Trends in Line With 1H09
PARIS, Oct. 29 / PRNewswire-FirstCall/ --
Resilient revenues
Total revenues were down 2% to EUR68,094 million
On a comparable basis, total revenues were down 5%:
-- Life & Savings down 6% to EUR42,706 million
-- Property & Casualty up 1% to EUR20,524 million
-- Asset Management down 31% to EUR2,253 million
Positive insurance net inflows
Life & Savings: EUR +7.0 billion
P&C: +919,000(1) net new personal contracts
Asset Management: EUR-51 billion
Enhanced Solvency
September 30, 2009 Solvency I ratio slightly above 140%(2) (vs. 133% as of
June 30, 2009)
Chairman's statement
"Our top line trends for the first nine months are in line with the ones
observed in the first half of 2009, with a modest revenue drop and continued
positive insurance net inflows," said Henri de Castries, Chairman of AXA's
Management Board.
"Life and Savings revenues recovered modestly in the third quarter, notably
with a solid performance in France. Our unit-linked business remained below
normal trends, as clients evaluate the impact of the market environment on
their investment plans and investment decisions. Current US sales have been
impacted by lower consumer confidence following the market and economic
turmoil combined with our recent product redesigns. However, we continue to
believe in the strong potential of variable annuities and other unit-linked
savings products to meet our clients' needs.
In Property & Casualty, sales growth remained slightly positive and we expect
prices to generally increase over the coming months.
Assets under management have increased in the third quarter mainly as a result
of higher equity markets. AllianceBernstein improved its investment
performance and experienced lower levels of outflows from their institutional
clients compared to those seen earlier in the year."
"The outlook in global financial markets has improved over the last six
months, which provides a more favorable environment for our business."
9M09 KEY HIGHLIGHTS /
Revenues : Key figures
Euro million, except Change Change
when otherwise noted on a -----------------------
reported Comp.(a) Scope & FX
9M08 9M09 basis basis Other impact(b)
Life & Savings revenues 43,845 42,706 -2.6% -6.4% 0.4% 3.5%
Net inflows (Euro billion) 7.8 7.0
APE(3) (Group share) 5,163 4,508 -12.7% -14.7% 0.9% 1.0%
NBV(4) (Group share) 738 649 -12.2% -17.8% 0.5% 5.1%
NBV to APE margin
(Group share) 14.3% 14.4% 0.1pt -0.5pt
Property & Casualty
revenues 20,031 20,524 2.5% 0.6% 4.0% -2.1%
International Insurance
revenues 2,229 2,308 3.5% 2.8% 0.1% 0.6%
Asset Management
revenues 3,059 2,253 -26.3% -30.9% 0.1% 4.4%
Net inflows (Euro billion) -10 -51
Total revenues 69,458 68,094 -2.0% -5.1% 1.4% 1.8%
(a) Change on a comparable basis was calculated at constant FX and scope.
(b) Mainly due to the appreciation of the USD and JPY against the Euro
partly offset by the depreciation of the GBP.
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.
All comments are on a comparable basis (constant Forex, scope and
methodology)
- Total Revenues were resilient, down 5% to Euro 68,094 million (down 6%
in 1H09).
- Life & Savings revenues were down 6% to Euro 42,706 million (down 7% in
1H09). France, Italy and Germany experienced positive growth, whereas
the US and the UK faced unfavorable market conditions, notably in their
unit-linked business.
Net inflows were positive at Euro +7.0 billion (Euro +5.6 billion in
1H09) with strong positive contributions across the board driven by
increased client retention.
New Business Volume (APE3) was down 15% to Euro 4,508 million, mainly
driven by a slowdown in Investment & Savings products through non
proprietary channels. Unit-linked share was down from 50% to 38%:
variable annuity "Accumulator" sales dropped in the US as a result of
both declining markets and AXA's redesign actions.
New business margin was down 0.5 pt to 14.4% (up vs. 13.7% in 1H09),
mostly as a result of (i) higher unit costs due to lower volumes and
(ii) unfavorable market conditions, partly offset by (iii) a better
business mix mainly driven by the US (progressive development of new
redesigned Accumulator products), the UK (more Protection business) and
Japan.
- Property & Casualty revenues increased by 1% to Euro 20,524 million,
driven by higher volumes in Personal lines, partly offset by negative
momentum in Commercial lines as a result of the unfavorable economic
environment. Net new personal contracts amounted to +919,000 (+695,000
in 1H09).
- Asset Management revenues were down 31% to Euro 2,253 million (down 34%
in 1H09), mostly due to lower average assets under management and
unfavourable change in product mix (lower equity component). Net
outflows amounted to Euro -51 billion (Euro -38 billion in 1H09),
mainly due to AllianceBernstein's institutional clients. Assets under
management reached Euro 840 billion, significantly above June 30, 2009
levels (Euro 803 billion), benefiting from positive market appreciation
LIFE & SAVINGS /
Life & Savings
-- Life & Savings revenues were down 6% to Euro 42,706 million (down 7%
in
1H09). France, Italy and Germany experienced positive growth, whereas
the US and the UK faced unfavorable market conditions, notably in
their
unit-linked business.
-- Net inflows remained positive at Euro +7.0 billion (Euro +5.6 billion
in
1H09) with strong positive contributions across the board driven by
increased client retention, both in General Account (Euro +3.6
billion)
and unit-linked (Euro +3.4 billion) businesses. The Euro 0.8 billion
decrease versus 9M08 was due to lower inflows (Euro -4.5 billion) and
an
adverse forex and scope impact (Euro -0.9 billion), partly compensated
by higher client retention (Euro +4.6 billion).
Net Inflows by country/region
Euro billion 9M08 9M09
United States +2.5 +0.3
France +1.9 +3.2
United Kingdom(a) -0.7 -0.6
NORCEE(5) +2.6 +2.0
Asia Pacific(6) +1.4 +0.9
MedLA(7) -0.0 +1.2
Total L&S Net Inflows +7.8 +7.0
(a) UK Net Inflows, excluding with-profit funds, stood at
Euro +0.4 billion at 9M09
-- New Business Volume (APE3) was down 15% to Euro 4,508 million, due to:
(i) Adverse financial environment:
- Decline in individual investments & savings sales mainly in the
US, the UK and Australia, notably due to financial market
turmoil impacting unit-linked and Mutual Funds
- Decrease in Group life sales in Switzerland as a result of
limited client turnover in the market
(ii) Negative impact from one-off events, mainly in Japan (bankruptcy
of a major independent agent)
(iii) Partly offset by a solid performance in France, with successful
developments in Group business, Italy (Joint-Venture with BMPS)
and Germany.
Unit-linked share was down from 50% to 38%: variable annuity "Accumulator"
sales dropped in the US as a result of both declining market and AXA's
redesign actions.
Annual Premium Equivalent by country/region
Change Change
on a on a
reported comparable
Euro million 9M08 9M09 basis basis
United States 1,170 770 -34.2% -40.9%
France 982 1,120 14.1% 14.1%
United Kingdom 1,007 711 -29.4% -19.9%
NORCEE(a) 880 841 -4.3% -5.5%
Asia Pacific (b) 832 733 -11.9% -22.4%
MedLA (c) 292 332 13.7% 3.5%
Total Life & Savings APE 5,163 4,508 -12.7% -14.7%
(a) Northern Central and Eastern Europe: Germany, Belgium, Switzerland
and Central and Eastern Europe. Luxemburg's APE and NBV are not
modeled.
(b) Asia Pacific: Japan, Australia/New Zealand, Hong Kong, South East
Asia & China. India's APE and NBV are included in South East Asia &
China's APE and NBV from 1H09 (Changes on a comparable basis
calculated including India's 3Q08 APE and NBV, consolidated under the
equity method).
(c) Mediterranean and Latin America Region: Italy, Spain, Portugal,
Turkey, Mexico and Greece. Morocco's APE and NBV are not modeled.
New business margin was down 0.5 pt to 14.4% (up vs. 13.7% in 1H09), mostly as
a result of (i) higher unit costs due to lower volumes and (ii) unfavorable
market conditions, partly offset by (iii) a better business mix mainly driven
by the US (progressive development of new redesigned Accumulator products),
the UK (more Protection business) and Japan.
(Chart: http://www.newscom.com/cgi-bin/prnh/20091029/NY01477)
Note: Actuarial and financial assumptions are not updated on a quarterly
basis, except for interest rates which are hedged at point of sale for
variable annuity products
Detail by country:
The United States
New businessAPE decreased 41% to Euro 770 million, primarily driven by (i)
lower variable annuity sales (-43%), mainly in third-party channels (brokers,
banks, independent advisors), due to a decline in overall industry sales as a
result of uncertain market conditions and redesigned Accumulator products with
reduced benefits, (ii) lower mutual fund sales through proprietary channels
(-38%), and (iii) lower Life sales (-38%), mainly in third-party channels,
following a Universal Life product redesign in 1Q09.
NBV margin was down 2.4 points to 2.5%, primarily as a result of higher unit
costs (due to lower volumes), and lower interest rates negatively impacting
the variable annuity profitability, partly offset by an improved business mix
following the introduction of newly redesigned Accumulator products. A
next-generation variable annuity with a variable roll-up rate is expected to
be launched by the end of the year, continuing AXA's commitment to client
needs and innovation in the variable annuity marketplace.
Evolution versus 1H09 NBV margin (2.8%): Despite the improvement in business
mix (+4.2 pts) and in market conditions (+0.5 pt), the NBV margin was slightly
down as a result of deteriorating unit costs (-4.9 pts) due to lower volumes.
France
New business APE was up 14% to Euro 1,120 million, driven by (i) Group
business (+27%), boosted by both Retirement and Protection sales, and by (ii)
Individual lines (+9%), supported by non unit-linked Savings products notably
benefiting from the low short-term interest rate environment, partly offset by
a drop in unit-linked Savings.
NBV margin was down 0.1 point to 5.6%, as a result of lower share of
individual unit-linked products compensated by lower unit costs due to higher
volumes.
The United Kingdom
New business APE was down 20% to Euro 711 million, mainly as a result of a
sharp decline in offshore and onshore bond sales due to lower consumer
confidence, partly offset by increasing sales in Protection.
NBV margin was up 0.6 point to 10.0% due to a favorable product mix, partly
offset by higher unit costs.
Northern Central & Eastern Europe
- Germany new business APE was up 1% to Euro 342 million mainly as a
result of higher non unit-linked short term investment products and a
one-off increase in Health following a change in regulation, partly
offset by non recurring 2008 Riester incentive measures and lower
regular premium annuities.
NBV margin was down 4.6 points to 14.1% primarily due to negative
investment market conditions (lower interest rates impacting "TwinStar"
variable annuity profitability).
- Switzerland new business APE was down 15% to Euro 208 million mainly
due to limited new business opportunities in Group Life (-22%) as a
result of low client turnover in the market due to adverse financial
environment, partly offset by higher individual variable annuity sales
("TwinStar Income").
NBV margin was down 2.7 points to 26.3% due to a slight deterioration in
business mix.
- Belgium new business APE was down 10% to Euro 174 million mostly due to
a decrease in individual investment & savings sales (-11%) for both
unit-linked and non unit-linked products.
NBV margin was up 1.2 points to 12.5% driven by a better business mix
partly offset by higher unit costs due to lower volumes.
- Central & Eastern Europe new business APE was up 1% to Euro 118
million. Excluding the one-off impact of lower sales of Tax wrapper
products (voluntary decision), APE was up 21%, mainly driven by Hungary
(new distribution agreements and products).
NBV margin was up 3.4 points to 20.9% driven by better business mix
(lower share of Tax wrapper products).
Asia Pacific
- Japan new business APE decreased by 20% to Euro 380 million, mainly
driven by the bankruptcy of a large independent agent (LINA). Excluding
this one-off event, APE decreased by 11% as a result of lower sales of
Term products, partly offset by resilient medical and variable annuity
sales.
NBV margin was down 4.8 points to 52.8% mainly driven by higher unit
costs and difficult investment market conditions (lower interest rate
impacting the "Yen variable annuity" business) partly offset by a more
favorable business mix following the end of LINA's low margin product
sales.
- Australia/New Zealand new business APE was down 36% to Euro 198
million, mainly due to a drop in mutual fund sales as a result of
unfavorable market conditions, partly offset by increased variable
annuity sales ("North" product) and growth in traditional life sales.
NBV margin was up 2.5 points to 10.6% partly due to improved business
mix (lower share of low margin mutual fund sales).
- Hong Kong new business APE was down 8% to Euro 89 million, mainly due
to a decrease in unit-linked sales given adverse market conditions,
partially offset by higher traditional life sales.
NBV margin was down 2.9 points to 63.6% as a result of higher unit costs
due to lower volumes.
- South East Asia & China new business APE was up 13% to Euro 66 million
mainly driven by higher sales in Singapore, Thailand and Indonesia.
NBV margin was up 1.8 points to 32.8% due to improved business mix.
Mediterranean and Latin America Region (MedLA)
- New business APE increased by 3% to Euro 332 million, driven by higher
sales in non unit-linked Investment & Savings products at AXA MPS
Italian Joint-Venture in particular over the last quarter, partly offset
by lower sales in unit-linked products across the board and in Group
lines in Spain.
- NBV margin was up 1.3 points to 13.8%, as a result of improved business
mix.
PROPERTY & CASUALTY /
Property & Casualty
- Property & Casualty revenues increased by 1% to Euro 20,524 million,
driven by higher volumes in Personal lines, partly offset by negative
momentum in Commercial lines as a result of the unfavourable economic
environment. Net new personal contracts amounted to +919,000 (+695,000
in 1H09):
Property & Casualty : IFRS revenues by country
Change on a Change on a
reported comparable
In Euro million 9M08 9M09 basis basis
NORCEE(5) 6,561 6,713 2.3% 0.5%
of which Germany 2,909 2,905 -0.1% -0.1%
of which Belgium 1,662 1,651 -0.6% -0.6%
of which Switzerland 1,902 2,058 8.2% 1.6%
France 4,383 4,434 1.2% 1.2%
United Kingdom &
Ireland 3,520 3,071 -12.8% -1.8%
MedLA(7) 4,198 4,806 14.5% -1.0%
Rest of the world 1,369 1,500 9.5% 10.5%
Total P&C revenues 20,031 20,524 2.5% 0.6%
- Personal Motor revenues (35% of total P&C revenues) were up 1.8% mainly
driven by the UK (success of Swiftcover direct business platform),
Canada (tariff increase), Asia (tariff increase and new business), and
France (agents and direct business), partly offset by Spain (due to the
drop in car sales and strong competition) and Germany (in a context of
competitive pressure and lower volumes).
Motor Net new contracts amounted to +815,000.
- Personal Non-Motor revenues (25% of total P&C revenues) increased by
0.7% with overall positive price effect across the board, partially
offset by a decrease in the UK.
Household Net new contracts amounted to +104,000.
- Commercial Motor revenues (7% of total P&C revenues) were down 1.9%
with negative contributions mainly in the UK (with tariff increase
impacting retention) and Spain, and positive ones mainly in Asia and
Germany.
- Commercial Non-Motor revenues (31% of total P&C revenues) were down
0.4%, with negative contribution mainly driven by Spain (notably
liability and construction), partially offset by Switzerland (Health),
Mexico (Property) and Turkey (Property through SME business).
ASSET MANAGEMENT & INTERNATIONAL INSURANCE /
Asset Management
-- Asset Management revenues were down 31% to Euro 2,253 million (down
34%
in 1H09), mostly due to lower average assets under management and
unfavorable change in product mix (lower equity component).
-- Assets Under Management were up Euro 24 billion versus Dec 31, 2008 to
Euro 840 billion at September 30, 2009, mainly as a result of :
-- Net inflows: Euro -51 billion (vs. Euro -38 billion in 1H09),
mainly
due to AllianceBernstein Institutional client segment, following
2008 investment underperformance. Year-to-date investment
performance showed improvement on Value and Fixed Income, and
remained mixed in Growth. AllianceBernstein launched a new
commercial Real Estate business and was one of five asset managers
to successfully raise assets for the US Government PPIP8 program.
-- Market impact: Euro +89 billion mainly at AllianceBernstein due to
market recovery.
-- Forex impact: Euro -16 billion mainly as a result of the
depreciation of the USD versus the Euro.
Assets Under Management Roll-forward
Alliance
In Euro billion Bernstein AXA IM Total
AUM at December 31, 2008 331 485 816
Net inflows -42 -9 -51
Market impact 68 21 89
Scope & other impacts - 1 1
Forex impact -17 2 -16
AUM at September 30, 2009 340 500 840
Average AUM over the period
(FY08-9M09) 328 479 806
Change of average AUM 9M09 vs. 9M08
On a reported basis -31% -9% -20%
On a comparable basis -38% -9% -23%
International Insurance
International Insurance revenues were up 3% to Euro 2,308 million, with (i)
AXA Corporate Solutions Assurance up 2%, driven mainly by Liability (+14%)
with higher new business, partly offset by lower volumes in Property (-7%) as
well as (ii) AXA Assistance up 7%.
International Insurance IFRS revenues
Change Change
on a on a
reported comparable
In Euro million 9M08 9M09 basis basis
AXA Corporate Solutions 1,574 1,598 1.5% 1.9%
Assurance
AXA Assistance 541 573 5.8% 7.4%
AXA Cessions 53 57 7.5% 7.5%
Other International Activities 61 79 30.8% -15.9%
Total International Insurance 2,229 2,308 3.5% 2.8%
NOTES & OTHER INFORMATION /
Notes
1. Motor and household personal contracts
2. Assuming no Unrealized Capital Gains on the Fixed Income portfolio.
This
estimate has not been reviewed or approved by AXA's French insurance
supervisor "Autorite de Controle des Assurances et des Mutuelles"
3. Annual Premium equivalent (APE) represents 100% of new business regular
premiums + 10% of new business single premiums. APE is Group share
4. New Business Value
5. Northern Central and Eastern Europe: Germany, Belgium, Switzerland,
Central & Eastern Europe and Luxemburg.
6. Japan, Australia/New Zealand, Hong Kong, South East Asia & China
7. Mediterranean and Latin America Region: Italy, Spain, Portugal, Turkey,
Mexico, Greece and Morocco (and Gulf region for Property & Casualty)
8. Public-Private Investment Program
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. For full year 2008, IFRS revenues amounted to Euro 91.2
billion and IFRS underlying earnings to Euro 4.0 billion. AXA had Euro 981
billion in assets under management as of December 31, 2008.
The AXA ordinary share is listed on compartment A of Euronext Paris under the
ticker symbol CS (ISIN FR0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA).
The American Depository Share is also listed on the NYSE under the ticker
symbol AXA.
This press release is available on the AXA Group website: www.axa.com
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. 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 Reference for the year ended December 31, 2008, 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: AXA Group IFRS revenues - 9M09 vs. 9M08 /
AXA Group IFRS revenues - contributions & growth
by segment and country/region
IFRS revenues change
--------------------
9M08 9M09 Comp.
In Euro million IFRS IFRS Reported basis
United States 10,155 7,405 -27.1% -34.5%
France 10,656 11,646 9.3% 9.3%
NORCEE 10,631 10,811 1.7% -0.2%
of which Germany 4,423 4,885 10.4% 10.4%
of which Switzerland 3,794 3,880 2.3% -3.9%
of which Belgium 2,019 1,651 -18.2% -18.2%
of which Central & Eastern Europe 350 344 -1.8% 9.1%
United Kingdom 2,753 2,002 -27.3% -18.1%
Asia Pacific 5,859 6,337 8.2% -5.9%
of which Japan 3,621 4,156 14.8% -7.0%
of which Australia/New Zealand 1,243 1,158 -6.8% -1.8%
of which Hong Kong 822 905 10.2% -1.6%
of which South East Asia 173 118 -31.7% -32.6%
MedLA 3,709 4,420 19.2% 13.5%
Other countries 82 85 3.9% 7.0%
Life & Savings 43,845 42,706 -2.6% -6.4%
NORCEE 6,561 6,713 2.3% 0.5%
of which Germany 2,909 2,905 -0.1% -0.1%
of which Belgium 1,662 1,651 -0.6% -0.6%
of which Switzerland 1,902 2,058 8.2% 1.6%
France 4,383 4,434 1.2% 1.2%
MedLA 4,198 4,806 14.5% -1.0%
United Kingdom & Ireland 3,520 3,071 -12.8% -1.8%
Canada 806 877 8.8% 12.1%
Asia 563 623 10.6% 8.3%
Property & Casualty 20,031 20,524 2.5% 0.6%
AXA Corporate Solutions Assurance 1,574 1,598 1.5% 1.9%
Others 655 709 8.3% 5.0%
International Insurance 2,229 2,308 3.5% 2.8%
AllianceBernstein 1,959 1,390 -29.0% -36.3%
AXA Investment Managers 1,099 863 -21.5% -21.3%
Asset Management 3,059 2,253 -26.3% -30.9%
Banking & Holding 294 303 3.2% 5.5%
Total 69,458 68,094 -2.0% -5.1%
Appendix 2: Life & Savings - Breakdown of APE between unit-linked non
unit-linked and mutual funds /
Breakdown of APE - 12 main countries, regions and modelled businesses
% UL in APE
(excl. mutual
Group share 9M09 APE funds)
in Euro million --------------------- -------------- UL change on
Mutual comparable
UL Non-UL Funds 9M08 9M09 basis
France 115 1,005 15% 10% -23%
United States 441 145 183 82% 75% -47%
United Kingdom 611 90 10 90% 87% -23%
NORCEE
Germany 97 245 39% 28% -25%
Switzerland 21 186 0 6% 10% 35%
Belgium 11 163 9% 6% -38%
Central & Eastern 70 36 12 59% 66% 12%
Europe
ASIA PACIFIC
Japan 86 294 21% 23% -7%
Australia/New Zealand 6 39 153 20% 14% -221%
Hong Kong 31 58 0 48% 35% -34%
South East Asia & China 39 27 63% 59% 9%
MedLA 55 271 7 33% 17% -49%
Total 1,583 2,560 366 50% 38% -30%
Appendix 3: AXA Group IFRS Revenues in local currency - Discrete quarters /
(In million local
currency except Japan
in billion) 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09
Life & Savings
United States 5,157 5,149 5,149 4,774 4,197 3,257 2,670
France 3,976 3,465 3,215 3,615 4,012 4,012 3,623
NORCEE
of which Germany 1,477 1,478 1,468 1,810 1,516 1,540 1,829
of which
Switzerland 4,342 915 843 1,010 4,188 922 749
of which Belgium 989 611 419 541 534 514 603
of which Central &
Eastern Europe 113 116 121 115 115 113 116
United Kingdom 708 765 680 676 556 599 620
Asia Pacific
of which Japan 185 193 207 163 174 188 167
of which Australia/
New Zealand 701 625 748 924 918 607 586
of which Hong Kong 3,212 3,145 3,393 3,146 3,178 3,099 3,317
MedLA 1,291 1,497 920 1,104 1,417 1,532 1,471
Property & Casualty
NORCEE
of which Germany 1,602 597 709 621 1,619 587 699
of which
Switzerland 2,643 256 159 142 2,686 260 162
of which Belgium 637 517 507 477 648 513 491
France 1,821 1,200 1,362 1,212 1,864 1,224 1,346
MedLA 1,547 1,436 1,215 2,215 1,725 1,678 1,403
United Kingdom &
Ireland 873 979 901 770 881 952 891
Asia 200 176 187 185 212 205 206
Canada 349 463 437 423 385 530 484
International Insurance
AXA Corporate Solutions
Assurance 889 331 354 380 900 355 343
Others, including
AXA RE 247 205 203 232 279 196 234
Asset Management
AllianceBernstein 1,045 1,006 931 711 610 624 667
AXA Investment
Managers 374 388 337 337 295 284 284
Banking & Holdings 87 89 82 110 78 89 91
Appendix 4: 9M09 Property & casualty revenues contribution & growth by
business line /
Property & Casualty revenues - contribution &
growth by business line
Personal Commercial Commercial
Personal Motor Non-Motor Motor Non-Motor
in % --------------- ---------------- --------------- ---------------
Change Change Change Change
on on on on
% Gross comp. % Gross comp. % Gross comp. % Gross comp.
revenues basis revenues basis revenues basis revenues basis
France 32% 2.8% 28% 2.6% 8% -2.1% 32% -0.7%
United
Kingdom(a) 19% 18.2% 36% -5.4% 6% -9.2% 39% -3.0%
NORCEE
of which
Germany 31% -3.5% 35% -0.6% 6% 1.3% 22% -0.1%
of which
Belgium 35% -0.0% 28% 2.8% 6% -2.6% 31% -1.3%
of which
Switzer-
land 36% -1.0% 14% 2.3% 4% 1.4% 46% 2.2%
MedLA 45% -3.3% 19% 2.9% 10% -2.1% 26% 1.3%
Canada 39% 20.0% 20% 25.2% 7% 2.9% 37% -2.3%
Asia 75% 7.5% 7% 8.1% 4% 36.9% 17% 1.4%
Total 35% 1.8% 25% 0.7% 7% -1.9% 31% -0.4%
(a) Including Ireland.
Appendix 5: Life & Savings New Business Volume (APE), Value (NBV) and NBV to
APE margin /
Change Change Change
on a on a on a
compar- compar- 9M09 compar-
9M08 9M09 able 9M08 9M09 able NBV/APE able
in Euro million APE APE basis NBV NBV basis margin basis
United States 1,170 770 -40.9% 57 19 -69.9% 2.5% -2.4pts
France 982 1,120 14.1% 56 63 12.6% 5.6% -0.1pt
United
Kingdom 1,007 711 -19.9% 95 71 -15.2% 10.0% 0.6pt
NORCEE 880 841 -5.5% 173 149 -14.4% 17.8% -1.8pts
Germany 335 342 1.0% 63 48 -23.7% 14.1% -4.6pts
Switzerland 230 208 -15.1% 67 55 -22.9% 26.3% -2.7pts
Belgium 193 174 -10.0% 22 22 -0.0% 12.5% 1.2pts
Central & Eastern
Europe 122 118 0.9% 22 25 20.2% 20.9% 3.4pts
ASIA PACIFIC 832 733 -22.4% 316 300 -20.6% 40.9% 0.9pt
Japan 389 380 -19.9% 214 201 -26.5% 52.8% -4.8pts
Australia/New
Zealand 305 198 -35.8% 27 21 -17.4% 10.6% 2.5pts
Hong Kong 87 89 -8.2% 58 57 -12.1% 63.6% -2.9pts
South East Asia
& China 52 66 12.7% 17 22 19.2% 32.8% 1.8pts
MedLA 292 332 3.5% 41 46 14.4% 13.8% 1.3pts
TOTAL 5,163 4,508 -14.7% 738 649 -17.8% 14.4% -0.5pt
APPENDIX 6: 3Q09 Main Press Releases /
-- 10/07/2009 - AXA proposes a simplification of its governance structure
-- 08/25/2009 - AXA launches its 2009 employee share offering (Shareplan
2009)
-- 08/05/2009 - Solid Half Year 2009 earnings
-- 07/17/2009 - Jean-Laurent Granier appointed CEO of the
Mediterranean-Latin America Region and joins AXA's Executive Committee
Please refer to the following web site address for further details:
http://www.axa.com/en/press/pr/
APPENDIX 7: 3Q09 operations on AXA shareholders' equity and debt /
Shareholders' Equity
No significant operations.
Debt
No significant operations.
SOURCE AXA Group
Investors: Etienne Bouas-Laurent, +33-1-40-75-46-85, Marie-Elodie Bazy,
+33-1-40-75-97-24, Gilbert Chahine, +33-1-40-75-56-07, Paul-Antoine
Cristofari, +33-1-40-75-73-60, Sylvie Gleises, +33-1-40-75-49-05, or George
Guerrero, +1-212-314-28-68, or Media: Emmanuel Touzeau, +33-1-40-75-46-74,
Laurent Secheret, +33-1-40-75-48-17, Armelle Vercken, +33-1-40-75-46-42, or
Chris Winans, +1-212-314-55-19, all of AXA; AXA Individual shareholders
Relations, +33-1-40-75-48-43
