Disciplined growth

Total revenues: up 1.4% to €49.9 billion
Life & Savings: NBV margin up from 16.0% to 19.1%
Property & Casualty: Current Year loss ratio improved by 1.5 points
Sustainable earnings

Sustainable underlying earnings at €2.1 billion
Adjusted earnings up 29% to €2.3 billion
Net income at €0.9 billion (including €-1.5 billion exceptional loss)
Active capital management & strong balance sheet

€3.3 billion consideration for the announced sale of part of the UK Life operations
Solvency I ratio up 17 pts to 188

“The sustainability of our underlying earnings and our ability to improve their quality combined with the strong rebound in our adjusted earnings amidst an uncertain economic environment demonstrate once again the solidity of AXA’s business model and the benefits from the management actions undertaken”, said Henri de Castries, Chairman and CEO of AXA
“In the first half of 2010, we implemented active measures to improve margins, with a strong focus on new business growth in some selected areas and new business profitability in others, be it on a country or business line level. Both our new business margin in Life & Savings and our current year
profitability in Property & Casualty improved, while revenues from our asset management businesses have increased after two difficult years.”
“More customers continue to choose AXA: it is a very positive signal that we can improve our margins with innovative and well-segmented products and services that our clients value. The engagement of our teams and the quality of our distribution partners are instrumental in this performance.”
“Through the last months, the active management of our businesses - most notably the recently announced sale of part of our UK life operations - shows our commitment to continue to enhance the capital and growth profile of the Group.”
“AXA’s performance in the first half of 2010 provides a strong and sustainable basis which, together with an ongoing optimization of our capital allocation and a continued focus on operating efficiency, sharpens our capacity to rebound when the economic outlook improves.”

Revenues
• Total Revenues were up 1% to Euro 49,925 million.
• Life & Savings revenues were up 1% to Euro 30,881 million.
APE1 was up 1% to Euro 3,229 million, as strong performances mainly in MedLA and the UK were partly offset by lower sales in the US, France and Japan. High growth markets2 APE was up 36%.
Net inflows were positive at Euro +6.1 billion (up Euro 0.4 billion vs. 1H09), mainly driven by higher sales.
New Business Value (NBV3) was up 21% to Euro 616 million, primarily due to improved business mix mainly benefiting from product redesign in the US and Japan.
As a result, New Business margin was up 3.2 points from 16.0% to 19.1%, with Protection at 39%, Health at 42% and Investment & Savings at 10%.
• Property & Casualty revenues were stable at Euro 15,394 million as the 4% growth in individual lines (largely driven by a 3% average price increase), was offset by a 4% decrease in commercial lines where the 2% average price increase was more than compensated notably by lower volumes from more selective
underwriting and by a reduced sum insured.
• Asset Management revenues were up 10% to Euro 1,670 million, mostly due to higher average assets under management (+7%). Assets under management reached Euro 898 billion, up Euro 53 billion vs. December 31, 2009 levels, benefiting from positive forex impact partly offset by net outflows mainly in institutional clients.

Earnings
• Underlying Earnings were down 3% to Euro 2,082 million. Life & Savings was up 6% underpinned by sustained investment margin and higher average unit-linked assets. Property & Casualty was down 9% following a slight increase in combined ratio (up 0.2 pt to 98.1%) and lower investment income. Asset
Management was down 15% mainly as a result of non-recurring 1H09 tax benefit.
• Adjusted Earnings strongly increased to Euro 2,284 million (+29%), benefiting from both higher realized
capital gains and lower impairment charges (notably from equities). 1H10 realized capital gains amounted to Euro 481 million vs. Euro 241 million in 1H09.
• Net Income was down 28% to Euro 944 million. Excluding the Euro 1,478 million exceptional provision for loss related to the announced sale of part of the UK Life operations, net income was up 81% to Euro 2,422
billion benefiting from higher adjusted earnings and favourable asset valuation movements.

Balance sheet
• Shareholders' equity was Euro 48.6 billion, up Euro 2.4 billion vs. December 31, 2009, benefiting from a Euro 1.2 billion increase in net unrealized capital gains, a positive Euro 2.1 billion from forex movements net
of hedging instruments and Euro 0.9 billion net income for the period, partially offset by Euro 1.3 billion 2009 dividend payment and by Euro 0.5 billion increase in pension deficits.
• Solvency I ratio was 188%, up 17 points vs. December 31, 2009, notably benefiting from underlying earnings (+9 points) and favorable overall market conditions (+8 points), primarily as a result of lower interest rates.
• Debt ratio: interest cover improved to 9.3x in 1H10 vs. 7.9x in FY09. Debt gearing4 was 29% up 3 points vs.
December 31, 2009, of which forex (+3 points) and exceptional provision for loss related to the announced UK transaction (+1 point). Including the expected proceeds from this transaction, debt gearing would be 27%.

see more on
http://www.axa.com/lib/en/uploads/pr/group/2010/AXA_PR_20100804.pdf
1H10 KEY HIGHLIGHTS /
Non-GAAP measures such as Underlying Earnings and Adjusted Earnings are reconciled to Net Income on pRageE 7V ofE thNis rUeleEasSe. A/XA’s
1H10 financial statements were examined by the Board of Directors on August 3, 2010 and are subject to completion of limited review
by AXA’s independent auditors.