AXA...2015 CAGR +5% to +10% Ambition AXA 2011-2015 cumulative Euro 24 billion Cumulative operating...

February 25, 2016

AXA

FULL YEAR 2015 EARNINGS

Presentation

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.

A3 | Full Year 2015 Earnings | Presentation | February 25, 2016

TABLE OF CONTENTS

INTRODUCTION & HIGHLIGHTS

Henri de Castries, Chairman & CEO

FY15 FINANCIAL PERFORMANCE

Denis Duverne, Deputy CEO & Gérald Harlin, Group CFO

CONCLUDING REMARKS


PAGE A4

PAGE A19

PAGE A48

Introduction & highlights



FY15 RESULTS

Strong earnings and dividend per share

Successful delivery of Ambition AXA

Well prepared for the future


5.1

FY15 FY14

+2%

5.6

STRONG EARNINGS GROWTH IN 2015

+10%

Reported growth

Changes are at constant Forex unless otherwise specified

FY15 FY14

+2%

6.0

5.5

+9%

Reported growth

UNDERLYING EARNINGS In Euro billion

ADJUSTED EARNINGS In Euro billion


INCREASED DIVIDEND PER SHARE

+10%

FY15

2.16

FY14

1.95

+9%

FY15

2.34

FY14

2.14

FY14

+16%

0.95

FY15

1.10

45% 47%

Payout ratio range guidance

of adjusted earnings

net of undated debt interest charges

Payout

ratio

45–55%

Changes are on a reported basis

ADJUSTED EARNINGS PER SHARE In Euro

DIVIDEND PER SHARE In Euro

UNDERLYING EARNINGS PER SHARE In Euro


AMBITION AXA HAS SUCCESSFULLY TRANSFORMED THE GROUP

AMBITION AXA PRIORITIES… …HAVE LED TO...

High Return on Equity

Strong balance sheet

Resilient earnings

Diversified footprint

Digital momentum

Selectivity

Acceleration

Efficiency


ADJUSTED RETURN ON EQUITY2

In %

DEBT GEARING In %

UNDERLYING EARNINGS PER SHARE In Euro per share

GROUP OPERATING FREE CASH FLOWS In Euro billion

Ambition

AXA 2010-

2015

CAGR

+5%

to

+10%

Ambition

AXA 2011-

2015

cumulative

Euro

24 billion

Cumulative operating Free Cash Flows:

All notes are on pages A51 of this document

FY13

1.85

FY12

1.69

FY11

1.57

FY10

1.57

FY15

2.16

FY14

1.95

FY14

5.8

FY15

5.5

FY13

5.2

FY12

4.7

FY11

4.2

FY15 Ambition AXA 2015

13-15%

14.1%

FY14

14.5%

FY13

14.8%

FY12

13.3%

FY11

10.0%

FY10

12.0%

Average adjusted shareholders’ equity3

(in Euro billion)

34.3 33.4 32.0 33.0 35.8 40.3

Ambition AXA 2015

23-25%

FY15

23%

FY14

24%

FY13

24%

FY12

26%

FY11

26%

FY10

28%

Euro 25.4 billion

AXA DELIVERED ON ITS AMBITION AXA KEY OBJECTIVES

All numbers are as published


REDUCED DEBT GEARING

2011 financial crisis3 183%

2008/2009 financial crisis2 160%

Ratio as at Dec 31, 2015 205%

-45 pts

-22 pts

205%

FY15

23%

FY10

28% 230%

RESILIENCE TO EXTREME SCENARIOS

170%

Target range

AXA’S FINANCIAL POSITION HAS BEEN SIGNIFICANTLY STRENGTHENED


STRONG SOLVENCY II RATIO1

FY15


ca. 1 year €-0.2bn

AXA IS DISCIPLINED

€9bn €6bn

DISCLIPINED CAPITAL ALLOCATION Cumulative FY10-FY15

LOW SENSITIVITY TO INTEREST RATES Based on FY15

HIGH QUALITY ASSET PORTFOLIO

% of FY15 General Account invested assets

2% 1%

Average rating of government and related

bonds in the AA range

Average rating of corporate bonds

in the A range



In Euro billion

IMPROVED LIFE & SAVINGS BUSINESS MIX AND INCREASED MARGIN

APE

G/A Protection & Health

G/A1 Savings

Unit-Linked

Mutual funds & other

FY15

7.4

36%

13%

38%

13%

FY10

5.8

31%

25%

31%

13%

AXA IS GROWING AND WITH INCREASINGLY PROFITABLE BUSINESS

22% 34%

CONTINUED TO GROW THE P&C BUSINESS WHILE IMPROVING PROFITABILITY

6%

NBV margin

31%

19%

52%

FY15 FY102

99.5% 96.2%

-3.3 pts

FY102

31.3

FY15

CAGR +4%

26.0

Revenues

Combined ratio

5%

23%

-1%

47%

FY10 FY15

In Euro billion


Changes are on a reported basis


AXA STRENGHTENED ITS FOOTPRINT IN HIGH GROWTH MARKETS

#2 P&C insurer in Mexico

#3 P&C insurer in Turkey

#3 Life & Savings international insurer

#1 P&C international insurer

#3 direct motor insurer in Poland1

Euro

4.2 billion

Euro

0.7 billion

Euro

0.2 billion

#3 insurer in Nigeria

MedLA

Asia

CEE

Acquisitions since 2010 Strong footprint in 2015

All notes and sources for rankings are on pages A51 of this document


ASIA SIGNIFICANTLY CONTRIBUTES TO GROUP RESULTS

551

461

402

362

273

FY11 FY15 FY14 FY13 FY12

Euro 2.0 billion Cumulative total underlying earnings

x2 APE

In Euro million

x1.8 NBV

584

FY15

1,171

FY101

347

FY15

631

FY101

In Euro million

In Euro million



AXA HAS FOCUSED ON EFFICIENCY WHILE INVESTING IN DIGITAL

Euro 950 million

invested in digital since 2013

In Euro billion

Savings net of

1.9

Actual Updated

August 2014

1.9

Updated

February 2013

1.7

Initial target

June 2011

1.5

2011-2015 COST SAVINGS (in mature Life & Savings and Property & Casualty entities)


Customer

analytics

AXA’S DIGITAL TRANSFORMATION IS GATHERING MOMENTUM

Euro 950 million 2013-15

Distribution,

multichannel

Offer design

34%

INVESTING ACROSS THE VALUE CHAIN

SCOUT

ENGAGE

INVEST

30%

15%

Euro 230 million in Euro 100 million in

SEEDING THE FUTURE

KAMET

Automation

and process

22%

Euro 75 million in 1



AXA IS A LEADER IN RESPONSIBLE INVESTING AND SUSTAINABILITY

Achieved 96th percentile ranking among

insurers based on 2015 DJSI score Up from 81st percentile in 2011

Divest from the companies most exposed to

coal related activities Representing Euro 0.5 billion of divestment

Publication of 2015 carbon footprint

284 tons of CO2 per $ million of revenue1



AXA IS WELL SET FOR THE FUTURE

BALANCED BUSINESS MIX in % of FY15 Group pre-tax underlying earnings1

TOP INNOVATIVE INSURANCE COMPANY

TOP GLOBAL BRAND5

205%

230%

170%

Target range

36% Savings3 &

Asset Management

25% Protection & Health2

39% Property & Casualty4

N°1 insurance company in the

Top 50 Most innovative companies6


STRONG BALANCE SHEET

Solvency II ratio - FY15

FY15 Financial performance

Denis Duverne, Deputy CEO

&

Gérald Harlin, Group CFO


Property & Casualty

Group earnings

Life & Savings

Asset Management

Balance sheet



UNDERLYING EARNINGS

FY14

5,060

+2%

5,574

FY15

UNDERLYING EARNINGS In Euro million

UNDERLYING EARNINGS BY SEGMENT

Change is at constant Forex

In Euro million FY14 FY15Constant

Forex

Life & Savings 3,132 3,503 +3%

Property & Casualty 2,158 2,230 - 1%

Asset Management 403 458 +1%

International insurance 208 193 - 7%

Banking 106 97 - 9%

Holdings -947 -906 +5%

Underlying earnings 5,060 5,574 +2%

Change


ADJUSTED EARNINGS

+2%

FY15

6,008

FY14

5,503

ADJUSTED EARNINGS In Euro million

In Euro million FY14 FY15

Underlying earnings 5,060 5,574

Net realized capital gains/losses 442 433

o/w realized capital gains 760 725

o/w net impairments -296 -278

o/w hedging of equity portfolio -22 -14

Adjusted earnings 5,503 6,008


DETAILS OF ADJUSTED EARNINGS


NET INCOME

5,617

+3%

5,024

FY15 FY14

In Euro million FY14 FY15

Adjusted earnings 5,503 6,008

Change in fair value & forex 225 -229

o/w gains (losses) on interest rate economic hedges not

eligible for hedge accounting under IAS 39226 -158

o/w gains (losses) on Forex economic hedges not

eligible for hedge accounting under IAS 39182 141

o/w change in fair value of assets accounted for as fair

value option-183 -212

Exceptional & discontinued operations -188 91

Integration & restructuring costs -170 -178

Intangibles amortization & other -345 -74

Net income 5,024 5,617


NET INCOME In Euro million

DETAILS OF NET INCOME


Property & Casualty

Group earnings

Life & Savings

Asset Management

Balance sheet



L&S – NEW BUSINESS SALES AND MARGINS BY MARKET

New business

sales

(APE)

Total

In Euro million

+ =

New business

margin + =

+6%

FY15

6,075

FY14

5,341

+1%

FY15

1,301

FY14

1,136

+5%

FY15

7,376

FY14

6,477

+2 pts

FY15

51%

FY14

49% -1 pt

FY15

34%

FY14

34% -1 pt

FY15

30%

FY14

31%

High growth

markets Total Mature markets

o/w Hong Kong -12%

o/w other high growth +12%

Changes are on a comparable basis


L&S – NEW BUSINESS SALES AND MARGINS BY BUSINESS

NBV

margin

Business line FY15 change FY15 FY14 FY15

G/A Protection & Health 2,681 +4% 52% +5.2 +5.9

G/A Savings 943 -7% 19% -2.0 -2.4

Unit-Linked 2,811 +12% 31% +0.7 +5.7

Mutual Funds & Other 941 +7% 6% +0.1 +0.4

Total 7,376 +5% 34% +4.0 +9.6

APE

(Euro million)

Net Flows

(Euro billion)



Higher mortality margin in France

(Euro +0.1 billion) and the US

Accelerated amortization of

deferred premium loadings and

DAC in the US (Euro -0.1 billion)

Lower administrative expenses

Lower investment margin from

lower reinvestment yields

Annuitization assumption

changes in Japan

L&S – PRE-TAX UNDERLYING EARNINGS BY BUSINESS

Changes are on a comparable2 basis

TOTAL LIFE & SAVINGS1

In Euro million

G/A PROTECTION & HEALTH In Euro million

G/A SAVINGS In Euro million

UNIT-LINKED In Euro million

Full detail in appendix on pages B28 to B34

+2%

FY15

2,303

FY14

2,133

822840

FY14

-4%

FY15

+10%

FY15

1,296

FY14

1,048

FY15

+3%

4,518

FY14

4,105

+ + + Higher fees due to increased

sales and higher average asset

base

Higher result from US VA GMxB

as an improved hedge margin

and lower expenses more than

offset reserve strengthening

(Euro -0.1 billion) for policyholder

behavior

+


- -

-


Property & Casualty

Group earnings

Life & Savings

Asset Management

Balance sheet



P&C – REVENUES BY SEGMENT

• Average price effect of +3.2%

• Motor revenues up 3%

• Non-motor revenues up 1%

+1%

FY15

31,265

FY14

29,460

+2%

17,162 18,057

FY14 FY15

12,104

0%

FY15

13,005

FY14

• Average price effect of +2.4%

• Revenues’ evolution driven by tariff

increases, offset by lower volumes

due to selective underwriting

COMMERCIAL LINES In Euro million

PERSONAL LINES In Euro million

TOTAL In Euro million



Price

evolution1

Revenues

growth

Price

evolution1

Revenues

growth

France +2.3% +1.4% +4.4% -1.1%

Germany +3.3% +3.4% +0.8% +1.7%

UK & Ireland +5.5% +3.4% +0.5% +4.8%

Switzerland -1.2% -1.4% +0.4% -1.0%

Belgium +2.6% -0.2% +1.2% -1.9%

MedLA2 +4.4% -1.0% +4.2% -2.3%

Asia3 +0.8% +7.8% -0.4% +7.2%

Direct +3.8% +7.7%

FY15Personal Lines Commercial Lines

Total +3.2% +2.0% +2.4% +0.2%

P&C – PRICE EFFECT BY COUNTRY AND SEGMENT

Prices expected

to be stable

Prices expected

to decrease

2016 market pricing trends

Prices expected

to increase

Continued price softening in both Personal and

Commercial lines

Price softening for Motor in Italy

Signs of hardening in Spain

Hardening of the cycle in Motor Increasing competition in Commercial Lines

Expected slowdown in price increases from

increased competition

Price decreases in both Personal and

Commercial lines from increased competition

Early signs of hardening in Commercial lines

Stabilization in Personal lines

effect effect1



P&C – REVENUES AND MARGINS BY MARKET

+ + = Revenues

Current year

combined

ratio

=

-0.2pt

FY15

97.3%

FY14

97.6%

+1%

FY15

31,265

FY14

29,460

+7%

FY15

2,732

FY14

2,361

+3%

FY15

5,159

FY14

4,721

0%

FY15

23,374

FY14

22,378

+ +

High growth

markets Total

FY15

96.3%

FY14

97.1%

FY15

100.9%

FY14

98.7%

FY15

99.3%

FY14

99.7%

In Euro million

Direct Mature markets

99.4% excluding adverse

claims experience in Turkey

o/w Asia +8%

o/w Turkey 0%

Changes are on a comparable basis for revenues and at constant Forex for current year combined ratio


P&C – UNDERLYING EARNINGS

INVESTMENT INCOME (pre-tax)

In Euro million

COMBINED RATIO

P&C UNDERLYING EARNINGS In Euro million

-1%

FY15

2,230

FY14

2,158

Current year

combined ratio

Prior year reserve

developments

All-year

combined ratio

FY15

97.3% 0.6%

FY14

97.6%

1.9%

FY15

96.2%

FY14

96.9%

Lower Nat Cat

Price increases and lower frequency

Higher severity

+

-8%

FY15

2,019

FY14

2,133

Changes are at constant Forex Full detail in appendix on pages B37 to B41

• Investment yield of 3.6% vs. 3.9% in FY14

• Decrease mainly driven by non-repeat of

exceptional mutual funds dividends in France

in FY14 (Euro 71 million) and lower

reinvestment yields

Natural catastrophes

95.6% excluding Turkey

reserve strengthening and

with normalized Nat Cat level1

+ +

-0.6%

FY14 FY15

-1.0%

-



Property & Casualty

Group earnings

Life & Savings

Asset Management

Balance sheet



AM – ASSETS UNDER MANAGEMENT

Average AUM and net flows in Euro billion

Revenues in Euro million

Average AUM (excl. Joint Ventures)

618554

+7%

FY15 FY14

453371

+3%

FY15 FY14

Net flows (incl. Joint Ventures)1

Net flows

+3+3

FY15 FY14

Average AUM

Revenues (excl. Joint Ventures)

Revenues

FY15

+4%

1,242

FY14

1,151

FY15

+42

FY14

+19

Average AUM and net flows in Euro billion

Revenues in Euro million

2,175

0%

FY15

2,580

FY14

Euro 34 billion from Joint Ventures in Asia in

FY15 vs. Euro 15 billion in FY14




AM – UNDERLYING EARNINGS

ASSET MANAGEMENT In Euro million

458

403

+1%

FY15 FY14

224193

-2%

FY15 FY14

234211

FY15

+5%

FY14

In Euro million

In Euro million


Changes are at constant Forex


Property & Casualty

Group earnings

Life & Savings

Asset Management

Balance sheet



FY15

3.6%

FY14

3.7%

FY13

3.7%

FY12

3.8%

FY11

3.9%

FY10

4.0%

ASSET & LIABILITY MANAGEMENT (1/4) Diversified and resilient investment portfolio

FY15 Total General Account

invested assets 83% in Fixed income

Limited yield dilution

Govies

& related

Corporate

bonds

Fixed income Assets duration

as at December 31, 2015

Life & Savings 8.0 years

Property & Casualty 5.0 years

Long asset duration leading to a slow

yield dilution

Life & Savings

Property & Casualty

FY15

3.6%

FY14

3.9%

FY13

3.9%

FY12

3.9%

FY11

4.0%

FY10

4.0%

Real estate

5%

Listed equities

4%

Cash

4%

Other fixed income2

7%

Policy loans

1%

Alternative investments1

3%

41%

34%

Euro 552 billion3



Average rating of government and related bonds

maintained in the AA range


maintained in the A range


ASSET & LIABILITY MANAGEMENT (2/4) Diversified and resilient investment portfolio

Government and related bonds rating

41% of total General Account invested assets in FY15

15%

33%

A

BBB

33% AA

AAA

Corporate bonds rating1

34% of total General Account invested assets in FY15

14%

17%

A

BBB

42%

AAA

Non rated

3%

Below investment

grade

1%

11% Euro 225 billion Euro 190 billion

AA

22%

Below investment

grade

8%

Average rating of government and related bonds

maintained in the AA range



maintained in the A range


Investment Grade

credit

Average rating: A

ASSET & LIABILITY MANAGEMENT (3/4) Well diversified and high quality new investments

New fixed income investments in FY15 Resilient new investment yield

FY15 new

investments

ABS

Below Investment Grade credit1

Government bonds & related Average rating: AA

Yield on new investments in fixed income assets

for Life & Savings and Property & Casualty entities

FY15

Eurozone 2.0%

US 3.3%

Japan 1.4%

Switzerland 1.5%

Total 2.1%

Euro

65 billion Amount invested in Fixed income

in FY15

~12%

~27%

~5%

~57%

Focus on investment grade credit

~84%

Corporate bonds

~10%

Other loans

~5%

Commercial Real Estate loans

1. Mainly short duration high yield


Inforce business New business

Products sold in combination with higher

margin Unit-Linked business (hybrid2 sales)

FY15

L&S average guaranteed rate

Yield on total L&S asset base

Spread above

guaranteed rates

Spread above

guaranteed rate

FY15


Reinvestment yield on L&S fixed income assets

+160 bps

2.0%

3.6% +160bps

0.5%

2.1%

Guidance:

70-80 bps

Resilient investment

margin1

FY14

80 bps

FY15

79 bps

Significant buffer to cover guarantees and to manage crediting

rates to preserve investment margin

Average reserves of Euro 352 billion

ASSET & LIABILITY MANAGEMENT (4/4) Life & Savings General Account investment spreads and margin



SHAREHOLDERS’ EQUITY

In Euro billion

FY15

68.5

FY14

65.2

Shareholders’ equity Key drivers of change

In Euro billion

FY15 vs. FY14

Net income for the period +5.6

Undated Subordinated debt interest charges -0.3

Dividends -2.3

Change in net unrealized capital gains -2.6

Change in pension benefits -0.1

Forex movements net of hedging +3.4

Other -0.5

-

-

+

+

-

-

-


Interest

Cover2

Debt

Gearing

FY14

24%

9.9x

FY15 In Euro billion

DEBT & RATINGS

23%

10.7x

FY15

14.3

-2.8

0.6

6.9

9.5

FY14

13.5

-4.0

1.6

6.8

9.1

A+ positive

Aa3 stable

AA- stable

as of 29/10/2015

as of 20/01/2016

as of 06/10/2015

Financial debt Debt ratios

Ratings

Cash

Subordinated debt1

Senior debt

Undated subordinated debt



SOLVENCY II RATIO

Required capital

Available capital

FY15

28.8

59.2

FY14

27.0

54.3

Solvency II ratio 201% 205%

-1 pt

FY15

205%

Forex & other

-1 pt

Market impact

excl. forex

Dividend

-9 pts

Operating

return

+5 pts

9M15

212%

In Euro billion

Key sensitivities

Solvency II ratio roll-forward

199%

205%

Equity markets -25%

Equity markets +25% 208%

Corporate spreads +75bps

Ratio as of Dec 31, 2015

Interest rate -50bps 197%

Interest rate +50bps 207%

205%

+2 pts

-8 pts

0 pt

+3 pts

-6 pts

Solvency II ratio


FY15

+8.2

Forex & other

47.2

+0.3 51.2

Dividend paid

to shareholders

in 2015

Operating return

-2.3

FY14

-2.2

Economic & other

non-operating

variances

GROUP EMBEDDED VALUE

18% operating return on Group EV driven by strong performance across all business lines

Required capital definition aligned with Solvency II methodology for FY15

(Euro +0.5 billion included in Forex & other)

In Euro billion


Expected

inforce surplus

generation

3.1

-1.8

Operating

Free Cash

Flow

4.9

New business

investments

FY15

Solvency II pro-forma

2.5

Operating

Free Cash Flow

New business

investments

-2.0

Expected

inforce surplus

generation

4.5

FY14

Life & Savings Operating Free Cash Flows

Higher cash flow from Euro 0.5

billion lower cash requirement from

L&S new business in EEA entities

under Solvency II

Life & Savings Internal Rate of Return

10.9%

14.4%

FY15

17.5%

FY14

14.2%

FY13

14.2%

FY12

12.5%

FY11

11.5%

FY10

Incremental IRR

following lower cash

consumption from

L&S new business

in EEA entities

under Solvency II

L&S OPERATING FREE CASH FLOWS AND INTERNAL RATE OF RETURN

In Euro billion


STRONG CASH FLOW GENERATION & REMITTANCE

Remittance

ratio

In Euro billion

87%

FY14

4.7

5.5 5.1

5.8

Operating Free Cash Flows

Cash remitted from entities1

FY15

Additional cash flows following

lower cash consumption from

Life & Savings new business in

EEA entities under Solvency II

86%

5.8

6.3

0.5

FY15 Solvency II

pro-forma

+5% +7% FY15 vs. FY14

growth



Of which Euro

0.6 billion

repayment of

US loan in the

form of cash

up-streamed to

AXA SA


SENSITIVITIES TO MARKET CONDITIONS

LIMITED EQUITY SENSITIVITY

LIMITED INTEREST RATE SENSITIVITY

Assumed

reinvestment yield

Per annum cumulative impacts confirmed

2.4% 2.0%

ca.

€-0.1bn ca.

€-0.2bn

Estimated impact on

Underlying Earnings1

ca.

€-0.1bn

Underlying earnings impact through

separate account fees from a -10%

movement in equity markets2

RESILIENT SOLVENCY II RATIO

ca.

190%

Solvency II ratio estimated

as at February 24, 2016


Concluding remarks



CONCLUDING REMARKS

Key takeaways Going forward

Successful Ambition AXA delivery

Strong and resilient Balance Sheet

Further improved business mix

High quality invested assets

Earnings and dividend growth

Well positioned for future growth

Accelerate transformation

Resilience to market conditions

Sustainable dividend

Next strategic plan reveal on

June 21, 2016

Q&A



NOTES (1/2) Page A9 1. Compound annual growth rate, on a reported basis 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 A10 1. Solvency II ratio under AXA’s internal model which was approved by the ACPR (Autorité de Contrôle Prudentiel et de Résolution) on November 18, 2015 2. 2008/2009 financial crisis: impact of the evolution of markets between March 2008 and March 2009 combined with credit losses observed during this period 3. 2011 financial crisis: impact of the evolution of markets between January 2011 and January 2012 Page A11 1. Includes post tax impacts from interest rate movements mainly on P&C investment income and Life & Savings investment margin assuming a 2.0%

reinvestment yield in 2016 Page A12 1. General Account 2. Restated for the sale of Canadian operations Page A13 1. Transaction pending, subject to customary closing conditions

Ranking sources : Asia Life and Savings : based on 2014 Asia ex-Japan life insurance premiums - Source: OCI, MAS, KLIA, TII, Plan for Life, ISI, CIRC, TLAA, LIAM, IRDA, BAPEPAMLK, PIC, IRI, company data, Credit Suisse estimates; As published in Credit Suisse, Asia Life Insurance Sector, October 2, 2015; Asia P&C: based on 2012 Asia ex-Japan P&C insurance premiums. Source: OCI, MAS, KIDI, TII, APRA, ISI, IRI, CIRC, OIC, Bank Negara, IRDA, BAPEPAMLK, PIC, AVI, company data, Credit Suisse estimates; As published in Credit Suisse, Asia P&C Insurance Sector, November 13, 2013; Mexico: AMIS (Asociacion Mexicana de instituciones de Seguros) as of September 2015.Turkey: Turkish Association of Insurance Companies as of November 30, 2015; Nigeria: Various NIA Digest and NAICOM website; Poland (direct motor business): KNF, companies reports, AXA estimates;

Page A14 1. 2010 pro forma of the AXA APH transaction

Page A16 1. Transaction pending, subject to customary closing conditions Page A17 1. As measured on 75% of AXA’s General Account business

Page A18 1. Before holding costs 2. General Account Protection & Health 3. General Account Savings and Unit Linked businesses. Also includes Banking 4. Including International Insurance 5. Source: Interbrand – 2015 Best Global Brands ranking 6. Source: “2015 Most innovative companies” tenth annual survey from the Boston Consulting Group’s (BCG)


NOTES (2/2) Page A27

1. Including Mutual Funds & Other. Pre-tax Underlying Earnings for Mutual Funds & Other amounted to Euro 85 million for FY14 and Euro 97 million for FY15

2. Changes are adjusted for Forex and changes related to scope with the acquisition of Colpatria in Colombia in 2014

Page A30

1. Renewals only

Page A32

1. Assuming Natural catastrophes contributing 1 point of combined ratio in FY14 (vs. actual 1.9 points) and in FY15 (vs. 0.6 point)

Page A34

1. 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 A37

1. Mainly Private Equity and Hedge Funds

2. Other fixed income include Asset backed securities (Euro 9 billion), residential loans (Euro 12 billion), commercial & agricultural loans (Euro 18 billion) and

agency pools (Euro 1 billion)

3. FY15 invested assets referenced in page 57 of the financial supplement are Euro 779 billion, which include notably Euro 195 billion of Unit-Linked assets and

Euro 36 billion related to the banking segment

Page A38

1. Non rated by external rating agencies corporate bonds reallocated under AXA’s internal ratings: AAA: Euro 0.4 billion / AA: Euro 1.6 billion / A : Euro 3.4

billion / BBB: Euro 4.4 billion / BIG: Euro 2.1 billion

Page A40

1. Group investment margin on total General Account business

2. Hybrid products are savings products allowing clients to invest in both Unit-Linked and General Account assets

Page A42

1. Including Euro -0.6 billion of reversal of mark-to-market on interest rates derivatives in FY15 vs. Euro -0.4 billion in FY14

2. Including undated debt interest charges

Page A46

1. Includes cash dividends from the operating entities, cash proceeds from the loan repayments to the Group and cash held at regional holding level to finance

acquisitions

Page A47

1. Includes post tax recurring cumulative impacts mainly on P&C investment income and Life & Savings investment margin

2. Assuming an upfront 10% drop in equity markets compared to 2015 average level


DEFINITIONS

AXA’s FY15 financial statements have been examined by the Board of Directors on February 24, 2016 and are subject to completion of audit procedures by

AXA’s statutory auditors.

AXA's FY15 results have been prepared in accordance with IFRS and interpretations applicable and endorsed by the European Commission as of December

31, 2015.

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 A22 and A23 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 Embedded Value 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.

CEE (Central and Eastern Europe – L&S and P&C): Poland (L&S only), Czech Republic and Slovakia and Russia (P&C only). Russia (RESO) is not included

in revenues due to consolidation under equity method.

South-East Asia, India and China (L&S): APE and NBV: China, India, Indonesia, Philippines, Singapore and Thailand; Revenues: Singapore and non-

bancassurance subsidiaries in Indonesia; China, India, Philippines, Thailand and bancassurance business in Indonesia are not included in revenues due to

consolidation under equity method; Malaysian operations are not consolidated.

MedLA (Mediterranean and Latin American Region – L&S and P&C): Colombia, Greece, the Gulf region (P&C only), Italy, Mexico, Morocco, Portugal,

Spain and Turkey. Lebanon and Nigeria are not included in revenues due to consolidation under equity method (P&C only).

Asia (P&C): Hong Kong, Malaysia, Singapore and Thailand. China and India are not included in revenues due to consolidation under equity method.

Indonesian operations are not consolidated.

Direct (P&C): AXA Global Direct (Belgium, France, Italy, Japan, Poland, Portugal, South Korea and Spain), UK Direct operations. In France, Natio is not

included in revenues due to consolidation under equity method.

February 25, 2016

AXA


Appendices

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.

B3 | Full Year 2015 Earnings | Appendices | February 25, 2016

TABLE OF CONTENT

BUSINESS OVERVIEW

AMBITION AXA

GROUP

LIFE & SAVINGS

PROPERTY & CASUALTY

ASSET MANAGEMENT

BALANCE SHEET

CORPORATE RESPONSIBILITY

B4

B9

B15

B19

B35

B42

B45

B77

Business overview


LIFE & SAVINGS | Scope overview

FY15 APE by geography

Total APE: Euro 7,376 million

Global footprint

MedLA1

8%

NORCEE2

12%

UK

13%

France

24%

Asia (incl. Japan)

22%

US

22%

Well balanced business mix

Strong proprietary networks

Unit-Linked

38%

G/A Savings

13%

G/A Protection &

Health

36%

Mutual Funds &

other

13%

FY15 APE by business

FY15 APE by channel

Partnerships

18% Agents & salaried

sales force

48%

Brokers – IFAs & others

34%

1. Mediterranean and Latin American Region: Italy, Spain, Portugal, Greece, Turkey,

Mexico and Morocco

2. Northern, Central & Eastern Europe: Germany, Belgium, Switzerland, Poland, and

Czech Republic

Total APE

Euro 7,376 million

Total APE

Euro 7,376 million


Workers’

compensation

5%

Partnerships

5%

PROPERTY & CASUALTY | Scope overview

AXA Winterthur

Health

12%

Property

23%

Construction

2%

Brokers – IFAs &

other

47%

Direct3

12%

Agents

36%

FY15 Revenues by channel

FY15 Revenues by geography FY15 Revenues by business

1. Luxembourg

2. Mediterranean and Latin American Region: Italy, Spain, Portugal, Greece, Turkey,

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

Motor

42%

Other

10%

Germany

13%

Switzerland

10%

MedLA2

24%

France

19%

UK &

Ireland

15%

Belgium

6%

Direct

business unit

9%

Other1

0%

Asia

4%

Total: Euro 31.3 billion

Global footprint Strong presence in Motor

Strong proprietary networks

Liability

7%

Total

Euro 31.3 billion

Total

Euro 31.3 billion


AXA’S FOOTPRINT IN HIGH GROWTH MARKETS

#2

#19 India #14 China

FY15 APE by geography

Indonesia

10%

Thailand

15%

Philippines

3%

Hong Kong

40%

Mexico

2%

Total APE: Euro 1,301 million

China

13%

Singapore

6%

Czech Republic

3%

Poland

3% Other

4%

#2 Indonesia

Thailand

#7 Singapore

Hong Kong #3 #5

Key rankings1 2015

#5 Malaysia #1 Hong Kong

#4 Gulf region #2 Singapore

Mexico #3 #2

Philippines

Turkey

1. Source: AXA FY15 Activity report. 2014 ranking for Philippines Life & Savings and Gulf region Property & Casualty

2. Source: Superintendencia Financiera de Colombia (as at September 30, 2015)

Turkey

19%

Malaysia

6% Mexico

30%

Total Revenues: Euro 5,159 million

Hong Kong

8%

Colombia

8%

Singapore

5%

Gulf region

17%

FY15 Revenues by geography

Morocco

5%

#6 Colombia2

Life & Savings Property & Casualty

Thailand

2%

Key rankings1 2015


ASSET MANAGEMENT|Scope overview

Complementary business models

• 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

PRODUCT OFFER

• Separate distribution platforms for third

parties & AXA insurance companies

• Global and integrated distribution platforms

through Institutions, Retail and Private Client

channels

DISTRIBUTION

• Mainly Europe • US, Europe and Asia FOOTPRINT

• Euro 455 billion as at 31/12/2015 • Euro 669 billion as at 31/12/2015 AuM

Ambition AXA


AMBITION AXA: Adjusted return on equity

ASSET MANAGEMENT In %

LIFE & SAVINGS In %


9%

FY15

13%

Ambition

AXA 2015

FY10

9-11%

Ambition

AXA 2015

18-20%

FY15

18%

FY10

10%

PROPERTY & CASUALTY In %

GROUP In %

12%

15%

Ambition

AXA 2015

12-14%

FY15 FY10

Ambition

AXA 2015

FY15

13-15% 14%

FY10

12%


AMBITION AXA: Life & Savings

HIGHER INTERNAL RATE OF RETURN In %

IMPROVE NEW BUSINESS MARGIN NBV margin, in %


Ambition

AXA 2015

> 28%

FY15

34%

FY10

22%

Ambition

AXA 2015

> 9%

FY15

14%

FY10

11%

ACTIVELY GROW PROTECTION & HEALTH Protection & Health share in total APE, in %

RESHAPE SAVINGS BUSINESS Unit-Linked share in Continental Europe Savings APE, in %

Ambition

AXA 2015

36%

FY15

7,376

36%

FY10

5,780

31%

Ambition

AXA 2015

45%

FY15

1,601

50%

FY10

1,765

25%

based on actual

FY15 interest rates

In Euro million

In Euro million


AMBITION AXA: Property & Casualty

LOWER ALL YEAR COMBINED RATIO In %

REDUCE CURRENT YEAR COMBINED RATIO In %


Ambition

AXA 2015

< 97%

FY15

97.3%

FY10

102.6%

Ambition

AXA 2015

< 96%

FY15

96.2%

FY10

99.5%

ACTIVELY GROW DIRECT BUSINESS Revenues (in Euro billion)

MAINTAIN MARKET SHARE IN TRADITIONAL BUSINESSES

2.7

1.8

CAGR +8%

FY15 FY10

FY15 FY10

Switzerland

Germany

France

Belgium

UK

15% 15%

6% 6%

5% 8%

13% 13%

21% 18%

Sources: FY10 and FY15 AXA activity reports. 2009 and 2014 rankings for Germany and the UK

Ambition AXA

CAGR

+7%

to

+12%


AMBITION AXA: High growth markets

DOUBLE LIFE & SAVINGS ASIAN APE In Euro million

DOUBLE LIFE & SAVINGS NBV In Euro million

664

410

x 1.6

FY10* FY15

584

FY10*

x 2.0

FY15

1,171

BOOST UNDERLYING EARNINGS In Euro million

DOUBLE PROPERTY &CASUALTY REVENUES In Euro million

516

435

FY15

x 1.2

FY10*

5,159

2,990

FY10 FY15

x 1.7

*restated for the AXA APH transaction

Ambition AXA

x2

Ambition AXA

x2

~

Ambition AXA

x2

!

~

Lower performance than

expected in Turkey,

Mexico and CEE

Ambition AXA

x 2.5


AMBITION AXA: Efficiency

MAINTAIN L&S ADMINISTRATIVE COSTS In Euro billion

MAINTAIN P&C ADMINISTRATIVE COSTS In Euro billion


Ambition

AXA 2015

3.3

FY15

3.3

FY10

3.3

Ambition

AXA 2015

2.7

FY15

2.8

FY10

2.7

IMPROVE P&C ENLARGED EXPENSE RATIO In %

LIFE & SAVINGS COST INCOME RATIO In %

Ambition

AXA 2015

28.6%

FY15

30.4%

FY10*

32.6%

FY15

62.8%

FY10

68.1%

Ambition AXA

-5 pts

~

*restated for the sale of Canadian operations


REVENUES

Revenues by segment

Life & Savings 55,345 59,211 +7% 0%

Property & Casualty 29,460 31,265 +6% +1%

Asset Management 3,326 3,822 +15% +1%

International Insurance 3,292 3,615 +10% +7%

Banking 564 621 +10% +10%

Revenues 91,988 98,534 +7% +1%

In Euro million FY14 FY15Reported

change

Comparable

change


UNDERLYING EARNINGS BY GEOGRAPHY

1. Northern, Central & Eastern Europe: Germany, Belgium, Switzerland, Luxembourg, Russia (P&C only) and Central & Eastern Europe (Poland (L&S only), Czech Republic and

Slovakia (L&S only)

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

Life & Savings 3,132 3,503 +12% +3%

United States 760 854 +12% -6%

France 768 824 +7% +7%

NORCEE1 672 695 +3% -2%

UK 28 75 +165% +139%

Asia-Pacific (incl. Japan) 763 910 +19% +8%

MedLA2 193 173 -10% -10%

Other3 -52 -28 +46% +46%

Property & Casualty 2,158 2,230 +3% -1%

NORCEE1 989 1,159 +17% +12%

France 471 507 +8% +8%

MedLA2 279 103 -63% -68%

UK & Ireland 234 273 +17% +6%

Asia 61 53 -13% -21%

Direct 124 135 +8% +3%

International Insurance 208 193 -8% -7%

Asset Management 403 458 +14% +1%

AllianceBernstein 193 224 +16% -+2%

AXA IM 211 234 +11% +5%

Banking 106 97 -9% -9%

Holdings & other -947 -906 +4% +5%

Total 5,060 5,574 +10% +2%

In Euro million

Underlying Earnings

FY14 FY15Reported

change

Change at

constant

Forex


FY15 KEY SENSITIVITIES

1. 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

Balance Sheet

+75 bps -0.2 -1.5

+100 bps -0.1 -8.3

-75 bps +0.3 +1.5

-0.1

+0.3

-0.2

+25% 0.0 +0.1 +1.7

-100 bps +0.1 +7.1

+0.1

+0.1

-25% -0.5 0.0 -1.2

In Euro billionImpairments net of

hedges through

Adjusted earnings

Change1

in fair value

and Forex through

Net income

Net unrealized capital

gains through

Shareholders' equity

Total impact in Net

Income (incl. Impact

through Adjusted

earnings)

-0.6

P&L

Equities

Interest rates

Corporatespreads

Life & Savings


LIFE & SAVINGS

REVENUES, NEW BUSINESS VOLUMES AND PROFITABILITY

UNDERLYING EARNINGS MARGIN ANALYSIS

UNDERLYING EARNINGS MARGIN ANALYSIS BY BUSINESS

FOCUS ON THE US

Page B21

Page B22

Page B28

Page B34

1

2

3

4


L&S | Revenues and net inflows

In Euro billion


0.7 7.2

5.7

16.0

16.0

13.6

FY15 L&S revenues by region

MedLA

-11%

NORCEE

-3%

France

+6%

UK

-1%

US

0%

L&S net inflows


Asia (incl. Japan)

+9%

1

In Euro billion FY14 FY15

France +2.5 +3.2

NORCEE +1.0 +0.9

United States -1.5 0.0

United Kingdom +0.4 +2.9

Asia Pacific (incl. Japan) +1.6 +2.6

MedLA +0.0 +0.1

Other 0.0 0.0

Total +4.0 +9.6

of which mature markets +2.0 +7.2

of which high growth markets +2.0 +2.5

In Euro billion FY14 FY15

G/A Protection & Health +5.2 +5.9

G/A Savings -2.0 -2.4

Unit-Linked +0.7 +5.7

Mutual funds & other +0.1 +0.4

Total +4.0 +9.6

Net flows by country/region

Net flows by business


FY15Comp.

Change1 FY15

Comp.

Change1

Underlying earnings+3%

Euro 3,503 million

Tax3 917 +1%

Minority interest 98 +9%

UE from associates 138 +13%

Pre-tax underlying earnings+3%

Euro 4,518 million

Technical margin 609 -12% VBI amortization 153 +21%

Margin on assets 5,990 +3% Admin. Expenses 3,036 -1%

+4%Margin on revenues2 5,180 +4% Acquisition expenses 4,210

+ - +

-

L&S | Underlying Earnings margin analysis

In Euro million

Gross Margin Expenses

In Euro million


2. Life & Savings gross written premiums and mutual fund sales

3. Tax rate decreased from 22% in FY14 to 20% in FY15 mainly due to higher positive tax one-offs, which amounted to Euro 202 million in FY15 vs. Euro 184 million in FY14

4. Higher Unearned Revenues Reserves amortization, more than offset by higher DAC amortization, both due to a change in interest rates assumptions

2

4 4


+0.3 pt

+0.1pt business mix

Detail by product +0.2pt country mix

G/A Protection & Health: 14.2%

G/A Savings: 2.5%

Unit-Linked: 4.7%

Mutual funds & other: 6.9%

Euro 5,180 million +4%

0%

Life & Savings revenues1

Euro 59,211 million

Average margin on L&S revenues1

8.7%

Margin on revenues1

x

L&S | Margin Analysis

Details of margin on revenues

Margin on revenues


1. Life & Savings gross written premiums and mutual fund fees

2


149 bps


Euro 5,990 million +3% +2%


Average management fees on Unit-

Linked reserves

0 bp

Unit-Linked management

fees

0bp business mix

-1bp country mix

Margin on assets1 Unit-Linked average reserves

Euro 187 billion

General account investment

margin

In Euro billion

Reserves as of Jan. 1, 2015

Net flows

Market

Forex

Scope

Reserves as of Dec. 31, 2015

181

+6

-2

+13

-3

195

+

x


Details of margin on Unit-Linked assets

Unit-Linked management fees

1. Including other fees (mainly mutual

fund and brokers fees) of Euro 429

million (+11% vs. FY14)


2



Euro 5,990 million +3% 79 bps

+3%

352

+4

+5

+16

0

376

Reserves as of Jan. 1, 2015

Net flows

Market

Forex

Scope

Reserves as of Dec. 31, 2015

Unit-Linked management fees

Margin on assets1 Average management fees on

general account reserves

0 bp

General account

investment margin

0bp business mix

0bp country mix

Euro 2,784 million +2% General account average reserves

Euro 352 billion

In Euro billion

+

x


Details of margin on General Account assets

Investment margin


2

1. Including other fees (mainly mutual

fund and brokers fees) of Euro 429

million (+11% vs. FY14)



Euro 609 million -12%

Euro -1,058 million -61%

In Euro billion

o/w basis -100

o/w volatility (equity and interest rates) -29

o/w interest rate, credit spreads

and other-381

o/w reserve strengthening related to

policyholder behavior assumptions and

impact of inforce actions

-547

Mortality & morbidity margin and other1

Technical margin

GMxB Variable Annuity margin

+


Details of technical margin

Technical margin


1. Claims paid, maturities and surrenders

2



Focus on gross technical margin

In Euro million

In Euro million

FY15 GMxB VA technical margin (pre-tax, pre-DAC) evolution

mainly explained by:

• Improved US GMxB hedge margin (Euro +0.1 billion)

• Euro -0.4 billion in the US from reserve strengthening for lapses

and other policyholder behavior assumptions in the context of

GMxB buyouts

Gross GMxB Variable Annuity technical

margin (pre-tax, pre-DAC)

FY15

1,667

FY14

1,324

FY15 mortality, morbidity and surrender margin evolution

mainly explained by:

• Euro +0.2 billion in the US from an accounting reclassification,

fully offset in expenses, and an improved mortality margin

• Euro +0.1 billion in France due to higher positive prior year

reserve developments in Group Protection and a favorable

change in assumptions in Individual Protection

Euro -146 million net Underlying

Earnings impact

Gross mortality, morbidity & surrender

margin (pre-tax, pre-DAC)

2

-555

-1,058

FY14 FY15


L&S | Underlying Earnings by business

3


Euro million FY14 FY15 % change on comp. basis

G/A Protection & Health 2,133 2,303 +2%

G/A Savings 840 822 -4%

Unit-Linked 1,048 1,296 +10%

Mutual funds & Other 85 97 +7%

Pre-tax Underlying Earnings 4,105 4,518 +3%

Tax and Minority interest -973 -1,015

Underlying Earnings 3,132 3,503 +3%

1


G/A Protection

& HealthG/A savings Unit-Linked

Mutual Funds

& Other

Margin on

revenues3,898 291 846 144

Investment

margin964 1,585 178 57

Management

fees0 0 2,777 0

Technical

Margin & Other1,358 58 -790 412

Gross margin 6,220 1,934 3,012 613 11,779

Admin. Exp. &

Other-1,291 -583 -1,025 -152 -3,051

Acquistion

expenses-2,625 -529 -692 -364 -4,210

Pre-tax UE 2,303 822 1,296 97 4,518

L&S | FY15 Margin analysis by business

Main profit drivers

3

In Euro million

149 bps of avg. UL reserves

9% of GWP

79 bps of avg. G/A reserves

1

1. Mainly other fees (mainly mutual fund and brokers fees)


FY15Comp.

ChangeFY15

Comp.

Change

UE from associates 86 +11%


Euro 2,303 million

964 +3%

Protection & Health

Combined ratio (in %)95.4% +0.1 pt

Protection & Health

investment spread57 bps -1 bp

Net technical result 1,254 0% Investment margin

+5%Protection & Health GWP 27,453 +1%Protection & Health average

reserves170,423

x x

+

In Euro million

Technical result Net investment margin

In Euro million

L&S | Margin Analysis by business

G/A Protection & Health


1 1

3


Loss ratio improved by 0.3 point:

Higher mortality margin, notably due to

favorable reserve developments in France

and the US

Higher loadings on premiums in France in

line with business growth

Accelerated amortization of deferred

premium loadings in the US

Combined ratio


G/A Protection & Health – Details on Combined Ratio

1. Expense ratio includes VBI amortization

Expense

Ratio

Loss

Ratio

FY15

+0.1 pt

95.4%

80.9%

14.6%

FY14

95.3%

81.0%

14.4%

Expense ratio1

Loss ratio

3

Changes are adjusted for Forex and changes related to scope with the acquisition of Colpatria in Colombia in 2014

Expense ratio deteriorated by 0.4 point:

Higher commissions in France in line with

business growth

Higher VBI amortization in Switzerland

and Germany and higher DAC

amortization in the US, resulting from

updated assumptions related to the level

of interest rates

+

-

-

-

+


In Euro million


G/A Savings

3


Higher Unearned Revenues Reserves

amortization, more than offset by higher

DAC amortization, both due to the

change in interest rates assumptions

(mainly in France)

Mainly in Japan due to unfavorable

assumption changes

1 1

1

FY15Comp.

ChangeFY15

Comp.

Change

FY15

-2 bps

G/A Savings

revenues11,612 -7%

G/A Savings

Average reserves181,459 +1%

Margin on

G/A Savings 2.5% +0.7 pt

G/A Savings

Investment spread87 bps

Comp.

Change

Margin on

revenues291 +27% Investment margin 1,585 -2%

Technical margin

& Other58 -47%

Gross margin-1%

Euro 1,934 million

Acquisition costs 529 +17%Administrative

expenses & Other583 -9%

Pre-tax underlying earnings-4%

Euro 822 million

x x

+

-


In Euro million


Unit-Linked

3


1 1

1

FY15Comp.

changeFY15

Comp.

change

FY15

-1,058 -61%

0 bp

Unit-Linked

revenues18,039 +2%

Unit-Linked

Average reserves186,946 +2%

Average margin on

UL revenues4.7% +0.5 pt

UL average

Management fees149 bps

Gross margin0%

Euro 3,012 million

Comp.

change

Margin on

revenues846 +13%

Unit-Linked

Management fees2,777 +2%

Technical

margin & Other-790 -43%

Administrative

expenses & Other1,025 -1%

o/w GMxB VA margin

Investment

margin178 +48%


Euro 1,296 million

Acquisition costs 692 -13%

x x

+

-


L&S | Focus on the US

In Euro million, net of DAC and tax1 FY122 FY13 FY14 FY15

Total Variable Annuity base fees & other, less expenses 270 338 2963 381

GMxB hedge margin -156 -50 -74 -13

o/w Basis -16 -1 -26 -12

o/w Volatility -59 -15 -7 -3

o/w Interest rates, credit spreads & other -81 -33 -41 3

Total reserve strengthening -148 54 -4 -93

o/w lapse experience / assumptions -273 0 0 -52

o/w other policyholder behavior -217 0 0 -85

o/w management actions including premium suspension, buyout

program & model refinements/ assumptions

342 54 -4 45

Variable Annuity GMxB Underlying Earnings -34 342 2183 275

1. Notional tax rate of 35%.

2. Comparative information related to FY12 was retrospectively restated for the amendments to IAS 19.

3. Negatively affected by a new risk-based allocation of investment margin among products implemented in the US starting FY14, with zero impact on total US Life & Savings Underlying

Earnings. Based on this new methodology, the amount reallocated to other products would have been Euro -35 million in FY13.

4. New Non GMxB Variable Annuity includes: Investment Edge and Structured Capital Strategies.

In Euro million

854760

559492

FY15 FY14 FY13 FY12

FY15 31% 12% 19% 10% 25%

2%

22% 15% 15% 48% FY08

New Non-GMxB VA4

Floating rate GMxB VA

Employee Sponsored Non-GMxB VA

Life

Mutual Funds & Other

Fixed rate GMxB VA

US Variable Annuity GMxB Underlying Earnings

US Life & Savings Underlying Earnings US Life & Savings APE

4

Strengthening of

reserves related to

policyholder behavior

assumptions in the

context of GMxB

buy-outs

Positive impact of

inforce action related

to lump sum option

Property & Casualty


P&C | Revenues and net new contracts

FY15 P&C revenues by region FY15 P&C personal net new contracts

In thousands In Euro billion

UK & Ireland

+5%

Asia

+8%

France

0%

NORCEE

+1%

MedLA

-1%

Direct

+7%



2.7 1.1

7.5

9.1

4.8

6.0

-508

-392

+213+366

+311

FY14

-534

FY15

-18

+506

Direct

Mature markets

High growth markets

Selective underwriting in Turkey and Spain was partly offset

by business growth in Direct and continued momentum in

Malaysia


-0.5 pt

Revenues 31,265 +1% Average P&C assets 60,909 +6%

Combined ratio1 (in %) 96.2% - 0.6 pt Average Asset Yield3 3.3%

Net technical result2 1,175 +21% Net investment income 2,019 -8%

UE from associates 29 -10%

Pre-tax underlying earnings

Euro 3,223 million1%

Tax4 955 +6%

Minority interest 39 -24%

Underlying earnings

Euro 2,230 million-1%

P&C | Underlying Earnings analysis

Net technical result Net investment income

In Euro million In Euro million

Changes are on a comparable basis for activity indicators (constant Forex, scope and methodology). Changes

are on a constant exchange rate basis and excluding Colombia and Ukraine for earnings

FY15 Change FY15 Change

1. Combined ratio calculated based on gross earned premiums

2. Technical result net of expenses

3. Net of interests credited to P&C reserves relating to annuities. Gross asset yield was 3.6%

4. Tax rate increased to 30% in FY15 vs. 29% in FY14

(vs. Euro -50 million in FY14)

X X

+

-

+


P&C | Details on Combined Ratio

70.1% Loss

Ratio

Expense

Ratio 26.1%

FY14

96.9%

70.9%

26.0%

FY15

96.2%

Administrative

Expenses

26.1%

FY15

26.0%

FY14

-0.1pt

+0.2pt

Acquisition

Expenses

Combined ratio Expense ratio roll-forward

Loss ratio roll-forward

FY15

70.1%

Prior year

reserve

dev.

FY14

+1.0pt

-0.4pt

70.9%

Nat Cat

-1.3pts

Current

accident

year

+0.1 pt change on a comparable basis*

-0.7 pt change on a comparable basis*

*At a constant exchange rate basis and excluding Colombia and Ukraine for earnings


P&C | Details on current year loss ratios

FY15 CY

loss ratio

75.9%

Other1

+0.8pt

Frequency &

severity

+2.5pts

Price effect

-1.7pts

Nat Cat

-0.3pt

FY14 CY

loss ratio

74.6%

FY15 CY

loss ratio

62.1%

Other1

+0.6pt

Frequency &

severity

+0.3pt

Price effect

-1.5pts

Nat Cat

-0.5pt

FY14 CY

loss ratio

63.2%

FY15 CY

loss ratio

73.7%

Other1

+1.8pts

Frequency &

severity

+0.7pt

Price effect

-1.5pts

Nat Cat

-1.6pts

FY14 CY

loss ratio

74.4%

FY15 CY

loss ratio

71.2%

Other1

+1.2pts

Frequency &

severity

+1.2pts

Price effect

-1.5pts

Nat Cat

-1.3pts

FY14 CY

loss ratio

71.5%

Personal Motor Personal non Motor

Total P&C Total Commercial lines

incl. Construction & Work. Comp.

1. Other includes opening adjustments, changes in mix, claims handling costs, reinsurance impact excl. Nat Cat, other changes in reserves, Forex and scope

o/w Severity +2.1pts

o/w Frequency -0.8pt

o/w Turkey +0.7pt


P&C | Focus on reserve developments

Prior year reserve development level

(in % of gross earned premiums)

Reserving ratio

(Net technical reserves/Net earned premiums)

FY14

0.6%

FY13

1.2%

FY12

1.2%

FY11

1.7%

FY10

3.1%

FY09

5.4%

FY08

5.4%

FY07

2.7%

FY06

1.4%

FY05

0.9%

FY04

0.3%

FY15

1.0%

FY12

186%

FY11

187%

FY10

186%

FY09

187%

FY14

188%

FY13

185%

FY08

187%

FY07

194%

FY06

186%

FY05

193%

FY04

193%

FY15

189%

Information related to FY13 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


P&C | Focus AXA Turkey

Underlying Earnings

o/w FY15 effect of reserve strengthening: Euro 252 million

• Euro 57 million related to IBNR (current year)

• Euro 195 million in prior years (pending claims and IBNR)

Reserving reflecting 2015 evolutions in regulation and

jurisprudence on bodily and material claims in Motor Third Party

Liability

+11% excl.

Motor TPL

Revenues

* On constant exchange rate basis

** Proforma of a reclassification between personal and commercial lines performed in FY15

389

Volume,

mix & other

-58%

Price

effect

+45%

FY14**

465

FY15 Forex

Motor TPL revenues rollforward

In Euro million Group share, in Euro million

In Euro million

21 -236

FY14 FY15

Motor Casco revenues rollforward

In Euro million

305

FY15 Forex Volume,

mix & other

+1%

Price

effect

+5%

FY14**

299

984

0%*

FY15 FY14

1,019

Asset Management


ASSET MANAGEMENT | Underlying Earnings

Details of Asset Management margin analysis

Margin1 Expenses1

In Euro million In Euro million

FY15 Change2 FY15 Change2

+2%Asset Management fees 3,539 +2%Asset Management

expenses2,562

+6%

Distribution revenues 756 +5%

Investment result -11 -64% Distribution expenses 770

Pre-tax underlying earnings

Euro 952 million+4%

Tax4 +9%

Minority int.&

other220 +3%

Underlying earnings

Euro 458 million+1%

273

+ -

-

3

1. Margin and expenses are calculated gross of

intercompany eliminations to help reconcile with

disclosure on page 21 of FY15 Financial Supplement.

2. Changes are on a comparable basis for activity indicators

(constant Forex, scope and methodology), and at

constant Forex for earnings

3. Or Euro 3,328 million net of intercompany eliminations

4. Tax rate increased to 29% in FY15 vs. 28% at FY14


ASSET MANAGEMENT | Underlying Earnings

Details on Asset Management revenues

x


o/w perfomance fees ( -31% )

o/w research fees ( +2% )Euro 441 million

Asset Management fees


Euro 71 million

Euro 1,071 billion +6%

In Euro billion

AUM at FY14 1,036

Net inflows +45

o/w AB +3

o/w AXA IM +42

Market & other +12

Forex +64

Scope -32

AUM at FY15 1,124

Average Assets under Management

31 bps -1 bp

Asset management fees on Average

Assets under Management

Balance Sheet


BALANCE SHEET

GENERAL ACCOUNT INVESTED ASSETS B47

1.0 Focus on Oil & Gas B48

1.0 Focus on Mining, Iron & Steel B49

1.1 Government bonds & related B50

1.1 Focus on exposure to Eurozone peripheral countries B51

1.2 Corporate bonds B52

1.2 Focus on banking corporate bonds B54

1.3 Focus on CDS B55

1.4 Asset backed securities B56

1.5 Equity B57

1.6 Real estate B59

1.7 Hedge Funds B60

1.8 Private Equity B61

1.9 Mortgage loans B62

FOCUS ON NET UNREALIZED CAPITAL GAINS B63

ASSET LIABILITY MANAGEMENT B64

NET FINANCIAL DEBT B66

SOLVENCY II B67

LIFE & SAVINGS EMBEDDED VALUE B70

LIFE & SAVINGS IRR AND OPERATING FREE CASH FLOWS B73

1

2

3

4

6

7

5


AXA Winterthur

Invested assets (100%) in Euro billion

FY14

Published %

FY14

Restated1 % FY15 %

Fixed income 437 84% 437 84% 457 83%

o/w Govies and related 246 47% 216 42% 225 41%

o/w Corporate bonds 154 29% 183 35% 190 34%

o/w Asset backed securities 9 2% 9 2% 10 2%

o/w Mortgage loans & other2 28 5% 28 5% 31 6%

Cash

21 4% 21 4% 24 4%

Listed equities

18 3% 18 3% 20 4%

Real Estate

26 5% 26 5% 28 5%

Alternative investments3

17 3% 17 3% 18 3%

Policy loans 5 1% 5 1% 6 1%

Total Insurance Invested

Assets4 523 100% 523 100% 552 100%

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

1. Within the bonds issued by Government related entities, Euro 30 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. Mortgage loans & other include residential loans (Euro 12 billion), commercial & agricultural loans (Euro 18 billion) and Agency Pools (Euro 1 billion)

3. Mainly Private Equity and Hedge Funds

4. FY15 invested assets referenced in page 57 of the financial supplement are Euro 779 billion, which include notably Euro 195 billion of Unit-linked assets and Euro 36 billion related

to the banking segment

GENERAL ACCOUNT INVESTED ASSETS


FOCUS ON OIL & GAS As of December 31, 2015

Oil & Gas

Other

2%

Total assets

Euro 552 billion

BBB-

9%

Below investment

grade

8%

A- and above

54%

BBB+ and BBB

28%

Oil & Gas fixed income1

Euro 12.1 billion2

1. Oil & Gas corpoate bonds not rated by external rating agencies have been reallocated under AXA’s internal ratings: AAA: Euro 86 million / AA: Euro 47 million / A: Euro 23 million / BBB:

Euro 98 million / Below investment grade: Euro 41 million

2. Of which Euro 11.4 billion of corporate bonds and Euro 0.7 billion of government related bonds

Mainly invested in

(i) midstream companies less

exposed to oil prices

(ii) state-owned companies

+ Euro 0.4 billion of equity investments in Oil & Gas

Mainly invested in actively

managed short-duration high-

yield bonds

1.0


FOCUS ON MINING, METALS AND STEEL As of December 31, 2015

1%

Other

Mining

Below investment

grade

12%

BBB and BBB+

27%

BBB-

34%

Mining, metals

and steel

fixed income1

Euro 3.6 billion

A- and above

27%

Mainly invested in large

international corporations

More than 75% of exposure

maturing within 5 years

No significant exposure

beyond 10 years

1. Mining corpoate bonds not rated by external rating agencies have been reallocated under AXA’s internal ratings: A: Euro 77 million / BBB: Euro 42 million / Below investment grade: Euro -3

million

Total assets

Euro 552 billion

+ Euro 0.1 billion of equity investments in mining, metals and steel

1.0


GOVERNMENT BONDS AND RELATED 1.1

Supranational Institutions

3%

Switzerland

6%

Spain

7%

Other

7%

US

9%

Austria

3%

Italy

10%

P&C

10%

L&S

89%

Other2

1%

Japan

12%

France

20%

Total: Euro 225 billion As of December 31, 2015

Germany

11% Belgium

9%

Ireland

2%

In Euro billion

Netherlands

2%

FY15

37.4

FY14 published3

43.9

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 B47

Breakdown by geography Breakdown by segment

Gross1 unrealized capital

gains and losses


GOVERNMENT BONDS AND RELATED

FOCUS ON EXPOSURE TO EUROZONE PERIPHERAL COUNTRIES 1.1

in Euro billion Gross book value

December 31, 2014

Gross book value

June 30, 2015

Gross book value

December 31, 2015

Gross market value

December 31, 2015

Italy 19.4 18.9 18.5 22.6

Spain 11.3 12.1 12.1 14.6

Ireland 3.3 3.2 3.2 3.6

Portugal 0.6 0.6 0.4 0.5

Greece 0.0 0.0 0.0 0.0

TOTAL 34.6 34.8 34.1 41.4

Exposure by issuer


CORPORATE BONDS 1.2

Energy

6%

Consumer cyclical

6%

Utilities

9%

Basic materials

4%

Communications

8%

P&C

14%

L&S

84%

Other2

2%

Other financials

7%

Banks

36%

Total: Euro 190 billion As of December 31, 2015

Consumer

non-cyclical

12%

Other

2%

In Euro billion

Technology

2%

7.8

FY15 FY14 published3

8.9




Breakdown by industry Breakdown by segment


gains and losses

Industrial

8%


CORPORATE BONDS BREAKDOWN BY ENTITY AND RATING (including CDS)

1.2

P = Participating NP = Non-participating

1. Including UK, MedLA, Asia Pacific (excl. Japan), CEE, Direct P&C excluding Direct Japan

2. Not rated by external rating agencies. Under AXA’s internal ratings: AAA: Euro 0.4 billion / AA: euro 1.6 billion / A: Euro 3.4 billion / BBB: Euro 4.4 billion / Below investment

grade: Euro 2.1 billion

in Euro billion France US Belgium Germany Switzerland Japan Other1 Total

As of December 31, 2015 P NP P NP P NP P NP P NP NP P NP P NP

AAA 2.2 1.0 0.2 0.4 0.1 0.1 7.7 1.0 6.0 0.9 0.5 0.3 0.4 16.5 4.3

AA 5.0 2.2 0.5 2.3 0.7 0.6 5.5 0.7 2.4 0.6 2.2 1.9 1.5 16.1 10.0

A 10.8 4.0 1.9 9.6 1.6 1.3 5.4 1.2 6.8 1.1 5.6 5.5 4.4 31.9 27.2

BBB 12.6 5.4 1.3 11.3 1.2 1.3 5.1 1.6 7.8 1.2 2.9 3.9 3.6 31.9 27.3

Below investment grade 2.7 1.3 0.1 0.7 0.1 1.0 1.8 0.7 2.6 0.6 0.5 0.4 0.6 7.8 5.4

Non rated2 0.9 0.6 0.0 0.1 0.1 0.9 2.3 0.3 2.8 0.3 0.6 1.2 1.8 7.2 4.6

Total 34.3 14.4 3.9 24.5 3.9 5.2 27.8 5.5 28.5 4.7 12.3 13.2 12.2 111.5 78.9


FOCUS ON BANKING CORPORATE BONDS 1.2

Gross market value

in Euro billion

Senior debt Subordinated debt

Total Secured

Non

secured

Lower

Tier 2

Upper

Tier 2 Tier 1 Preferred

By rating:

AAA 19.3 0.0 0.1 0.0 0.0 0.0 19.4

AA 9.1 6.2 0.2 0.0 0.0 0.0 15.4

A 3.7 17.4 1.6 0.0 0.0 0.0 22.6

BBB 0.7 5.7 2.8 0.2 0.1 0.0 9.5

BIG 0.0 0.5 0.5 0.2 0.1 0.0 1.3

Total 32.7 29.8 5.1 0.4 0.2 0.0 68.31

By country:

Germany 9.4 1.9 0.9 0.4 0.0 0.0 12.6

France 4.5 3.2 1.9 0.0 0.0 0.0 9.7

United States 0.2 8.7 0.6 0.0 0.1 0.0 9.5

Switzerland 6.7 1.5 0.0 0.0 0.0 0.0 8.2

UK 1.3 2.9 0.5 0.0 0.0 0.0 4.7

Australia 1.7 2.0 0.3 0.0 0.0 0.0 4.0

Netherlands 1.1 2.5 0.3 0.0 0.0 0.0 3.9

Spain 2.8 0.7 0.2 0.0 0.1 0.0 3.8

Italy 1.2 1.3 0.0 0.0 0.0 0.0 2.6

Sweden 0.4 1.5 0.2 0.0 0.0 0.0 2.1

Austria 0.5 0.4 0.0 0.0 0.0 0.0 0.9

Norway 0.5 0.2 0.0 0.0 0.0 0.0 0.8

Other2 2.4 3.0 0.1 0.0 0.0 0.0 5.5

Total 32.7 29.8 5.1 0.4 0.2 0.0 68.3

As of December 31, 2015

Total corporate bonds

Euro 190 billion

3%Subordinated

Senior non

secured

Senior secured

Other

16%

17%

Banks

36%

1. Banking corporate bonds not rated by external rating agencies have been reallocated under AXA’s

internal ratings: AAA: Euro 0.1 billion / AA: Euro 1.1 billion / A: Euro 1.4 billion / BBB: Euro 1.7 billion /

Below investment grade: Euro 0.4 billion

2. More than 30 countries (of which Euro 0.1 billion in China)


FOCUS ON CDS 1.3

Corporate bonds Government bonds

and related

in Euro billion

Net CDS exposure excl.

NBT strategy

Net notional as of

December 31, 2015

NBT strategy

Net notional as of

December 31, 2015

Total

Net notional as of

December 31, 2015

Total

Net notional as of

December 31, 2015

AAA - - - 2.4

AA 1.2 0.0 1.1 -1.4

A 2.1 -0.1 2.0 0.4

BBB 2.8 -1.5 1.3 -0.1

Below investment grade -0.1 -0.7 -0.9 0.0

Non rated 1.4 -0.5 0.9 0.0

Total 7.3 -2.9 4.4 1.2

Represents

total market value of

Euro -72 million

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


ASSET BACKED SECURITIES 1.4

Prime Residential

4%

Commercial MBS

8%

CDO

5%

Consumer ABS2

3%

CLO

74%

Total: Euro 10 billion


1. Including debt and equity tranches of ABS

2. Mainly consumer loan ABS (plus some leases and operating ABS assets)

Breakdown by asset type1 Breakdown by rating

Below

investment

grade

12%

BBB

3%

AA

20%

AAA

52%

A

8%

Non rated/Equity

5%

Mortgage-backed Other asset-backed

US Subprime,

Alt-A & NC

RMBS

7%


US

22%

LISTED EQUITY PORTFOLIO OVERVIEW 1.5

Other Eurozone

countries

9%

Japan

6%

UK

5%

Rest of the World

14%

Belgium

6%

P&C

22%

L&S

73%

Other2

4%

Switzerland

6%

France

23%

Total: Euro 20 billion

Germany

10%

In Euro billion

FY15

3.4

FY14

3.4



Breakdown by geography Breakdown by segment


gains and losses



SHAREHOLDERS’ EXPOSURE TO LISTED EQUITY 1.5

FY14

7

18

Gross

nominal 100%

Group share

net of hedge,

tax & PB

FY15

8

20

Gross

nominal 100%

Group share

net of hedge,

tax & PB

Estimated shareholders’ exposure to listed equity

(in Euro billion)


US

1%

1.6

Other Eurozone

countries

6%

Belgium

10%

UK

5%

Japan

1%

Switzerland

38%

France

30%

Market value1: Euro 28 billion As of December 31, 2015

Germany

9%

Breakdown by geography

Breakdown by type

REAL ESTATE INVESTMENTS Defensive portfolio with good performance over the long term

1. Representing Euro 3.5 billion of unrealized gains off balance sheet, net of tax and PB

Portfolio Yield from Rental Income ~ 4.5%

France Switz. Belgium Germany Others

Office 38% 43% 74% 47% 64%

Residential 13% 48% 0% 6% 2%

Retail 34% 0% 21% 17% 22%

Other 15% 9% 5% 30% 13%

P&C

12%

L&S

88%

Other

2%

Breakdown by segment

B60 | Full Year 2015 Earnings | Appendices | February 25, 2016 Source: AXA IM

EQMN –

Discretionary

22%

EQMN -

Systematic

17%

Distressed &

credit

44%

Relative value &

multi-strategy

24%

Fixed income

arbitrage

13%

Global macro

12%

HEDGE FUND INVESTMENTS Diversified portfolio of hedge funds

1.7

AXA portfolio return drivers

Alternative Credit : 8 managers

Well diversified exposure

Market value: Euro 6 billion

Alternative Credit

programme

58%

Multi-Strategy

programme

42%

Multi-Strategy : 18 managers

Short dated carry

44%

Deep value credit

25%

Real asset

cash flow

12%

Relative value

credit

18%

• Alternative Credit programme: 2015 performance was positive despite the negative trend in high yield credit.

• Multi-Strategy programme: focus on low volatility and uncorrelated returns. Annualized performance for 2015 is above the benchmark of USD Libor3m + 500bps. Portfolio returns are well diversified by strategy and manager



Europe

57%

1.8

US

34%

Japan

2%

Market value: Euro 9 billion As of December 31, 2015

Breakdown by geography Breakdown by expertise

Diversified portfolio

PRIVATE EQUITY INVESTMENTS Diversified portfolio built over the long run

14% Infrastructure

12% Private debt

5% Venture

69% Buy-out

Other

7%

57% Funds of funds

43% Direct


MORTGAGE LOANS & OTHER Low risk mortgage loan portfolio

1.9

1. Excluding Banking operations

2. Excluding Euro 1 billion of Agency pools (Mortgage-backed securities issued by US Government Sponsored Enterprises)

23% Germany

23% United States

13%

87% Residential

Commercial

67%

33% 5%

95%

49%

51%

Commercial

Agricultural

Very secured portfolio:

FY15 default rate

FY15 loan to value

0.17%

55% Market value2: Euro 30 billion

10% France

Residential

Commercial

36% Switzerland

Residential

Commercial

FY15 market value by entity1

Germany

23% US

23%

France

10% Other

8%

Switzerland

36%



FOCUS ON NET UNREALIZED CAPITAL GAINS 2

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 Euro 6.7 billion in FY15 vs. Euro 5.7

billion in FY14


Balance sheet net unrealized

capital gains1

Off balance sheet net unrealized

capital gains

In Euro billion In Euro billion

10.9

2.4

2.0

FY15

12.8

9.5

1.6 1.7

FY14 published4

15.3

Government bonds

and related

Corporate bonds

Equities & Other

FY15

5.3

FY14

4.1 Real Estate and loans 3

2

Net unrealized capital gains on Government bonds and related by issuer

Eurozone

peripheral

countries

Other (mainly Hong

Kong, the US

and Austria)

-0.1

1.9

Japan

2.1

Switzerland

0.2

Belgium

2.2

Germany

0.6

France

2.7


1. Group investment margin on total General Account business

3

Inforce business New business

Products sold to attract higher margin

Unit-Linked business

FY15


Yield on total L&S asset base

Spread above

guaranteed rates

Spread above

guaranteed rate

FY15


Reinvestment yield on L&S fixed income assets

+160 bps

2.0%

3.6% +160 bps

0.5%

2.1%

Guidance: 70-80 bps

Resilient investment

margin1

FY14

80 bps

FY15

79 bps

Significant buffer to cover guarantees and to manage crediting

rates to preserve investment margin

Average reserves of Euro 352 billion

ASSET & LIABILITY MANAGEMENT (1/2) L&S General Account investment spreads and margin


3 ASSET & LIABILITY MANAGEMENT (2/2) L&S General Account investment spreads for main entities

120bps

3.0% 4.2%

Belgium

AXA MPS

L&S average

guaranteed rate

Reinvestment yield on

L&S fixed income assets

• Average G/A reserves: Euro 25 billion

• Emphasizing new hybrid products, using

G/A to develop Unit-Linked


• Emphasizing hybrid products and

Protection businesses

Yield on total L&S

asset base

0.7%

3.9%

0.0%

2.0%

40bps

3.3% 3.7% 130bps

1.1% 2.4%

FY15

80bps

1.2% 2.0%

FY15

FY15

130bps

1.7% 3.0%

1.8%

80bps

1.0%

FY15

Germany


• Asset portfolio with long investment

horizon (average duration of 9 years)

and with limited reinvestments in Bunds

FY15 FY15

France


• G/A Savings new business sales with

long term guarantees stopped in 1998

Switzerland • Average G/A reserves: Euro 58 billion

• Protection components making products

very profitable

FY15 FY15

90bps

2.3% 1.4%

0.8%

70bps

1.5%

FY15

320bps 200bps

New business Inforce

FY15


NET FINANCIAL DEBT - LONG-TERM MATURITIES

Net financial debt Contractual maturity breakdown

Economic maturity breakdown

Undated

6.6

3.0

2.2

2026-

2040

2.5

0.3

2021-

2025

0.3

2020

0.5

2019 2018 2017

1.7

2016

Undated

0.9

1.8

0.1

2026-

2040

2.1

0.2

2.2

0.3

2021-

2025

1.0 1.0

1.0

0.3

2020

1.8

2019

0.3

2018

0.7

2017

0.3 1.8

2016

1.3

TSDI = undated subordinated notes

Subordinated debt

Senior debt

TSS = undated deeply subordinated notes

4

1. Including Euro -0.6 billion of reversal of mark-to-market on interest rates derivatives in FY15 vs.

Euro -0.4 billion in FY14

In Euro billion

6.9

FY14

-4.0

13.5

9.5

6.8

1.6

9.1

FY15

14.3

-2.8

0.6

Cash Subordinated debt1

Senior debt Undated subordinated debt

Debt

gearing 24% 23%

In Euro billion

In Euro billion


SOLVENCY II RATIO

Required capital

Available capital

FY15

28.8

59.2

FY14

27.0

54.3

Solvency II ratio 201% 205%

In Euro billion

Solvency II ratio Key sensitivities

Solvency II ratio roll-forward

Equity markets -25% 199%

Equity markets +25% 208%

Corporate spreads +75bps 205%

Interest rate -50bps 197%

Interest rate +50bps 207%

Ratio as of Dec 31, 2015 205%

+2 pts

-8 pts

0 pt

+3 pts

-6 pts

FY15 Market impact

excl. forex

-1 pt

205%

-1 pt

Forex & other Dividend

-9 pts

Operating

return

+5 pts

9M15

212%


SOLVENCY II REQUIRED CAPITAL SPLIT BY RISK. GEOGRAPHY & BUSINESS

5

Life & Savings 54%

Asset

Management

& Banking 4%

Holdings & Other

18% Property &

Casualty 24%

21%

41%

23%

Operational

10%

Counterparty 5%

P&C

Life

Market

UK

Holdings & Other

US

25%

23%

France

MedLA NORCEE

Asia-Pacific

Asset Management & Banking

4%

11%

16%

5%

8%

8%

Required capital by risk

Required capital by geography

Required capital by business


SHAREHOLDERS’ EQUITY TO SOLVENCY II AFR

In Euro billion

5

68

Available Financial

Resources

(AFR)

59

Scope & others +1

Subordinated debt +7

Best Estimate Liabilities +9

Intangible assets -32

Full market value

of assets +5

IFRS

Shareholders’ Equity1

Move to full market value of assets

• Real estate (Euro +4.9 billion)

• Loans (Euro +0.3 billion)

Remove intangible assets

• Goodwill (Euro -17 billion)

• DAC (Euro -12 billion)

• VBI and other intangibles (Euro -4 billion)

Move to Best Estimate Liabilities

• Difference between IFRS reserves and Best

Estimate Liabilities (Euro +22 billion)

• Market Value Margin (Euro -13 billion)


FY15

54.2

Forex & other

1.2

Economic &

non-operating

variance

-1.6

Operational

variance1

1.0

New business

value

2.5

Existing

business

contribution

2.7

Modelling

changes &

opening

adjustment

-1.7

Transition

to Solvency

II in EEA

0.5

FY14

49.5

LIFE & SAVINGS EMBEDDED VALUE

6

1, Operational variances include actuarial and tax assumptions, expense and modeling of

participating and adjustable credited rates business


LIFE & SAVINGS EMBEDDED VALUE AND OPERATING FCF

6

Change

In EUR billion

L&S

EV = VIF +

ANAV

=

o/w

Required

capital

(included in

ANAV)

+

o/w

Free

Surplus (included in

ANAV)

Opening (Dec. 31, 2014)

49.5 25.3 24.3 16.4 7.9

Modeling adj.

and scope -1.2 -1.5 0.3 -3.0 3.3

Existing

business

contribution 2.7 -1.8 4.6 -0.3 4.9

New business

value 2.5 3.9 -1.4 0.4 -1.8

Operational

variance 1.0 2.0 -1.0 -1.0 0.0

Economic

variances -1.6 -1.1 -0.3 0.7 -1.0

Capital flows.

Forex and other 1.2 1.3 -0.1 1.0 -1.1

Closing

(Dec. 31, 2015) 54.2 = 28.0 + 26.2 = 14.2 + 12.0

FY15 Life & Savings Free Cash Flow

breakdown

In Euro billion

In-force capital

release

-1.4 New business

strain

Expected existing

business contribution 4.6

+0.3

-0.4

3.1

New business

required capital

FY15 L&S operating

Free Cash Flow

1. Operational variances include actuarial and tax assumptions, expense and modeling of

participating and adjustable credited rates business


LIFE & SAVINGS NBV & EV - KEY SENSITIVITIES

New Business Value (NBV) Sensitivities

Equity markets’ volatility +25% 2,446

2,326

Equity markets -10% 2,376

Equity markets +10% 2,595

Interest rate -100 bps 2,234

Interest rate +100 bps 2,551

L&S NBV as at Dec 31, 2015 2,490

Interest rates volatility +25%

Equity markets’ volatility +25% 53.6

52.1

Equity markets -10% 52.4

Equity markets +10% 56.1

Interest rate -100 bps 49.7

Interest rate +100 bps 56.1

L&S EV as at Dec 31, 2015 54.2

Interest rates volatility +25%

Embedded Value (EV) Sensitivities

6

In Euro billion In Euro million

+1.8 | +4%

-4.6 | -8%

+1.8 | +3%

-1.9 | -3%

-0.7 | -1%

-2.0 | -4%

+67 | +3%

-249 | -10%

+112 | +5%

-107 | -4%

-38 | -2%

-158 | -6%


LIFE & SAVINGS INTERNAL RATE OF RETURN (IRR) BY COUNTRY 7

US

In Euro million

France

APE

UK

NB IRR

Solvency I basis

Japan

MedLA

NORCEE

Total

o/w Germany

o/w Switzerland

o/w Belgium

FY14

APE NB IRR

Solvency I basis

FY15

1. New Business Internal Rate of Return based on Solvency II only for EEA entities

Asia excl. Japan

1,767 10.5%

1,656 17.3%

935 4.7%

418 12.9%

864 13.2%

373 12.5%

313 14.5%

100 12.4%

560 16.0%

1,171 25.9%

7,376 14.4%

1,584 9.7%

1,355 24.2%

704 6.3%

361 11.9%

909 11.4%

373 10.5%

329 11.8%

125 12.9%

570 16.7%

981 22.1%

6,477 14.2%

NB IRR

Solvency II flows1

18.4%

17.3%

4.7%

12.9%

17.0%

20.0%

14.5%

19.1%

33.2%

25.9%

17.5%

+3.1 points incremental

IRR following lower cash

consumption from L&S

new business in EEA

entities under Solvency II


US

In Euro million

France

Solvency I L&S operating free

cash flows

UK

Japan

MedLA

NORCEE

Total

o/w Germany

o/w Switzerland

o/w Belgium

FY14

Solvency II L&S operating free

cash flows1

FY15

Asia excl. Japan

855

657

18

279

800

217

328

211

211

280

3,100

750

542

(1)

215

824

180

345

241

123

36

2,489

1. L&S Operating Free Cash Flow based on Solvency II only for EEA entities

L&S OPERATING FREE CASH FLOW BY COUNTRY 7


Expected undiscounted cash

flows from 2015 inforce1 business

In Euro billion In Euro billion

30

25

20

15

10

5

0

35

>35 31-35 26-30 21-25 16-20 11-15 6-10 1-5

2.0

1.5

-0.5

1.0

0.5

0.0

-1.0

-1.5

-2.0

2015

1-5 6-10 11-15 16-20 21-25 26-30 31-35

Expected undiscounted cash flows

from 2015 New Business

LIFE & SAVINGS FREE CASH FLOW EMERGENCE FROM

INFORCE AND NEW BUSINESS 7

>35

Above cash flows are expected to be improved by inforce management initiatives of the company. in particular:

• Actions to improve value of the existing book

• Actions to release more capital from the existing book

Euro 22 billion undiscounted free cash flows expected to be released from 2015 inforce1 over 5 years

1. Including 2015 new business, to be released from January 1, 2016 onwards


Dividend accrual reflected in Solvency II ratio

Moving from net to gross Debt gearing

Starting 1Q16, Solvency II ratio will reflect dividend accrual on a quarterly basis (previously at year end only)

Starting 1H16, Debt gearing ratio will be calculated gross of holding company cash

Subordinated debt

0.6

6.9

-2.8

14.3

Undated

subordinated debt 9.5

Cash

Senior debt

Adjusted

Shareholders’ Equity1 48.8

23%

FY15

Current methodology (FY15)

New methodology (FY15)

Net Debt

Adjusted SHE + Net Debt =

Gross Debt: 17.0

Net Debt

In Euro billion

Gross Debt

Adjusted SHE + Gross Debt 26% =

DIVIDEND ACCRUAL AND DEBT GEARING: CHANGE IN

METHODOLOGY TO ALIGN WITH INDUSTRY PRACTICE

1. Shareholders’ equity excluding undated debt and reserves related to change in fair value

Corporate Responsibility


MAIN SRI RATINGS

Included in the CDP Climate

Disclosure Leadership

Index, with a score of

98/100

Ranked “A+” in the 2015

“Assessment Report”

(Responsible Investment

strategy)

Included in the FTSE4GOOD

index since 2008

General score: 87/100

Ranked 2/150 insurers

As of February 25, 2016. Further details are available at: https://www.axa.com/en/investor/sri-ratings-ethical-indexes

2014 Sector leader,

ranked 1st out of 37.

Included in Vigeo Euronext

indices

Score: 83/100

Percentile ranking: 96/100

Included in DJSI Europe and

DJS World indices


RESPONSIBLE INVESTMENT STRATEGY

“ESG + CARBON” INTEGRATION

Long-term ESG integration

process

Gradual and systematic integration

of tangible ESG factors in AXA’s

investment mandates

Development of specific

measurement tools

“Carbon Asset risk” strategy

Green investments: triple exposure

within General Accounts to Euro 3

billion by 2020.

Coal divestment: Euro 500 million,

coal mining and coal-based power

generation.

Carbon footprinting of our General

Account investments (“Montreal

Pledge” signatory)

SECTOR GUIDELINES

Implementation of investment

guidelines for sectors with acute

environmental or ethical

challenges

Current exclusions:

Controversial weapons

Coal-based energy

production & coal extraction

Palm oil production

Food commodity derivatives

IMPACT INVESTING

Euro 200 million “impact

investment” fund of funds

launched in 2013 seeking to create

both financial returns and positive

social or environmental impacts

that are actively measured

Capital allocated to organizations

that address key societal

challenges: healthcare,

microfinance, microinsurance,

education, agriculture & food, etc.

Fund now almost fully invested,

funded from General Account

Euro 155 million renewable

energy fund managed by Ardian

Investments

AXA...2015 CAGR +5% to +10% Ambition AXA 2011-2015 cumulative Euro 24 billion Cumulative operating...

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