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Resilient revenues -- Total revenues were down 2% to Euro 27,598 million
PARIS, May 7 /PRNewswire-FirstCall/ -- Chairman's statement
"First quarter total revenues were slightly down, in line with trends observed in 4Q08," said Henri de Castries, Chairman of AXA's Management Board.
"Life & Savings revenues continued to be impacted by a negative market environment, notably for the Unit-Linked business. We believe, however, that long-term savings (including variable annuities) and protection products remain well adapted to customers' needs, and that the continued product redesign across the board will allow us to continue our successful long-term development in a profitable way. Moreover it is pleasing to see sustained positive Life & Savings net inflows. Asset Management revenues declined mostly as a result of lower assets under management. However, improved 1Q09 investment performance makes us confident in the capacity of our Asset Management business to recover. Property & Casualty business continued to grow in most business lines and countries, with positive net new personal contracts.
"As anticipated, our Solvency I ratio proved resilient in this turbulent environment and will allow us to absorb further possible market shocks.
We expect the environment to remain difficult throughout 2009, but we remain convinced that AXA has the business model, flexibility and strength to face the current global economic recession."
Revenues: Key figures
Change
Change -----------------------
Euro million, except on a Comp. Scope
when otherwise noted reported (a) & FX
1Q08 1Q09 basis basis Other impact(b)
Life & Savings revenues 16,877 16,453 -2.5% -7.4% +0.7pt +4.2pts
Net inflows (Euro
billion) 4.0 3.3
APE(3) (Group share) 1,939 1,604 -17.3% -18.5% +0.1pt +1.2pts
NBV(4) (Group share) 277 206 -25.7% -30.0%
NBV to APE margin
(Group share) 14.3% 12.8% -1.5pts -2.0pts
Property & Casualty
revenues 8,885 9,113 +2.6% +1.1% +2.9pts -1.4pts
International Insurance
revenues 1,136 1,179 +3.8% +3.3% +0.9pt -0.4pt
Asset Management
revenues 1,071 762 -28.9% -34.3% +0.1pt +5.3pts
Net inflows (Euro
billion) 3.5 -17.4
Total revenues 28,066 27,598 -1.7% -5.2% +1.3pts +2.2pts
(a) Change on a comparable basis was calculated at constant FX and scope.
(b) Mainly due to appreciation of USD and JPY against 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)
Revenues and net inflows
-- Total Revenues were resilient, down 5% to Euro 27,598 million.
-- Life & Savings revenues were down 7% to Euro 16,453 million, in line
with trends observed in 4Q08 (down 8%), due to continued adverse market
conditions.
Net inflows were positive (Euro +3.3 billion) with strong positive
contributions across the board driven by increased client retention.
New Business Volume (APE(3)) was down 18% to Euro 1,604 million, with
unit-linked share down from 46% to 40%.
New business margin was down 2.0 pts to 12.8%, mostly as a result of
(i) lower interest rates impacting "Variable Annuity" Accumulator
products, (ii) higher unit costs across the board due to lower volumes,
partly offset by (iii) favorable business mix mainly driven by the US
(progressive development of new redesigned Accumulator products), as
well as Japan and the UK.
-- Property & Casualty revenues increased by 1% to Euro 9,113 million,
driven by higher volumes both in Personal and Commercial lines. Net new
personal contracts amounted to +296,000.
-- Asset Management revenues were down 34% to Euro 762 million, in line
with trends observed in 4Q08 (down 32%), due to lower management fees
(-37%) mainly driven by lower average assets under management (-27%)
and unfavorable change in product mix (-10%), as well as a reduced
contribution from distribution fees. Net outflows amounted to Euro -
17.4 billion (mainly at AllianceBernstein).
Solvency
-- AXA's European consolidated Solvency I ratio on March 31, 2009 is
estimated(2) to be slightly above Dec 31, 2008 level of 127%.
Moreover, the solvency of our local entities remained resilient,
including in the US where 1Q09 IFRS earnings(5) are expected to be
positive with no negative contribution from Variable Annuity hedging
results.
Life & Savings
Negative new business momentum but positive net inflows
-- Life & Savings revenues were down 7% to Euro 16,453 million, in line
with trends observed in 4Q08 (down 8%), due to continued adverse market
conditions.
Net inflows were positive (Euro +3.3 billion). The evolution versus
1Q08 was due to lower inflows (Euro -2.2 billion) partly offset by
higher client retention (Euro +1.8 billion) with an adverse Forex and
scope impact (Euro -0.4 billion).
Net Inflows by country/region
Euro billion 1Q08 1Q09
United States 0.8 0.6
France 0.7 1.0
United Kingdom(a) -0.3 -0.4
NORCEE(6) 2.3 1.5
Asia Pacific(7) 0.5 0.4
MedLA(8) 0.0 0.2
Total L&S Net Inflows 4.0 3.3
(a) UK Net Inflows, excluding with-profit funds, stood at Euro -0.1
billion in 1Q09
-- New Business Volume (APE(3)) was down 18% (or down 3% sequentially,
ie. versus 4Q08) to Euro 1,604 million, mainly due to:
(i) Adverse financial environment:
-- Decline in individual investments & savings sales mainly in
the US, Australia, the UK and Belgium, notably due to
financial market turmoil
-- 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) and Germany (non recurring 2008
Riester incentive measures)
(iii) Partly offset by a solid performance in France, with successful
developments in group business.
The unit-linked share was down from 46% to 40%, notably impacted by the decrease in Variable Annuity type products' APE, down 20% to Euro 290 million (US down 22%, Rest of World down 9%).
Annual Premium Equivalent by country/region
Euro million 1Q08 1Q09 Change Change
on a on a
reported comparable
basis basis
United States 418 327 -21.8% -31.9%
France 357 387 +8.5% +8.5%
United Kingdom 333 228 -31.5% -17.8%
NORCEE(6) 433 335 -22.7% -24.5%
Asia Pacific(7) 299 227 -24.3% -27.8%
MedLA(8) 99 101 +1.9% -10.0%
Total Life & Savings APE 1,939 1,604 -17.3% -18.5%
New business margin was down 2.0 pts to 12.8%, mostly as a result of (i) lower interest rates impacting Accumulator products, (ii) higher unit costs across the board due to lower volumes, partly offset by (iii) favorable business mix mainly driven by the US (progressive development of new redesigned Accumulator products), as well as Japan and the UK.
(Chart: http://www.newscom.com/cgi-bin/prnh/20090507/NY12932 )
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 business APE decreased 32% to Euro 327 million, in line with trends observed in 4Q08, driven by (i) lower Variable Annuity sales (-22%) mainly in the wholesale channel due to difficult equity market conditions and redesigned products with lower benefits, (ii) lower mutual funds sales through proprietary channels (-52%), and (iii) lower Life sales (-38%), mainly in the wholesale channel, following Universal Life product redesign in 1Q08.
NBV margin was down 6.2 points to -1.0%, primarily as a result of lower interest rates negatively impacting the Variable Annuity profitability and higher unit costs (due to lower volumes), partly offset by the improved business mix following progressive development of new redesigned Accumulator products (November 2008 and February 2009). A new version with lower roll-up rate will be launched in June 2009 to further restore profitability in line with our long-term targets.
France
New business APE was up 8% to Euro 387 million, driven by Group business (+82%), boosted by both retirement and protection sales, partly offset by Individual lines (-14%) impacted by the decrease in unit-linked products sales.
NBV margin was down 1.4 points to 3.4% mainly due to lower share of individual unit-linked products.
The United Kingdom
New business APE was down 18% to Euro 228 million, mainly as a result of lower offshore and onshore bonds' sales due to lower consumer confidence stemming from the challenging financial environment, as well as lower individual pension sales, partly offset by Protection.
NBV margin was up 0.9 point to 9.1% due to a favorable shift from savings towards higher margin protection business, partly offset by higher unit costs.
Northern Central & Eastern Europe
-- Germany new business APE was down 13% to Euro 132 million mainly as a
result of non recurring 2008 Riester incentive measures and decreasing
Twinstar variable annuity product sales, partly offset by a one-off
increase in the Health business before legal changes later in 2009.
NBV margin was down 4.1 points to 14.5% primarily due to negative
investment experience on Twinstar products as a result of lower
interest rate.
-- Switzerland new business APE was down 26% to Euro 123 million mainly
due to limited new business opportunities in Group Life (-30%) as a
result of limited client turnover in the market due to adverse
financial environment, combined with a stable individual business.
NBV margin was down 2.1 points at 29.7% due to a slight deterioration
in the individual business mix.
-- Belgium new business APE was down 46% to Euro 52 million due to a
decrease in Individual Investment & Savings sales (-45%) for both unit-
linked and non unit-linked products. However, at the same time, AXA
Bank registered a strong growth in short term savings product sales.
NBV margin was down 3.9 points to 5.9% mainly driven by higher unit
costs as a consequence of lower volumes.
-- Central & Eastern Europe new business APE was down 8% to Euro 28
million, mainly driven by Poland (suspension of tax wrapper
commercialization partly offset by growth in pension funds).
NBV margin was up 2.6 points to 22.0% driven by decreased contribution
from lower margin tax wrapper products.
Asia Pacific
-- Japan new business APE decreased by 21% to Euro 126 million, mainly
driven by the bankruptcy of a large independent agent (LINA). Excluding
this one-off event, APE decreased by 4% as a result of lower sales of
Term products.
NBV margin was up 0.6 point to 54.7% mainly driven by a more favorable
business mix following the end of LINA's low margin product sales.
-- Australia/New Zealand new business APE was down 42% to Euro 56 million,
mainly due to a drop in mutual fund sales as a result of negative
financial market conditions, partly offset by higher traditional
savings and Accumulator products.
NBV margin was up 2.3 points to 9.3% mainly driven by decreasing sales
of lower margin mutual funds.
-- Hong Kong new business APE was down 7% to Euro 30 million, mainly due
to a decrease in unit-linked sales given adverse financial market
conditions, partially offset by higher traditional life sales.
NBV margin remained stable at 64.0%.
-- South East Asia & China new business APE was down 21% to Euro 15
million mainly driven by Indonesia with a drop in single premium unit-
linked sales as a result of negative financial market conditions, while
Thailand and China continued to increase.
NBV margin was down 0.8 point to 31.6%.
Mediterranean and Latin American Region (MedLA)
-- New business APE decreased by 10% to Euro 101 million, driven by Spain
(lower contribution of traditional savings products and non recurrence
of a large 1Q08 contract) and AXA Italy (lower index-linked product
sales), partly offset by AXA's Italian JV with BMPS (increased General
Account sales).
-- NBV margin was down 0.9 point to 11.8%, as a result of lower
unit-linked share (down from 40% to 14%).
Property & Casualty
Continued growth across the board
Property & Casualty revenues increased by 1% to Euro 9,113 million, driven by higher volumes both in Personal and Commercial lines. Net new contracts amounted to +296,000:
Property & Casualty: IFRS revenues by country
In Euro million 1Q08 1Q09 Change on a Change on a
reported comparable
basis basis
NORCEE(6) 3,932 4,108 +4.5% +1.6%
of which Germany 1,602 1,619 +1.1% +1.1%
of which Belgium 637 648 +1.6% +1.6%
of which Switzerland 1,652 1,795 +8.6% +1.6%
France 1,821 1,864 +2.3% +2.3%
United Kingdom & Ireland 1,152 968 -16.0% -0.6%
MedLA(8) 1,547 1,725 +11.5% -1.6%
Other countries 432 449 +4.0% +8.3%
Total P&C revenues 8,885 9,113 +2.6% +1.1%
-- Personal Motor revenues (35% of total P&C revenues) were up 0.6% mainly
driven by Direct business (in the UK and France), Canada and Asia,
partly offset by Germany, in a context of competitive pressure and
lower volumes, as well as Spain due to the drop in new car sales and
Turkey.
Net new contracts increased by +249,000.
-- Personal Non-Motor revenues (22% of total P&C revenues) increased by
0.5% with overall positive price effect across the board, partially
offset by a decrease in UK travel and health.
Net new contracts increased by +47,000.
-- Commercial Motor revenues (8% of total P&C revenues) down 0.8% with
contrasted contribution across the board (positive mainly in the Gulf,
Belgium and Germany, negative mainly in Spain, the UK and France) in a
context of mixed pricing trends.
-- Commercial Non-Motor revenues (35% of total P&C revenues) were up 1.4%,
with positive contribution driven by France (notably property and
liability businesses) and Switzerland (notably health business),
partially offset by flat sales in the Mediterranean and Latin American
Region and a decrease in Canada.
Asset Management
Revenues driven by lower average Assets Under management
-- Asset Management revenues were down 34% to Euro 762 million, in line
with trends observed in 4Q08 (down 32%), due to 37% lower management
fees mainly driven by lower average assets under management (-27%) and
unfavorable changes in product mix (-10%), as well as a reduced
contribution from distribution fees.
-- Assets Under Management were down Euro 29 billion versus Dec 31, 2008
to Euro 787 billion at March 31, 2009, as a result of :
-- Net inflows: Euro -17 billion, in line with 4Q08 trends, mainly
due to AllianceBernstein Institutional client segment
-- Market impact: Euro -33 billion mainly at AllianceBernstein due to
adverse financial market conditions.
-- Forex impact: Euro +21 billion mainly as a result of the
appreciation of USD versus Euro.
-- AllianceBernstein new developments:
-- Encouraging investment performance during 1Q09 (solid performance
versus benchmark and peers' average across all services,
especially in Growth Equity and Fixed Income).
-- Mandate won with the US Treasury to provide asset management
services on securities held as part of the Capital Purchase
Program.
Assets Under Management Roll-forward
In Euro billion Alliance AXA IM Total
Bernstein
AUM at December 31, 2008 331 485 816
Net inflows -15 -2 -17
Market impact -24 -9 -33
Scope & other impacts 0 0 0
Forex impact +19 +3 +21
AUM at March 31, 2008 310 477 787
Average AUM over the period 325 474 799
Change of average AUM YoY on a
reported basis -36% -11% -23%
Change of average AUM YoY on a
comparable basis -44% -10% -27%
International Insurance
International Insurance revenues were up 3% to Euro 1,179 million, with (i) AXA Corporate Solutions Assurance up 1%, driven mainly by Marine (+11%) with positive portfolio developments, partly offset by lower volumes in Property (-7%) as well as (ii) AXA Assistance up 14%.
International Insurance IFRS revenues
In Euro million 1Q08 1Q09 Change Change on a
on a comparable
reported basis
basis
AXA Corporate
Solutions Assurance 889 900 +1.2% +1.3%
AXA Assistance 177 194 +9.9% +14.1%
AXA Cessions 53 55 +3.4% +3.4%
Other International
activities 17 30 +74.8% -1.5%
Total International
Insurance 1,136 1,179 +3.8% +3.3%
Notes
(1) Motor and household personal contracts
(2) This estimate has not been reviewed or approved by AXA's French insurance supervisor " Autorite de ContrĂ´le 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) Estimate, unaudited
(6) Northern Central and Eastern Europe: Germany, Belgium, Switzerland, Central & Eastern Europe and Luxemburg
(7) Japan, Australia/New-Zealand, Hong-Kong, South East Asia & China
(8) Mediterranean and Latin American Region: Italy, Spain, Portugal, Turkey, Mexico, Greece and Morocco (and Gulf region for Property & Casualty).
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: http://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 - 1Q09 vs. 1Q08
AXA Group IFRS revenues - contributions & growth by segment and
country/region
IFRS revenues change
In Euro million 1Q08 1Q09 ---------------------
IFRS IFRS Reported Comp.basis
United States 3,439 3,214 -6.6% -18.6%
France 3,976 4,012 +0.9% +0.9%
NORCEE 5,310 4,984 -6.1% -9.3%
of which Germany 1,477 1,516 +2.7% +2.7%
of which Switzerland 2,714 2,798 +3.1% -3.5%
of which Belgium 989 534 -46.0% -46.0%
of which Central & Eastern Europe 113 115 +2.1% +13.1%
United Kingdom 935 612 -34.5% -21.4%
Asia Pacific 1,897 2,188 +15.3% -0.9%
of which Japan 1,132 1,377 +21.7% -7.7%
of which Australia/New-Zealand 424 468 +10.4% +25.9%
of which Hong Kong 276 314 +13.6% -1.0%
of which South East Asia 66 30 -54.6% -54.8%
MedLA 1,291 1,417 +9.8% +4.8%
Other countries 29 28 -4.4% +3.3%
Life & Savings 16,877 16,453 -2.5% -7.4%
NORCEE 2,932 4,108 +4.5% +1.6%
of which Germany 1,602 1,619 +1.1% +1.1%
of which Belgium 637 648 +1.6% +1.6%
of which Switzerland 1,652 1,795 +8.6% +1.6%
France 1,821 1,864 +2.3% +2.3%
Mediterranean Region 1,547 1,725 +11.5% -1.6%
United Kingdom & Ireland 1,152 968 -16.0% -0.6%
Canada 232 237 +2.2% +10.4%
Asia 200 212 +6.0% +5.9%
Property & Casualty 8,885 9,113 +2.6% +1.1%
AXA Corporate Solutions Assurance 889 900 +1.2% +1.3%
Others 247 279 +13.0% +10.5%
International Insurance(a) 1,136 1,179 +3.8% +3.3%
AllianceBernstein 697 467 -33.0% -41.6%
AXA Investment Managers 374 295 -21.2% -20.6%
Asset Management 1,071 762 -28.9% -34.3%
Banking 96 90 -6.3% -4.7%
Total 28,066 27,598 -1.7% -5.2%
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
1Q09 APE funds) UL change on
Group share -------------------- ------------- comparable
in Euro UL Non-UL Mutual 1Q08 1Q09 basis
million Funds
France 57 330 - 15% 15% +5%
United States 223 52 52 82% 81% -26%
United Kingdom 198 29 1 90% 87% -21%
NORCEE
Germany 37 95 - 39% 28% -36%
Switzerland 6 117 - 3% 5% +26%
Belgium 2 50 - 8% 4% -76%
Central & Eastern Europe 20 8 1 66% 72% +2%
ASIA PACIFIC
Japan 27 99 - 17% 21% -11%
Australia/New-Zealand 2 17 37 24% 9% -50%
Hong Kong 11 19 - 50% 38% -31%
South East Asia & China 6 8 1 63% 43% -53%
MedLA 13 85 3 40% 14% -67%
Total 600 908 95 46% 40% -25%
APPENDIX 3: AXA Group IFRS Revenues in local currency - Discrete quarters
(In million
local currency
except Japan
in billion) 1Q08 2Q08 3Q08 4Q08 1Q09
Life & Savings
United States 5,157 5,149 5,149 4,774 4,197
France 3,976 3,465 3,215 3,615 4,012
NORCEE
of which Germany 1,477 1,478 1,468 1,810 1,516
of which Switzerland 4,342 915 843 1,010 4,188
of which Belgium 989 611 419 541 534
of which Central & Eastern
Europe 113 116 121 115 115
United Kingdom 708 765 680 676 556
Asia Pacific
of which Japan 185 193 207 163 174
of which
Australia/New-Zealand 701 625 748 924 918
of which Hong Kong 3,212 3,145 3,393 3,146 3,178
MedLA 1,291 1,497 920 1,104 1,417
Property & Casualty
NORCEE
of which Germany 1,602 597 709 621 1,619
of which Switzerland 2,643 256 159 142 2,686
of which Belgium 637 517 507 477 648
France 1,821 1,200 1,362 1,212 1,864
MedLA 1,547 1,436 1,215 2,215 1,725
United Kingdom & Ireland 873 979 901 770 881
Asia 200 176 187 185 212
Canada 349 463 437 423 385
International Insurance
AXA Corporate Solutions
Assurance 889 331 354 380 900
Others, including AXA RE 247 205 203 232 279
Asset Management
AllianceBernstein 1,045 1,006 931 711 610
AXA Investment Managers 374 388 337 337 295
Banking & Holdings 87 89 82 110 78
APPENDIX 4: 1Q09 Property & Casualty revenues contribution & growth
Property & Casualty revenues - contribution & growth by business line
Personal Personal Commercial Commercial
Motor Non-Motor Motor Non-Motor
---------------- -------------- -------------- --------------
Change Change Change Change
% on % on % on % on
Gross comp. Gross comp. Gross comp. Gross comp.
in % revenues basis revenues basis revenues basis revenues basis
France 27% +2.8% 26% +3.0% 9% -2.3% 38% +2.7%
United Kingdom
(a) 18% +16.2% 34% -7.2% 6% -8.2% 39% +1.5%
NORCEE 38% -1.1% 18% +1.6% 6% +3.5% 35% +1.9%
of which Germany 37% -3.5% 26% +1.3% 7% +2.6% 25% +0.9%
of which Belgium 30% -0.1% 27% +1.5% 8% +8.4% 33% +2.2%
of which
Switzerland 42% +0.2% 9% +2.3% 5% +0.7% 45% +2.2%
MedLA 41% -3.9% 19% +3.2% 10% -3.1% 27% +0.2%
Canada 35% +19.8% 16% +16.9% 7% +3.5% 42% -8.1%
Asia 71% +6.1% 5% +5.1% 4% +21.2% 20% +2.2%
Total 35% +0.6% 22% +0.5% 8% -0.8% 35% +1.4%
(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 1Q09 compar
1Q08 1Q09 -able 1Q08 1Q09 -able NBV/APE -able
in Euro million APE APE basis NBV NBV basis margin basis
United States 418 327 -31.9% 22 -3 -112.9% -1.0% -6.2pts
France 357 387 +8.5% 17 13 -22.5% 3.4% -1.4pts
United Kingdom 333 228 -17.8% 27 21 -8.9% 9.1% +0.9pt
NORCEE 433 335 -24.5% 93 65 -32.3% 19.4% -2.2pts
Germany 146 132 -12.7% 27 19 -31.7% 14.5% -4.1pts
Switzerland 157 123 -26.4% 50 37 -31.3% 29.7% -2.1pts
Belgium 96 52 -46.2% 9 3 -67.5% 5.9% -3.9pts
Central & Eastern
Europe 34 28 -7.8% 7 6 +4.6% 22.0% +2.6pts
ASIA PACIFIC 299 227 -27.8% 104 98 -18.6% 43.2% +4.5pts
Japan 133 126 -21.3% 67 69 -20.4% 54.7% +0.6pt
Australia/New-Zealand 109 56 -41.7% 9 5 -24.9% 9.3% +2.3pts
Hong Kong 28 30 -7.3% 18 19 -7.5% 64.0% -0.1pt
South East Asia &
China 29 15 -21.1% 10 5 -23.1% 31.6% -0.8pt
MedLA 99 101 -10.0% 14 12 -16.4% 11.8% -0.9pt
TOTAL 1,939 1,604 -18.5% 277 206 -30.0% 12.8% -2.0pts
-- 02/19/2009 Full Year 2008 Earnings - Resilient operating performance
in a challenging environment
-- 03/17/2009 AXA to subscribe to AXA Asia Pacific Holdings' capital
increase: no impact on the Group's Solvency, non material impact on
liquidity
-- 03/24/2009 First year results of the AXA Research Fund: Over Euro 13
million allocated for research in 2008
-- 03/27/2009 Filing of AXA's Form 20-F with the SEC
-- 04/08/2009 AXA opens its first Campus in the Japan Asia-Pacific
region in Singapore
-- 04/30/2009 AXA Shareholders' Meeting - Approval of all resolutions
submitted to a vote of shareholders
Please refer to the following web site address for further details:
http://www.axa.com/en/press/pr/
APPENDIX 7: 1Q09 operations on AXA shareholders' equity and debt
Shareholders' Equity
No significant operations.
Debt
No significant operations.
http://www.newscom.com/cgi-bin/prnh/20090507/NY12932DATASOURCE: AXA Group
CONTACT: 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,
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Winans: +1.212.314.55.19, all of AXA; AXA Individual shareholders Relations:
+33.1.40.75.48.43
Web Site: http://www.axa.com/