Full Year 2011 Earnings

Full Year 2011 Earnings February 16, 2012 Appendices

Life & Savings Scope overview Global footprint Well balanced business mix APE by geography APE by business Unit-Linked 32% G/A Protection & Health 38% Asia-Pacific (incl. Japan) 20% NORCEE 22% US 18% Total: Euro 5,733 million France 23% MedLA 8% UK 9% Mutual Funds & other 10% APE by channel Partnerships 16% Total: Euro 5,733 million Strong proprietary networks G/A Savings 20% Agents & salaried sales force 48% Brokers - IFAs 36% Total: Euro 5,733 million 2 AXA Earnings February 16, 2012

Property & Casualty Scope overview Global footprint Unique proprietary network Revenues by channel Agents 39% Revenues by geography Asia 2% Direct 8% Switzerland 10% MedLA 25% Belgium 8% Total: Euro 27.0 billion Other 1 1% France 21% UK & Ireland 14% Germany 13% Brokers IFAs & other 45% Revenues by business Other 11% Construction 2% Liability 7% Health 11% Total: Euro 27.0 billion Strong presence in Motor Total: Euro 27.0 billion Direct 11% Partnerships 4% Motor 44% Property 24% 1. Luxembourg and Central & Eastern Europe 3 AXA Earnings February 16, 2012

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, private equity, real estate, funds of hedge funds); Structured by Investment Style Focus on growth equities, value equities, blend strategies, fixed income New developments in alternative investments Institutional research services Distribution Separate distribution platforms for Third parties & AXA Insurance Companies Integrated distribution platforms Footprint Mainly Europe Mainly US and Asia 4 AXA Earnings February 16, 2012

Table of content Group Life & Savings Property & Casualty Asset Management Balance sheet Embedded value and cash flows 5 AXA Earnings February 16, 2012

Revenues Revenues by segment In Euro million FY10 Reported basis Comparable basis Life & Savings 56,792 52,431 Property & Casualty 25,986 27,046-8% +4% -4% +3% Asset Management 3,328 3,269-2% 0% International Insurance 2,847 2,876 +1% +1% Banking & Holdings 459 485 +6% +5% Revenues 89,412 86,107-4% -2% 6 AXA Earnings February 16, 2012

Underlying Earnings by region In Euro million 7 AXA Earnings February 16, 2012 FY10 Underlying Earnings Reported change Change at constant Forex Life & Savings 2,445 2,267-7% -9% United States 478 312-35% -32% France 607 632 +4% +4% NORCEE 1 570 653 +15% +9% UK 134-6 n.a. n.a. Asia-Pacific (incl. Japan) 562 608 +8% +6% MedLA 117 104-11% -11% Other 2-23 -36 +54% +54% Property & Casualty 1,553 1,848 +19% +16% NORCEE 1 729 807 +11% +5% France 424 496 +17% +17% MedLA 368 353-4% -3% UK & Ireland 98 211 +115% +116% Asia -4 13 n.a. n.a. Direct -62-33 -47% -46% International Insurance 290 276-5% -6% Asset Management 269 321 +19% +20% AllianceBernstein 143 106-26% -23% AXA IM 125 215 +72% +69% Banking 9 32 +240% +256% Holdings -836-843 -1% -1% Total 3,731 3,901 +5% +2% 1. Northern, Central & Eastern Europe: Germany, Belgium, Switzerland, Central and Eastern Europe, Luxembourg and Russia (Property & Casualty only) 2. AXA Global Distributors, Architas and AXA Life Europe

sensitivities In Euro billion Net Income P&L o/w Impairments net of hedges Balance sheet Unrealized Capital Gains and Losses Equities -25% +25% -0.7 0.0-0.7 0.0-0.5 +1.6 Interest rates -100 bps +100 bps +0.7-0.3 +7.8-7.2 Corporate spreads -75 bps +75 bps +0.2-0.2 +1.5-1.5 8 AXA Earnings February 16, 2012

Table of content Group Life & Savings Property & Casualty Asset Management Balance sheet Embedded value and cash flows 9 AXA Earnings February 16, 2012

Life & Savings 1 2 3 Revenues, new business volumes and profitability Underlying earnings margin analysis Underlying earnings margin analysis by product page 9 page 12 page 18 10 AXA Earnings February 16, 2012

1 L&S Revenues and net inflows L&S revenues by region In Euro billion In Euro billion L&S Net inflows MedLA -31% NORCEE +1% 15.9 4.8 13.6 France -6% High growth markets +8.4 +1.9 UK +22% Asia Pacific (incl. Japan) 0% 0.7 7.8 9.7 United States +6% Mature markets +6.5 +3.3 +1.8 Changes are on a comparable basis Total: Euro 52.4 billion FY10 +1.5 11 AXA Earnings February 16, 2012

2 L&S Underlying earnings margin analysis In Euro million Gross Margin Comp. Change 1 In Euro million Expenses Comp. Change 1 Margin on revenues 2 4,742 +4% Acquisition expenses 3,221-5% Margin on assets 4,845 +4% Admin. Expenses 3,015-5% Technical margin -205 n.a. VBI amortization 239-1% (vs. Euro +751 million in FY10) + - + UE from associates 43 +107% Pre-tax underlying earnings Euro 2,951 million Underlying earnings Euro 2,267 million - -9% -2% Tax 3 598-30% Minority interest 87-34% 1. Changes are adjusted for Forex and scope effects related to the partial sale of UK Life operations and the AXA APH transaction 2. Life & Savings gross written premiums and mutual fund sales. 3. Tax rate decreased from 23% in FY10 to 20% in mainly due to higher positive tax one-offs which amounted to Euro 143 million in vs. Euro 89 million in FY10 12 AXA Earnings February 16, 2012

2 L&S Margin analysis Details of margin on revenues Margin on revenues Average margin on L&S revenues 1 9.0% +9% Ł Ł Margin on revenues 1 Euro 4,742 million +4% Ł Ł x +8% business mix +1% country mix Life & Savings revenues Euro 52,431 million -4% Ł Changes are on a comparable basis 1. Life & Savings gross written premiums and mutual fund fees 13 AXA Earnings February 16, 2012

2 L&S Margin analysis Details of margin on Unit-Linked assets Unit-Linked management fees Average management fees on Unit-Linked reserves (in bps) Unit-Linked management fees Euro 1,998 million +7% Ł Ł x 147 bps +6% Ł +6% business mix -0% country mix Margin on assets 1 Euro 4,845 million +4% Ł Ł 1. Including other fees (mainly mutual fund and brokers fees) of Euro 419 million (+1% vs. FY10) + General account investment margin Euro 2,428 million +1% Ł Unit-Linked average reserves Euro 136billion +2% Euro billion Reserves as of Jan. 1, 2011 138 Net flows +2 Market -9 FX +3 Scope 0 Reserves as of Dec. 31, 2011 135 Ł Ł Changes are on a comparable basis 14 AXA Earnings February 16, 2012

2 L&S Margin analysis Details of margin on General Account assets Investment margin Unit-Linked management fees Margin on assets 1 Euro 4,845 million +4% Ł Ł 1. Including other fees (mainly mutual fund and brokers fees) of Euro 419 million (+1 vs. FY10) + Euro 1,998 million +9% General account investment margin Euro 2,428 million +1% Ł Ł Ł x Average management fees on general account reserves 73bps -2% General account average reserves Ł -3% business mix +1% country mix Euro 335 billion +4% Ł Changes are on a comparable basis In Euro billion Reserves as of Jan. 1, 2011 Net flows Market FX Scope Reserves as of Dec. 31, 2011 330 +1 +12 +7-1 348 15 AXA Earnings February 16, 2012

2 L&S Margin analysis Details of technical margin Technical margin & other Mortality & morbidity margin and other 1 Technical margin Euro -205 million n.a. Ł (vs. Euro +751 million in FY10) + Euro 1,452 million -6% VA hedging margin Ł Euro -1,657 million n.a. Ł In Euro million Basis Volatility (equity and interest rates) Reserve adjustments, policyholder behavior and other -237-499 -921 (vs. Euro -818 million in FY10) Changes are on a comparable basis 1. Claims paid, maturities and surrenders 16 AXA Earnings February 16, 2012

2 L&S Margin analysis Focus on gross technical margin Gross mortality, morbidity & surrender margin (pre-tax) In Euro million 1,569 1,452 mortality, morbidity & surrender margin evolution mainly explained by: -0.1 billion in France, mainly following a change in CMU levy regulation (offset in expenses) -0.1 billion in Japan, mainly driven by the Great East Japan earthquake FY10 Gross Variable Annuity technical margin (pre-tax, pre-dac) In Euro million FY10-818 -1,657 VA technical margin evolution mainly explained by: -0.4 billion decrease in US GMxB hedging result reflecting increased volatility and basis losses -0.4 billion from higher US GMxB reserve strengthening reflecting lower lapse assumptions in line with experience Euro -0.4 billion net Underlying Earnings impact 17 AXA Earnings February 16, 2012

3 L&S Underlying Earnings by business Euro million Pre-tax UE % change G/A Protection & Health 2,240 +8% G/A Savings 581 +18% Unit-Linked 120-81% Mutual funds & Other 10-69% Pre-tax Underlying Earnings 2,951-9% Tax and minority interest -684 Underlying Earnings 2,267-2% Changes are on a comparable basis, i.e. adjusted for the Forex and scope effects related to the partial sale of UK Life operations and the AXA APH transaction 18 AXA Earnings February 16, 2012

3 L&S Margin analysis by business G/A Protection & Health G/A Savings Unit-Linked Mutual Funds & Other Margin on revenues 3,722 353 532 9% % of GWP Investment margin 753 1,486 150 73 bps of avge G/A reserves Management fees 1,998 147 bps of avge UL reserves Technical margin & Oth. 1,222 52-1,504 Gross margin 5,697 1,890 1,177 619 9,383 Admin Exp. & Other Acquisition Expenses -1,352-699 -845-315 -2,105-611 -211-294 -3,211-3,221 Pre-tax UE 2,240 581 120 10 2,951 19 AXA Earnings February 16, 2012

3 L&S Margin analysis by business G/A Protection & Health Technical result Net investment margin x In Euro million Protection & Health GWP Protection & Health Combined ratio (in %) 24,497 94.0% Comp. change +2% -0.6 pt In Euro million Protection & Health Average reserves Protection & Health investment spread 150,846 50 bps Comp. change +3% -1 bp x Net technical result 1,487 +13% Investment margin 753 +0% + Pre-tax underlying earnings Euro 2,240 million +8% Changes are on a comparable basis, i.e. adjusted for the Forex and scope effects related to the partial sale of UK Life operations and the AXA APH transaction 20 AXA Earnings February 16, 2012

3 L&S Margin analysis by business G/A Savings x In Euro million G/A Savings Gross revenues Margin on G/A Savings revenues 13,404 2.6% Margin on revenues 353 Comp. change -25% +0.7 pt +3% x G/A Savings average reserves G/A Savings Investment spread 183,715 81 bps Investment margin 1,486 Comp. change +4% -3 bps +1% Technical margin & Other 52 Comp. change n.a. (vs. Euro -7 million in FY10) + Gross margin Euro 1,890 million +4% Acquisition costs 611 +5% - Administrative expenses & Other 699-5% 21 AXA Earnings February 16, 2012 Pre-tax underlying earnings Euro 581 million +18% Changes are on a comparable basis, i.e. adjusted for the Forex and scope effects related to the partial sale of UK Life operations and the AXA APH transaction

3 L&S Margin analysis by business Unit-Linked x In Euro million Unit-Linked Gross revenues Average margin on Unit-Linked revenues 16,708 4.2% Comp. change -8% +0.7 pt Margin on revenues 532 +24% x Unit-Linked Average reserve Unit-Linked average Management fees Unit-Linked Management fees 136,262 147 bps 1,998 Comp. change +2% +6% +8% Technical margin & Other -1,504 Comp. change n.a. o/w GMxB margin -1,657 n.a. + Investment margin 150 +11% Gross margin Euro 1,177 million -37% Acquisition costs 211-55% - Administrative expenses & Other 258 845 +12% Pre-tax underlying earnings -81% Euro 120 million Changes are on a comparable basis, i.e. adjusted for the Forex and scope effects related to the partial sale of UK Life operations and the AXA APH transaction 22 AXA Earnings February 16, 2012

Table of content Group Life & Savings Property & Casualty Asset Management Balance sheet Embedded value and cash flows 23 AXA Earnings February 16, 2012

P&C Revenues and net new contracts In Euro billion P&C revenues by region P&C personal net new contracts In thousands Direct More than 77% of net new contracts in high growth markets & Direct +8% Asia +2% 0.4 2.1 5.6 France +1% +1,341 +1,522 MedLA +5% 6.8 3.7 UK & Ireland +2% High growth markets +835 +910 NORCEE +3% 8.5 +266 Changes are on a comparable basis Total: Euro 27.0 billion Direct +473 Mature markets +33 FY10 +347 24 AXA Earnings February 16, 2012

P&C Underlying Earnings analysis In Euro million Net technical result Comp. Change In Euro million Net investment income Comp. Change x Revenues Combined ratio 1 (in %) 27,046 +3.5% 97.9% -1.4 pt Average P&C assets Average asset yield 3 54,947 +1% 3.7% -2% x 1. Combined ratio calculated based on gross earned premiums 3. Net of interests credited to P&C reserves relating to annuities. Gross asset yield was 4.0% Net technical result 2 557 +300% Net investment income 2,034-1% 2. Technical result net of expenses + + UE from associates 38 +20% Pre-tax underlying earnings Euro 2,629 million +17% - Tax 4 748 +22% 4. Tax rate stable at 28% vs. FY10 - positive tax one offs remained stable at Euro 13 million Minority interest 33-15% Underlying earnings Euro 1,848 million +16% 25 AXA Earnings February 16, 2012

P&C Details on Combined Ratio Combined Ratio Loss Ratio (%) -0.8 pt Ł 99.5% 71.7% +1.5 pt 70.9% 97.9% -1.1 pt -1.0 pt Loss Ratio 71.7% 70.9% FY10 Current accident year 1 Nat cat Prior year reserve Dev. -0.6 pt change on a comparable basis Expense Ratio 27.8% 27.0% 27.8% Expense Ratio (%) -0.8 pt FY10-0.5 pt -0.3 pt 27.0% Changes are on a reported basis FY10 Acq. expenses Adm. expenses -0.8 pt change on a comparable basis 1. Notably hail storms in Switzerland in 2H11 26 AXA Earnings February 16, 2012

P&C Focus on reserve developments Prior year reserve development level (in % of gross earned premiums) 5.4% 5.4% 0.3% 0.9% 1.4% 2.7% 3.1% 1.7% FY04 FY05 FY06 FY07 FY08 FY09 FY10 Reserving ratio (Net technical reserves/net earned premiums) 193% 193% 186% 194% 187% 187% 186% 187% FY04 FY05 FY06 FY07 FY08 FY09 FY10 Note: FY04 to FY09 figures do not exclude Canadian operations 27 AXA Earnings February 16, 2012

P&C Details on current year loss ratios Personal Motor Personal non motor 79.3% +0.2 pt +0.1 pt +0.5 pt 77.1% 69.5% -3.1 pts -3.7 pts +1.6 pts +0.1 pt 64.8% -2.8 pts FY10 Current loss ratio Nat cat Price effect Frequency & severity 1 Other Current FY10 Current Nat cat Price effect Frequence & Other 1 loss ratio loss ratio severity Current loss ratio Total commercial lines incl. Construction & Work. Comp. Total P&C 75.3% -0.5 pt -1.8 pts +1.0 pt +0.3 pt 74.2% 74.8% -1.0 pt -2.5 pts +0.8 pt +0.5 pt 72.6% FY10 Current loss ratio Nat cat Price effect Frequency & severity Other 1 Current loss ratio FY10 Current loss ratio Nat cat Price effect Frequency & severity Other 1 Current loss ratio 1. Other includes changes in mix, claims handling costs, reinsurance impact excl. Nat events, other change in reserves, Forex and scope 28 AXA Earnings February 16, 2012

Table of content Group Life & Savings Property & Casualty Asset Management Balance sheet Embedded value and cash flows Other 29 AXA Earnings February 16, 2012

AM - Underlying Earnings Details of Asset Management margin analysis In Euro million Margin Comp. Change Asset Management fees 2,827 0% In Euro million Expenses Asset Management expenses Comp. Change 2,331-7% 1 Distribution revenues 442 +1% 0% excluding FY10 provision for AXA Rosenberg coding error Investment result 71-59% 1 + - Distribution expenses 433 0% Pre-tax underlying earnings Euro 576 million Underlying earnings Euro 321 million - +14% +20% Tax 2 146 +13% Minority int.& other 109 +9% 1. Changes are restated from deferred compensation benefits variances that have zero net P&L impact with impacts in investment results fully offset in expenses (Euro +11 million impact in FY10 and Euro -14 million in ). 2. Tax rate down from 26% in FY10 to 25% in 30 AXA Earnings February 16, 2012

AM Underlying Earnings Details on Asset Management revenues Average Asset Management fees on Assets under Management Ł Ł34 bps+2% Asset Management fees Euro 2,827 million 0% o/w performance fees (Euro 66 million, -19%) o/w research fees (Euro 315 million, +2%) Ł Ł x Average Assets under Management Euro 836 billion -2% Ł Changes are on a comparable basis In Euro billion AUM as of Jan. 1, 2011 Net inflows o/w AllianceBernstein o/w AXA IM Market & other FX AUM as of Dec. 31, 2011 878-30 -28-1 -16 +15 847 31 AXA Earnings February 16, 2012

Table of content Group Life & Savings Property & Casualty Asset Management Balance sheet Embedded value and cash flows 32 AXA Earnings February 16, 2012

Balance sheet 1 2 3 4 General accounts invested assets 1.1 Government bonds & related 1.2 Corporate bonds 1.3 CDS 1.4 ABS 1.5 Equity 1.6 Real Estate 1.7 Hedge Funds 1.8 Private Equity 1.9 Mortgage loans Solvency Net financial debt Group holding company net Free Cash Flows Page 34 page 35 page 36 page 39 page 40 page 44 page 46 page 47 page 48 page 49 Page 50 Page 51 Page 52 33 AXA Earnings February 16, 2012

General Account invested assets Invested assets (100%) In Euro billion FY10 % % Changes in asset allocation Fixed income 365 83% 384 82% o/w Govies and related 188 42% 207 44% o/w Corporate bonds 150 34% 148 32% o/w Asset backed securities 9 2% 8 2% o/w Mortgage loans & other 1 19 4% 22 5% Cash 21 5% 29 6% Listed equities 18 4% 14 3% Real Estate 21 5% 22 5% Alternative Investments 2 12 3% 13 3% Net inflows and investment income: invested mainly in fixed income Mark to market: government bonds assets benefiting from interest rates decrease while market value of equity decreases Forex: depreciation of the Euro mainly against CHF and JPY Scope effect: Euro - 3 billion related to the sale of the Canadian operations, mainly govies and corporate bonds Policy loans 6 1% 6 1% Total Insurance Invested Assets 3 441 100% 467 100% 1. Mortgage loans & other include individual mortgage and loans held by the insurance companies of the Group (Euro 13 billion, mostly in Germany and Switzerland participating funds) and Agency Pools (Euro 2 billion) 2. Mainly Private Equity and Hedge Funds 3. invested assets referenced in page 57 of the financial supplement amounted to Euro 639 billion, including notably Euro 134 billion of Unit-Linked contracts and Euro 34 billion of assets in the banking segment (of which Euro 20 billion mortgage & other loans) 34 AXA Earnings February 16, 2012

1.1 Government bonds and related Breakdown by geography Breakdown by segment The Netherlands 2% Supranational institutions 2% Austria 3% Spain 4% US 6% Switzerland 7% Other ~6% France 26% P&C ~11% Other 2 ~2% L&S ~87% Gross 1 unrealized capital gains and losses Italy 7% Japan 14% In Euro billion 7.1 10.2 Belgium 12% As of December 31, 2011 Total: Euro 207 billion Germany 13% FY10 1. Gross of tax and policyholders participation 2. Other includes International Insurance and Holdings segments 35 AXA Earnings February 16, 2012

1.2 Corporate bonds Energy 5% Consumer cyclical 5% Industrial 6% Utilities 9% Breakdown by industry Basic materials 4% Other 3% Banks 37% Other ~11% BBB ~22% Single A range Breakdown by segment P&C ~14% AAA ~9% AA ~15% A ~43% Other 2 ~2% Communications 9% Consumer non-cyclical 12% Other financials 10% L&S ~84% Gross 1 unrealized capital gains and losses In Euro billion 3.4 3.0 Total: Euro 148 billion As of December 31, 2011 1. Gross of tax and policyholders participation 2. Other includes International Insurance and Holdings segments 36 AXA Earnings February 16, 2012 FY10

1.2 Focus on banking corporate bonds As of December 31, 2011 Gross market value in Euro billion Senior debt Secured Non secured Lower Tier 2 Upper Tier 2 Sub debt Tier 1 Preferred Total US 0.4 7.6 2.1 0.0 0.2 0.0 10.3 France 2.3 3.0 1.6 0.0 0.1 0.0 6.9 UK 1.5 3.1 0.9 0.0 0.3 0.0 5.8 Germany 3.3 0.3 0.9 0.6 0.2 0.0 5.3 Netherlands 1.9 2.3 0.4 0.0 0.1 0.0 4.7 Spain 3.6 0.7 0.3 0.0 0.0 0.0 4.7 Australia 0.0 2.8 0.2 0.0 0.2 0.0 3.2 Switzerland 0.8 1.5 0.2 0.0 0.1 0.0 2.6 Italy 1.0 1.0 0.2 0.1 0.0 0.0 2.2 Sweden 0.3 1.2 0.3 0.0 0.0 0.0 1.8 Austria 0.5 1.3 0.0 0.0 0.0 0.0 1.7 Belgium 1.1 0.1 0.0 0.0 0.0 0.0 1.2 Other 1 0.9 2.2 0.4 0.1 0.1 0.0 3.7 Total 17.7 27.0 7.3 0.9 1.2 0.0 54.2 1. More than 30 countries 37 AXA Earnings February 16, 2012

1.2 Corporate bonds breakdown by country (including CDS) P = Participating NP = Non-participating Euro billion As of December 31, 2011 US UK Japan Germany Switzerland France Other 1 Total P NP NP NP P NP P NP P NP P NP P NP AAA 0 0 0 1 2 0 3 1 3 2 1 1 9 5 AA 1 2 0 5 2 0 3 1 4 2 2 1 11 10 A 3 9 1 7 6 2 7 1 12 5 6 4 35 29 BBB 2 8 1 2 3 1 3 1 5 2 2 1 17 16 Below invest. grade 0 1 0 0 1 0 2 0 1 0 0 1 4 3 Non rated 0 0 0 2 1 0 1 0 1 0 1 2 4 5 Total 7 20 3 17 16 3 18 3 27 11 14 10 81 67 1. Including Belgium, MPS, Spain, Italy, Asia Pacific (exc. Japan), Other 38 AXA Earnings February 16, 2012

1.3 Corporate bonds: focus on CDS overlay strategy CDS overlay Investment Strategy: CDS are used as an alternative to investment grade corporate bonds Euro million Net Notional As of Dec 31, 2010 Net Notional As of Dec 31, 2011 AAA 126 87 AA 667 737 A 4,265 3,584 BBB 1,418 1,565 Below invest. grade -60 141 Non rated 518 403 Total 6,933 6,516 Market value 28-137 39 AXA Earnings February 16, 2012

1.4 Asset Backed Securities by underlying type of asset Breakdown by asset type 1 Breakdown by rating As of December 31, 2011 Total ABS = Euro 8.1 billion Mortgage-backed Other asset-backed NR/Equity AAA 9% 36% US Subprime, Alt-A & NC RMBS 0.8 billion CLO 3.2 billion High Yield 20% BBB 8% Prime Residential 0.5 billion Consumer ABS 2 0.9 billion A 8% AA 18% Commercial MBS 1.3 billion CDO 1.3 billion 1. Including debt and equity tranches of ABS 2. Mainly consumer loan ABS (plus some leases and operating ABS assets) 40 AXA Earnings February 16, 2012

1.4 Credit risk management: ABS investments Group ABS exposure decreased mainly driven by: net sales and maturities for Euro 0.9 billion, of which Euro 0.7 billion mainly Prime RMBS and CMBS, in 1H11 Forex effect for Euro +0.2bn change in scope (sale of Canada) for Euro 0.2 billion market effect for Euro -0.4 billion arising from price decreases overall Group ABS Exposure Asset values In Euro million 31/12/2010 31/12/2011 31/12/2010 31/12/2011 Mortgage-backed Prime Residential 919 494 87% 80% Commercial MBS 1,592 1,323 69% 59% UK & NC RMBS 233 108 65% 57% US Subprime 760 676 51% 45% US Alt-A 33 36 21% 27% Other asset-backed Consumer ABS 1,153 934 91% 88% CLO 2,822 3,195 78% 84% Investment Grade CDO 1,432 1,070 78% 70% High-Yield CDO 96 63 59% 48% Structured Finance CDO 40 25 25% 20% Other CDO 122 167 31% 43% Total 9,202 8,092 72% 71% 41 AXA Earnings February 16, 2012

1.4 Focus on Mortgage-Backed Securities Euro million As of December 31, 2011 (unless indicated) Prime Residential MBS Commercial MBS UK & NC RMBS US Subprime RMBS US Alt-A RMBS % of par @ 31/12/08 91% 77% 59% 45% 14% % of par @ 31/12/09 89% 75% 59% 42% 14% % of par @ 31/12/10 87% 69% 65% 51% 21% % of par @ 31/12/11 80% 59% 57% 45% 27% AAA 201 148 24 12 0 AA 151 236 63 61 2 A 61 225 3 86 2 BBB 43 208 0 72 1 Below invst. Grade 36 506 18 444 31 Equity / Non rated 1 0 0 0 0 Value 494 1,323 108 676 36 Shareholder Exposure 64% 84% 75% 39% 86% OCI 1 31% 80% 41% 91% 51% P&L 69% 20% 59% 9% 49% 1. Fair value changes of assets classified as available for sale are recognized in the OCI component in shareholders equity. 42 AXA Earnings February 16, 2012

1.4 Focus on CDO Euro million As of December 31, 2011 Investment grade High Yield Structured Finance Other CDOs Total AAA 767 0 8 3 778 AA 11 0 0 0 11 A 3 0 0 4 7 BBB 5 20 0 10 35 Below invst. grade 219 12 12 26 270 Equity / Non rated 66 31 5 123 225 Value 1,070 63 25 167 1,325 Shareholder Exposure 40% 73% 56% 59% 45% OCI 1 2% 45% 59% 39% 10% P&L 98% 55% 41% 61% 90% 1. Fair value changes of assets classified as available for sale are recognized in the OCI component in shareholders equity. 43 AXA Earnings February 16, 2012

1.5 Equity portfolio overview Breakdown by geography Breakdown by segment Rest of the World 10% P&C ~21% Other 1 ~2% Other Eurozone countries 9% Switzerland 3% UK 4% Belgium 5% BNP Paribas 16% France excl. BNP Paribas 23% Gross 2 unrealized capital gains and losses In Euro billion L&S ~77% Germany 6% 4.7 Japan 7% As of December 31, 2011 44 AXA Earnings February 16, 2012 Total: Euro 14 billion 1. Other includes International Insurance and Holdings segments 2. Gross of tax and policyholders participation US 18% FY10 1.8

1.5 Shareholders exposure to equity Estimated shareholders exposure as of December 31, 2011 In Euro billion FY10 (excluding Australia/NZ assets that are accounted as held for sale) 18 14 9 6 Gross nominal 100% Group share net of hedge, tax & PB Gross nominal 100% Group share net of hedge, tax & PB 45 AXA Earnings February 16, 2012

1.6 Real Estate investments Defensive portfolio with good performance over the long term Key indicators Market value (in Euro billion) 22 1 Other US market value by country 5% 5% 36% France Office Residential Commercial France Switz. Belgium Germany ~45% ~13% ~28% Split by type ~45% ~50% ~0% ~75% ~0% ~21% ~70% ~10% ~15% Germany 8% 13% 33% Switzerland Other ~14% ~5% ~3% ~5% Belgium Average capitalization rate ~ 5% 1. Representing 2.9bn of unrealized gains, net of tax and PB Environment In 2011, market recovery in most markets was led mainly by the prime end of the market while secondary properties pricing remain depressed Transaction volumes continued to improve but less than expected with focus remaining on high quality assets Swiss market benefited from the general risk aversion climax AXA portfolio return drivers Defensive portfolio given low exposure to risky markets (Spain, US ) Prime assets hence liquid portfolios High visibility on assets: >90% of the investments are directly managed 2012 outlook Prime assets pricing expected to resist, most of the performance should derive from rental income Secondary and risky properties pricing expected to remain depressed NB: assets held by insurance companies only 46 AXA Earnings February 16, 2012

1.7 Hedge Fund investments Stable performance Key indicators Market value (in Euro billion) 5 Exposure and concentration risk Mostly management of funds of hedge funds Broadly stable exposures throughout 2011 Top 10 fund managers represent ~30% of portfolio market value Broad strategy diversification (largest strategy <25%) Portfolios are liquid Environment 2011 proved to be a very challenging year for hedge funds due to monetary policy driven markets (risk on/risk off) Hedge Fund industry overall continued to grow in 2011 with AUM recovering to 2008 precrisis levels Majority of inflows to large, established managers coming primarily from US pension funds and endowments (EU and Asia inflows are still lagging) NB: assets held by insurance companies only 47 AXA Earnings February 16, 2012 AXA portfolio performance Diversified Funds 2011 Performance - slightly negative with low beta and superior capital preservation in Q3. Strong outperformance of approx 550bps (net) of the HFRX Global Hedge Fund Index, which lost -8.7% Return sources in 2011 coming primarily from MBS managers, quantitative market neutral equity funds and tail-hedge Long/Short Equity and Event Driven strategies suffered from weak market environment in cyclical stocks and Emerging Markets Tail Equity Diversifier Strong absolute performance of 6.9% (net) 2012 Outlook Difficult refinancing environment for EU banks and governments, ongoing deleveraging, risk of an economic slowdown in China and further political unrest in the Middle East & limited growth prospects As a result, 2012 should somewhat resemble to 2011 which overall proved to be a challenging environment for value driven, long biased and static strategies Therefore, market neutral, portfolio protection and trading oriented strategies are over-weighted

1.8 Private Equity investments Diversified portfolio built over the long run Key indicators Market value (in Euro billion) 8 Breakdown by geography Other Asia US 3% 3% 38% 55% Europe Mezzanine Breakdown by expertise Infrastructure 8% Venture 14% 7% 71% Buyout Performance AXA Private Equity voted Private Equity Firm of the Year by the Financial Times, and ranked into the top 20 private equity firms by the HEC-DowJones Private Equity Performance Ranking Environment AXA portfolio return drivers 2012 outlook Valuations are up in 2011 despite the crisis and a slowdown in 4Q11 Private equity was very active in 1H11 but more quiet since summer NB: assets held by insurance companies only 48 AXA Earnings February 16, 2012 Diversified portfolio with anticyclical field of expertise (Infrastructure and Mezzanine) and exposure to quality buy-out through Direct and Funds of Funds 44% of portfolio managed directly: very good knowledge on underlying assets 56% in funds of funds: very active monitoring for a good visibility on underlying assets In 2011: Valuations and distributions increased in all expertises High quality Direct portfolio (no default / repayment issues) and Funds of Funds portfolio (overall, underlying companies have strongly deleveraged) Private equity activity (both investments and disposals) expected to increase in both Direct and Funds of Funds AXA Private Equity still buyer with no pressure to sell assets. Targets: uncyclical companies, resilient to crisis, portfolio of funds

1.9 Mortgage loans & other Low risk mortgage loan portfolio Market value (in Euro billion) 19 1 100% Switzerland Residential Key indicators market value by country 40% Other 10% Germany 27% 100% 74% Residential Commercial Very secured portfolio: default rate 0.14% loan to value 57% 23% United States 26% Agricultural 1. Excluding Euro 2 billion of Agency pools (Mortgage-backed securities issued by US Government Sponsored Enterprises) Details by country United States - Good loan-to-value 70% for commercial mortgages 43% for agricultural mortgages - Diversified by product type and region - Ca 1,800 loans Germany - Mortgage loans are located in participating funds Switzerland - Primarily residential and located in participating funds 49 AXA Earnings February 16, 2012

2 Economic capital model Coverage ratio Economic capital by geography Holdings & other UK 5% 10% 21% France Asia Pacific 13% 178% 148% United States 100% basis, before diversification 22% 8% 21% NORCEE MedLA Economic capital by risk Operational FY10 P&C risks 15% 6% 44% Market Life risks 29% AXA's internal economic model calibrated based on an adverse 1/200 year shock 100% basis, before diversification 6% Counterparty 50 AXA Earnings February 16, 2012

3 Net financial debt Long-term maturities Total net debt In Euro billion 15.2 3.4 Undated subordinated debt Subordinated debt 1 Senior debt (including CP) Cash 7.7 6.7 13.4 7.8 6.8 3.3 2.5 4.5 FY10 In Euro billion In Euro billion Contractual maturity breakdown Undrawn credit lines Euro 12 billion Cash & cash equivalent Euro 30 billion 1.9 0.2 0.9 0.8 1.0 1.9 0.3 2012 2013 2014 2015 2016-2020 2021-2025 2026-2040 Undated Economic maturity breakdown 1.0 0.9 1.9 0.2 3.2 0.2 0.9 0.8 1.0 0.3 1.3 1.4 0.4 0.3 2012 2013 2014 2015 2016-2020 2021-2025 2026-2040 Undated 4.4 2.6 0.3 6.2 1.6 0.4 1. Including Euro -0.3 billion of reversal of mark-to-market on interest rate derivatives vs. Euro -0.4 billion in FY10 Senior debt Subordinated debt TSS = undated deeply subordinated notes TSDI = undated subordinated notes 51 AXA Earnings February 16, 2012

L&S Embedded Value decreased by Euro 2.3 billion Euro million +11% 1 4,757 40,476 964 (7,361) 781 (1,694) 230 38,154 FY10 L&S EV Scope changes & opening adjustments Operating return Investment experience and assumptions FX impacts Internal capital flows (offset in Other than Life segments) Other L&S EV 1. Operating return is assessed as follows: (Operating performance+ NBV) / adjusted opening EEV 52 AXA Earnings February 16, 2012

L&S Embedded Value key sensitivities Key sensitivities Impact on L&S NBV Euro million % Impact on L&S EEV Euro million % Sensitivity to equity markets 10% increase +54 +4% +959 +3% 10% decrease -59-4% -1,031-3% Sensitivity to interest rates Sensitivity to volatility Upward 100bps parallel shift -17-1% +1,231 +3% Downward 100bps parallel shift -103-7% -3,456-9% 25% increase in volatility on equity markets -38-3% -654-2% 25% increase in volatility on bonds -91-6% -1,084-3% 53 AXA Earnings February 16, 2012

L&S IRR and new business investments FY10 Euro million APE NB IRR 1 New business investments 2 APE NB IRR 1 New business investments 2 France 1,384 8.4% (623) 1,340 8.7% (592) US 986 9.8% (311) 1,018 10.7% (291) UK 545 8.4% (122) 535 7.7% (146) Japan 465 11.8% (199) 463 11.7% (242) NORCEE o/w Germany o/w Switzerland o/w Belgium 1,239 9.1% (566) 464 8.4% (228) 283 8.7% (102) 218 8.5% (96) 1,289 8.8% (559) 506 8.3% (236) 397 9.4% (94) 173 7.9% (87) MedLA 553 9.9% (243) 432 10.6% (182) Asia excl. Japan 3 608 37.3% (128) 656 34.7% (170) Total 5,780 10.9% (2,191) 5,733 11.5% (2,182) 1. New Business Internal Rate of Return 2. New business strain + New business required capital 3. Australia & New Zealand, Hong Kong, South-East Asia, India & China 54 AXA Earnings February 16, 2012

L&S operating Free Cash Flows In Euro million Expected inforce surplus generation FY10 New business investments 1 L&S operating free cash flows Expected inforce surplus generation New business investments 1 L&S operating free cash flows France 873 (623) 250 1,067 (592) 475 US 862 (311) 551 721 (291) 430 UK 82 (122) (39) 101 (146) (45) Japan 541 (199) 342 520 (242) 279 NORCEE 725 (566) 160 954 (559) 395 Germany 318 (228) 90 449 (236) 213 Switzerland 223 (102) 120 227 (94) 132 Belgium 110 (96) 14 196 (87) 109 CEE 75 (139) (64) 82 (141) (59) MedLA 282 (243) 39 279 (182) 97 Asia excl. Japan 249 (128) 121 290 (170) 119 Australia & New Zealand 112 (57) 55 - - - Hong Kong 94 (52) 41 213 (123) 90 South-East Asia, India & China 43 (18) 25 77 (47) 30 Total 3,615 (2,191) 1,423 3,932 (2,182) 1,750 1. New business strain + New business required capital 55 AXA Earnings February 16, 2012