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Sales Congress 2010Hilton Athens 6.3.2010

Eric Kleijnen

CEO

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Evolution « after » 2008 financial downturn?

• End of an acute phase? Possibly.

• Economic recovery under way? Probably but regionally segmented. No big improvement in 2010.

• Unemployment as a painful issue, probably for years.

• Financial markets partially recovered but still weak / hesitating.

The real economy is thrilling

Industrial production (percent change) Baltic Exchange Dry Index

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AXA Group : solid results in a volatile environment

Solid earningsSolid earnings

Increased financial strength

Increased financial strength

Strong rebound in dividend & Embedded Value

Strong rebound in dividend & Embedded Value

• Underlying earnings: 3.9B€ (vs 4B€ in 2008)

• Net income: 3.6B€ (vs. 0.9 B€ in 2008)

• Solvency I up 44 pts to 171% (equivalent to level before crisis)

• Debt gearing down 8 pts to 26% of total financial assets

• Dividend up 38% to 0.55€ per share

• Group Embedded Value up 49% to 13.4€ per share

Resilient business

and model

Resilient business

and model

• Total revenues: down 3% to 90.1B€

• Life & Savings: net inflows of 8.6B€

• New business value up 5% to 1.1B€

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AXA Group: RevenuesResilient vs. FY08

Revenues by segment

2,841

Asset Management

3,947

In Euro million

FY08

International Insurance

412Banking & Holdings

2,860

3,074

FY09

395

91,221

Revenues 90,124

P&C 26,039 26,174

L&S 57,977 57,620

+2%

-25%

%

-2%

-1%

+1%

-4%

Mediterranean & LA region

-32%

-7%

+13%

+11%

-6%

+1%

Changes are on a comparable basis

NORCEE

UK &Ireland

North America

France

Asia-Pacific (incl. Japan)

* Excluding International Insurance, Asset Management, Banking and Holdings

In Euro billion

22

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97

13

22

Insurance revenues by region

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A steady growth…

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2004 2005 2006 2007

Merger with Norwich Union in the Gulf Region

Acquisition of Seguro

Directo

Acquisition of

Winterthur

Acquisition of Alpha Insurance

Acquisition of Minority Shareholder

Joint Venture with Monte dei Paschi

di Siena (MPS)

Acquisition of Minority Shareholder

Direct Seguros

2008

Acquisition of Minority

Shareholder

Acquisition ofING Seguros

2009

AXA launches a 2 B€ rights issue to finance acquisition opportunities

Romania

Algeria

Serbia

2010

Bulgaria

Albania

Fyrom

BALKANSGreen fields

Azerbaijan

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Current situation of Greek main economic indicators

GDP: -1.2% (-2.5% anticipated in 2010)

Public Deficit 12.7% of GDP in 2009

Stock Exchange +22.93%

Public debt 303 B€ in 2009 or 113% of GDP

Unemployment 10.6% in Nov vs. 9.5% EU average

Manufacturing -7.6%

Inflation 2.6% in 2009 vs. 1.4% Eu average

10 years bonds spreads 300

Private consumption -1.5%

Imports -16% Exports -24.7%

Residential construction -28.1% as of Nov. 2009

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Greece : insurance industry

• WRITTEN PREMIUMS - 3% 2009: 2.428 B€ 2008: 2.502 B€

• Drop in INVESTMENT products

• Compensation via PENSION (+4.22%) and GROUP policies (+14.28%)

• WRITTEN PREMIUMS +4% 2009: 2.915 B€ 2008: 2.809 B€

• Motor TPL: + 9.05%

• Property + 1.85%

• Assistance + 15.45%

L&S P&C

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Greece : insurance industry

• Solvency II as one of the most critical events in insurance for the next

10 years:

In force from 2012

Objective: better secure consumers through closer / tighter risk management.

Increased capital requirements in demanding financial markets.

Exposure to risk will be more expensive for shareholders and consumers.

Insurers will take risks but better care about pricing, conditions and accumulations

more discipline in markets.

Closer / more demanding supervision.

• Combined ratios: increasing in Health and Motor will we hit the wall?

• Impact of recent fiscal measures (as VAT) further price increases

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AXA Greece’s results in a volatile environment

In Euro million

FY08 FY09

50/50 Combined ratio

94% 95%

Gross revenues 100 110

FY10

94%

118

P&C

In Euro million

FY08 FY09

APE 20 15

Gross revenues 127 108

FY10

25

163 (?)

NBV / APE ratio 12% 21% 25%

AXA GREECE

• Underlying IFRS earnings

• 2008: 9.1 M€

• 2009: 11.1 M€ (1)

• 2010 (obj) 12.0 M€ (1)

(1) After impact of Greek fiscal measures and

cost of Transformation project

L&S

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AXA in the Greek market

AXA

• Multi-channel distribution

• AXA global Group

• Reputation & clean / strong name

High-solvency (174%)• Huge investment in the

business despite the turmoil

• Poor customer data

no customer segmentation

• Still limited systems & processes

++

--

MARKET

Potential… providing all parties do

their job

Insecurity due to the financial turmoil

Better governance

Greek budget issues

OPPORTUNITIESOPPORTUNITIES

THREATSTHREATS

• Global & local instability

• Pressure on revenues

• Unemployment

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Our strategic goals…Profitability³

Property & CasualtyProperty & Casualty

• Motor

• Segmented offer

• Re-pricing acc. costs

• Enhance productivity

• U/W (bonus/malus,

addresses, etc)

• Retail property

• Review offer

• Dedicated packages

• SMEs

• "Shops around the corner “

& offices

• Risk monitoring

• P&C commercial lines

• Secure profitability

Life & SavingsLife & Savings

• Health

• Secure profitability

• Customers call center

• Partnerships

• Claims control

• Life

• Retention

• Emphasize Protection

Moments of truthMoments of truth

• Transformation

• 1st phase: Motor (retail & com.), retail property, SMEs, yachts/ cargo and Health

• 2nd phase: commercial P&C

• 3rd phase: L&S

• Collection

• Make process efficient, also for customers

• Increase speed

• No laxity on the agenda

• Loss ratio

• Insurance is capital intensive

• Combined ratios of all business lines must be <95%

• Specific focus on Health, Motor & Commercial Lines