,357-1,243 =6,114 ).(b) Includes impact of changes in fair value of derivatives for -40 million and -32 million as of December 31, 2009 and December 31, 2010 respectively.

RETURN ON EQUITY


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RETURN ON EQUITYAXA Consolidated


Period ended December 31, 2009 Period ended December 31, 2010 Change in % points

ROE 9.3% 5.9% -3.3%


Average shareholders' equity 38,857 46,225

Adjusted ROE 11.0% 12.0% 1.0%

Adjusted earnings (a) 3,180 4,018

Average shareholders' equity (b) 28,887 33,552

Underlying ROE 12.3% 10.7% -1.7%

Underlying earnings (a) 3,566 3,580

Average shareholders' equity (b) 28,887 33,552

(a)Includingadjustmenttoreflectfinancialchargesrelatedtoundatedsubordinateddebt(recordedthroughshareholders'equity).

(b)Excludingunrealizedcapitalgains&lossesofinvestedassetsandderivatives(recordedthroughshareholders'equity),andnominalvalueofundatedsubordinateddebt(recordedthroughshareholders'equity).


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CONSOLIDATED FINANCIAL STRUCTUREAXA Consolidated

(Euro billion) Financial Statements

Period ended December 31,2009


Financial interest treatment

Financing debt instrument issued 2.9 2.5

Financing debt owed to credit institutions 0.9 0.9

Financing debt (A) 3.9 3.4

Dated subordinated debt (B) 6.4 7.1

Reversal of marked-to-market of interest rates derivatives (C) (0.3) (0.4)

Cash available at AXA SA level and its other holdings (D) 3.7 2.5

Total net debt (A) + (B) + (C) - (D) 6.1 7.6 P&L

Undated subordinated notes ("TSDI") (E) 1.5 1.6 Equity (a)

Undated deeply subordinated notes ("TSS") (F) 5.9 6.1 Equity (a)

Total Minority interests and shareholders' equity (including (E) and (F)) 49.9 53.9

o/w Minority interests 3.7 4.2

o/w Reserves relating to the change in FV of financial instruments AFS and of hedge accounting derivatives 4.8 6.2

(a) Financial interests net of tax on Undated Subordinated notes "TSDI" and Super Subordinated Notes "TSS" : Euro 288 milion in 2009 and Euro 300 million in 2010.

INTANGIBLE ASSETS


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45

INTANGIBLE ASSETSAXA Consolidated



100%Group share, net of URR, URF, PB &

tax when applicable100%

Group share, net of URR, URF, PB &tax when applicable

Goodwill (a) (b) 16,469 15,299 16,741 15,511

Goodwill by activity

Life & Savings 7,799 7,494 7,557 7,305

Property & Casualty 4,524 4,524 4,745 4,721

International Insurance 31 31 33 33

Asset Management 3,987 3,122 4,279 3,325

Banks & Holdings and other companies 127 127 127 127

Deferred acquisition cost and equivalent (Life & Savings) 17,050 8,374 17,846 8,823

France 2,084 617 2,199 705

United States 7,043 4,673 7,861 5,263

United Kingdom 1,899 971 730 273

Japan 1,399 835 1,690 977

Germany 2,852 405 3,068 435

Switzerland 139 89 207 129

Belgium 211 122 231 134

Mediterranean & Latin American Region 330 137 399 159

Others 1,094 525 1,463 747

Value of Business In force (VBI) acquired (Life & Savings) 3,617 2,432 3,105 2,044France 50 33 42 27

United States 313 204 290 188

United Kingdom 410 274 - -

Japan 551 346 392 247

Germany 629 427 615 418

Switzerland 881 696 979 774

Belgium 37 25 39 26

Mediterranean & Latin American Region 151 86 135 79

Others 593 342 613 285

Other intangible assets 3,143 2,037 3,647 2,373

of which Life & Savings activities 1,178 646 1,622 941of which Property & Casualty activities 1,278 814 1,295 817

(a)UnderIFRS,Goodwillisbookedinthecurrencyoftheacquiredcompanyandthereforeisimpactedbycurrencyfluctuations.

(b)Goodwillgroupshareexcludesgoodwillrelatedtoputs(asatDecember31,200965millionforCentralEasternEuropeand1millionasatDecember31,2010).

DEFERRED ACQUISITION COSTS AND EQUIVALENT


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46

DEFERRED ACQUISITION COSTS AND EQUIVALENTLIFE AND SAVINGS (GROSS OF TAXES AND PB)



Period ended N-1Capitalization for the

periodAmortization for the

periodShadow DAC

Other changes(including currency

changes)Changes in scope (a) Period ended N

Total 17,026 2,576 (1,648) (465) (117) (322) 17,050

France 2,058 288 (232) 5 (36) - 2,084

United States 7,550 721 (619) (419) (191) 0 7,043

United Kingdom 1,614 387 (231) - 128 - 1,899

Japan 1,435 346 (305) (26) (49) - 1,399

Germany 2,613 361 (122) - - - 2,852

Switzerland 103 40 (7) 1 1 - 139

Belgium 213 30 (26) (5) - - 211

Mediterranean & Latin American Region 305 103 (42) (20) (15) - 330

Other Countries 1,135 300 (64) (1) 45 (322) 1,094

Australia & New Zealand 241 48 (27) - 61 (322) -

Hong Kong 664 131 (17) (1) (20) - 757

Central & Eastern Europe 185 106 (14) (0) 5 - 282

Others 46 16 (6) 0 (0) 0 55

Unearned revenue reserve and Unearned fees reserve (URR& URF)

2,454 2,610

DEFERRED ACQUISITION COSTS AND EQUIVALENT (Net ofURR & URF) 14,572 14,440


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47

DEFERRED ACQUISITION COSTS AND EQUIVALENTLIFE AND SAVINGS (GROSS OF TAXES AND PB)



Period ended N-1Capitalization for the

periodAmortization for the

periodShadow DAC

Other changes(including currency

changes)Changes in scope (a) Period ended N

Total 17,050 2,502 (1,073) (224) 953 (1,361) 17,846

France 2,084 266 (159) (18) 26 0 2,199

United States 7,043 708 (231) (138) 479 (0) 7,861

United Kingdom 1,899 314 (182) - 60 (1,362) 730

Japan 1,399 312 (236) (75) 290 - 1,690

Germany 2,852 372 (156) - - - 3,068

Switzerland 139 48 (8) (2) 30 - 207

Belgium 211 28 (8) 1 - - 231

Mediterranean & Latin American Region 330 116 (59) 10 1 - 399

Other Countries 1,094 339 (35) (1) 66 0 1,463

Australia & New Zealand 0 0 - - (0) - -

Hong Kong 757 190 (10) (1) 49 - 985

Central & Eastern Europe 282 120 (9) - 8 0 401

Others 55 29 (17) 0 10 0 77

Unearned revenue reserve and Unearned fees reserve (URR& URF)

2,610 2,757

DEFERRED ACQUISITION COSTS AND EQUIVALENT (Net ofURR & URF)

14,440 15,090

(a) Of which -549 million of impairments net of tax following the disposal of some UK Life and Saving portfolio.

VALUE OF BUSINESS IN FORCE


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48

LIFE AND SAVINGS (GROSS OF TAXES)



Period ended N-1 Amortization for the period Shadow VBIOther changes (including

currency changes)Changes in scope Period ended N Restated

Total 4,405 (394) (231) 25 (188) 3,617

France 132 (91) 9 - - 50

United States 480 (33) (126) (8) - 313

United Kingdom 386 (7) - 30 - 410

Japan 866 (192) (97) (26) - 551

Germany 640 (11) - - - 629

Switzerland 919 (28) (16) 6 - 881

Belgium 48 (6) (4) - - 37

Mediterranean & Latin American Region 183 (32) - 0 - 151Other Countries 750 5 3 23 (188) 593

Australia / New Zealand 161 (11) - 38 (188) -

Hong-Kong 562 18 3 (15) - 568

Central & Eastern Europe 26 (2) - (0) - 24

Others 1 (0) (0) (0) - 1


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49

VALUE OF BUSINESS IN FORCELIFE AND SAVINGS (GROSS OF TAXES)



Period ended N-1 Amortization for the period Shadow VBIOther changes (including

currency changes)Changes in scope (a) Period ended N

Total 3,617 (234) (178) 278 (377) 3,105

France 50 (14) 5 - - 42

United States 313 (48) 3 22 - 290

United Kingdom 410 (4) - (30) (377) -

Japan 551 (73) (171) 85 - 392

Germany 629 (14) - - - 615

Switzerland 881 (43) (16) 157 - 979Belgium 37 (0) 2 - - 39

Mediterranean & Latin American Region 151 (21) - 5 - 135

Other Countries 593 (16) (3) 38 - 613

Australia / New Zealand (0) - - 0 - -

Hong-Kong 568 (14) (3) 37 - 589

Central & Eastern Europe 24 (2) - 0 - 23

Others 1 (0) 0 0 - 1

(a) Of which -128 million of impairments net of tax following the disposal of some UK Life and Saving portfolio.


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58

INVESTED ASSETS



Net of minority interests on controlled investment funds AXA Corporate Solutions Assurance Other countries International Insurance

Debt instruments Carrying value 3,613 3,461 7,075

Fair value 3,613 3,461 7,075

Equity instruments (a) 251 131 382

Non controlled investment funds available for sale 59 59 118

Non controlled investment funds under fair value option - 46 46Non controlled investment funds Trading - - -

Total non controlled investment funds 59 105 164

Carrying value 27 87 114Investment in real estate properties (b)

Fair value 24 87 111

Carrying value 34 205 239Mortgage loans and other loans


Other investments 232 15 247

Assets allocated to UK with-profits contracts

o/w debt instruments

o/w equity investments and mutual funds

o/w investment in real estate properties

o/w loans

Assets backing contracts where the financial risk is borne by policyholders - - -

Cash and cash equivalents 337 898 1,235

Carrying value 4,553 4,902 9,456Invested assets

Fair value 4,547 4,902 9,449

Unrealized capital gains and losses on assets at cost (A) (c) (6) (0) (6)

Unrealized capital gains and losses recorded through shareholders' equity (Gross)

Debt instruments 198 20 218

Equity instruments (a) 46 26 72Non controlled investment funds available for sale 6 2 8

Loans - - -

Total unrealized capital gains recorded through shareholders' equity (B) 250 48 297

Total unrealized capital gains and losses (A) + (B) 243 48 291

(a) Including investments in listed equities, participating interests, hedge funds and private equities.(b) Excluding unrealized gains and losses on assets held for sale.(c) Includes share of minority interests from consolidated real estate funds.

INVESTED ASSETS



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INTERNATIONAL INSURANCEPeriod ended December 31, 2010

AXA Consolidated


Net of minority interests on controlled investment funds AXA Corporate Solutions Assurance Other countries International Insurance

Debt instruments Carrying value 4,009 3,647 7,656

Fair value 4,009 3,647 7,656



Non controlled investment funds under fair value option - - -

Non controlled investment funds Trading - - -

Total non controlled investment funds 137 51 188

Carrying value 26 83 108Investment in real estate properties (c)


Carrying value 32 22 55Mortgage loans and other loans

Fair value 31 22 53

Other investments 160 10 170

Assets allocated to UK with-profits contracts

o/w debt instruments

o/w equity investments and mutual funds

o/w investment in real estate properties

o/w loans

Assets backing contracts where the financial risk is borne by policyholders - - -Cash and cash equivalents 173 1,099 1,272

Carrying value 4,813 5,006 9,819Invested assets

Fair value 4,810 5,006 9,816

Unrealized capital gains and losses on assets at cost (A) (b) (2) - (2)

Unrealized capital gains and losses recorded through shareholders' equity (Gross)

Debt instruments 203 71 274



Loans - - -

Total unrealized capital gains recorded through shareholders' equity (B) 275 96 371

Total unrealized capital gains and losses (A) + (B) 273 96 369

(a) Including investments in listed equities, participating interests, hedge funds and private equities.(b) Excluding unrealized gains and losses on assets held for sale.(c) Includes share of minority interests from consolidated real estate funds.

NET UNREALIZED CAPITAL GAINS AND LOSSES


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NET UNREALIZED CAPITAL GAINS AND LOSSES

(Euro billion)

AXA ConsolidatedFinancial Statements


Net unrealized capital gains and losses on invested assets recorded through shareholders'equity 4,691 6,186

of which debt instruments 1,733 3,187

of which equity instruments 2,740 3,101

Net unrealized capital gains and losses on invested assets not included in shareholders'equity (a) 2,335 2,541

Net unrealized capital gains and losses on owner occupied properties 141 160

Net unrealized capital gains and losses on held for sale assets 86 155

TOTAL 7,252 9,042

(a) Excluding unrealized gains and losses on banking loans.

ASSETS UNDER MANAGEMENT

(Euro billion)AXA Consolidated

Financial Statements


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61

Period ended December 31,2009 (1) (2)


Breakdown as of Period endedN

Change since Period N-1

General account assets 461 494 45% 7.2%

of which managed by AllianceBernstein 36 41 12.8%

of which managed by AXA Investment Managers 314 324 3.2%

of which managed by other AXA companies 111 130 16.9%

Life Insurance Separate Accounts 155 149 14% -4.1%


of which managed by AXA Investment Managers 40 16 -59.3%


Third Party 418 461 42% 10.3%



of which managed by other AXA companies 2 1 -57.6%

Total 1,034 1,104 6.8%




(1) Reclassification of AUM ANZ from "managed by AllianceBernstein" to "managed by other AXA companies" (GA: 4.4bn; UL: 1.7bn)(2) In order to improve the consolidated financial statements presentation consistency across segments, balances of receivables arising from banking operations disclosed so far in the "Other assets and receivables" aggregate have been reclassified to the "Investmentsfrom non- insurance activities" aggregate.

ASSET MANAGERS - AUM ROLLFORWARD


(Euro billion) AXA Consolidated


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62

(Euro billion)Financial Statements

Institutional Retail Private clients Total

AllianceBernstein

AUM as of Period ended N-1 209 73 49 331

Gross sales 11 17 5 33

Redemptions (40) (19) (6) (65)

Others (12) (4) (5) (21)

Net sales (41) (6) (5) (53)

Change in scope 0 (0) (0) -

Market effect 47 20 9 77

Currency impact (6) (2) (1) (9)

AUM as of the end of the period 209 84 52 346

AXA Investment Managers

AUM as of Period ended N-1 410 75 485

Gross sales 68 14 82

Redemptions (82) (19) (100)

Others - - -

Net sales (14) (5) (18)

Change in scope (1) (1) (1)

Market effect 25 6 31

Currency impact 3 2 5

AUM as of the end of the period 420 79 499

Total (AllianceBernstein + AXA Investment Managers)


Gross sales 78 31 5 114Redemptions (122) (37) (6) (165)

Others (12) (4) (5) (21)

Net sales (55) (11) (5) (71)

Change in scope (3) (1) (0) (4)


Currency impact (2) (0) (1) (4)


ASSET MANAGERS - AUM ROLLFORWARD


(Euro billion) AXA ConsolidatedFi i lS


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63

(Euro billion)Financial Statements


AllianceBernstein


Gross sales 14 25 6 45

Redemptions (39) (24) (4) (68)

Others (6) (6) (3) (15)

Net sales (31) (6) (1) (38)

Change in scope (0) - 0 -


Currency impact 14 6 4 24


AXA Investment ManagersAUM as of Period ended N-1 420 79 499

Gross sales 73 20 93

Redemptions (94) (21) (115)

Others 26 (26) (0)

Net sales 4 (27) (23)

Change in scope - - -

Market effect 18 4 22

Currency impact 26 (8) 18

AUM as of the end of the period 468 47 516

Total (AllianceBernstein + AXA Investment Managers)


Gross sales 88 45 6 138Redemptions (133) (45) (4) (183)

Others 19 (32) (3) (15)

Net sales (26) (33) (1) (61)

Change in scope (0) - 0 -


Currency impact 40 (3) 4 41


ASSET MANAGERS - AUM BREAKDOWNPeriod ended December 31, 2009

(Euro billion) AXA ConsolidatedFinancial Statements


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AllianceBernstein 209 84 52 346

of which equity instruments 112 43 30 185

of which debt instruments 85 28 22 135

of which others 12 14 0 26

AXA Investment Managers 420 79 499

of which equity instruments 114 26 140

of which debt instruments 248 34 282

of which others 58 19 77

Total (AllianceBernstein + AXA Investment Managers) 629 163 52 845


of which debt instruments 333 62 22 417of which others 70 32 0 103

ASSET MANAGERS - AUM BREAKDOWNPeriod ended December 31, 2010

(Euro billion) AXA ConsolidatedFinancial Statements


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AllianceBernstein 209 95 58 362


of which debt instruments 92 37 25 154

of which others 27 17 1 45

AXA Investment Managers 468 47 516

of which equity instruments 51 17 68

of which debt instruments 341 18 359

of which others 77 12 89

Total (AllianceBernstein + AXA Investment Managers) 678 142 58 878


of which debt instruments 433 55 25 513of which others 104 29 1 134


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INSURANCE RESERVES

PROPERTY & CASUALTY AND INTERNATIONAL INSURANCE


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Premiums reserves Claims reserves

Gross Reinsurance ceded Net Gross Reinsurance ceded Net

TOTAL NETRESERVES

TOTAL GROSSRESERVES

Total Property & Casualty 8,845 362 8,483 39,413 1,934 37,479 45,962 48,258

France 1,244 12 1,231 10,911 629 10,282 11,513 12,154

United Kingdom & Ireland 1,756 26 1,729 3,574 72 3,503 5,232 5,330

Germany 537 9 528 5,707 287 5,420 5,948 6,244Belgium 518 3 515 6,062 228 5,834 6,349 6,580

Mediterranean & Latin American Region 3,525 246 3,279 5,612 485 5,127 8,406 9,137

Switzerland 155 - 155 5,792 91 5,701 5,856 5,947

Other Countries 1,111 66 1,044 1,756 143 1,613 2,657 2,867

Total International Insurance 1,076 111 965 9,076 2,871 6,205 7,170 10,152

AXA Corporate Solutions Assurance 355 146 209 5,408 1,629 3,779 3,988 5,763

Others 721 (35) 756 3,669 1,243 2,426 3,181 4,389

of whichAXA LM 167 10 157 3,204 1,597 1,607 1,764 3,371

AXA Corporate Solutions Life Reinsurance

Company 423 2 422 70 25 46 467 494

INSURANCE RESERVES




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AXA Consolidated


Premiums reserves Claims reserves

Gross Reinsurance ceded Net Gross Reinsurance ceded Net

TOTAL NETRESERVES

TOTAL GROSSRESERVES

Total Property & Casualty 9,478 399 9,080 41,097 1,721 39,375 48,455 50,575

France 1,274 14 1,260 11,335 518 10,817 12,077 12,610

United Kingdom & Ireland 1,850 20 1,830 3,685 59 3,626 5,456 5,535

Germany 541 9 532 5,841 266 5,575 6,107 6,383

Belgium 518 2 516 5,905 207 5,698 6,215 6,424

Mediterranean & Latin American Region 3,706 251 3,455 5,301 437 4,865 8,320 9,007Switzerland 180 - 180 6,824 68 6,756 6,936 7,004

Other Countries 1,408 101 1,307 2,205 167 2,038 3,345 3,613

Total International Insurance 1,005 121 884 9,135 2,860 6,274 7,159 10,140

AXA Corporate Solutions Assurance 343 141 202 5,621 1,707 3,914 4,116 5,964

Others 662 (20) 683 3,514 1,153 2,360 3,043 4,176

of whichAXA LM 128 5 124 2,948 1,424 1,523 1,647 3,076

AXA Corporate Solutions Life ReinsuranceCompany

412 2 410 61 33 28 438 473

RESERVES RATIOS (a)


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RESERVES RATIOS (a)

PROPERTY & CASUALTY

AXA Consolidated


Net technical reserves / Net earned premiums Net claims reserves / Net claims paid (b)

Period ended December 31, 2009 Period ended December 31, 2010 Period ended December 31, 2009 Period ended December 31, 2010

AXA Property & Casualty 187% 185% 235% 236%

France 216% 219% 320% 353%

Germany 177% 184% 265% 266%

United Kingdom & Ireland 141% 138% 140% 132%

Belgium 306% 303% 410% 399%

Mediterranean & Latin American Region 136% 132% 115% 109%

Switzerland 272% 272% 442% 459%

Other Countries 138% 139% 148% 158%

(a) Net of reinsurance(b) includes policyholder participation

IRR/PaybackLife and Savings

AXA C lid t d


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AXA ConsolidatedFinancial Statements

NB IRR (%) Payback Period (year) New Business Investments (m) (a)

FY 2010 FY 2009 FY 2010 FY 2009 FY 2010 FY 2009

France 8.4% 8.4% 9 10 (623) (639)

United States 9.8% 8.9% 10 9 (311) (512)

United Kingdom 8.4% 9.4% 10 8 (122) (345)

Japan 11.8% 12.3% 9 8 (199) (207)

Germany 8.4% 8.0% 10 11 (228) (259)

Switzerland 8.7% 8.5% 11 11 (102) (79)

Belgium 8.5% 10.2% 12 12 (96) (106)

Mediterranean Region & Latin America 9.9% 10.4% 8 7 (243) (217)

Others countries 23.5% 19.1% 10 6 (268) (175)

Australia and NZ 19.1% 12.2% 5 6 (57) (45)

Central & Eastern Europe 10.9% 11.8% 9 9 (139) (85)

Asia excl. Japan 52.2% 42.6% 3 2 (71) (44)Total Group 10.9% 10.3% 9 9 (2,191) (2,539)

(a) New Business strain + New Business required capital

Free Cash Flow GenerationLife and Savings


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g

AXA ConsolidatedEuro million,Group share Financial Statements

FY 2010 FY 2009

Expected inforce surplusgeneration

New business investments(a)

L&S normalized freecash flow generation

Expected inforce surplusgeneration

New business investments(a)

L&S normalized freecash flow generation

France 873 (623) 250 773 (639) 134

United States 862 (311) 551 972 (512) 459United Kingdom 82 (122) (39) 242 (345) (102)

Japan 541 (199) 342 454 (207) 247

Germany 318 (228) 90 290 (259) 31

Switzerland 223 (102) 120 91 (79) 12

Belgium 110 (96) 14 119 (106) 13

Mediterranean Region & Latin America 282 (243) 39 135 (217) (82)

Others countries 324 (268) 57 275 (175) 100

Australia and NZ 112 (57) 55 83 (45) 38

Central & Eastern Europe 75 (139) (64) 56 (85) (29)Asia excl. Japan 137 (71) 66 135 (44) 91

All 3,615 (2,191) 1,423 3,350 (2,539) 811

(a) New Business strain + New Business required capital


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NEW BUSINESS VALUE (NBV) AND NBV MARGIN

LIFE & SAVINGS - OTHER COUNTRIES

(Euro million)AXA Consolidated



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Annual Premium EquivalentChange FY 2010 / FY 2009

Group shareFY 2010 FY 2009

reportedbasis

comparablebasis (a)

TOTAL 5,780 6,188 ( 6.6%) (2.4%)

France 1,384 1,602 ( 13.6%) (13.6%)

United States 986 994 ( 0.8%) (4.9%)

United Kingdom 545 926 ( 41.2%) 36.3%

Japan 465 532 ( 12.6%) (18.0%)

Germany 464 469 ( 1.1%) (1.1%)

Switzerland 283 255 10.9% 2.2%

Belgium 218 264 ( 17.2%) (17.2%)

MedLA 553 497 11.1% 9.9%Australia/New Zealand 283 269 4.9% (13.9%)

Hong Kong 159 123 29.8% 24.8%

Central Eastern Europe 274 168 62.9% 15.6%

South East Asia and China 166 88 87.8% 58.0%

(a) Constant methodology, constant exchange rates, constant scope

New Business Value & NBV MarginChange FY 2010 / FY 2009

Group shareFY 2010 FY 2009

reported basiscomparable basis

(a)comparable basis

(a)

NBV NBV margin % NBV NBV margin % NBV NBV NBV margin %

TOTAL 1,290 22.3% 1,113 18.0% 15.9% 11.8% 2.8 pts

France 159 11.5% 145 9.0% 10.2% 10.2% 2.5 pts

United States 122 12.4% 73 7.3% 68.6% 61.7% 5.1 pts

United Kingdom 29 5.4% 97 10.5% (69.8%) (57.9%) (12.0) pts

Japan 354 76.1% 330 61.9% 7.4% 0.7% 14.2 pts

Germany 96 20.6% 63 13.5% 51.5% 51.5% 7.2 pts

Switzerland 124 43.9% 84 33.1% 47.2% 35.7% 10.8 pts

Belgium 22 10.2% 41 15.7% (46.1%) (46.1%) (5.5) pts

MedLA 91 16.5% 79 16.0% 14.9% 14.2% 0.6 pts

Australia / New Zealand 44 15.6% 38 14.0% 16.7% (4.0%) 1.6 pts

Hong Kong 114 71.6% 78 63.9% 45.5% 39.9% 7.7 pts

Central Eastern Europe 56 20.6% 34 20.2% 65.8% 16.1% 0.1 pts

South East Asia and China 77 46.2% 50 56.8% 52.7% 29.1% (10.3) pts(a) Constant methodology, constant exchange rates and constant scope

Documents

AXA Financial Supplement 2010