MONY Shareholders Approve Merger with AXA Financial at More Than 53%

MONY Shareholders Approve Merger with AXA Financial at More Than
53%
AXA Strengthens Its Position in the U.S. Market 


PARIS, May 18  /PRNewswire-FirstCall/ -- AXA announced that the shareholders of
The MONY Group, Inc. ("MONY") today approved the adoption of MONY's merger with
AXA Financial, Inc., at a special meeting held in New York City, N.Y.

A favorable vote by a majority of MONY's shares outstanding was required for
the merger to be approved and more than 53% of the outstanding shares were
voted in favor of the adoption of the merger agreement. In particular,
approximately 84% of the retail votes cast were in favor of the merger.

"We are delighted that MONY shareholders have approved the merger with AXA
Financial. We look forward to closing this transaction as promptly as
practicable and do not currently anticipate that the level of appraisal rights
demands that have been received will change our thinking," said Christopher
"Kip" Condron, President and CEO of AXA Financial. "MONY represents a
complementary fit to AXA Financial's insurance, annuity and asset management
businesses, and we believe that, together, we can strengthen our industry
leadership. We have been diligently planning how to integrate the two companies
and are awaiting the final regulatory approvals so that we can move forward."

Henri de Castries, AXA Group Chief Executive Officer, commented, "With this
transaction, we are reinforcing our already strong U.S. position with
additional distribution capabilities and an enviable client base. The
complementary nature of the organizations and the resulting broader product and
service offering will benefit our customers, agents and distribution partners."

Under the terms of the merger agreement, AXA Financial will acquire 100% of
MONY, a U.S. financial services group, headquartered in New York City, which,
through its various subsidiaries, manufactures and distributes life insurance,
asset accumulation and retail brokerage products and services to individuals,
corporations and institutions through advisory and wholesale distribution
channels. The cash transaction is valued at $1.5 billion (approximately Euro
1.3 billion).

The transaction, which remains subject to regulatory approvals in the U.S. and
certain other closing conditions, is currently expected to close late second
quarter or early third quarter of 2004. Upon the closing of the transaction,
MONY shareholders will receive $31 in cash for each share of MONY's common
stock they own, plus an estimated dividend of 33 to 35 cents per MONY share.

The transaction is expected to be accretive to AXA's earnings per share in
2005.

Redemption of ORAN

The ORANs (1) issued by AXA to finance this transaction will be automatically
redeemed by the issuance of one new ordinary AXA share for each ORAN at the
latest 20 business days after the closing date of the acquisition. On the
redemption date, each ORAN holder will also receive a "Final Interest" amount
equal to Euro 0.38 per ORAN.

Press Conference information

AXA Group will hold a press conference chaired by AXA Group CEO, Henri de
Castries, about "MONY joins the AXA Group" at AXA Headquarters (25 avenue
Matignon, Paris 75008) on Wednesday May 19th at 10:30 am (Paris Time).

Analysts and Investors who wish to follow this press conference are invited to
visit AXA Group's web site http://www.axa.com/ (2).

About AXA

AXA Group is a worldwide leader in financial protection and wealth management.
AXA's operations are diverse geographically, with major operations in Western
Europe, North America and the Asia/Pacific area. AXA had Euro 775 billion in
assets under management as of December 31, 2003, and reported total revenues of
Euro 72 billion and underlying earnings of Euro 2,035 million for 2003. Total
revenues for the first quarter of 2004 were Euro 20 billion. 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.

This press release is also available on AXA Group web site: http://www.axa.com/
(2).

   AXA Investor Relations:              AXA Media Relations:

   Matthieu Andre :                     Christophe Dufraux :
   +33.1.40.75.46.85                    +33.1.40.75.46.74

   Caroline Portel :                    Clara Rodrigo :
   +33.1.40.75.49.84                    +33.1.40.75.47.22

   Marie-Flore Bachelier :              Rebecca Le Rouzic :
   +33.1.40.75.49.45                    +33.1.40.75.97.35

   Kevin Molloy :                       Jeff Tolvin :
   +1.212.314.28.93                     +1.212.314.28.11


  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, including the risk that the proposed merger may not be
consummated. The following factors, among others, could cause actual results to
differ materially from those described herein or from past results: the risk
that the AXA and MONY businesses will not be integrated successfully,
including, among others, the possibilities that following the merger AXA and
MONY may not be able to retain current MONY clients, sales professionals and
employees or to successfully market current MONY products and services; the
costs related to the transaction; inability to obtain, or meet conditions
imposed for, required governmental and regulatory approvals and consents; other
economic, business, competitive and/or regulatory factors affecting AXA's and
MONY's businesses generally; and the risk of future catastrophic events
including possible future terrorist related incidents.

Please refer to AXA's Annual Report on Form 20-F for the year ended December
31, 2002 and AXA's Document de Reference for the year ended December 31, 2003,
for a description of certain important factors, risks and uncertainties that
may affect AXA's business. Please refer to MONY's Annual Report on Form 10-K
for the year ended December 31, 2003, for a description of certain important
factors, risks and uncertainties that may affect MONY's business. AXA will not
undertake any obligation to publicly update or revise any of these
forward-looking statements, whether to reflect new information, future events
or otherwise.

AXA's and MONY's shares are traded on the New York Stock Exchange (ticker
symbols AXA and MNY).  Both companies file reports and other information with
the SEC.  You may read and copy any reports and other information filed by the
companies at the SEC's public reference rooms at 450 Fifth St., N.W.,
Washington, D.C. 20549 or at the SEC's other public reference rooms in New York
and Chicago.

  (1) Obligations Remboursables en Actions ou en Numeraire i.e., bonds
      redeemable either in shares or in cash.
  (2) Outside of France, the website address is:
http://www.axa.com/default1.asp

DATASOURCE: AXA



CONTACT:  Investor Relations - Matthieu Andre, [phone],

Caroline Portel, [phone], Marie-Flore Bachelier, [phone],

or Kevin Molloy, [phone]; or Media Relations - Christophe Dufraux,

[phone], Clara Rodrigo, [phone], Rebecca Le Rouzic,

[phone], or Jeff Tolvin, [phone], all of AXA



Web site:  http://www.axa.com/ 

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