AXA Consolidated Revenues Up 3.5 Percent

July 30, 2003

AXA reported consolidated revenues of Euro 37.5 billion for the first half of 2003. On a comparable basis (adjusted for scope and currency changes), revenues grew by 3.5 percent compared to the same period last year. On a reported basis, total revenues were down 6.7 percent from 2002 (Euro 40.1 billion), strongly impacted by (i) the strength of the Euro versus other currencies, (ii) the sale of AXA Australia Health activities, AXA Austria and AXA Hungary, as well as (iii) the run-off of AXA RE’s US activities.

“We are very pleased with the revenue data for the first half of this year, which is clearly illustrating the company’s stated aim of growing the business profitably”, said AXA CEO, Henri de Castries.

“Our Property & Casualty performance is clearly delivering on our improvement targets and the Group is on track to return AXA RE and AXA Corporate Solutions Insurance back to profit. Life & Savings unit-linked business and Asset Management operations have experienced lower fee income due to lower average assets under management and a strong Euro, but strong net inflows in the first half combined with a solid asset base at the end of the semester are positioning the Group well for the remainder of the year”.

Property & casualty revenues increased by 3.7 percent to Euro 9.3 billion, as the Group continued to expand its franchise in personal lines, while continuing to adjust commercial lines’ profitability through targeted rate increases and cancellations.

In line with 1Q03 trends, Reinsurance revenues decreased by 23.6 percent (-45.4 percent including the US reinsurance run-off and the foreign exchange impacts), following the repositioning of AXA RE. AXA Corporate Solutions Insurance revenues declined by 1.5 percent as rate increases and targeted growth in France were offset by reduced exposure to selected business lines.

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