Contribution by AXA Financial to AXA International Financial Reporting Standards ( IFRS ) Results Financial Supplement

Transcription

1 Contribution by AXA Financial to AXA International Financial Reporting Standards ( IFRS ) Results Financial Supplement Six Months 2011 For questions and concerns regarding this financial supplement please contact: Jennifer N. Lawn Vice President,

2 TABLE OF CONTENTS HIGHLIGHTS AXA FINANCIAL OPERATIONS Assets Under Management Consolidating Balance Sheets Non-Subordinated and Subordinated Debt Consolidating Income Statements - Management Format FINANCIAL ADVISORY/INSURANCE (LIFE & SAVINGS - US) Financial Advisory/Insurance Consolidating Income Statements - Management Format Financial Advisory/Insurance - Analysis of Net Revenues Financial Advisory/Insurance Sales - Total Financial Advisory/Insurance Sales - First Year Consolidated Product Sales Financial Advisory/Insurance - Deferred Policy Acquisition Costs Financial Advisory/Insurance - Future Policy Benefits and Policyholders' Account Balances.. 27 Financial Advisory/Insurance - GMDB/GMIB Reserves Underlying Investment Results by Asset Category Annualized Yields. 31 Analysis of General Account Invested Assets INVESTMENT MANAGEMENT (ASSET MANAGEMENT - ALLIANCEBERNSTEIN) Investment Management Statement of Contribution to AXA IFRS Underlying Earnings.. 34 AllianceBernstein - Assets Under Management Reconciliation AllianceBernstein - Assets Under Management By Category

3 CONTRIBUTION BY AXA FINANCIAL TO AXA IFRS EARNINGS AXA prepares its consolidated financial statements in accordance with International Financial Reporting Standards ("IFRS"). All segment and earnings results reflected within this document are presented in accordance with IFRS and are in US$ unless otherwise stated. Underlying earnings are adjusted earnings, excluding net capital gains attributable to shareholders. Adjusted earnings represent net income before the impact of exceptional operations, goodwill and related intangibles amortization/impairments, and profit or loss on financial assets under the fair value option and derivatives. After-tax Contribution to AXA IFRS Underlying Earnings, Adjusted Earnings and Net Earnings by Segment June 30, 2011 June 30, 2010 Financial Investment Financial Investment Advisory/ Management AXF Advisory/ Management AXF Insurance (Asset Management - Holding Insurance (Asset Management - Holding (In US$ millions, except lines 8,9 & 10) (Life & Savings - US) AllianceBernstein) Company Total (Life & Savings - US) AllianceBernstein) Company Total 1 Contribution to AXA IFRS underlying earnings $484 $81 ($83) $482 $305 $95 ($108) $292 2 Realized capital gains (losses) attributable to shareholders net of DAC, VOBA and policyholder rights (13) - - (13) (34) - - (34) 3 Contribution to AXA IFRS adjusted earnings $471 $81 ($83) $469 $271 $95 ($108) $258 4 Amortization of acquisition related intangible assets (1) - - (1) (1) - - (1) 5 Profit or loss on financial assets (under fair value option) and derivatives (9) (85) 81 6 Exceptional operations (17) - - (17) Contribution to AXA IFRS Net Earnings $520 $81 ($73) $528 $445 $88 ($193) $340 8 Contribution to AXA IFRS underlying earnings in Euros EURO 345 EURO 57 (EURO 58) EURO 343 EURO 229 EURO 71 (EURO 80) EURO Contribution to AXA IFRS adjusted earnings in Euros EURO 335 EURO 57 (EURO 58) EURO 334 EURO 204 EURO 71 (EURO 80) EURO Contribution to AXA IFRS Net Earnings, Group Share in Euros EURO 370 EURO 57 (EURO 51) EURO 376 EURO 336 EURO 66 (EURO 146) EURO 256 June 30, 2011 June 30, 2010 Average End of Period Average End of Period 11 US$/EURO EXCHANGE RATES

4 HIGHLIGHTS Assets Under Management Consolidated Product Sales* Dollars in Billions $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 $889 $543 $581 $583 $569 12/07 12/08 12/09 12/10 06/11 Dollars in Millions $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 $158,233 $92,861 $58,519 $74,958 $42,772 $37, H/10 1H/11 *Includes sales of mutual funds by AllianceBernstein and Enterprise Capital, through date of sale in 2008 and product sales by Financial Advisory/Insurance excluding Institutional Separate Accounts. General Account & Other Insurance Separate Accounts Third Party Consolidated Net Revenues* $9,000 $8,550 $7,500 Dollars in Millions $6,000 $4,500 $3,000 $5,290 $6,264 $5,406 $2,739 $3,516 $1,500 $0 ### ######### H/10 1H/11 *Based upon a margin analysis of earnings format which is different from revenues as reported by AXA ## Input $1,264.8 # 3

5 HIGHLIGHTS AXA FINANCIAL, INC. FINANCIAL ADVISORY/INSURANCE IFRS Underlying After-Tax Earnings - Contribution by Product Line June 30 US$ in Millions Traditional Life (pg. 20 ln 17) $26 $12 2 Var. & Int. Sens. Life (pg. 20 ln 17) Annuities (pg. 20 ln 17) Other (pg. 20 ln 17) Total Insurance (pg. 20 ln 17) $484 $305 Total Sales by Distribution Channel June 30 US$ in Millions Annuities (excl. Group Pensions) (pg. 22, ln 7 & 8) $2,678 $2,499 7 Group Pension (pg. 22, ln 9) Subtotal 2,825 2,664 9 Mutual funds & fee based assets gathered (pg. 22, ln 16) 2,343 2, Life (pg. 22, ln 6) 1,277 1, Other (pg. 22, ln 10 & 11) Total retail (pg. 22, ln 17) 6,563 6, Variable annuities - financial planners (pg. 22, ln 18) Variable annuities - financial institutions (pg. 22, ln 19) Variable annuities - broker/dealers (pg. 22, ln 20) Fixed annuities (pg. 22, ln 22) Mutual funds & fee based assets gathered (pg. 22, ln 30) Life (pg. 22, ln 28 & 29) Total wholesale (pg. 22, ln 31) 1,444 1, Total Sales (pg. 22, ln 39) 8,007 7, Institutional Separate Accounts Disabilty Insurance ceded and other Total AXA Basis Sales 8,437 8, Less: Mutual funds & fee based assets gathered (pg.22, ln 38) (2,343) (2,405) 25 AXA Basis Gross Premiums 6,094 5, Other fee revenues AXA Basis Gross Revenues $6,675 $6,258 4

6 HIGHLIGHTS Total Financial Advisory/Insurance Sales* Dollars in Millions $15,000.0 $13,750.0 $12,500.0 $11,250.0 $10,000.0 $8,750.0 $7,500.0 $6,250.0 $5,000.0 $3,750.0 $2,500.0 $1,250.0 $0.0 $12,419 $10,584 $8,443 $7,834 $8,007 $6,968 $7,756 1H/08 2H/08 1H/09 2H/09 1H/10 2H/10 1H/11 % Change $ Change 1H/11 over 1H/10 2.2% 173 *Includes mutual fund sales and fee based assets gathered; detail including six quarters is presented on Page 22. Excludes Institutional Separate Account sales and DI ceded. Annuities Premiums and Deposits (excluding Group Pension) $9,000.0 $8,000.0 $7,473 Dollars in Millions $7,000.0 $6,000.0 $5,000.0 $4,000.0 $3,000.0 $6,510 $4,881 $2,974 $3,460 $3,425 $3,660 % Change $ Change 1H/11 over 1H/10 5.8% 200 $2,000.0 $1,000.0 $0.0 1H/08 2H/08 1H/09 2H/09 1H/10 2H/10 1H/11 5

7 HIGHLIGHTS Sales of Mutual Funds and Fee Based Assets Gathered* $3,600.0 Dollars in Millions $3,300.0 $3,000.0 $2,700.0 $2,400.0 $2,100.0 $1,800.0 $1,500.0 $1,200.0 $2,845 $2,012 $1,581 $1,992 $2,405 $2,110 $2,343. % Change $ Change Proprietary** 1H/11 over 1H/ % (21) Third party 1H/11 over 1H/10-4.3% (36) Fee based assets gathered 1H/11 over 1H/10-0.3% 1,486 Total 1H/11 over 1H/10-2.6% (62) $900.0 $600.0 *Includes mutual funds sold through brokerage accounts and gross assets gathered in fee based accounts. Detail including six quarters is presented on page 22. $300.0 **Proprietary includes AllianceBernstein and AXA Equitable managed mutual funds $0.0 1H/08 2H/08 1H/09 2H/09 1H/10 2H/10 1H/11 Proprietary** Third Party Fee Based Assets Gathered Dollars in Millions $495.0 $450.0 $405.0 $360.0 $315.0 $270.0 $225.0 $180.0 $135.0 $90.0 $45.0 $0.0 $281 First Year Individual Life Premiums and Deposits $289 $205 $226 $243 $235 $205 1H/08 2H/08 1H/09 2H/09 1H/10 2H/10 1H/11 % Change $ Change Variable life 1H/11 over 1H/ % (9) Interest sensitive life 1H/11 over 1H/ % 50 Traditional life 1H/11 over 1H/ % (14) COLI 1H/11 over 1H/ % 3 Total 1H/11 over 1H/ % 30 Variable life Interest Sensitive life Traditional life COLI 6

8 HIGHLIGHTS Dollars in Billions $104.0 $96.0 $88.0 $80.0 $72.0 $64.0 $56.0 $48.0 $40.0 $32.0 $24.0 $89 Separate Account Future Policy Benefits and Policyholders' Account Balances* $67 $71 $83 $78 $91 $94 Life 06'11 over 06'10 Annuities 06'11 over 06'10 Total 06'11 over 06'10 % Change 17.4% 19.9% 19.6% $16.0 $8.0 $0.0 06/08 12/08 06/09 12/09 06/10 12/10 06/11 Life Annuities *Excludes Institutional Separate Accounts. Percent of Total Life Premium and Deposits Invested in Separate Accounts Percent of Total Annuity Premiums and Deposits Invested in Separate Accounts* 100.0% 80.0% 76.5% 72.9% 70.2% 71.3% 71.9% 71.0% 74.8% 80.0% 60.0% 60.0% 40.0% 40.0% 20.0% 34.8% 32.1% 30.7% 29.5% 28.3% 30.0% 26.1% 20.0% 0.0% 1H/08 2H/08 1H/09 2H/09 1H/10 2H/10 1H/11 0.0% 1H/08 2H/08 1H/09 2H/09 1H/10 2H/10 1H/11 *Excludes Institutional Separate Accounts. 7

9 HIGHLIGHTS Individual Life Surrender Rates (Annualized) Annuities Surrender Rates (Annualized) 7.0% 12.0% 6.0% 5.0% 4.0% 3.0% 4.3% 4.5% 5.0% 4.3% 4.9% 4.2% 4.1% 10.0% 8.0% 6.0% 7.9% 8.6% 7.2% 6.3% 6.5% 6.7% 6.7% 2.0% 4.0% 1.0% 2.0% 0.0% 1H/08 2H/08 1H/09 2H/09 1H/10 2H/10 1H/11 0.0% 1H/08 2H/08 1H/09 2H/09 1H/10 2H/10 1H/ % Individual Life Insurance Mortality Compared to "Benchmark" (1) 100.0% 80.0% 81.7% 84.6% 83.8% 76.3% 78.7% 82.8% 77.5% 60.0% 40.0% 20.0% 0.0% 1H/08 2H/08 1H/09 2H/09 1H/10 2H/10 1H/11 (1) Benchmark life Insurance mortality is based upon AXA Equitable experience from 1993 to

10 HIGHLIGHTS Variable and Interest-Sensitive Life Average Crediting Rates Interest-Sensitive Annuities Average Crediting Rates 6.6% 5.5% 6.0% 4.9% 5.4% 4.3% 4.8% 4.2% 3.6% 4.55% 4.70% 4.59% 4.61% 4.52% 4.54% 4.52% 3.7% 3.1% 3.29% 3.41% 3.20% 3.10% 3.07% 3.04% 2.96% 3.0% 1H/08 2H/08 1H/09 2H/09 1H/10 2H/10 1H/11 2.5% 1H/08 2H/08 1H/09 2H/09 1H/10 2H/10 1H/11 Financial Advisory/Insurance Net Underlying Earnings Margin Ratio Financial Advisory/Insurance Net Cash Earnings Margin Ratio (Alternative Presentation) June Underlying revenues (pg. 20 ln 4)* $2,022 $1,316 2Expenses including DAC/VOBA (pg. 20 ln14 ) $1,325 $883 3 AXA Group Underlying Earnings Cost Income Ratio including DAC and unearned revenue reserve (ln 2 /ln 1) 66% 67% 4 Net underlying earnings margin ratio (100% - ln 3) 34% 33% * Based upon a margin analysis of earnings format which is different from the gross revenues as reported by AXA. 9

11 HIGHLIGHTS Annualized 10.0% 8.0% 6.0% 4.0% 2.0% 5.90% 4.04% General Account (Total Company) - Investment Results Yield, Net of Investment Fees 5.15% 4.76% 5.19% 3.51% 5.02% Trading Securities 4% Cash & Short-Term Investments 1% Fixed Maturities below Inv. Grade 5% Portfolio Composition by Asset Class of the General Account (Total Company) As of June 30, 2011 Mortgages 9% Other Equity Equity Real Estate 0% Investments 3% Policy Loans 9% 0.0% 1H/08 2H/08 1H/09 2H/09 1H/10 2H/10 1H/11 Fixed Maturities Inv. Grade 69% Includes investment gains (losses) $(46) $(426) $80 $(99) $(65) $(294) $(24) 10

12 HIGHLIGHTS INVESTMENT MANAGEMENT Reconciliation from AllianceBernstein Underlying Earnings to Contribution to AXA IFRS Underlying Earnings June 30 (Dollars in Millions) AllianceBernstein Legal Entity IFRS Net Income Before Amortization of Intangible Assets(pg. 34, ln 9) $234 $250 3 Non Controlling Interest (pg. 34, ln 12) (90) (98) 4 Other, primarily income taxes (pg. 34, ln 18) (63) (57) 5 Contribution to AXA IFRS Underlying Earnings (pg. 34, ln19) $81 $95 $5,000 $4,500 $4,517 AllianceBernstein IFRS Net Revenues $1,600 $1,400 AllianceBernstein Legal Entity Pre-Tax IFRS Earnings* $1,374 Dollars in Millions $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $3,706 $2,800 $2,960 $1,466 $1,497 Dollars in Millions $1,200 $1,000 $800 $600 $400 $1,129 $510 $542 $283 $252 $500 $200 $ H/10 1H/11 $ H/10 1H/11 * Excludes amortization of acquisition related intangible assets. 11

13 HIGHLIGHTS AllianceBernstein Holding - Operating Earnings per Unit *. AllianceBernstein - Assets Under Management* $4.40 $4.32 $4.00 $3.60 $800 $800 $3.20 $2.80 $2.40 $2.00 $1.60 $1.20 $0.80 $2.79 $1.80 $1.32 $0.78 $0.76 Dollars in Billions $700 $600 $500 $400 $300 $462 $496 $486 $468 $0.40 $200 $ H/10 1H/11 $100 * Operating earnings are before non controlling interests and allocation of corporate overhead, and amortization of intangible assets. $0 12/07 12/08 12/09 12/10 1H/11 Institutional Retail Private Clients * Represents assets under management as reported by AXA, which differs from assets under management as reported by AllianceBerstein. 12

14 ASSETS UNDER MANAGEMENT June 30 December 31 Unaudited (Dollars in Millions) TOTAL ASSETS BY MANAGER ALLIANCEBERNSTEIN (1) 1 AXAEQ/MONY General Account and the Holding Company $36,904 $35,795 $36,152 2 AXAEQ/MONY Separate Accounts - EQAT & VIP 22,400 17,607 21,452 3 AXAEQ/MONY Separate Accounts - other 3,065 2,710 2,832 4 Third Party 406, , ,332 5 Total AllianceBernstein(pg. 35, ln 9) 468, , ,768 AXA EQUITABLE /MONY 6 General Account (non - AllianceBernstein) 29,274 30,549 27,484 7 Separate Accounts - EQAT & VIP (non - AllianceBernstein) 66,990 57,550 65,747 8 Separate Accounts - Other 4,537 3,352 4,077 9 Total AXA Equitable/ MONY 100,801 91,451 97,308 TOTAL 10 AllianceBernstein 468, , , AXA Equitable/MONY 100,801 91,451 97, Total Assets Under Management $569,207 $549,154 $583,076 TOTAL ASSETS BY ACCOUNT 13 Total General Account & the Holding Company $66,178 $66,344 $63, Insurance Separate Accounts 96,992 81,219 94, Third Party 406, , , Total Assets Under Management $569,207 $549,154 $583,076 06/11 over 12/10 % Change -2.4% (1) Represents assets under management as reported by AXA, which differs from assets under management as reported by AllianceBerstein. 13

15 CONSOLIDATING BALANCE SHEET IFRS Basis June 30, 2011 Life and Asset Holding Unaudited (Dollars in Millions) Savings Management Company Consolidated ASSETS 1 Goodwill $3,507 (1) $5,245 $ - $8,752 2 Intangible assets Value of business acquired Other intangible assets 185 (2) Real estate Fixed maturities 46, ,277 5 Equity investments 1, ,462 6 Mortgage, policy and other loans 10, ,408 7 Total investments from insurance activities 58, ,640 8 Separate Account assets 97, ,006 9 Reinsurers' share of insurance liabilities 4, , Receivables from insurance and reinsurance activities Receivables from non-insurance activities 0 2,639-2, Cash and equivalents 3, , Other assets * 1,908 (504) (4,199) (2,795) 14 Deferred acquisition costs 10, , Other prepayments and deferred charges , Total 118,688 2,750 (3,434) 118, Total Assets $181,086 $8,951 ($3,036) $187,001 * Includes certain AXA Group consolidation/elimination adjustments not usually recorded at the AXA Financial level. (1) Includes $268 of goodwill related to MONY acquisition. (2) Includes $10 of intangible assets related to MONY acquisition. 14

16 CONSOLIDATING BALANCE SHEET (continued) IFRS Basis June 30, 2011 Life and Asset Holding Unaudited (Dollars in Millions) Savings Management Company Consolidated 1 Total non controlling interest and shareholders' equity $16,665 $5,601 ($4,066) $18,200 2 Subordinated debt (pg 18, ln 3) Insurance liabilities, gross of reinsurance 57, ,584 4 Separate Account liabilities, gross of reinsurance 97, ,007 5 Provisions for risks and charges 4, ,703 6 Payables arising from insurance and reinsurance activities 1, ,338 7 Payables arising from non-insurance activities 428 1, ,409 8 Non-subordinated debt instruments issued (pg 18, ln 10) ,275 9 Collateral debts relating to investments under a lending agreement 2, , Amounts owed to credit institutions Accrued expenses and other liabilities , Total liabilities 164,421 3,350 1, , Total Liabilities, Non Controlling Interest, and Shareholders' Equity $181,086 $8,951 ($3,036) $187,001 15

17 CONSOLIDATING BALANCE SHEET IFRS Basis December 31, 2010 Life and Asset Holding Unaudited (Dollars in Millions) Savings Management Company Consolidated ASSETS 1 Goodwill $3,507 (1) $5,239 $ - $8,746 2 Intangible assets Value of business acquired Other intangible assets 179 (2) Real estate Fixed maturities 44, ,839 5 Equity investments 1, ,187 6 Mortgage, policy and other loans 10, ,294 7 Total investments from insurance activities 56, ,860 8 Separate Account assets 94, ,125 9 Reinsurers' share of insurance liabilities 4, , Receivables from insurance and reinsurance activities Receivables from non-insurance activities - 2,507-2, Cash and equivalents 3, , Other assets * 1,133 (179) (4,041) (3,087) 14 Deferred acquisition costs 10, , Other prepayments and deferred charges , Total 115,984 3,203 (3,736) 115, Total Assets $176,779 $9,233 ($3,336) $182,676 * Includes certain AXA Group consolidation/elimination adjustments not usually recorded at the AXA Financial level. (1) Includes $268 of goodwill related to MONY acquisition. (2) Includes $13 of intangible assets related to MONY acquisition. 16

18 CONSOLIDATING BALANCE SHEET (continued) IFRS Basis December 31, 2010 Life and Asset Holding Unaudited (Dollars in Millions) Savings Management Company Consolidated 1 Total non controlling interest and shareholders' equity $16,401 $5,598 ($4,442) $17,557 2 Subordinated debt (pg 18, ln 3) Insurance liabilities, gross of reinsurance 57, ,133 4 Separate Account liabilities, gross of reinsurance 94, ,125 5 Provisions for risks and charges 3, ,343 6 Payables arising from insurance and reinsurance activities 1, ,294 7 Payables arising from non-insurance activities 225 2, ,703 8 Non-subordinated debt instruments issued (pg 18, ln 10) ,027 1,252 9 Collateral debts relating to investments under a lending agreement 2, , Amounts owed to credit institutions Accrued expenses and other liabilities , Total liabilities 160,378 3,635 1, , Total Liabilities, Non Controlling Interest, and Shareholders' Equity $176,779 $9,233 ($3,336) $182,676 17

19 NON-SUBORDINATED AND SUBORDINATED DEBT IFRS Basis Unaudited (Dollars in Millions) June 30, 2011 December 31, 2010 SUBORDINATED DEBT Life and Savings 1 Surplus Notes, 7.70% due 2015 $200 $200 2 Surplus Notes, 11.25% due Total subordinated debt (pg 15 & 17, ln 2 ) NON-SUBORDINATED DEBT INSTRUMENTS ISSUED Asset Management - AllianceBernstein 4 Short-term borrowings Subtotal Holding Company 6 Commercial Paper, 0.5% Mortgage, 8.0% due Senior Debentures, 7.0%, due Subtotal 945 1, Total non-subordinated debt instruments issued (pg 15 & 17, ln 8 ) 1,275 1, TOTAL DEBT $1,477 $1,454 18

20 CONSOLIDATING INCOME STATEMENTS - MANAGEMENT FORMAT IFRS UNDERLYING EARNINGS June 30,2011 June 30, 2010 Financial AXF Financial AXF Advisory/ Investment Holding Advisory/ Investment Holding Unaudited (Dollars in Millions) Insurance Management Company Total Insurance Management Company Total REVENUES 1 Underlying investment margin $335 ($6) $0 $329 $335 ($36) $0 $299 2 Fees and revenues 1,422 1, ,922 1,169 1, ,628 3 Net technical margin (188) 0 0 (188) 4 Net Revenues (1) 2,022 1, ,516 1,316 1, ,739 EXPENSES 5 Total expenses 1,325 1, , , ,204 6 Non controlling interest PRE-TAX UNDERLYING EARNINGS (128) (161) Income taxes (45) (53) CONTRIBUTION TO UNDERLYING EARNINGS $484 $81 ($83) $482 $305 $95 ($108) $292 (1) Based upon a margin analysis of earnings format which is different from the gross revenues as reported by AXA. 19

21 FINANCIAL ADVISORY/INSURANCE CONSOLIDATING INCOME STATEMENTS - MANAGEMENT FORMAT June 30 June 30 June 30 June 30 June 30 For the six months ended Unaudited (Dollars in Millions) Traditional Life Var. & Int Sens Life Annuities Other Total 1 Underlying investment margin (pg. 21, ln 3) $20 $18 $40 $33 $263 $272 $12 $12 $335 $335 2 Fees and revenues (pg. 21, ln 7) ,422 1,169 3 Net technical margin (pg. 21, ln 11) (94) (504) (188) 4 Net revenues , ,022 1,316 5 First year commissions Renewal commissions DAC capitalization (29) (43) (102) (53) (134) (126) - - (265) (222) 8 Net commissions Compensation & other expenses DAC capitalization (22) (30) (65) (56) (133) (147) - - (220) (233) 11 Net expenses Amortization of DAC - underlying results Amortization of VOBA - underlying results (6) 18 (8) 7 - (2) (3) Total expenses , Pre-tax IFRS underlying earnings Federal income taxes on underlying earnings After-tax IFRS underlying earnings Post tax adjustments: 18 Investment gains/losses (5) (20) (2) (3) (9) (19) - 0 (16) (42) 19 Amortization of DAC - investment gains/(losses) (1) Amortization of VOBA - investment gains/(losses) Capital gains pass-through (2) (1) (2) 4 22 After-tax IFRS Adjusted Earnings $22 ($2) $124 $85 $296 $158 $29 $30 $471 $271 20

22 FINANCIAL ADVISORY/INSURANCE ANALYSIS OF NET REVENUES June 30 June 30 June 30 June 30 June 30 For the six months ended Unaudited (Dollars in Millions) Traditional Life Var. & Int Sens Life Annuities Other Total Investment Margin: 1 Net investment income $469 $486 $277 $264 $607 $611 $20 $21 $1,373 $1,382 2 Interest credited (449) (468) (237) (231) (344) (339) (8) (9) (1,038) (1,047) 3 Total Fees and Revenues: 4 Separate Account based Contractual charges Mutual fund and other product sales Total ,422 1,169 Net Technical Margin: 8 Mortality/morbidity spread (80) (514) (255) 9 Surrender spread Other benefits, charges & credits 7 20 (7) 0 (43) (21) - - (43) (1) 11 Total (94) (504) (188) 12 Net Revenues $174 $180 $569 $357 $1,092 $595 $187 $184 $2,022 $1,316 21

23 FINANCIAL ADVISORY/INSURANCE SALES - TOTAL Unaudited (Dollars in Millions) Q Q H 2010 Q Q Total 2010 Q Q H 2011 Retail Life: 1 Traditional life $263 $262 $525 $247 $281 $1,053 $252 $254 $506 2 Variable life , Interest sensitive life Total life excluding COLI , , ,259 5 COLI Total Life , , ,277 Annuities(1): 7 Variable annuities 1,180 1,268 2,448 1,175 1,305 4,928 1,263 1,366 2,629 8 Fixed annuities Group Pensions Other: 10 Reinsurance assumed Health and group life Total Insurance (3) 2,002 2,071 4,073 2,103 2,197 8,373 2,071 2,149 4,220 Mutual Funds and fee based assets gathered(2): 13 Proprietary mutual funds (incl. Alliance) Third party mutual funds , Fee based assets gathered , , , Total mutual funds and fee based assets gathered 1,126 1,279 2, ,175 4,516 1,119 1,224 2, Total Retail Channel $3,128 3,350 $6,478 $3,039 $3,372 $12,889 $3,190 3,373 $6,563 Wholesale Annuities: Variable annuities: 18 Financial planners $142 $188 $330 $189 $154 $673 $177 $182 $ Financial institutions Broker/dealers Total Variable Annuitites , Fixed annuities Life: 23 Traditional life Variable life Interest sensitive life Total life excluding COLI COLI Total Life Other Total mutual funds and fee based assets gathered Total Wholesale Channel $615 $741 $1,356 $679 $666 $2,701 $701 $743 $1,444 Retail & Wholesale 32 Life $840 $841 $1,681 $971 $976 $3,628 $863 $876 $1, Variable annuities 1,581 1,780 3,361 1,623 1,727 6,711 1,732 1,861 3, Fixed annuities Group Pensions Total annuities 1,712 1,913 3,625 1,749 1,831 7,205 1,844 1,963 3, Other Mutual funds and fee based assets gathered 1,126 1,279 2, ,175 4,516 1,119 1,224 2, Total Sales $3,743 $4,091 $7,834 $3,718 $4,038 $15,590 $3,891 $4,116 $8,007 (1) Annuities are presented net of internal conversions. (2) Includes sales through brokerage accounts and gross assets gathered through fee based accounts. (3) Excludes Institutional Separate Accounts and DI ceded 22

24 FINANCIAL ADVISORY/INSURANCE SALES - FIRST YEAR Unaudited (Dollars in Millions) Q Q H 2010 Q Q FY 2010 Q Q H 2011 Retail Life: 1 Traditional life $10 $9 $19 $8 $7 $34 $8 $7 $15 2 Variable life Interest sensitive life Total life excluding COLI COLI Total Life Annuities(1): 7 Variable annuities , , ,585 8 Fixed annuities Other: 9 Reinsurance assumed Health and group life Total Insurance(3) , , ,770 Mutual Funds and fee based assets gathered(2): 12 Proprietary mutual funds (incl. Alliance) Third party mutual funds , Fee based assets gathered , , , Total mutual funds and fee based assets gathered 1,126 1,279 2, ,174 4,515 1,119 1,224 2, Total Retail Channel $1,890 $2,119 $4,009 $1,797 $2,069 $7,875 $1,963 $2,150 $4,113 Wholesale Annuities: Variable annuities: 17 Finanical planners $93 $133 $226 $146 $116 $488 $131 $137 $ Financial institutions Broker/dealers Total Variable Annuities , Fixed annuities Life: 22 Traditional life Variable life Interest sensitive life Total life excluding COLI COLI Total Life Other Total mutual funds and fee based assets gathered Total Wholesale Channel $329 $453 $782 $411 $377 $1,570 $405 $452 $857 Retail & Wholesale 31 Life $98 $107 $205 $111 $132 $448 $114 $121 $ Variable annuities 970 1,140 2,110 1,133 1,124 4,367 1,114 1,238 2, Fixed annuities Total annuities 995 1,185 2,180 1,161 1,140 4,481 1,134 1,257 2, Other Mutual funds and fee based assets gathered 1,126 1,279 2, ,174 4,515 1,119 1,224 2, Total Sales $2,219 2,572 $4,791 $2,208 $2,446 $9,445 $2,368 2,602 $4,970 (1) Annuities are presented net of internal conversions. (2) Includes sales through brokerage accounts and gross assets gathered through fee based accounts. (3) Excludes Institutional Separate Accounts and DI ceded 23

25 CONSOLIDATED PRODUCT SALES Unaudited (Dollars in Millions) Q Q H 2010 Q Q Total 2010 Q Q H Life (pg. 22, ln 32) $840 $841 $1,681 $971 $976 $3,628 $863 $876 $1,739 2 Annuities (pg. 22, ln 36) 1,712 1,913 3,625 1,749 1,831 7,205 1,844 1,963 3,807 3 Other (pg. 22, ln 37) Mutual funds and fee based assets gathered (pg. 22, ln 38) 1,126 1,279 2, ,175 4,516 1,119 1,224 2,343 5 Total Financial Advisory/Insurance Sales 3,743 4,091 7,834 3,718 4,038 15,590 3,891 4,116 8,007 6 AllianceBernstein new business/sales (pg. 35, ln 3) 16,141 18,805 34,946 13,052 12,055 60,053 15,774 13,874 29,648 7 Total Gross Sales 19,884 22,896 42,780 16,770 16,093 75,643 19,665 17,990 37,655 8 less: Fin. Adv./Ins. sales of AllianceBernstein mutual funds (41) (34) (75) (30) (26) (131) (28) (27) (55) 9 less: AllianceBernstein sales of EQAT and Multimanager funds (125) (496) (554) Consolidated AXA Financial Sales $19,861 $22,911 $42,772 $16,615 $15,571 $74,958 $19,643 $17,963 $37, Investment products (AllianceBernstein) (line 6, 8 & 9) $16,118 $18,820 $34,938 $12,897 $11,533 $59,368 $15,752 $13,847 $29, Other (line 3) Annuities (line 2) 1,712 1,913 3,625 1,749 1,831 7,205 1,844 1,963 3, Life (line 1) , , , Mutual fund sales (line 4) 1,126 1,279 2, ,175 4,516 1,119 1,224 2, Consolidated AXA Financial Sales $19,861 $22,911 $42,772 $16,615 $15,571 $74,958 $19,643 $17,963 $37,606 24

26 FINANCIAL ADVISORY/INSURANCE DEFERRED POLICY ACQUISITION COSTS Six months ended Unaudited (Dollars in Millions) June 30 December 31 June 30 TRADITIONAL LIFE 1 Beginning balance $ 948 $ 959 $ Capitalization Amortization - operating results (37) (62) (28) 4 Amortization - realized capital (gain) loss Change in DAC - unrealized capital gains (26) (15) (23) 6 Ending Balance $ 959 $ 963 $ 968 VARIABLE AND INTEREST- SENSITIVE LIFE 7 Beginning balance $ 3,431 $ 3,441 $ 3,360 8 Capitalization Amortization - operating results (80) (225) (257) 10 Amortization - realized capital (gain) loss Change in DAC - unrealized capital gains (20) (8) (1) 12 Ending Balance $ 3,441 $ 3,360 $ 3,269 ANNUITIES 13 Beginning balance $ 5,695 $ 5,722 $ 6, Capitalization Amortization - operating results (167) 211 (323) 16 Amortization - realized capital (gain) loss Change in DAC - unrealized capital gains (82) (33) (12) 18 Ending Balance $ 5,722 $ 6,206 $ 6,140 25

27 FINANCIAL ADVISORY/INSURANCE DEFERRED POLICY ACQUISITION COSTS Six months ended Unaudited (Dollars in Millions) June 30 December 31 June 30 OTHER 1 Beginning balance $ 19 $ 19 $ 18 2 Capitalization Amortization - operating results - (1) (1) 4 Amortization - realized capital (gain) loss Change in DAC - unrealized capital gains Ending Balance $ 19 $ 18 $ 17 TOTAL 7 Beginning balance $ 10,093 $ 10,141 $ 10,546 8 Capitalization Amortization - operating results (284) (77) (609) 10 Amortization - realized capital (gain) loss Change in DAC - unrealized capital gains (128) (56) (36) 12 Ending Balance $ 10,141 $ 10,546 $ 10,393 26

28 FINANCIAL ADVISORY/INSURANCE FUTURE POLICY BENEFITS & POLICYHOLDERS' ACCOUNT BALANCES (1) Six months ended Unaudited (Dollars in Millions) June 30 December 31 June 30 TRADITIONAL LIFE General Account 1 Beginning balance $ 16,487 $ 16,419 $16,394 2 Direct premiums and other deposits Change in market value / interest credited Surrender benefits (299) (276) (276) 5 Policy charges, reserve changes and other benefits (780) (775) (805) 6 Ending Balance $ 16,419 $ 16,394 $16,319 VARIABLE AND INTEREST - SENSITIVE LIFE Separate Accounts 7 Beginning balance $ 9,920 $ 9,137 $ 10,553 8 Direct premiums and other deposits Change in market value / interest credited (449) 1, Surrender benefits (255) (407) (301) 11 Policy charges, reserve changes and other benefits (448) (361) (386) 12 Transfers (107) (80) (94) 13 Ending Balance $ 9,137 $ 10,553 $ 10,724 General Account 14 Beginning balance $ 10,322 $ 10,572 $ 10, Direct premiums and other deposits Change in market value / interest credited Surrender benefits (181) (175) (165) 18 Policy charges, reserve changes and other benefits (428) (578) (578) 19 Transfers Ending Balance $ 10,572 $ 10,786 $ 10,988 (1) Excluding Institutional SA, Claims and Dividend Liabilities, and Other SA Liabilities. (2) Policy charges, reserve changes and other benefits for GA Annuities includes change in GMXB reserves. 27

29 FINANCIAL ADVISORY/INSURANCE FUTURE POLICY BENEFITS & POLICYHOLDERS' ACCOUNT BALANCES (1) (continued) Six months ended Unaudited (Dollars in Millions) June 30 December 31 June 30 ANNUITIES Separate Accounts 1 Beginning balance $ 73,225 $ 69,196 $ 80,544 2 Direct premiums and other deposits 2,608 2,541 2,846 3 Change in market value / interest credited (3,055) 12,557 3,926 4 Surrender benefits (2,245) (2,340) (2,616) 5 Policy charges, reserve changes and other benefits (1,506) (1,576) (1,662) 6 Transfers (73) 7 Ending Balance $ 69,196 $ 80,544 $ 82,965 General Account 8 Beginning balance $ 22,852 $ 26,273 $ 24,008 9 Direct premiums and other deposits 1,267 1,202 1, Change in market value / interest credited Surrender benefits (663) (753) (729) 12 Policy charges, reserve changes and other benefits (2) 2,650 (2,905) (478) 13 Transfers (169) (166) Ending Balance $ 26,273 $ 24,008 $ 24,350 OTHER General Account 15 Beginning balance $ 535 $ 533 $ Direct premiums and other deposits Change in market value / interest credited Surrender benefits (7) (4) (2) 19 Policy charges, reserve changes and other benefits (175) (178) (168) 20 Transfers Ending Balance $ 533 $ 525 $ 527 (1) Excluding Institutional SA, Claims and Dividend Liabilities, and Other SA Liabilities. (2) Policy charges, reserve changes and other benefits for GA Annuities includes change in GMXB reserves. 28

30 FINANCIAL ADVISORY/INSURANCE FUTURE POLICY BENEFITS & POLICYHOLDERS' ACCOUNT BALANCES (1) (continued) Six months ended Unaudited (Dollars in Millions) June 30 December 31 June 30 TOTAL Separate Accounts 1 Beginning balance $ 83,144 $ 78,332 $ 91,096 2 Direct premiums and other deposits 3,084 3,125 3,300 3 Change in market value / interest credited (3,504) 14,237 4,424 4 Surrender benefits (2,500) (2,747) (2,917) 5 Policy charges, reserve changes and other benefits (1,954) (1,937) (2,048) 6 Transfers (167) 7 Ending Balance $ 78,332 $ 91,096 $ 93,688 General Account 8 Beginning balance $ 50,196 $ 53,797 $ 51,713 9 Direct premiums and other deposits 2,651 2,719 2, Change in market value / interest credited Surrender benefits (1,150) (1,208) (1,172) 12 Policy charges, reserve changes and other benefits (2) 1,267 (4,436) (2,029) 13 Transfers (62) (86) Ending Balance $ 53,797 $ 51,713 $ 52,184 (1) Excluding Institutional SA, Claims and Dividend Liabilities, and Other SA Liabilities. (2) Policy charges, reserve changes and other benefits for GA Annuities includes change in GMXB reserves. 29

31 FINANCIAL ADVISORY/INSURANCE GMDB/GMIB June 30, 2011 Variable Contracts with Guarantees(1) Unaudited (Dollars in Millions) Return of Premium Ratchet Roll-Up Combo Total GMDB 1 Account value $42,930 $8,803 $4,347 $36,412 $92,492 2 Net amount at risk, gross ,537 10,140 14,399 3 Net amount at risk, net of amounts reinsured ,684 10,124 13,447 4 IFRS reserves, net of amounts reinsured 1,595 GMIB 5 Account value N/A N/A $2,973 $48,961 $51,934 6 Net amount at risk, gross N/A N/A 1,332 1,723 3,055 7 Net amount at risk, net of amounts reinsured N/A N/A 393 1,539 1,932 8 IFRS reserves, net of amounts reinsured * 3,375 December 31, 2010 Variable Contracts with Guarantees(1) Unaudited (Dollars in Millions) Return of Premium Ratchet Roll-Up Combo Total GMDB 9 Account value $41,403 $8,717 $4,404 $35,424 $89, Net amount at risk, gross 1,121 1,153 2,607 10,017 14, Net amount at risk, net of amounts reinsured 1,121 1,047 1,737 10,000 13, IFRS reserves, net of amounts reinsured 1,557 GMIB 13 Account value N/A N/A $3,014 $49,766 $52, Net amount at risk, gross N/A N/A 1,316 1,330 2, Net amount at risk, net of amounts reinsured N/A N/A 387 1,184 1, IFRS reserves, net of amounts reinsured * 3,286 * Includes reserve for all living benefits (1) Return of Premium: the benefit is the greater of current account value and premiums paid (adjusted for withdrawals). Ratchet: the benefit is the greatest of current account value, premiums paid (adjusted for withdrawals), and the highest account value on any anniversary up to contractually specified ages (adjusted for withdrawls) Roll-Up: the benefit is the greater of current account value and premiums paid (adjusted for withdrawals) accumulated at contractually specified interest rates up to specified ages. Combo: the benefit is the greater of the ratchet benefit or the roll-up benefit which may include a five year or an annual reset. 30

32 UNDERLYING INVESTMENT RESULTS BY ASSET CATEGORY ANNUALIZED YIELDS At or for the six months ended June Total Company Unaudited (Dollars in Millions) Yield Amount Percent of Total Yield Amount Percent of Total FIXED MATURITIES Investment Grade 1 Underlying income 5.05% $ % $1,004 2 Investment gains (losses) 0.06% % 23 3 Total 5.11% $ % $1,027 4 Ending Assets $40,647 69% $39,288 66% Below Investment Grade 5 Underlying income 7.09% $ % $107 6 Investment (losses) -1.83% (25) -5.28% (84) 7 Total 5.26% $ % $23 8 Ending Assets $2,775 5% $3,245 5% MORTGAGES 9 Underlying income 6.73% $ % $ Investment gains (losses) -0.42% (10) -0.52% (13) 11 Total 6.31% $ % $ Ending Assets $5,624 10% $5,281 9% EQUITY REAL ESTATE 13 Underlying income 19.16% $ % $11 14 Investment gains (losses) 0.00% % 0 15 Total 19.16% $ % $11 16 Ending Assets $96 0% $110 0% 31

33 UNDERLYING INVESTMENT RESULTS BY ASSET CATEGORY ANNUALIZED YIELDS (continued) At or for the six months ended June Total Company Unaudited (Dollars in Millions) Yield Amount Percent of Total Yield Amount Percent of Total OTHER EQUITY INVESTMENTS 1 Underlying income 10.35% $ % $42 2 Investment gains (losses) 0.00% % 9 3 Total 10.35% $ % $51 4 Ending Assets $1,582 3% $1,435 2% POLICY LOANS 5 Income 6.26% $ % $159 6 Ending Assets $5,052 9% $5,100 9% CASH & SHORT-TERM INVESTMENTS 7 Underlying income 0.23% $3 0.15% $2 8 Investment gains (losses) 0.00% % 0 9 Total 0.23% $3 0.15% $2 10 Ending Assets $2,117 3% $4,904 8% TRADING SECURITIES 10 Income 6.62% $ % $ Investment gains (losses) 0.00% % 0 12 Total 6.62% $ % $ Ending Assets $2,530 4% $1,959 3% OTHER INVESTED ASSETS 14 Income % $ % ($1) 15 Investment gains (losses) 0.00% % 0 16 Total % $ % ($1) 17 Ending Assets $13 0% $13 0% DEBT & OTHER 18 Interest expense and other 7.42% ($58) 7.10% ($54) 19 Investment gains (losses) 0.00% % 0 20 Total 7.42% ($58) 7.10% ($54) 21 Ending Assets (Liabilities) ($1,533) -3% ($1,534) -2% TOTAL 22 Underlying income 5.37% $1, % $1, Investment fees -0.12% (34) -0.12% (31) 24 Underlying income transferred to technical margin -0.15% (39) -0.14% (37) 25 Net investment income 5.10% $1, % $1, Investment gains (losses) -0.08% (24) -0.23% (65) 27 Net Investment Results 5.02% $1, % $1, Ending Net Assets $58, % $59, % 32

34 ANALYSIS OF GENERAL ACCOUNT (TOTAL COMPANY) INVESTED ASSETS June 30 December 31 Unaudited (Dollars in Millions) SUMMARY OF FIXED MATURITIES 1 Public securities $32,140 $31,547 2 Private securities 11,400 11,090 3 Total amortized cost 43,540 42,637 4 Valuation allowance (578) (597) 5 Amortized Cost Less Valuation Allowance 42,962 42,040 SUMMARY OF MORTGAGES COMMERCIAL 6 Amortized cost 4,347 3,804 7 Valuation allowance (59) (49) 8 Carrying Value 4,288 3,755 AGRICULTURAL 9 Amortized cost 1,394 1, Valuation allowance Carrying Value 1,394 1,466 TOTAL 12 Amortized cost 5,740 5, Valuation allowance (59) (49) 14 Carrying Value 5,681 5,221 SUMMARY OF EQUITY REAL ESTATE 15 Wholly owned Joint ventures Commercial foreclosed Agricultural foreclosed Total amortized cost Valuation allowance Carrying Value $95 $140 33

35 INVESTMENT MANAGEMENT STATEMENT OF CONTRIBUTION TO AXA IFRS UNDERLYING EARNINGS Six months ended June 30 Unaudited (Dollars in Millions) Underlying investment margin ($3) $7 2 Fee income 1,500 1,459 3 Net revenues 1,497 1,466 4 Employee compensation and benefit costs Other Total expenses 1,245 1,183 7 AB pre-tax IFRS earnings before income taxes Income taxes AllianceBernstein Legal Entity IFRS Net Income Before Amortization of Intangible Assets $234 $ Non controlling interest before tax (97) (108) 11 Tax on non controlling interest Non controlling interests, net of tax (90) (98) Allocation of Holding Company (pre-tax): 13 Investment margin (3) (43) 14 Fee income Expenses (16) Total allocation (19) (20) 17 Tax on allocation and partnership results (44) (37) 18 After-tax allocation of the Holding Company (63) (57) 19 Contribution to AXA IFRS Underlying Earnings $81 $95 34

36 ALLIANCEBERNSTEIN ASSETS UNDER MANAGEMENT RECONCILIATION (1) Institutional Six months ended June 30, 2011 Money Private Unaudited (Dollars in Millions) Management Retail Clients Total 1 Beginning of Period $280,692 $127,044 $78,032 $485,768 2 Change in scope affecting opening balance 1, ,198 3 New business/sales 9,118 16,704 3,826 29,648 4 Terminations/redemptions (29,265) (16,313) (3,138) (48,716) 5 Cash flow (8,132) (3,171) (3,905) (15,208) 6 Transfers Appreciation(depreciation) 8,372 5,195 2,149 15,716 8 Net change (18,809) 2,415 (968) (17,362) 9 End of Period $261,883 $129,459 $77,064 $468,406 (1) Represents assets under management as reported by AXA, which differs from assets under management as reported by AllianceBerstein. 35

37 ALLIANCEBERNSTEIN ASSETS UNDER MANAGEMENT BY CATEGORY (1) Institutional Six months ended June 30, 2011 Money Private Unaudited (Dollars in Billions) Management Retail Clients Total Equity Growth 1 Domestic Growth $8,909 $10,258 $9,344 $28,511 2 Global & International 13,924 12,722 7,497 34,143 Value 3 Domestic Value 11,680 9,651 12,287 33,618 4 Global & International 59,369 17,665 10,716 87,750 Fixed Income 5 Domestic 81,004 8,284 32, ,485 6 Global & International 46,238 46,066 1,988 94,292 Passive 7 Domestic 17,744 19, ,216 8 Global & International 23,015 5,629 2,747 31,391 Total 9 Domestic 119,337 47,377 54, , Global & International 142,546 82,082 22, , Total $261,883 $129,459 $77,064 $468,406 (1) Represents assets under management as reported by AXA, which differs from assets under management as reported by AllianceBerstein. 36