AXA HALF YEAR 2015 EARNINGS. Presentation. August 4, 2015

Transcription

1 AXA HALF YEAR 2015 EARNINGS Presentation August 4, 2015

2 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 the section Cautionary statements in page 2 of AXA s Document de Référence for the year ended December 31, 2014, for a description of certain important factors, risks and uncertainties that may affect AXA s business. 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.

3 TABLE OF CONTENTS INTRODUCTION & HIGHLIGHTS PAGE A4 Henri de Castries, Chairman & CEO FINANCIAL PERFORMANCE Denis Duverne, Deputy CEO & Gérald Harlin, Group CFO PAGE A17 CONCLUDING REMARKS Henri de Castries, Chairman & CEO PAGE A41 A3 Half Year 2015 Earnings Presentation August 4, 2015

4 Introduction & highlights Henri de Castries, Chairman & CEO

5 results Strong earnings per share growth in the first half of 2015 Consistently strong economic solvency ratio Well positioned to achieve Ambition AXA targets Growth: mature markets, high growth markets, digital A5 Half Year 2015 Earnings Presentation August 4, 2015

6 Strong earnings per share growth in Underlying Earnings Underlying Earnings per share In Euro billion % % In Euro % 1.20 Reported growth Adjusted Earnings Adjusted Earnings per share In Euro billion % 3.5 In Euro % % Reported growth A6 Half Year 2015 Earnings Presentation August 4, 2015 Changes are at constant Forex for earnings and on a reported basis for earnings per share, unless otherwise specified

7 Consistently strong economic solvency ratio Economic Solvency 1 201% 190% 215% Ambition AXA strategy driving consistently strong economic solvency ratio Internal model approval process on track Capital management framework will be presented in December 2015 FY14 1Q15 A7 Half Year 2015 Earnings Presentation August 4, 2015 All notes are on page A44 of this document

8 Well positioned to achieve Ambition AXA targets UNDERLYING EARNINGS PER SHARE In Euro per share GROUP OPERATING FREE CASH FLOWS In Euro billion Cumulative operating free cash flows: Euro 19.6 billion Ambition AXA CAGR Ambition AXA cumulative 1H10 1H11 1H12 1H13 +5% to +10% FY11 FY12 FY13 FY14 Euro 24 billion ADJUSTED RETURN ON EQUITY 2 DEBT GEARING Average adjusted shareholders equity 3 (in Euro billion) % 13.5% 13.8% 16.5% 16.8% 16.1% Ambition AXA % 28% 27% 26% 24% 23% Ambition AXA % to 15% 23% to 25% 1H10 1H11 1H12 1H13 1H10 1H11 1H12 1H13 A8 Half Year 2015 Earnings Presentation August 4, 2015 All numbers are as published All notes are on page A44 of this document

9 Growing Life & Savings with profitable product mix APE NBV In Euro billion +5% +16% In Euro billion +5% +17% 3.7 Reported growth 1.3 Reported growth % 1.1 Mutual funds & other 12% Unit-Linked 35% 37% G/A 1 Savings 15% 12% NBV margin 33.8% 34.0% G/A Protection & Health 38% 37% A9 Half Year 2015 Earnings Presentation August 4, 2015 Changes are on a comparable basis unless otherwise specified

10 Disciplined P&C growth focusing on profitability Gross revenues Current year combined ratio In Euro billion +1% +8% -0.1 pt Reported growth 97.1% 96.9% Changes are on a comparable basis for revenues and at constant Forex for current year combined ratio unless otherwise specified A10 Half Year 2015 Earnings Presentation August 4, 2015

11 Strong Asset Management net inflows and growing earnings in Euro billion Net inflows Of which Euro 19bn from Joint Ventures in Asia 1 vs. Euro 5bn in 35 in Euro million Underlying Earnings +6% % Reported growth FY13 FY14 A11 Half Year 2015 Earnings Presentation August 4, 2015 Changes are at constant Forex unless otherwise specified All notes are on page A44 of this document

12 Disciplined cost savings strategy In Euro billion FY11-FY14 Total FY11- Ambition AXA 2015 A12 Half Year 2015 Earnings Presentation August 4, 2015

13 Three sources of growth Mature markets High growth markets Digital Strategic allocation of capital to growth areas and products Focus on profitable growth and disciplined capital reallocation Digital transformation on every part of the value chain A13 Half Year 2015 Earnings Presentation August 4, 2015

14 Growth in both mature and high growth markets MATURE MARKETS HIGH GROWTH MARKETS Continental Europe L&S Organic growth China L&S: ICBC AXA Life Organic growth +8% 1H10- APE CAGR for Protection & Health and Unit-Linked +64% 1H10- APE 1 CAGR Pending acquisition: Genworth Lifestyle Protection Insurance External growth China P&C: AXA Tian Ping External growth #3 AXA ranking on the European creditor insurance market 2 post acquisition 3, up from #6 +20% 1H10- revenues 4 CAGR A14 Half Year 2015 Earnings Presentation August 4, 2015 Changes are on reported basis All notes are on page A44 of this document

15 Data Innovation Lab a concrete reality for AXA Founded in 2014 Present in Paris, Singapore 45 FTEs in the lab and over 200 data specialists in AXA entities 35 projects (5 examples below) Across the value chain Acquire Select Serve Extend Transform Audience & Consumer Value Targeting (AXA Group) Household geo-pricing (AXA France) Intelligent bodyshop orientation (AXA Spain) Upsell propensity modelling (AXA US) Driving score pricing discount (AXA Switzerland) Smart leads & marketing segmentation Predicitive & simplified underwriting Fraud detection & enhanced claims experience Up-sell, cross-sell & retention Connected devices, telematics & partnerships A15 Half Year 2015 Earnings Presentation August 4, 2015

16 Creating digital assets for AXA SCOUT ENGAGE INVEST Detect emerging trends Accelerate digital awareness Attract new skills & deploy talent Learn, pilot, implement Gain knowledge Support promising companies (San Francisco, Shanghai) (Paris, Singapore) (Europe, North America, Asia) A16 Half Year 2015 Earnings Presentation August 4, 2015

17 Financial performance Denis Duverne, Deputy CEO & Gérald Harlin, Group CFO

18 FINANCIAL PERFORMANCE Group earnings Life & Savings Property & Casualty Asset Management Balance sheet A18 Half Year 2015 Earnings Presentation August 4, 2015

19 UNDERLYING EARNINGS UNDERLYING EARNINGS In Euro million UNDERLYING EARNINGS BY SEGMENT 2,777 +2% 3,102 In Euro million Constant Forex Life & Savings 1,651 1,862 +2% Property & Casualty 1,226 1,286 0% Asset Management % International Insurance % Banking % Holdings % Underlying Earnings 2,777 3,102 +2% Change is at constant Forex A19 Half Year 2015 Earnings Presentation August 4, 2015

20 ADJUSTED EARNINGS ADJUSTED EARNINGS In Euro million DETAILS OF ADJUSTED EARNINGS 3,112 +3% 3,485 In Euro million Underlying Earnings 2,777 3,102 Net realized capital gains/losses o/w realized capital gains o/w net impairments o/w hedging of equity portfolio Adjusted Earnings 3,112 3,485 Change is at constant Forex Adjusted Earnings increase mainly driven by higher Underlying Earnings A20 Half Year 2015 Earnings Presentation August 4, 2015

21 NET INCOME NET INCOME In Euro million DETAILS OF NET INCOME In Euro million 3,008-7% 3,077 Adjusted Earnings 3,112 3,485 Change in fair value & Forex o/w gains (losses) on interest rate economic hedges not eligible for hedge accounting under IAS 39 o/w gains (losses) on Forex economic hedges not eligible for hedge accounting under IAS 39 o/w change in fair value of assets accounted for as fair value option Change is at constant Forex Exceptional and discontinued operations Integration & restructuring costs Intangibles amortization and other Net Income 3,008 3,077 Net Income decrease driven by unfavorable change in fair value of hedging derivatives mainly attributable to interest rates increase, partly offset by higher Adjusted Earnings A21 Half Year 2015 Earnings Presentation August 4, 2015

22 FINANCIAL PERFORMANCE Group earnings Life & Savings Property & Casualty Asset Management Balance sheet A22 Half Year 2015 Earnings Presentation August 4, 2015

23 L&S NEW BUSINESS SALES AND MARGINS BY MARKET In Euro million Mature markets High growth markets Total Total +5% New business sales (APE) 2,668 +3% 3, % + = ,181 3,687 New business margin 31% 0 pt 31% +1 pt 47% 48% + = 34% 0 pt 34% Changes are on a comparable basis A23 Half Year 2015 Earnings Presentation August 4, 2015

24 L&S NEW BUSINESS SALES AND MARGINS BY MARKET In Euro million APE (Euro million) NBV margin Net Flows (Euro billion) Business line change G/A Protection & Health 1,360 +2% 54% G/A Savings 455-8% 14% Unit-Linked 1,350 +8% 31% Mutual Funds & Other % 6% Total 3,687 +5% 34% A24 Half Year 2015 Earnings Presentation August 4, 2015 Changes are on a comparable basis

25 L&S PRE-TAX UNDERLYING EARNINGS BY BUSINESS TOTAL LIFE & SAVINGS 1 In Euro million G/A PROTECTION & HEALTH In Euro million G/A SAVINGS In Euro million UNIT-LINKED In Euro million +3% 2,129 2,388-3% 1,129 1, % % Higher mortality margin in France and the US (Euro +0.1 billion) Accelerated DAC amortization in the US (Euro -0.1 billion) Lower investment margin - Non-repeat of prior year positive reserve development in France (Euro -44 million) + + Higher management fees in line with higher average asset base Higher mortality margin, notably in the US Changes are on a comparable 2 basis A25 Half Year 2015 Earnings Presentation August 4, 2015 Full detail in appendix on pages B22 to B27 All notes are on page A44 of this document

26 FINANCIAL PERFORMANCE Group earnings Life & Savings Property & Casualty Asset Management Balance sheet A26 Half Year 2015 Earnings Presentation August 4, 2015

27 P&C REVENUES BY SEGMENT TOTAL In Euro million PERSONAL LINES In Euro million 16,820 +1% 18,183 9,605 +2% 10,231 Average price increase of +1.9% Motor revenues up 3% Non-motor revenues up 1% COMMERCIAL LINES In Euro million 0% 7,876 7,155 Average price increase of +1.8% Revenues evolution driven by tariff increases, offset by lower volumes due to selective underwriting Changes are on a comparable basis A27 Half Year 2015 Earnings Presentation August 4, 2015

28 P&C PRICE EVOLUTION BY COUNTRY AND SEGMENT PERSONAL LINES Price Revenue Price evolution increase growth increase evolution 1 COMMERCIAL LINES Revenue growth FY15 market pricing trends France +2.1% +0.2% +4.6% -0.3% Germany +3.0% +4.2% +0.8% +2.2% UK & Ireland +4.4% +2.3% +1.0% +4.4% Switzerland -0.5% +0.4% +0.5% +0.2% Belgium +2.6% +0.0% +1.3% -2.4% 2 MedLA +1.3% -0.1% +1.8% -2.2% Increasing competition in both Personal and Commercial Lines Stabilization in both Personal lines and Commercial lines Hardening of the cycle in Motor while increasing competition in Commercial Lines Stabilization in Commercial lines Price decreases in Personal Lines Stabilization in both Personal and Commercial lines Price softening for Motor in Italy Early signs of hardening of the cycle in Spain 3 Asia +0.3% +7.6% +0.9% +3.8% Direct % 1.9% +6.9% Total +1.9% +2.0% +1.8% +0.4% Prices expected to increase Prices expected to be stable Prices expected to decrease A28 Half Year 2015 Earnings Presentation August 4, 2015 All notes are on page A44 of this document

29 P&C REVENUES AND MARGINS BY MARKET In Euro million Mature markets High growth markets Direct Total +1% Revenues 13,349 0% 14,082 o/w Asia +6% o/w MedLa +3% + + = +4% +7% 2,269 2,712 1,202 1,389 16,820 18,183 Mainly attributable to Turkey (+1.9 points) and Mexico (+0.6 point) Current year combined ratio 96.8% 96.0% 97.5% 99.9% % 98.8% = -0.1pt 97.1% 96.9% A29 Half Year 2015 Earnings Presentation August 4, 2015 Changes are on a comparable basis for revenues and at constant Forex for current year combined ratio

30 P&C UNDERLYING EARNINGS P&C UNDERLYING EARNINGS In Euro million COMBINED RATIO Current year combined ratio + Prior year reserve developments All-year combined ratio 0% Lower natural catastrophe charges Price increases and lower claims frequency Higher claims severity 1,286 1, % 1.7% 96.9% 0.1% -1.3% -1.8% 95.8% 95.1% Natural Catastrophes INVESTMENT INCOME (pre-tax) In Euro million 1,116-7% 1,071 Annualized investment yield of 3.7% vs. 4.2% in Decrease mainly driven by non-repeat of exceptional mutual funds dividends in France in (Euro 67 million) Changes are at constant Forex A30 Half Year 2015 Earnings Presentation August 4, 2015 Full detail in appendix on pages B31 to B34

31 FINANCIAL PERFORMANCE Group earnings Life & Savings Property & Casualty Asset Management Balance sheet A31 Half Year 2015 Earnings Presentation August 4, 2015

32 AM ASSETS UNDER MANAGEMENT Average AUM and net flows in Euro billion Revenues in Euro million Net flows (incl. Joint Ventures) 1 Average AUM (excl. Joint Ventures) Revenues (excl. Joint Ventures) % % 632 Euro 19 billion from Joint Ventures in Asia in vs. Euro 5 billion in Average AUM and net flows in Euro billion Revenues in Euro million Net flows Average AUM Revenues +7 +6% +5% ,029 1,324 A32 Half Year 2015 Earnings Presentation August 4, 2015 Changes are on comparable basis

33 AM UNDERLYING EARNINGS ASSET MANAGEMENT In Euro million In Euro million +7% +6% In Euro million +5% Changes are at constant Forex Full detail in appendix on pages B36 to B37 A33 Half Year 2015 Earnings Presentation August 4, 2015

34 FINANCIAL PERFORMANCE Group earnings Life & Savings Property & Casualty Asset Management Balance sheet A34 Half Year 2015 Earnings Presentation August 4, 2015

35 ASSET & LIABILITY MANAGEMENT (1/3) Diversified and resilient investment portfolio Total General Account invested assets 83% in Fixed income Limited yield dilution Fixed income Assets duration as at June 30, 2015 Life & Savings 7.7 years Real estate 5% Alternative investments 1 3% Property & Casualty 5.0 years Listed equities 4% Cash 4% Other fixed income 2 7% Euro 545 billion 3 42% Policy loans 1% Govies & related Long asset duration leading to a slow yield dilution Life & Savings 4.0% 3.9% 3.8% 3.7% 3.7% 3.7% Corporate bonds 33% FY10 FY11 FY12 FY13 FY14 * Average rating of govies maintained in the AA range Average rating of the non-govies fixed income portfolio maintained in the A range * Annualized 4.0% FY10 Full detail in appendix on pages B40 to B57 Property & Casualty 4.0% 3.9% 3.9% 3.9% FY11 FY12 FY13 FY14 3.7% * A35 Half Year 2015 Earnings Presentation August 4, 2015 All notes are on page A44 of this document

36 ASSET & LIABILITY MANAGEMENT (2/3) L&S General Account investment spreads and margin Inforce business New business Spread above guaranteed rates Resilient investment margin 1 Spread above guaranteed rate +160 bps 79 bps 78 bps Guidance: 3.7% bps +160 bps 2.1% 2.1% 0.5% * * * * Yield on total L&S asset base Reinvestment yield on L&S fixed income assets L&S average guaranteed rate L&S average guaranteed rate Significant buffer to cover guarantees and to manage crediting rates to preserve investment margin Average reserves of Euro 354 billion Products sold in combination with higher margin Unit-Linked business (hybrid 2 sales) * Annualized 1. Group investment margin on total General Account business A36 Half Year 2015 Earnings Presentation August 4, 2015

37 ASSET & LIABILITY MANAGEMENT (3/3) Well diversified and high quality new investments New fixed income investments in 1 Resilient new investment yield ~3% ABS Investment Grade credit ~54% ~10% Below Investment Grade credit 1 new investments ~32% Government bonds & related investment rate on Fixed Income assets for Life & Savings and Property & Casualty entities 2 Eurozone 2.3% US 2.8% Japan 1.7% Switzerland 1.5% Total 2.0% ~87% Corporate bonds Focus on credit ~8% Other loans ~5% Commercial Real Estate loans Euro 28 billion Amount invested in Fixed income in A37 Half Year 2015 Earnings Presentation August 4, Mostly short duration high yield 2. Annualized

38 SHAREHOLDERS EQUITY Shareholders Equity Key drivers of change In Euro billion In Euro billion vs. FY Forex movements net of hedging +3.4 Net income for the period Change in net unrealized capital gains Dividends Subordinated debt -0.2 Change in pension benefits +0.1 * * - Other -0.5 FY14 * Corresponds to cumulated interest charges for period A38 Half Year 2015 Earnings Presentation August 4, 2015

39 DEBT GEARING Net debt Debt ratios In Euro billion Debt Gearing FY14 24% 23% Interest Cover 2 9.9x 11.9x Ratings A+ positive as of 15/10/ Aa3 stable as of 09/05/2014 FY14 AAstable as of 04/11/2014 Undated subordinated debt Senior debt Subordinated debt 1 Cash A39 Half Year 2015 Earnings Presentation August 4, 2015 All notes are on page A44 of this document

40 ECONOMIC SOLVENCY Economic Solvency ratio a Key sensitivities 201% 215% Economic Solvency ratio Ratio as of June 30, % Interest rate +100 bps 224% Interest rate -100 bps 193% In Euro billion Available capital Equity markets +25% 216% Equity markets -25% 210% Required capital Corporate spreads b +75bps 215% FY14 Economic Solvency ratio roll-forward 201% +10pts +1pt +3pts 215% FY14 Operating return Market impact Business growth, forex & other a. The Economic Solvency ratio is based on AXA s internal model calibrated based on adverse 1/200 year shock and assuming US equivalence. AXA s internal model is subject to a comprehensive review and approval process being conducted by ACPR as part of the implementation process around Solvency II which is scheduled to take effect January 1, 2016 b. Net of liquidity premium as defined in QIS 5 A40 Half Year 2015 Earnings Presentation August 4, 2015

41 Concluding remarks Henri de Castries, Chairman & CEO

42 Concluding remarks CONTINUOUS DELIVERY HIGHLIGHTS GOING FORWARD Profitable growth Strong balance sheet Disciplined ALM Results benefitting from diversification Continued resilience to low rates Confidence on Solvency II outcome Well positioned to achieve Ambition AXA plan in 2015 Multiple sources of growth Creating critical digital assets A42 Half Year 2015 Earnings Presentation August 4, 2015

43 Q&A HALF YEAR 2015 EARNINGS

44 NOTES Page A7 1. The Economic Solvency ratio is based on AXA s internal model calibrated based on adverse 1/200 years shock and assuming US equivalence. AXA s internal model is subject to a comprehensive review and approval process being conducted by ACPR as part of the implementation process around Solvency II which is scheduled to take effect January 1, 2016 Page A8 1. Compound annual growth rate 2. Adjusted ROE: Return corresponds to adjusted earnings net of interest charges on undated debt. Equity corresponds to average shareholders equity excluding undated debt and reserves related to change in fair value 3. Average shareholders equity excluding undated debt and reserves related to change in fair value Page A9 1. General Account Page A AXA IM s joint ventures in Asia (China, Korea and India) are included at 100% in net flows, opening and closing assets under management but are excluded from revenues and average assets under management as they are not fully consolidated Page A14 1. Scope1H10: AXA Minmetals (Group share at 50%). Scope : ICBC AXA Life (Group share at 27.5%) 2. Source: Finaccord Creditor Insurance in Europe PartnerBASE and market model (2014). Ranking based on the weighted share of non-captive partnerships across the creditor insurance market related to consumer finance and credit cards in Europe 3. The proposed transaction is subject to customary conditions, including completing a works council consultation process and obtaining required regulatory approvals, and should be finalized before the end of Scope 1H10: sum of AXA Winterthur (China) and Tian Ping revenues retrieved from CIRC Page A25 1. Including Mutual Funds & Other. Pre-tax Underlying Earnings for Mutual Funds & Other amounted to Euro 48 million for and Euro 51 million for 2. Changes are adjusted for Forex and changes related to scope with the acquisition of Colpatria in Colombia in 2014 Page A28 1. Renewals only 2. Mediterranean and Latin American Region: Italy, Spain, Portugal, Greece, Turkey, Mexico, Morocco, Colombia and Gulf region 3. Hong Kong, Malaysia and Singapore and Thailand, on a 100% share basis Page A AXA IM s joint ventures in Asia (China, Korea and India) are included at 100% in net flows, opening and closing assets under management but are excluded from revenues and average assets under management as they are not fully consolidated Page A35 1. Mainly Private Equity and Hedge Funds 2. Other fixed income include Asset backed securities (Euro 10 billion), residential loans (Euro 12 billion), commercial & agricultural loans (Euro 16 billion) and agency pools (Euro 2 billion) 3. invested assets referenced in page 57 of the financial supplement are Euro 783 billion, which include notably Euro 199 billion of Unit-Linked assets and Euro 40 billion related to the banking segment. Page A36 1. General Account only 2. Hybrid products: savings products allowing clients to invest in both Unit-Linked and General Account funds. Page A39 1. Including Euro -0.8 billion of reversal of mark-to-market on interest rates derivatives in vs. Euro -0.4 billion in FY14 2. Including undated debt interest charges A44 Half Year 2015 Earnings Presentation August 4, 2015

45 DEFINITIONS AXA s financial statements are subject to a completion of limited review by AXA s independent auditors. AXA's results have been prepared in accordance with IFRS and interpretations applicable and endorsed by the European Commission as of June 30, Underlying Earnings, Adjusted Earnings, APE, NBV and Group Operating Free Cash Flows are non-gaap measures and as such are not audited, may not be comparable to similarly titled measures reported by other companies and should be read together with our GAAP measures. Management uses these non-gaap measures as key indicators of performance in assessing AXA s various businesses and believes that the presentation of these measures provides useful and important information to shareholders and investors as measures of AXA s financial performance. For a reconciliation of underlying and adjusted earnings to net income see pages A20 and A21 of this presentation. Life & Savings New Business Value (NBV) is the value of the new business sold during the reporting period. The new business value includes both the initial cost (or strain) to sell new business and the future earnings and return of capital to the shareholder. AXA Group EV is the sum of Life & Savings EEV and Shareholders Equity of other businesses. Life & Savings high growth markets: APE and NBV: China, Czech Republic, Hong Kong, India, Indonesia, Mexico, Morocco, Philippines, Poland, Singapore, Thailand and Turkey; Revenues: Colombia, Czech Republic, Hong Kong, Indonesia (excl. bancassurance entity), Mexico, Morocco, Poland, Singapore, Slovakia and Turkey. Property & Casualty high growth markets: Revenues: Colombia, the Gulf region, Hong Kong, Malaysia, Mexico, Morocco, Singapore, Thailand, and Turkey. A45 Half Year 2015 Earnings Presentation August 4, 2015

46 AXA HALF YEAR 2015 EARNINGS Appendices August 4, 2015

47 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 the section Cautionary statements in page 2 of AXA s Document de Référence for the year ended December 31, 2014, for a description of certain important factors, risks and uncertainties that may affect AXA s business. 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.

48 TABLE OF CONTENT BUSINESS OVERVIEW GROUP LIFE & SAVINGS PROPERTY & CASUALTY ASSET MANAGEMENT BALANCE SHEET CORPORATE RESPONSIBILITY B4 B9 B13 B29 B35 B38 B64 B3 Half Year 2015 Earnings Appendices August 4, 2015

49 Business overview

50 LIFE & SAVINGS Scope overview APE by geography Global footprint Well balanced business mix APE by business France 24% Unit-Linked 37% G/A Protection & Health 37% UK 9% MedLA 1 9% Total APE: Euro 3,687 million US 23% Asia (incl. Japan) 22% NORCEE 2 14% Mutual Funds & other 14% APE by channel G/A Savings Strong proprietary networks Partnerships 20% 12% Agents & salaried sales force 49% AXA 1. Winterthur Mediterranean and Latin American Region: Italy, Spain, Portugal, Greece, Turkey, Mexico and Morocco 2. Northern, Central & Eastern Europe: Germany, Belgium, Switzerland, Poland, Hungary and Czech Republic Brokers IFAs & others 31% B5 Half Year 2015 Earnings Appendices August 4, 2015

51 PROPERTY & CASUALTY Scope overview Revenues by geography Asia 3% Belgium 6% Direct business unit 8% Switzerland 16% MedLA 2 22% Global footprint Total: Euro 18.2 billion Other 1 0% France 18% UK & Ireland 13% Germany 13% Revenues by business Motor 43% Construction 1% Strong presence in Motor Revenues by channel Brokers IFAs & other 46% Health 11% Workers compensation 6% Strong proprietary networks Property 22% Liability 7% Other 8% Agents 39% 1. Luxembourg and Central & Eastern Europe AXA 2. Mediterranean and Latin American Region: Italy, Spain, Portugal, Greece, Turkey, Winterthur Morocco, Gulf region, Mexico and Colombia 3. Sales recorded through the Direct channel include the sales of the Direct business unit and Direct sales from other entities Partnerships 4% Direct 3 11% B6 Half Year 2015 Earnings Appendices August 4, 2015

52 AXA S FOOTPRINT IN HIGH GROWTH MARKETS APE by geography Poland 3% Czech Republic 3% Philippines 3% Singapore 6% Indonesia 10% China 14% Thailand 15% Life & Savings Total APE: Euro 680 million Other 2% Mexico 2% Hong Kong 41% Revenues by geography Singapore 5% Malaysia 6% Mexico Colombia 27% 8% Hong Kong 9% Turkey 18% Property & Casualty Total Revenues: Euro 2,712 million Morocco 5% Thailand 2% Gulf region 19% #5 Hong Kong #3 #2 Indonesia Key rankings 1 #14 India #14 China AXA#3 Winterthur Philippines B7 Half Year 2015 Earnings Appendices August 4, 2015 Thailand #8 Singapore 1. Source: AXA FY14 Activity report ranking for Philippines Life & Savings and Gulf region Property & Casualty 2. Source: Superintendencia Financiera de Colombia #1 Key rankings 1 Mexico #2 Turkey #4 Gulf region #2 Singapore #5 Malaysia #1 Hong Kong #2 Colombia 2

53 ASSET MANAGEMENT Scope overview Complementary business models PRODUCT OFFER Multi-expert model: structured by Expertise Expertise in fixed income, equities, quantitative equities Focus on alternative investments (structured finance, real estate, funds of hedge funds) Client centric business model across the full value chain Risk-reducing, return-seeking, diversifying strategies and customized solutions Expertise in actively managed equity and fixed income strategies, as well as index strategies Growing platform of alternative and multi-asset services and solutions Institutional research and trading DISTRIBUTION Separate distribution platforms for third parties & AXA insurance companies Global and integrated distribution platforms through Institutions, Retail and Private Client channels FOOTPRINT Mainly Europe US, Europe and Asia AuM Euro 694 billion as at 30/06/2015 Euro 459 billion as at 30/06/2015 B8 Half Year 2015 Earnings Appendices August 4, 2015

54 Group

55 REVENUES Revenues by segment In Euro million Change on a reported basis Change on a comparable basis Life & Savings 29,039 31, % +1% Property & Casualty 16,820 18,183 +8% +1% Asset Management 1,593 1, % +6% International Insurance 1,966 2, % +7% Banking % +5% Revenues 49,705 54, % +2% AXA Winterthur B10 Half Year 2015 Earnings Appendices August 4, 2015

56 AXA UNDERLYING EARNINGS BY GEOGRAPHY In Euro million 1. Northern, Central & Eastern Europe: Germany, Belgium, Switzerland, Luxembourg, Russia (P&C only) and Central & Eastern Europe (Poland (L&S only), Czech Republic and Winterthur Slovakia 2. Mediterranean and Latin American Region: Italy, Spain, Portugal, Greece, Turkey, Mexico, Morocco, Colombia, Gulf region (P&C only) and Lebanon (P&C only) 3. Other correspond to AXA Life Invest Services, Architas and Family Protect B11 Half Year 2015 Earnings Appendices August 4, 2015 Underlying Earnings Change on a reported basis Change at constant forex Life & Savings 1,651 1, % +2% United States % -3% France % +6% NORCEE % -6% UK % +87% Asia-Pacific (incl. Japan) % +10% MedLA % -14% Other % +36% Property & Casualty 1,226 1,286 +5% 0% NORCEE % -3% France % +3% MedLA % -3% UK & Ireland % +18% Asia % -21% Direct % 0% International Insurance % -11% Asset Management % +6% AB % +5% AXA IM % +7% Banking % -17% Holdings & other % +7% Total 2,777 3, % +2%

57 KEY SENSITIVITIES P&L Balance Sheet In Euro billion Impairments net of hedges through Adjusted Earnings Change 1 in fair value and Forex through Net Income Total impact in Net Income (incl. impact through Adjusted Earnings) Net unrealized capital gains through Shareholders' Equity Equities -25% % Interest rates -100 bps bps Corporate spreads -75 bps bps Consists of gains/losses on derivatives and forex economic hedges not eligible for hedge accounting under IAS 39, as well as the change in fair value of assets accounted for as fair value option B12 Half Year 2015 Earnings Appendices August 4, 2015

58 Life & Savings

59 LIFE & SAVINGS REVENUES, NEW BUSINESS VOLUMES AND PROFITABILITY UNDERLYING EARNINGS MARGIN ANALYSIS UNDERLYING EARNINGS MARGIN ANALYSIS BY BUSINESS FOCUS ON THE US Page B15 Page B16 Page B22 Page B28 B14 Half Year 2015 Earnings Appendices August 4, 2015

60 1 L&S Revenues and net inflows L&S revenues by region L&S net inflows In Euro billion Net flows by country/region In Euro billion France MedLA -8% NORCEE -3% France +9% US 0% NORCEE United States United Kingdom Asia Pacific (incl. Japan) MedLA Other Total of which mature markets Asia (incl. Japan) +6% UK +13% of which high growth markets Net flows by business In Euro billion G/A Protection & Health Total: Euro 31.9 billion G/A Savings Unit-Linked Mutual funds & other Total Changes are on a comparable basis B15 Half Year 2015 Earnings Appendices August 4, 2015

61 2 L&S Underlying Earnings margin analysis Gross Margin Expenses In Euro million Comp. Change 1 In Euro million Comp. Change Margin on revenues 2 2, % Acquisition expenses 2, % Margin on assets 2,980 +3% Admin. Expenses 1,565 +5% Technical margin % VBI amortization % UE from associates 64-3% Pre-tax Underlying Earnings Euro 2,388 million - Underlying Earnings Euro 1,862 million +3% Tax % Minority interest % +2% 1. Changes are adjusted for Forex and changes related to scope with the acquisition of Colpatria in Colombia in Life & Savings gross written premiums and mutual fund sales 3. Tax rate remained stable at 20% in despite lower positive tax one-offs, which amounted to Euro 109 million in vs. Euro 121 million in 4. Higher Unearned Revenues Reserves amortization, more than offset by higher DAC amortization, both due to a change in interest rates assumptions B16 Half Year 2015 Earnings Appendices August 4, 2015

62 2 L&S Margin Analysis Details of margin on revenues Margin on revenues Average margin on L&S revenues 1 8.5% Detail by product G/A Protection & Health: 13.1% G/A Savings: 2.9% Unit-Linked: 4.6% Mutual funds & other: 5.9% +0.8 pt +0.6pt business mix +0.2pt country mix Margin on revenues 1 Euro 2,699 million +12% x Life & Savings revenues 1 Euro 31,919 million +1% Changes are on a comparable basis 1. Life & Savings gross written premiums and mutual fund fees B17 Half Year 2015 Earnings Appendices August 4, 2015

63 2 L&S Margin Analysis Details of margin on Unit-Linked assets Unit-Linked management fees Average management fees on Unit- Linked reserves 72 bps 144 bps annualized -2 bps Unit-Linked management fees x -2 bps business mix 0 bp country mix Euro 1,381 million +4% Margin on assets 1 Unit-Linked average reserves + Euro 2,980 million +3% Euro 191 billion +7% 1. Including other fees (mainly mutual fund and brokers fees) of Euro 215 million (+18% vs. ) General account investment margin Euro 1,385 million 0% In Euro billion Reserves as of Jan. 1, 2015 Net flows Market Forex Scope Reserves as of June 30, Changes are on a comparable basis B18 Half Year 2015 Earnings Appendices August 4, 2015

64 2 L&S Margin Analysis Details of margin on General Account assets Investment margin Unit-Linked management fees Euro 1,381 million +4% Margin on assets 1 + Average management fees on general account reserves Euro 2,980 million +3% 39 bps 1. Including other fees (mainly mutual fund and brokers fees) of Euro 215 million (+18% vs. ) General account investment margin x 78 bps annualized -1 bp +1 bp business mix -1 bp country mix Euro 1,385 million 0% General account average reserves Euro 354 billion +3% In Euro billion Reserves as of Jan. 1, 2015 Net flows Market Forex Scope Reserves as of June 30, Changes are on a comparable basis B19 Half Year 2015 Earnings Appendices August 4, 2015

65 2 L&S Margin Analysis Details of technical margin Technical margin Mortality & morbidity margin and other 1 Euro 825 million +19% Technical margin Euro 589 million +23% + GMxB Variable Annuity margin Euro -236 million -8% In Euro million o/w basis -6 o/w volatility (equity and interest rates) 0 o/w interest rates, credit spreads and other -230 Changes are on a comparable basis 1. Claims paid, maturities and surrenders B20 Half Year 2015 Earnings Appendices August 4, 2015

66 2 L&S Margin Analysis Focus on gross technical margin Gross mortality, morbidity & surrender margin (pre-tax) In Euro million mortality, morbidity and surrender margin evolution mainly explained by: Euro +0.1 billion in the US, mainly due to improved mortality margin Euro +0.1 billion in Group Protection in France due to exceptional favorable reserve development Gross GMxB Variable Annuity technical margin (pre-tax, pre-dac) In Euro million GMxB VA technical margin (pre-tax, pre-dac) evolution mainly explained by: Stable margin in the US mainly in line with benign financial markets Exceptional costs in Germany following the implementation of a new hedging strategy Euro -44 million net Underlying Earnings impact B21 Half Year 2015 Earnings Appendices August 4, 2015

67 3 L&S Underlying Earnings by business 1 Euro million % change on comp. basis 11 G/A Protection & Health 1,129 1,176-3% G/A Savings % Unit-Linked % Mutual funds & Other % Pre-tax Underlying Earnings 2,129 2,388 +3% Tax and Minority interests Underlying Earnings 1,651 1,862 +2% 1. Changes are adjusted for Forex and changes related to scope with the acquisition of Colpatria in Colombia in 2014 B22 Half Year 2015 Earnings Appendices August 4, 2015

68 3 L&S Margin analysis by business In Euro million G/A Protection & Health G/A savings Unit-Linked Mutual Funds & Other Margin on revenues 2, % % of GWP Investment margin bps* of avg. G/A reserves Management fees 1, bps* of avg. UL reserves Technical Margin & Other Gross margin 3,211 1,021 1, ,268 Admin. Exp. & Other Acquistion expenses ,608-1, ,271 Pre-tax UE 1, ,388 * annualized Main profit drivers B23 Half Year 2015 Earnings Appendices August 4, 2015

69 3 L&S Margin Analysis by business G/A Protection & Health Technical result Net investment margin x In Euro million Protection & Health Combined ratio (in %) Comp. Change Protection & Health GWP 15,448 0% 95.5% -0.1 pt In Euro million Protection & Health average reserves Protection & Health investment spread 171, bps 52 bps annualized Comp. Change % -4 bps x Net technical result % Investment margin 450-9% + + UE from associates 38-17% Pre-tax Underlying Earnings -3% Euro 1,176 million 1. Changes are adjusted for Forex and changes related to scope with the acquisition of Colpatria in Colombia in 2014 B24 Half Year 2015 Earnings Appendices August 4, 2015

70 3 L&S Margin Analysis by business G/A Protection & Health Details on Combined Ratio Combined ratio Expense ratio 1 Expense Ratio 95.5% 12.2% -0.1 pt 95.5% 13.4% Expense ratio deteriorated by 1.3 points mainly following accelerated DAC amortization in the US and higher VBI amortization in Switzerland and Germany, both resulting mainly from updated assumptions related to the level of interest rates Loss Ratio 83.3% 82.1% Loss ratio Loss ratio improved by 1.4 points mainly due to an higher mortality margin, notably to due an exceptional favorable reserve development in France and a better experience in the US 1. Expense ratio includes VBI amortization Changes are adjusted for Forex and changes related to scope with the acquisition of Colpatria in Colombia in 2014 B25 Half Year 2015 Earnings Appendices August 4, 2015

71 3 L&S Margin Analysis by business G/A Savings x In Euro million G/A Savings Gross revenues Margin on G/A Savings Margin on revenues Comp. change 1 5,729-5% 2.9% +1.4 pts Higher Unearned Revenues Reserves amortization, more than offset by higher DAC amortization, both due to the change in interest rates assumptions (mainly in France) x G/A Savings Average reserves G/A Savings Investment spread 46 bps 91 bps annualized Comp. change 1 181,873 +3% 0 bp % Investment margin % + Gross margin Euro 1,021 million +4% Technical margin & Other Comp. change % Mainly in France due to the non-repeat of positive prior year reserve developments Acquisition costs % - Administrative expenses & Other % Pre-tax underlying earnings Euro 425 million -12% 1. Changes are adjusted for Forex and changes related to scope with the acquisition of Colpatria in Colombia in 2014 B26 Half Year 2015 Earnings Appendices August 4, 2015

72 3 In Euro million L&S Margin Analysis by business Unit-Linked x Unit-Linked Gross revenues Average margin on UL revenues Margin on revenues Comp. change 9,546 +4% 4.6% +1.0 pt % 1 x Unit-Linked Average reserves UL average Management fees Unit-Linked Management fees 72 bps 144 bps annualized Comp. change 1 191,122 +7% -2 bps 1,381 +4% Technical margin & Other Comp. change % o/w GMxB VA margin % Higher Unearned Revenues Reserves amortization, partly offset by higher DAC amortization + Gross margin Euro 1,746 million +16% Investment margin % Acquisition costs % - Administrative expenses & Other % Pre-tax Underlying Earnings Euro 737 million +32% 1. Changes are adjusted for Forex and changes related to scope with the acquisition of Colpatria in Colombia in 2014 B27 Half Year 2015 Earnings Appendices August 4, 2015

73 4 L&S Focus on AXA US US Variable Annuity GMxB Underlying Earnings In Euro million, net of DAC and tax 1 FY13 FY14 Total Variable Annuity base fees & other, less expenses GMxB hedge margin o/w Basis o/w Volatility o/w Interest rates, credit spreads & other Total reserve strengthening/release o/w lapse experience / assumptions o/w other policyholder behavior In Euro million o/w management actions including buyout program & model refinements/ assumptions Variable Annuity GMxB Underlying Earnings US Life & Savings Underlying Earnings US Life & Savings APE split FY08 22% 15% 15% 48% 34% 11% 18% 9% 26% 2% Mutual Funds & Other New Non-GMxB VA 2 1H13 Life Employer Sponsored Non-GMxB VA Floating rate GMxB VA Fixed rate GMxB VA 1. Notional tax rate of 35%. 2. New Non GMxB Variable Annuity includes: Investment Edge and Structured Capital Strategies. B28 Half Year 2015 Earnings Appendices August 4, 2015

74 Property & Casualty

75 P&C Revenues and net new contracts P&C revenues by region P&C personal net new contracts In Euro billion In thousands High growth markets Direct Mature markets Direct +7% Asia +6% France 0% MedLA -1% UK & Ireland +4% NORCEE +1% Total: Euro 18.2 billion Selective underwriting in Turkey and Spain was partly offset by business growth in Direct and continued momentum in Malaysia Changes are on a comparable basis B30 Half Year 2015 Earnings Appendices August 4, 2015

76 P&C Underlying Earnings analysis Net technical result Net investment income In Euro million X In Euro million Change Change Revenues 18,183 +1% Average P&C assets 60,062 +5% Combined ratio 1 (in %) 95.1% pt Average Asset Yield 3 3.6% -50bps X Net technical result % Net investment income 1,071-7% + + UE from associates 5-74% Pre-tax Underlying Earnings Euro 1,831 million 0% Tax % Underlying Earnings Euro 1,286 million - 0% Minority interests 30 n.a (vs. Euro -19 million in ) 1. Combined ratio calculated based on gross earned premiums 2. Technical result net of expenses 3. Annualized. Net of interests credited to P&C reserves relating to annuities. Gross asset yield was 3.7% 4. Tax rate decreased to 28% vs. 29% at B31 Half Year 2015 Earnings Appendices August 4, 2015 Changes are on a comparable basis for activity indicators (constant Forex, scope and methodology), and at constant Forex for earnings.

77 P&C Details on Combined Ratio Combined ratio Expense ratio roll-forward 25.9% +0.2pt +0.1pt 26.2% 95.8% 95.1% Expense Ratio 25.9% 26.2% Acquisition Expenses Administrative Expenses +0.3 pt change on a comparable basis Loss ratio roll-forward Loss Ratio 69.9% 69.0% 69.9% +1.1pts -1.6pts -0.5pt 69.0% Current accident year Nat Cat Prior year reserve dev pt change on a comparable basis B32 Half Year 2015 Earnings Appendices August 4, 2015

78 P&C Details on current year loss ratios Personal Motor Personal non Motor 74.6% +2.2pts +0.2pt 75.3% 64.2% -0.9pt -0.9pt -1.9pts -1.5pts +1.1pts -0.3pt 61.6% CY loss ratio Nat Cat Price effect Frequency & severity Other 1 CY loss ratio CY loss ratio Nat Cat Price effect Frequency & severity Other 1 CY loss ratio Total Commercial lines incl. Construction & Work. Comp. Total P&C 73.4% +2.4pts +0.9pt 73.9% 71.2% +2.0pts +0.4pt 70.8% -1.4pts -1.6pts -1.4pts -1.3pts o/w Severity +2.8pts o/w Frequency -0.8pt CY loss ratio Nat Cat Price effect Frequency & severity Other 1 CY loss ratio CY loss ratio Nat Cat Price effect Frequency & severity Other 1 CY loss ratio 1. Other includes opening adjustments, changes in mix, claims handling costs, reinsurance impact excl. Nat Cat, other changes in reserves, Forex and scope B33 Half Year 2015 Earnings Appendices August 4, 2015

79 P&C Focus on reserve developments Prior year reserve development level (in % of gross earned premiums) 5.4% 6.0% 5.4% 4.5% 0.3% 0.9% 1.4% 2.7% 3.1% 2.0% 1.7% 2.1% 1.2% 1.8% 1.2% 1.3% 0.6% 1.8% FY04 FY05 FY06 FY07 FY08 1H09 FY09 1H10 FY10 1H11 FY11 1H12 FY12 1H13 FY13 HY14 FY14 Reserving ratio (Net technical reserves/net earned premiums) 193% 193% 186% 194% 187% 198% 187% 199% 186% 196% 187% 195% 186% 195% 185% 199% 188% 199% FY04 FY05 FY06 FY07 FY08 1H09 FY09 1H10 FY10 1H11 FY11 1H12 FY12 1H13 FY13 FY14 Information related to 2013 was restated for the retrospective application of the new IFRS standards on consolidation. FY04 to FY12 figures were not adjusted for this change Note: FY04 to FY09 figures do not exclude Canadian operations B34 Half Year 2015 Earnings Appendices August 4, 2015

80 Asset Management

81 ASSET MANAGEMENT Underlying Earnings Details of Asset Management margin analysis Margin* Expenses* In Euro million In Euro million Change** Change** Asset Management fees 1,701 +6% Asset Management expenses 1,271 +4% Distribution revenues % Investment result % Distribution expenses % + - Pre-tax Underlying Earnings Euro 470 million +10% * Margin and expenses are calculated gross of intercompany eliminations to help reconcile with disclosure on page 21 of Financial Supplement - Tax % Minority int.& other % ** Changes are on a comparable basis for activity indicators (constant Forex, scope and methodology), and at constant Forex for earnings 1. Tax rate increased to 30% vs. 29% at Underlying Earnings Euro 222 million +6% B36 Half Year 2015 Earnings Appendices August 4, 2015

82 ASSET MANAGEMENT Underlying Earnings Details on Asset Management revenues Asset management fees on Average Assets under Management * * 31 bps -1 bp Asset Management fees Euro million +6% x o/w perfomance fees Euro 37 million (-24%) o/w research fees Euro 222 million (+2%) Average Assets under Management Euro 1,086 billion +9% In Euro billion * Annualized Changes are on a comparable basis AuM at FY14 1,036 Net inflows +35 o/w AB +7 o/w AXA IM +28 Market & other +20 Forex +61 Scope 0 AuM at 1,152 B37 Half Year 2015 Earnings Appendices August 4, 2015

83 Balance Sheet

84 BALANCE SHEET 1 2 GENERAL ACCOUNT INVESTED ASSETS PAGE B Government bonds & related B Corporate bonds B CDS B ABS B Equity B Real Estate B Hedge Funds B Private Equity B Mortgage loans B55 FOCUS ON NET UNREALIZED CAPITAL GAINS Page B Focus on exposure to Eurozone peripheral countries B ASSET LIABILITY MANAGEMENT SOLVENCY NET FINANCIAL DEBT Page B58 Page B60 Page B63 B39 Half Year 2015 Earnings Appendices August 4, 2015

85 GENERAL ACCOUNT INVESTED ASSETS Invested assets (100%) in Euro billion FY14 Published % FY14 Restated 1 % % Fixed income % % % o/w Govies and related % % % o/w Corporate bonds % % % o/w Asset backed securities 9 2% 9 2% 10 2% o/w Mortgage loans & other % 28 5% 30 6% Cash 21 4% 21 4% 21 4% Listed equities 18 3% 18 3% 21 4% Real Estate 26 5% 26 5% 29 5% Changes in asset mix Forex: positive impact from the strengthening of USD, CHF, JPY, GBP and HKD against the Euro Net inflows, investment income and maturities: invested mostly in corporate and government bonds, as well as real estate Alternative investments % 17 3% 17 3% Policy loans 5 1% 5 1% 5 1% Total Insurance Invested Assets % % % 1. Within the bonds issued by Government related entities, Euro 23 billion were identified as benefitting from a limited state support and have subsequently been reclassified to Corporate bonds as an opening restatement. This reclassification has no impact on their respective ratings. 2. AXA Mortgage loans & other include residential loans (Euro 12 billion), commercial & agricultural loans (Euro 16 billion) and Agency Pools (Euro 2 billion) 3. Mainly Private Equity and Hedge Funds Winterthur 4. invested assets referenced in page 57 of the financial supplement are Euro 783 billion, which include notably Euro 199 billion of Unit-linked assets and Euro 40 billion related to the banking segment B40 Half Year 2015 Earnings Appendices August 4, 2015

86 1.1 GOVERNMENT BONDS AND RELATED Breakdown by geography Breakdown by segment The Netherlands 2% Supranational Institutions 3% Austria 3% Spain 6% US 8% Switzerland 8% Italy 9% Japan 10% As of June 30, 2015 Total: Euro 229 billion 1. Gross of tax and policyholders participation 2. Other includes International Insurance and Holdings segments 3. Not restated for the reclassification explained in note 1 on page B40 B41 Half Year 2015 Earnings Appendices August 4, 2015 Ireland 2% Other 6% France 20% Germany 11% Belgium 10% P&C 11% In Euro billion Gross 1 unrealized capital gains and losses 43.9 FY14 published Other 2 1% L&S 88%

87 1.2 CORPORATE BONDS Breakdown by industry Breakdown by segment Basic materials 5% Technology 2% Other 2% P&C 14% Other 2 2% Consumer cyclical 6% Energy 7% Banks 32% L&S 84% Industrial 8% Gross 1 unrealized capital gains and losses Other financials 8% In Euro billion Communications 8% Utilities 10% Consumer non-cyclical 11% As of June 30, 2015 Total: Euro 182 billion 1. Gross of tax and policyholders participation 2. Other includes International Insurance and Holdings segments 3. Not restated for the reclassification explained in note 1 on page B40 FY14 published 3 B42 Half Year 2015 Earnings Appendices August 4, 2015

88 1.2 FOCUS ON BANKING CORPORATE BONDS As of June 30, 2015 Gross market value in Euro billion Senior debt Secured Non secured Lower Tier 2 Upper Tier 2 Subordinated debt Tier 1 Preferred Total Germany France United States Netherlands UK Spain Australia Italy Switzerland Sweden Austria Norway Other Total More than 30 countries B43 Half Year 2015 Earnings Appendices August 4, 2015

89 1.2 CORPORATE BONDS BREAKDOWN BY ENTITY AND RATING (including CDS) P = Participating NP = Non-participating in Euro billion France US Belgium Germany Switzerland Japan Other 1 Total As of June 30, 2015 P NP P NP P NP P NP P NP NP P NP P NP AAA AA A BBB Below investment grade Non rated Total Including UK, MedLA, Asia Pacific (excl. Japan), CEE, Direct P&C excluding Direct Japan B44 Half Year 2015 Earnings Appendices August 4, 2015

90 1.3 FOCUS ON CDS CDS mainly used as alternative to investment grade corporate bonds Net CDS exposure excluding NBT strategy mainly corresponds to an overlay strategy (synthetically replicate corporate bonds by selling CDS on top of government bonds to enhance return) NBT strategy: buy credit derivatives on corporate names to form negative basis trade CDS also used to get liquid exposure to local sovereign risks Corporate bonds Government bonds and related in Euro billion Net CDS exposure excl. NBT strategy Net notional as of June 30, 2015 NBT strategy Net notional as of June 30, 2015 Total Net notional as of June 30, 2015 Total Net notional as of June 30, 2015 AAA AA A Mainly Spain BBB Below investment grade Non rated Total Represents total market value of Euro -57 million B45 Half Year 2015 Earnings Appendices August 4, 2015

91 1.4 ASSET BACKED SECURITIES Breakdown by asset type 1 Breakdown by rating Mortgage-backed Other asset-backed Prime Residential 4% CDO 5% Consumer ABS 2 5% Commercial MBS 9% US Subprime, Alt-A & NC RMBS 9% CLO 69% Below investment grade 14% BBB 4% A 8% NR/Equity 5% AAA 45% AA 23% Total: Euro 10 billion As of June 30, Including debt and equity tranches of ABS 2. Mainly consumer loan ABS (plus some leases and operating ABS assets) B46 Half Year 2015 Earnings Appendices August 4, 2015

92 1.4 CREDIT RISK MANAGEMENT: ABS INVESTMENTS Group ABS exposure increased mainly driven by: Net inflows of Euro 0.3 billion composed of Euro 1.5 billion of purchases (mainly related to CLOs programs) partially offset by Euro 1.2 billion of redemptions and sales A positive market effect of Euro 0.6 billion resulting from a positive Forex impact, due to the appreciation of the USD, and a spread tightening mainly driven by the performance of CLOs Group ABS Exposure Asset value In Euro million 31/12/14 30/06/15 31/12/14 30/06/15 Mortgage-backed Prime Residential % 96% Commercial MBS % 64% NC RMBS % 90% US Subprime % 76% US Alt-A % 75% Other asset-backed Consumer ABS % 115% CLO 6,221 7,230 93% 94% Investment grade CDO % 96% High-Yield CDO % 87% Structured Finance CDO % 15% Other CDO % 108% Total 9,490 10, % 104% B47 Half Year 2015 Earnings Appendices August 4, 2015

93 1.4 FOCUS ON MORTGAGE-BACKED SECURITIES Euro million As of June 30, 2015 (unless indicated) Prime Residential MBS Commercial MBS UK & NC RMBS US Subprime RMBS US Alt-A RMBS % of 31/12/12 88% 61% 71% 52% 52% % of 31/12/13 93% 85% 78% 63% 66% % of 31/12/14 97% 64% 91% 73% 74% % of 30/06/15 96% 64% 90% 76% 75% AAA AA A BBB Below investment grade Equity / Non rated Total exposure Shareholders exposure 76% 67% 60% 46% 75% OCI 1 51% 77% 18% 45% 1% P&L 23% 3% 72% 48% 23% 1. Fair value changes of assets classified as available for sale are recognized in the OCI component in shareholders equity B48 Half Year 2015 Earnings Appendices August 4, 2015

94 1.4 FOCUS ON CDO Euro million As of June 30, 2015 Investment grade High Yield Structured Finance Other CDOs Total AAA AA A BBB Below investment grade Equity / Non rated Total exposure Shareholders exposure 48% 74% 71% 79% 57% OCI 1 3% 17% 3% 63% 18% P&L 97% 83% 35% 37% 80% 1. Fair value changes of assets classified as available for sale are recognized in the OCI component in shareholders equity B49 Half Year 2015 Earnings Appendices August 4, 2015

95 1.5 LISTED EQUITY PORTFOLIO OVERVIEW Breakdown by geography Breakdown by segment Rest of the World 15% P&C 22% Other 2 3% Other Eurozone countries 9% France 21% L&S 75% UK 5% Belgium 6% US 20% In Euro billion Gross 1 unrealized capital gains and losses Japan 6% Switzerland 8% Germany 10% As of June 30, 2015 Total: Euro 21 billion 1. Gross of tax and policyholders participation 2. Other includes International Insurance and Holdings segments FY14 B50 Half Year 2015 Earnings Appendices August 4, 2015

96 1.5 SHAREHOLDERS EXPOSURE TO LISTED EQUITY Estimated shareholders exposure to listed equity (in Euro billion) FY Gross nominal 100% Group share net of hedge, tax & PB Gross nominal 100% Group share net of hedge, tax & PB B51 Half Year 2015 Earnings Appendices August 4, 2015

97 1.6 REAL ESTATE INVESTMENTS Defensive portfolio with good performance over the long term Key indicators Market value (in Euro billion) % Germany 10% Belgium market value by country 8% US 1. Representing Euro 4 billion of unrealized gains, net of tax and PB 9% Others 27% France 37% Switzerland Split by type France Switz. Germany Belgium Office ~ 46% ~ 41% ~ 61% ~ 75% Residential ~ 10% ~ 48% ~ 8% ~ 0% Commercial ~ 29% ~ 0% ~ 23% ~ 21% Other ~ 15% ~ 11% ~ 8% ~ 5% Portfolio Yield from Rental Income ~ 5% Environment The Eurozone s outlook improves in light of rising consumer spending and positive effects from its quantitative-easing program Tenant demand is slowly improving. Prime rental values are increasing in Europe s main markets, but the rate of improvement is moderate, around 2% y-o-y on average across Europe, led by London offices and Paris retail Investment volumes were strong in 2014; Q volumes were 35% higher than Q1 2014, continuing the trend into European prime all property yields stood at 4.4% in Q1 2015, 10bps down on last quarter the strongest fall was in Southern Europe at 17bps B52 Half Year 2015 Earnings Appendices August 4, 2015 AXA portfolio return driver Returns mainly driven by rental income High visibility on assets: >90% of the investments directly managed 2H15 outlook Prime yields should fall further, as investment in this asset class is likely to put pressure on the spread against government bonds Yields should continue to fall but rental growth should be a more important driver of returns in the future. Growth is likely to be stronger in the main cities, albeit weaker than in previous cycles Prime property should remain defensive and suitable for core investors with lower return requirements. Investors are likely to consider more asset and tenant risk while the occupier market improves

98 1.7 HEDGE FUND INVESTMENTS Diversified portfolio of hedge funds Key indicators Market value (in Euro billion) 5 Exposure and concentration risk Management of diversified funds of hedge funds and Alternative Credit Top 10 fund managers in diversified portfolios represent ~55% of market value Focusing on 8 strategic categories, with the largest strategy representing ~18% of a diversified portfolio Liquid portfolios, with controlled and typically lower beta exposure to risky assets versus the industry Environment AXA portfolio return drivers 2H15 outlook Continued industry inflows, albeit on a lower speed. Record high AuM Most new money directed to large well-established managers Net inflows mainly originating from US and to a lesser extent Europe based institutions, directed to Event Driven and Relative Value strategies Industry returns are positive in Discretionary programme (~35% of assets): focus on low volatility and uncorrelated returns. Annualised performance for is above the benchmark of Libor3m + 500bp. Portfolio returns are well diversified by strategy and manager Alternative Credit programme, (~65% of assets): AUM grew to Euro 5.0 billion. Further investments and partnerships are being developed in 2015 Diverging central bank policies and economic trajectories will remain key themes: continued US Fed talks on potential lift-off, steady programme implementation by the BoJ and multiplied stimulus efforts in the Eurozone. Downward drifting inflation expectations in the US and Europe continue to contrast with global growth pick-up expectations Non-directional strategies as well as multi- PM platforms should continue to benefit from a wide array of return sources B53 Half Year 2015 Earnings Appendices August 4, 2015 Source: AXA IM. *Returns are net of underlying manager and AXA IM fees. Past Performance is not a guide to future performance.

99 1.8 PRIVATE EQUITY INVESTMENTS Diversified portfolio built over the long run Key indicators* Market value (in Euro billion) 9 33% US Breakdown by geography 3% Japan 7% Other 57% Europe 14% Private debt Breakdown by expertise 11% Infrastructure 5% Venture 70% Buy-out Environment AXA portfolio return drivers 2H15 outlook Valuations strongly increased in Positive exit environment over with again a good trend in the IPO market * Assets held by insurance companies only Diversified portfolio: counter-cyclical fields of expertise (Infrastructure and Private debt) and exposure to quality buyouts 43% Direct: high quality portfolio 57% Funds of Funds: very active monitoring In, valuations and distributions increased in all expertise Overall good operational performance has allowed underlying companies to continue deleveraging Exit of portfolio investments realized at high multiples Active private equity activity (both investments and disposals) in both Direct and Funds of Funds Targets: anti-cyclical companies, high quality assets resilient to crisis, portfolio of funds New investments to be fully financed by the distributions from existing portfolio B54 Half Year 2015 Earnings Appendices August 4, 2015

100 1.9 MORTGAGE LOANS & OTHER Low risk mortgage loan portfolio Key indicators Market value (in Euro billion) 28 1,2 8% 92% 52% 48% Residential Commercial Residential Commercial 10% France 37% Switzerland market value by entity 2 9% Other 23% Germany 21% United States 91% Residential 9% Commercial 66% 34% Commercial Agricultural Very secured portfolio: default rate 0.04% loan to value 55% Details by country United States Good loan-to-value 63% for commercial mortgages 46% for agricultural mortgages Diversified by product type and region Ca. 1,400 loans Germany Mortgage loans are located in participating funds Switzerland Primarily residential loans located in participating funds 1. Excluding Euro 2 billion of Agency pools (Mortgage-backed securities issued by US Government Sponsored Enterprises) 2. Excluding AXA Bank Belgium B55 Half Year 2015 Earnings Appendices August 4, 2015

101 2 FOCUS ON NET UNREALIZED CAPITAL GAINS Balance sheet net unrealized capital gains 1 Off balance sheet net unrealized capital gains In Euro billion Equities & Other Corporate bonds Government bonds and related 2 In Euro billion Real Estate and loans 3 FY14 published 4 FY14 Net unrealized capital gains on Government bonds and related by issuer France Germany Belgium Switzerland Japan Eurozone peripheral countries Other (mainly Austria, US & Netherlands) 1. Excluding Forex, minority interests and other 2. Including ABS, alternative investments and other assets 3. Excluding net unrealized gains on bank loans. Total off-balance sheet net unrealized gains, including net unrealized gains on bank loans, amounted to 5.9bn in vs. 5.7bn in FY14 4. Not restated for the reclassification explained in note 1 on page B40 B56 Half Year 2015 Earnings Appendices August 4, 2015

102 2.1 FOCUS ON EXPOSURE TO EUROZONE PERIPHERAL COUNTRIES GOVERNMENT BONDS Exposure by issuer in Euro billion Gross book value June 30, 2014 Gross book value December 31, 2014 Gross book value June 30, 2015 Gross market value June 30, 2015 Italy Spain Ireland Portugal Greece TOTAL B57 Half Year 2015 Earnings Appendices August 4, 2015

103 3 ASSET & LIABILITY MANAGEMENT (1/2) L&S General Account investment spreads and margin Inforce business New business Spread above guaranteed rates Resilient investment margin 1 Spread above guaranteed rate +160 bps 79 bps 78 bps Guidance: 3.7% bps +160 bps 2.1% 2.1% 0.5% * * * * Yield on total L&S asset base Reinvestment yield on L&S fixed income assets L&S average guaranteed rate L&S average guaranteed rate Significant buffer to cover guarantees and to manage crediting rates to preserve investment margin Average reserves of Euro 354 billion Products sold to attract higher margin Unit-Linked business * Annualized 1. Group investment margin on total General Account business B58 Half Year 2015 Earnings Appendices August 4, 2015

104 3 ASSET & LIABILITY MANAGEMENT (2/2) L&S General Account investment spreads for main entities Inforce New business France 3.9% 310bps 0.8% 2.0% 200bps 0.0% Average G/A reserves: Euro 102 billion G/A Savings new business sales with long term guarantees stopped in 1998 * * Germany 3.6% 20bps 3.4% 140bps 2.7% 1.3% * * Average G/A reserves: Euro 59 billion Asset portfolio with long investment horizon (average duration of 9 years) and with limited reinvestments in Bunds The L&S average guaranteed rate does not reflect the dilution effect of the ZZR Switzerland 60bps 70bps 2.3% 1.7% 1.5% 0.8% * * Average G/A reserves: Euro 60 billion Protection components making products very profitable 110bps 90bps Belgium 4.1% * 3.0% 1.9% * 1.0% Average G/A reserves: Euro 25 billion Emphasizing new hybrid products, using G/A to develop Unit-Linked AXA MPS 3.2% 130bps 1.9% 1.9% 90bps 1.0% Average G/A reserves: Euro 12 billion Emphasizing hybrid products and Protection businesses * * * Annualized Yield on total L&S asset base Reinvestment yield on L&S fixed income assets L&S average guaranteed rate B59 Half Year 2015 Earnings Appendices August 4, 2015

105 4 SOLVENCY I Solvency I Available and Required capital Solvency I ratio - Sensitivities Solvency I ratio In Euro billion Available capital Required capital 266% 258% Ratio as of June 30, % Interest rate +100 bps 199% Interest rate -100 bps 318% Equity markets +25% 273% Equity markets -25% 248% Corporate spreads +75bps 245% FY14 On fixed income assets, the combination of sensitivity impacts from interest rates increase and widening corporate spreads is capped at -75pts of solvency Solvency I ratio roll-forward 188% 233% 221% 266% +12pts -13pts -8pts 258% FY11 FY12 FY13 FY14 Underlying Earnings URGL Business growth, Forex & other B60 Half Year 2015 Earnings Appendices August 4, 2015

106 4 SOLVENCY I AFR RECONCILIATION TO SHAREHOLDERS EQUITY Solvency I Available Financial Resources 1 (AFR) In Euro billion shareholders equity 100% 71 Intangibles -30 Admitted subordinated debt 2 +4 Locally admitted assets +3 Real estate Pension benefit +4 Other 4 Available capital AXA is not a financial conglomerate but its solvency margin is nevertheless reduced by the amount of its equity interests in credit institutions, investment companies or financial institutions if the Group holds more than 20% in the mentioned entities. These stakes are deducted in Other for a total -4.7 billion 2. All subordinated debt (including undated already booked in shareholders equity) is admitted up to 50% of requirements 3. And loans 4. Notably includes gross up of tax and policyholder participation of net unrealized gains on investments minus net consolidated book value in financial services (see (1)) and Zillmer adjustment B61 Half Year 2015 Earnings Appendices August 4, 2015

107 4 ECONOMIC CAPITAL MODEL Economic Solvency ratio 1 Required capital by geography 201% 215% Holdings & Other 14% UK 5% Asia Pacific 12% US 8% MedLA 8% Required capital by risk France 24% NORCEE 29% Operational risk FY14 5% P&C risk 17% Market risk 47% Available capital (in Euro billion) Required capital (in Euro billion) Economic solvency ratio Life risk 21% Counterparty risk 10% 1. The Economic Solvency ratio is based on AXA s internal model calibrated based on adverse 1/200 years shock and assuming US equivalence. AXA s internal model is subject to a comprehensive review and approval process being conducted by ACPR as part of the implementation process around Solvency II which is scheduled to take effect January 1, 2016 B62 Half Year 2015 Earnings Appendices August 4, 2015

108 5 NET FINANCIAL DEBT - Long-term maturities Net financial debt Contractual maturity breakdown In Euro billion H Undated Economic maturity breakdown FY Undated subordinated debt Subordinated debt 1 Senior debt Cash 2H Undated Senior debt TSDI = undated subordinated notes Subordinated debt TSS = undated deeply subordinated notes B63 Half Year 2015 Earnings Appendices August 4, Including Euro -0.8 billion of reversal of mark-to-market on interest rates derivatives in vs. Euro -0.4 billion in FY14

109 Corporate Responsibility

110 Main SRI ratings 2014 Sector leader, ranked 1 st out of 37. Included in Vigeo Euronext indices Ranked A+ in the 2015 Assessment Report (Responsible Investment strategy) Included in the CDP Climate Disclosure Leadership Index, with a score of 100/100 General score: 81/100 (vs. sector average at 55/100) General score: 77% (vs. sector average at 47%) Included in DJSI Europe and DJS World indices Included in the FTSE4GOOD index since 2008 As of August 4, Further details are available at: B65 Half Year 2015 Earnings Appendices August 4, 2015