Activity report 2004This 2004 annual report describes the different ways that AXA Belgium chose in 2004 to try to reach AXA’s vision and commitments. Jean-Pierre de Launoit O1 AXA

Activity report 2004AXA in Belgium

Act

ivit

y r

eport

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www.axa.com

PROTECTIONFINANCIAL

Boulevard du Souverain 25 — B-1170 BrusselsTel: 32 2/678 61 11

www.axa.be

Be Life confident

PROTECTIONFINANCIAL

Be Life confident

Our Business: Financial ProtectionFinancial Protection involves supporting our clients – individuals as well as small, mid-size and large businesses – throughout their lives by responding to their insurance, protection, retirement savings and estate planning needs. Proud of our industry’s contribution to the economic and social development of the countries in which we are present, we seek to do business responsibly by living up to consistent values and stakeholder commitments throughout the world.

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Be life confident 1Key figures for the AXA Group worldwide 1AXA vision 2Message from Jean-Pierre de Launoit, Chairmanof the AXA Belgium Board of Directors

The AXA Group in Belgium,facts and figures 2004

SUMMARY

Interview with Alfred Bouckaert, 6Managing Director of AXA in BelgiumKey figures 8

AXA Belgium Activity Report 10Management bodies 11Structure of the AXA Group in Belgium 11Management report 12Balance sheet 20Income statement 22

AXA Bank Belgium Activity Report 26Management bodies 27Structure 27Board of Directors’ Report 28Data from the balance sheet and income statement 34Consolidated balance sheet 36Consolidated income statement 38Non-consolidated balance sheet 40Non-consolidated income statement 42

Financial highlights

Be Life

50 million customers across the globe have placed their trust in AXA.

112 000 employeesand distributors worldwide working to deliver the right solutions

and top quality service to our customers.

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ConfidentAll around the world, we deliver our products and services under a global brand. Combined

with our tagline – Be Life Confident – the AXA brand conveys our promise to customers:

we will protect them and help them realize their projects at every stage of their lives.

17 500 employees volunteer for their local community.

72.2 billion eurosin consolidated revenues (+2% on a comparable basis).

869 billion eurosIn assets under management

(+16% at constant exchange rates).

2.7 billion euros in underlying earnings


2.5 billion euros in net income, Group share


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Our Commitments

� Our Business: Financial Protection Financial Protection involves supporting our clients – individuals as well as small, mid-size and large businesses – throughout their lives by responding to their insurance, protection, retirement savings and estate planning needs. Aware and proud of our industry’s contribution to the economic and social development of the countries in which we are present, we seek to do business responsibly by living up to consistent values and stakeholder commitments throughout the world.

To help our clients be life confident: it’s our visionof the business and how it should be done.

To do business responsibly and builda relationship of trust with our partners.

� The Community Act as a responsible corporate citizen by sharing our professional expertise with the community, innovating in the area of employment and sponsoring philanthropic initiatives.

� Our Clients Consistently deliver efficient local service and adapted solutions, while adhering to the highest standard of professional conduct.

� Our Shareholders Achieve operating performance that ranks among the best in the industry, in order to create lasting value, and strive to furnish accurate financial information.

� Our Suppliers Maintain excellent relationships with suppliers by adhering to a set of clearly defined procurement guidelines and promoting ongoing dialogue.

� Our Employees Ensure professional fulfillment by offering a supportive and respectful workplace where people are empowered and the continuous development of competencies is encouraged.� The Environment

Contribute to environmental preservation efforts by making available our environmental risk management capability and promoting environmentally sound practices in the workplace.

� Our ambition Together, we are working toward the shared ambition of becoming a global leader in our core business of Financial Protection, by delivering both high-quality products and high-quality service and performance.

� Our Values Team Spirit, Integrity, Innovation, Pragmatism, Professionnalism.

Our Vision

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By doing our job and doing it well, we allow our customers to live better and to feel safe and supported as they carry out their plans.» Jean-Pierre de Launoit, Chairman of the Board of Directors

of AXA Belgium

A MESSAGE FROM…

Henri de Castries, Chairman of the Group’s Board has put it well: “Our business, Financial Protection, helps our clients to identify the risks they face, prevent them from occurring, and repair the damage. Financial Protection is necessary.”

In this world of growth and risk, what a fine business ours is! It makes growth possible and ensures it is long-lasting. It allows us to live with confidence. Therefore, let us excel in how we carry out our business. This is our customers’ and our shareholders’ first expectation. We must provide good insurance and savings products, protection against the hazards of life, and good service especially when misfortune strikes. Our first priority must be to respect our customers in every way. Our businesses must also be strong and profitable. They must be able to repay capital and interest, even 30 years after the premium was paid. This is the heart of our business and this is where our duty to excel must be demonstrated first and foremost.

To be able to achieve this, we also have a duty to have a good social policy. It is by respecting our employees that we will be able to motivate them towards excellence, through ethical and vibrant management.

And if our actions then benefit everyone – civil society, suppliers and the environment – it will be perfect. Because AXA is a responsible business which has committed itself to ensuring that its own development will not compromise the future of generations to come. That is another condition of our development being long-lasting.

This 2004 annual report describes the different ways that AXA Belgium chose in 2004 to try to reach AXA’s vision and commitments.

Jean-Pierre de Launoit

�

O1

AXA gave my grandfather a pension when he decided to retire. AXA gave my grandfather a pension whe

FINANCIAL PROTECTION

The AXA Group in Belgium, facts and figures 2004

en he decided to retire. AXA gave my grandfather a pension when he decided to retire. AXA gave my grandfat

Interview with Alfred Bouckaert 6

Key figures for the AXA Group in Belgium 8

66

AXA Belgium’s profit increased by 121% in 2004. A fine achievement!

Alfred Bouckaert : Let’s not brag too much about it: we are still a long way from the profit levels achieved before the crisis. What is true is that we have returned to an acceptable level of profitability. Nothing more. And the other side of the coin is that we were not able to grow as much as we would have wanted. So prudence remained the byword for 2004.It should be said that the economic circumstances did not really help us. Long rates remained so low that they barely exceeded the three month rates, which oscillated between 2 and 2.4%, by one or one and a half percent. It was difficult under these circumstances to reward individual savings well and to obtain a good return on investment ourselves. That is why the Belgian insurance and savings market was sluggish overall.

Yet the turnover has grown...

A.B. : I believe, in fact, that we can be proud of the 7% of growth achieved in Individual Life, with growth of 4% in Branch 21 and 36.6% in Branch 23 thanks to the new Millesimo range. CREST grew by 25%. It should be said that the CREST and Millesimo ranges perfectly responded to customers’ needs. They were looking first of all for safety, but also for returns and liquidity. CREST10 offered a performance of 4%, CREST30.5% and those who were prepared to take more risks could turn to Millesimo, without risking their capital.

Generally speaking, the assets under management in bank savings and Life insurance rose by 7%. Which is correct.

mio EUR 2000 2001 2002 2003 2004

Insurance 463 214 16 33 207

Bank 46 61 58 74 30

Total 509 275 74 107 237

Financial result(according to Belgian statutory regulations)

INTERVIEW WITH …

2000 2001 2002 2003 2004

1 296 1 331 1 401 1 413 1 443

470 496524 527 548

+3% +5%+2%+1%

826 835 877 886 895

“

2000 2001 2002 2003 2004

1 099 1 686 1 628 2 132 2 202

297

802

330

1 35

6

351

426

1 27

7

1 70

6

+53%

-3%

+3%

381

1 82

1

7

But in P&C, growth was only 1.6%. If receipts rose in Car and Fire, they fell again slightly in Occupational Accidents. Prudence was still the key in P&C.

The fastest growth was in credits to individuals: +16%, with greater success in mortgage loans and consumer credit. In this area, customers have benefited from exceptionally low rates.

Although the economic circumstances were frankly not encouraging, how were you able to return to profitability?

A.B. : It is a question of management and of product choice: in Life, the contribution of new business increased from 43 mio EUR to 69 mio EUR and the combined ratio in P&C fell for the first time below 100%, if we exclude Occupational Accidents. In P&C, the combined ratio is the principal indicator of profitability: it reflects the relationship between all the insurer’s costs (claims rate, commissions, general expenses) and the premiums received. With a ratio of 100%, our insurance in Damages is thus for the first time technically profitable, with no contribution from the financial investment of premiums. And that is the great achievement of the 2004 financial year: a good operating result, confirming the recovery of 2003.

Above all, we should never underestimate the seriousness of the crisis that struck the insurance world between 2001 and 2003. The net result of the AXA Group in Belgium today stands at € 237 million, € 207 m. in insurance and €�30 m. in banking, as compared with €�107 for both in 2003. But this profit level is still lower than in the years that preceded

Premium Income in P&C (mio EUR)

P&C Corporate P&C Individuals

The environment in 2004? It was marked by low rates. For both savers and fi nancial institutions, it was a matter of fi nding per-

formance opportunities. » Alfred Bouckaert , Managing Director of AXA Belgium

Growth of Life turnover (mio EUR)

Group Life Personal Life

AXA IN BELGIUM : FACTS AND FIGURES

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the financial crisis. The growth of 121% in 2004 can be explained by the continuing control of costs (-14% in 4 years) and by prudent and dynamic asset management, both today and during the worst of the crisis.

So what is your conclusion for AXA’s 2004 results in Belgium?

Alfred Bouckaert : Both for products and services, AXA Belgium has succeeded in positioning itself in financial protection through innovation (CREST30, Millesimo, revival of provident insurance) and by extending its customer targets to include young people

and the baby-boomers of the Happy Generation. The persistent success of our mortgage lending vouches for that, as does our passage in 5 years from a market share of 4.4% to 13.2%. The number of active current accounts at AXA Bank has grown by more than 6% as a result of the ‘Free Accounts’ campaign, which has also attracted lots of young people. Through the policy of distributing Wildcards widely to our best drivers, by guaranteeing the confidence of our older customers and through a sophisticated retention policy focusing on our best customers, we remain the leaders in non-Life insurance and have laid

Key figures for AXA in Belgium

3 million customers

and 1,970,000 households put their trust in AXA Belgium.

5,800 employees, more than 5,000 professional brokers and 950 banking agents are working to offer the most appropriate solutions and the best service to our customers.

INTERVIEW WITH …

2000 2001 2002 2003 2004

377454

941

1 926

2 221

284

254

273

212

248

210176141

217195

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the foundations for strong and lasting growth in Life and Savings.

In 2005, we need to grow while ensuring sound profitability. I think we can say that AXA in Belgium has proved itself to be strong and in good health, and that it is thus firmly ready to grow when the conditions are good.

We were able to benefit from the increase in the value of the shares we had kept in our portfolio.

We owe these good results first and foremost to our staff.

Amount of loans (mio EUR)

Mortgage loans Consumer loans

Commercial loans

300 employeesinvolved in voluntary charity work

3.6 billion eurosturnover in insurance of which

929 millionin insurance for large and medium-sized businesses

25.5 billion euros of managed assets

38 billion euros in total on balance sheet of which

17 billion on the consolidated balance sheet of AXA Belgium

237 million euros net profit (Belgian standards)

AXA Belgium has positioned itself better in the Financial Protection fi eld by innovating and expanding its customer base

to include young people and the baby-boomers of the Happy

Generation» Alfred Bouckaert, Managing Director of AXA Belgium


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LE GROUPE AXAEN BELGIQUEFAITS & CHIFFRES 2004

1.1

�

AXA BELGIUM ACTIVITY REPORT

When my dad was sick, it was AXA that took care of him. When my dad was sick, it was AXA that took

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100

100

100

100

100

100

100

96,31

94,41

100

3,76 100

1,23

1,23

1,23

5,59

Management bodiesAdministration, management and control

Board of Directors Day to day management Auditor


President

Alfred Bouckaert

Managing Director

Didier Bellens

Karel Boone

Henri de Castries

Pierre Drion

Christophe Dupont-Madinier

Denis Duverne

Boston, s.a.,

represented by Luc Geuten (until 27 April

2004)

Pierre Klees

(until 27 April 2004)

Luc Geuten (since 27 April 2004)

Thierry Langreney

Alfred Bouckaert

Audit Committee


President

Didier Bellens

Thierry Langreney

Luc Geuten

Remuneration Committee


President

Thierry Langreney

Pierre Drion

Karel Boone

PricewaterhouseCoopers,

Company auditors, sccrl,

represented by Raf Vander Stichele sprl ,

represented by Raf Vander Stichele

(until 22 September 2004)

PricewaterhouseCoopers,

Company auditors, sccrl,

represented by Emmanuèle Attout

(since 23 September 2004)

SIMPLIFIED ORGANISATION CHART OF THE AXA GROUP IN BELGIUM

AXA Holdings Belgium AXA Belgium

L’Ardenne Prevoyante

Servis S & C

A. DIS

Assurancede la Poste-Vie Viaxis

AXA Bank Belgium Transga

Emfea Consulting

AXA Investment Managers (Paris)

AXA Investment Managers(Brussels)

Munchener Ruck-vers. Gesellschaft

Assubel AT

Partena


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I. Economic and financial background in 2004

1. Good financial performance in 2004

2004 was a good year for assets in most categories. Global shares represented by the MSCI World Index in $ have risen by 16% for the second consecutive year (as compared with 30.3% in 2003). But bonds (+10%) and raw materials (+11%) also did well. The dollar continued the fall that began 3 years ago, down 7.8% against the euro, 7.4% against the sterling, and 4.4% against the yen. Gold prices rose by 5% in $. Only financial

investments stayed relatively low: 2.2% on the euro, 1.5% on the dollar.

2. A flourishing economic background

2004 was marked by record world growth of 5%, the strongest since 1988. Growth was broadly above the potential of the USA at 4.4%, and was also strong at 3% in Japan, which benefited from the dynamism of emerging Asian economies that recorded 7.6% growth. The sound performance of the United Kingdom, 3.1%, and Sweden, 3.3%, should also be noted. Only the euro zone lagged behind,

with only 1.8%. Germany, Italy and the Netherlands brought the average down with only 1.3%, while Spain, France and Belgium did a little better, with 2.5%, 2.2% and 2.7% respectively.

This vigorous global expansion led to a rise in the price of raw materials, in particular oil. The price of a barrel rose by 33% over the year. Against such a background, inflation took off again, but to a very modest degree, topping 3% in the USA and 2% in the euro zone.

3. With sound performance in Belgium

At 2.7%, Belgian growth doubled in 2004 by comparison with 2003. The improvement in the economic climate led to increased confidence until the autumn. It then fell in response to sharp rises in oil prices and the euro. Investments grew by 3% and the number of jobs rose by 25 000. Household consumption grew by 2.2%, while their purchasing power only rose by 0.9%. In consequence, the savings rate fell from 15.5% to 14.3%.

Finally, in 2004 the Belgian insurance and savings market experienced a sluggish market against a background of very low rates. Throughout the year, the long rate varied between 3 and 3.9% and the three month rate was between 2% and 2.4%. Consequently,

« The environment in 2004? It was marked by low rates. For both savers and financial institutions, it was a matter of finding perfor-mance opportunities. Which wasn’t easy with rates standing at 2 to 3%! For insurers, it was also a matter of returning to profitability after the previous three difficult years. »

Alfred Bouckaert

Management Report 2004AXA Belgium

BUSINESS HIGHLIGHTS

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security and performance have been the determining criteria in the choice of investment products.

II. Movements in AXA turnover in Belgium

The overall turnover for the AXA Group’s insurance businesses in Belgium returned to growth this year. The turnover for Life

was 2 203 mio EUR, up by 3.3%. For non-Life Insurance, the turnover was 1 430 mio EUR, up 1.6%.

II.1. Life insuranceThe turnover stood at 2 203 mio EUR, as compared with 2 132 mio EUR in 2003 and 1 629 mio EUR in 2002 (50% stake in Assurances de la Poste acquired in 2002).

1. 1. Individual Life and Small Businesses

The growth of the turnover in Individual Life stands at 7.0%.This growth can be explained by a number of factors:- The continuing success of CREST

products, mainly the CREST30 formula with guaranteed 0% rate. Receipts from the range exceed one billion euro, and have reached the record sum of 1

In their search for performance, safety and liquidity, savers found CREST and Millesimo.

CREST deposits rose by 25% and exceeded one billion euro in 2004. With a return of 4%, CREST10 did not disappoint the most prudent savers. While CREST30, which invests up to 30% in shares, achieved a return of 5%. (publicity beyond)

The Millesimo range offers a magnificent opportunity for diversification for those who want to invest in the best funds in the world while benefiting from protection of the capital invested. Launched during the last quarter of 2004, success was immediate.

LIFE 2001 2002 2003 2004 VARIATION 2004/2003

Individual Life 1 349.5 1 267.2 1 701.0 1 818.8 +6.9%

Corporate Life 330.0 349.9 424.3 379.7 -10.5%

Miscellaneous 6.6 11.7 6.4 4.1 -35.9%

Total 1 686.1 1 628.8 2 131.8 2 202.6 +3.3%

(mio EUR)


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107.9 mio EUR (+25% by comparison with 2003).

- The revival of «branch 23». The growth of «branch 23» structured products makes it possible to readjust the relationship between branch 23 receipts and total investment product receipts (from 13.8% in 2003 to 17.5% in 2004). This growth is due to the success of the «Millesimo» formula.

- The launch of death insurance, based on experience tables.

- And of course, the «Happy You» customer programme aimed at retaining and increasing turnover.

2. Corporate LifeCorporate Life receipts (excluding Health) stand at 379.7 mio EUR, as compared with 424.3 mio EUR in 2003.

A. GrowthLegislative environment

After the almost total revision of the legislation relating to the second pillar in 2003, 2004 was characterised by intense activity within the sector to analyse and interpret this legislation and to prepare the adaptation of existing contracts to the new regulatory framework.

As a result of the weak performance of

State bonds, the professional association of insurance enterprises demanded the reduction of the maximum authorised technical rate (currently 3.75%), but this does not seem likely to meet with immediate success.

Products

An individual pension commitment product, making it possible to set up a pension commitment for a single person, was developed and marketed from the middle of the year.

Production and results

In 2003, receipts from the Corporate Life division grew by more than 20%, due in good part to a large single premium paid into the Finance Fund by a very large employer.

If we exclude this exceptional impact, 2003 saw growth of 1.7% in the Life/Death branch. The turnover in Health remained stable. This was due to the reduction of Hospitalisation Insurance premiums, due firstly to the stabilising measures under way, and secondly to the fact that only 90% of the portfolio managed by Inter Partner Assistance is now taken into account (co-insurance share).

Growth prospectsThe growth of activities in 2005 will mainly be based on canvassing the private sector, as much for traditional products as for sectoral funds.

B. MarginsThe sound financial performance of the Main Fund made it possible to clear the expected financial margins. Stabilising measures were carried out in the Health Care insurance sector.

C. Productivity and qualityThe adaptation of existing contracts to the new regulations affects every contract analysed individually, and should be completed during the course of 2006. The D@il tool for consultation and management by the employer of the most simple administrative acts will be developed during 2005 with the aim of improving productivity.

INDIVIDUAL LIFE TURNOVER 2001 2002 2003 2004 VARIATION 2004/2003

Branch 21 savings 830.9 850.3 1 245.8 1 296.1 +4.0%

Branch 23 savings 245.2 153.1 199.8 272.9 +36.6%

Classic 273.5 263.8 260.1 252.4 -3.0%

Total 1 349.5 1 267.2 1 705.7 1 821.4 +6.8%

CORPORATE LIFE TURNOVER 2001 2002 2003 2004 VARIATION 2004/2003

€ million 330.0 349.9 424.3 379.7 -10.5%

(mio EUR)

BUSINESS HIGHLIGHTS

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II.2 Non-life insurance

Receipts are up for Large and Medium businesses (+1.4%) and for Individual and Small Enterprises (+1.3%).

1. IARD Individual and Small Business

Receipts in IARD Individual and Small Businesses amounts to €�883 million.

Motor insuranceA changing environment

2004 saw the introduction of a gentleman’s agreement regarding young

NON-LIFE 2001 2002 2003 2004 VARIATION 2004/2003

Individual damage 818.1 862.0 871.7 883.4 +1.3%

Corporate Damage 456.4 470.2 465.8 472.3 +1.4%

Miscellaneous 56.3 68.4 69.6 74.5 +7.0%

Total 1 330.8 1 400.6 1 407.1 1 430.0 +1.6%

(EUR million)

For large and medium businesses, the quality of service provided by an insu-rer is very important. That’s why we have invested so much in Dail@, our secure on-line service. 80% of the Life Business portfolio has been put on line.

Businesses can thus manage their group insurance from day to day, but they can also simulate the key elements of the plan and show their staff the impact of the different options available. Dail@ can also carry out all the necessary simulations to illustrate early retirement, contract surrenders, contract reduc-tion to paid-up value or death. All in a user-friendly package.

François Lemonnier, Director Corporate Line

IARD INDIVIDUAL 2001 2002 2003 2004 VARIATION 2004/2003

Motor (incl. legal protection) 484.6 516.8 538.0 550.0 +2.2%

Fire 217.7 225.3 223.1 225.6 +1.1%

Civil Liability (incl. Legal protection) 52.2 54.9 52.8 53.0 +0.4%

Individual Accident 19.0 19.7 16.7 15.8 -5.4%

Accidents at Work 44.7 45.4 41.1 39.0 -5.1%

Total 818.1 862.0 871.7 883.4 +1.3%

(EUR million)

WORDS OF EMPOWERMENT


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people’s access to compulsory civil liability motor insurance. This agreement binds the three parties concerned: the Belgian authorities to making our roads safer, young people who must accept restrictions on the power of their vehicles and on their use during the night at weekends, and insurers who must offer a «29/29» contract at a maximum price 29% above the cost at age 29 and undertake not to terminate the contract after the first claim.

Two other subjects have monopolised the attention of the insurance sector, without any success. These are the changes in the legislation regarding the a priori control of the cost of civil liability motor insurance, and the discussions concerning the unlimited character of civil liability motor cover. Solutions should emerge during 2005.

Good results for AXA in 2004

2004 saw confirmation of the combined

ratio improvement that began in 2003. The year ended with a combined ratio up 3.0 points, which finally provided an acceptable level of profitability.

Prospects for 2005

After focusing on a return to profitability in recent years, the emphasis in 2005 will be on re-establishing significant growth in our portfolios, whilst maintaining this level of profitability.

Home insuranceLegal environment

The law of 21 May 2003 relative to cover for natural catastrophes in Belgium never came into force; the aim was to make flood insurance compulsory only for risks situated in flood zones. A draft amendment was lodged by the government in November 2004: this draft aims to make the cover of CATNAT (i.e.: flooding, overflow of public drains, earthquakes, land slides and

subsidence) compulsory in all ‘simple risk’ Fire policies; it establishes a pricing bureau responsible for setting out the conditions of cover for aggravated risks, against which everyone has the right to be insured by the company of their choice, each company managing these aggravated risks on behalf on the market as a whole; a compensation mechanism must be introduced to re-assign the burden of these risks to insurers as a whole. Each insurer will manage ‘normal’ risks in accordance with his own rates and contractual conditions subject to the minimum conditions for legal cover. The draft may be adopted rapidly, and the law could thus enter into force during the course of 2005; a 9 months’ delay will be necessary for the market to be in a position to implement these new obligations over the whole of its ‘simple risks’ portfolio.

Secondly, Article 67 of the law on insurance contracts has been amended

An outstanding innovation that encourages prevention

BUSINESS HIGHLIGHTS

The AXA Belgium WildcardIn December 2003, AXA introduced a new scheme rewarding 360 000 of its best drivers with a wildcard.

Since then, AXA has extended the wildcard advantage :• to all drivers with a no-

claims bonus of 0, even if newly insured by AXA. They will in future receive two wildcards.

• to all drivers with a no-claims bonus of 1,2 and 3.

More than half a million good drivers have thus benefited from this advantage that neutralises premium increases after the first or second accident for which they are responsible.

In the same spirit, AXA distributed 650 000 wildcards to households whose home insurance is with AXA and who have made no claims in the previous two years.

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in order to accelerate the settlement of Fire and similar claims: under the amended law, expenses for essentials (re-housing etc.) must be settled within 15 days, sums unquestionably due must be settled within 90 days and loss assessment must also be concluded within 90 days, except in cases of authorised suspension.

Finally, the compulsory legal excess in Fire and individual civil liability has been rescinded. Every company can in future offer its customers a contract with no excess; there has been little market reaction to this option, since the practice is regarded as likely to damage the profitability of these policies. The ‘legal’ excess has thus become a ‘contractual’ excess. AXA had already to some extent anticipated this move with its home insurance cash back offer to loyal customers.

Major events in 2004

The retention of our best customers was a major concern in 2004. Following the motor insurance offer, a ‘wildcard’ was offered in our Home Comfort range, consisting of a flat-rate refund of €�200 (more or less corresponding to the amount of the excess) in the event of a claim above €�2 500; it was granted to all the nearly 650 000 customers who had made no claims in the preceding two years.

Production rise in Home Insurance

Following :

- the introduction of the «Home Safe Home» concept (global house purchase package: mortgage / fire insurance / outstanding balance),

- together with our theft prevention policy offering price reductions to customers installing protective measures,

- and a review of rate segmentation in Theft, we have been able to achieve a

significant increase in new business.

Thanks to these measures, 2004 saw continued growth in the turnover (+0.5%), despite the residual negative impact of the loss of important collaboration with the ING group.

Sound claims rate in 2004

There was a slight increase in claims in 2004 as compared with an excellent year in 2003 (+2.5 points). This rise is essentially due to the occurrence of minor gales during the first half of the year and some violent storms in the

summer. The theft guarantee continues to improve, due to our rates policy and our policy for prevention.

Insurance for the self employed and small businesses

Stable results

A number of measures were introduced during 2004 to re-launch production, the claims rate remaining good :

- new packages targeted on businesses, with competitive rates, adapted cover and simplified underwriting;


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- a new dedicated commercial department and an differentiated approach to different producer profiles.

Overall, turnover returned to growth (+0.3%), a phenomenon which has not yet been observed in the premiums obtained (-1.3%).

The claims rate, although slightly up by comparison with an excellent year in 2003, remains at a very satisfactory level. The combined ratio has improved by 3.2 points.

2. IARD Large and Medium Enterprises

Receipts in IARD Enterprises rose to 472.3 mio EUR, which represents an increase of 1.4% compared with 2003. Breakdown by branch is as follows:

Receipts rose particularly in Motor (+6.3%) and Fire (+6.2%). In contrast, they fell slightly in Occupational accidents (-0.3%) and more dramatically in Transport (-10.2%), where a third of the portfolio was hit by the falling

dollar.Our leading position in IARD Enterprises was retained, with a particularly significant market share in Occupational accidents.

Claims rate

After an exceptional year in 2003, the claims rate remained low during this financial year. 59 victims of the 2004 Ghislenghien explosion were insured with us. The accident had an 8 mio EUR impact, mainly on the Occupational accidents branch.

4.3 mio EUR will be covered by the reinsurers.

After re-insurance, the claims-to-premiums ratio remains good and enables the IARD Large and Medium Enterprises to make a significant contribution to AXA BELGIUM results.

Products

Our products have been modernised and adapted to the new legislation, such as the anti-discrimination law.

A new civil liability rate for goods vehicles, better suited to the condition of the market, came into operation on 1 December.

Productivity and quality

To get a better idea of brokers’ expectations regarding the quality of our management, a satisfaction survey was carried out. The results demonstrated a high level of satisfaction, placing AXA in second position in the market. The weak points exposed are being taken into account to improve the quality of our service.

Legal framework

In Occupational accidents at Work, the government decided to improve the lot of victims. As of 1 September 2004, the compensation ceiling rose from €�26 410 to €�31 579. The difference between these amounts is covered by the Occupational accidents Fund (FAT). However, insurance companies manage this difference on behalf of the FAT. The government intends to gradually reduce (over 4 or 5 years)

IARD ENTERPRISES 2001 2002 2003 2004 VARIATION 2004/2003

Occupational accidents 197.1 191.0 182.2 181.7 -0.3%

Motor 80.9 82.4 83.5 88.8 +6.3%

Group accident 58.1 57.7 61.5 63.5 +3.3%

Civil Liability 56.5 62.7 56.2 53.3 -5.2%

Fire 37.0 45.7 49.8 52.9 +6.2%

Technical insurances 13.4 15.2 15.8 17.1 +8.2%

Transport 13.5 15.5 16.7 15.0 -10.2%

Total 456.4 470.2 465.7 472.3 +1.4%

(EUR million)

BUSINESS HIGHLIGHTS

19

the difference between the insurers’ ceiling (€�26 410) and the FAT ceiling (€�31 579), but currently no Royal Decree has been published.

Market

2003 probably saw the low point of the cycle. In 2004 the prices demanded

The explosion at Ghislenghien had a decisive impact on 2004 in the Corporate Damage insurance sector. AXA intervened to support 59 victims and their families, mainly in Occupational Accidents.

by the market took something of a downturn. This trend is likely to be more pronounced next year.


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Balance Sheet on 31 december 2004ASSETS (in euros)

Financial year Previous year

B. Intangible assets 0 2,860,643

II. Intangible fixed assets 2,860,643

1. Goodwill 2,860,643

C. Investments 19,042,542,142 15,848,445,662

I. Land and buildings 862,259,123 542,975,077

1. Land and buildings in company use 3,541,677 7,657,368

2. Other 858,717,446 535,317,709

II. Investments in affiliated undertakings and participating interests 913,367,885 927,841,394

Affiliated undertakings 791,885,031 805,621,737

1. Shares 626,892,659 599,260,815

2. Certificates, bonds and receivables 164,992,372 206,360,922

- Participating interests 121,482,854 122,219,657

3. Shares 121,482,854 122,219,657

III. Other financial investments 17,154,036,594 14,265,023,362

1. Shares, participations and other variable-yield securities 3,070,002,194 2,689,420,560

2. Bonds and other fixed-income securities 12,655,492,195 10,228,686,601

4. Mortgage loans 847,773,912 791,415,882

5. Other loans 143,767,588 92,377,517

6. Deposits with credit institutions 298,407,941 325,620,011

7. Other 138,592,764 137,502,791

IV. Deposits with ceding undertakings 112,878,540 112,605,829

D. Investments for the benefit of life-insurance policyholders who bear the investment risk

696,516,100 661,259,296

Dbis. Reinsurers’ share of technical provisions 166,962,415 180,978,004

I. Provision for unearned premiums and unexpired risks 4,057,142 5,304,859

II. Provision for life insurance 85,102 38,446

III. Claims outstanding 162,816,271 175,629,434

V. Other technical provisions 3,900 5,265

E. Receivables 480,694,706 568,296,894

I. Receivables arising out of direct insurance operations 328,601,825 365,488,369

1. Policyholders 143,129,312 151,689,015

2. Intermediaries 124,826,913 134,675,330

3. Other 60,645,600 79,124,024

II. Receivables arising out of reinsurance operations 37,504,762 43,257,809

III. Other receivables 114,588,119 159,550,716

F. Other assets 28,418,485 19,665,617

I. Tangible assets 3,484,375 3,142,593

II. Cash at bank and in hand 24,934,110 16,523,024

G. Prepayments and accrued income 267,141,427 252,860,931

I. Accrued interest and rent 246,044,016 225,192,086

III. Other prepayments and accrued income 21,097,411 27,668,845

TOTAL 20,682,275,275 17,534,367,047

AXA BELGIUM

21

LIABILITIES (in euros)


A. Capital and reserves 793,918,024 716,233,806

I. «Subscribed capital or equivalent funds, net of not paid-up» capital 294,800,000 267,000,000

1. Subscribed capital 294,800,000 267,000,000

II. Share premium account 17,632,757 17,632,757

III. Revaluation reserve 443,650 402,191

IV. Reserves 288,071,964 240,479,106

1. Legal reserve 29,480,000 26,700,000

2. Non-distributable reserve 8,274 8,274

b) other 8,274 8,274

3. Untaxed reserve 181,637,445 150,081,922

4. Distributable reserve 76,946,245 63,688,910

V. Result to be carried forward 192,969,653 190,719,752

1. Profit to be carried forward 192,969,653 190,719,752

Bbis. Fund for future appropriations 11,065,000 3,240,000C. Technical provisions 18,136,359,447 15,525,484,452

I. Provision for unearned premiums and unexpired risks 285,465,862 283,480,459

II. Provision for life insurance 13,137,465,207 10,667,814,038

III. Claims outstanding 4,421,790,826 4,339,753,835

IV. Provision for bonuses and rebates 61,429,273 33,417,281

V. Equalization provision 94,163,342 79,429,686

VI. Other technical provisions 136,044,937 121,589,153

D. Technical provisions for life-insurance policies wherethe investment risk is borne by the policyholders ( unit-linked)

696,516,100 661,259,296

E. Provisions for other risks and charges 52,004,635 50,653,441

I. Provisions for pensions and similar obligations 25,352,516 29,025,154

II. Provisions for taxation 8,619,074 5,810,467

III. Other provisions 18,033,045 15,817,820

F. Deposits received from reinsurers 78,563,504 65,517,359G. Amounts payable 888,859,146 472,252,462

I. Creditors arising out of direct insurance operations 97,727,922 101,796,738

II. «Creditors arising out of reinsurance operations» 15,201,482 18,058,472

V. Other amounts payable 775,929,742 352,397,252

1. Tax, salary and social security expenses 132,593,417 156,931,986

a) tax 40,474,458 43,714,076

b) Remuneration and social security expenses 92,118,959 113,217,910

2. Other 643,336,325 195,465,266

H. Accruals and deferred income 24,989,419 39,726,231

TOTAL 20,682,275,275 17,534,367,047


22

Profit and loss account on 31 december 2004TECHNICAL ACCOUNT - NON-LIFE-INSURANCE BUSINESS (in euros)


1. Earned premiums, net of reinsurance 1,350,810,296 1,294,495,396

a) Gross premiums written 1,416,081,388 1,378,602,520

b) Outward reinsurance premiums (-) (64,553,317) (75,306,300)

c) Change in the gross provision for unearned premiums and unexpired risks, (increase -, decrease +)

345,308 -9,100,634

d) Change in the provision for unearned premiums and unexpired risks, reinsurers’ share (increase +, decrease -)

-1,063,083 299,810

2bis. Investment income 395,229,042 405,765,656

a) Investment income from affiliated undertakings and participating interests 4,892,620 5,557,958

aa) affiliated undertakings 2,189,121 2,310,434

1° shares 53,191 778,855

2° certificates, bonds and receivables 2,135,930 1,531,579

bb) participating interests 2,703,499 3,247,524

1° shares 2,703,499 3,247,524

b) Income from other investments 254,753,165 246,752,292

aa) income from land and buildings 38,180,076 36,762,809

bb) Income from other investments 216,573,089 209,989,483

c) Value re-adjustments on investments 86,813,701 25,390,429

d) Gains on the realization of investments 48,769,556 128,064,977

3. Other technical income net of reinsurance 775,666 129,7024. Claims incurred , net of reinsurance (-) (919,165,729) (872,225,617)

a) Claims paid 894,781,749 910,449,693

aa) gross amounts 923,540,009 942,316,155

bb) reinsurers’ share (-) (28,758,260) (31,866,462)

b) Change in the provision for claims, net of reinsurance (increase +, decrease -) 24,383,980 -38,224,076

aa) change in the gross provision for claims (increase + , decrease -) 31,439,395 -41,034,222

bb) change in the provision for claims, reinsurers’ share (increase -, decrease +) -7,055,415 2,810,146

5. Change in other technical provisions, net of reinsurance (increase -, decrease +) -12,349,847 -14,700,6116. Bonuses and rebates , net of reinsurance (-) (-230,499) (-281,962)7. Net operating expenses (-) (402,846,089) (391,112,275)

a) Acquisition costs 279,893,185 270,297,080

c) Administrative expenses 131,299,837 132,802,231

d) Reinsurance commissions and profit participation (-) (8,346,933) (11,987,036)

7bis. Investment charges (-) (175,497,996) (205,413,090)

a) Investment management charges 19,337,760 13,501,784

b) Value adjustments on investments 65,850,760 165,094,148

c) Losses on the realization of investments 90,309,476 26,817,158

8. Other technical charges, net of reinsurance (-) (66,149,449) (53,326,759)9. Changes in the equalization provision, net of reinsurance (increase -, decrease +) -13,356,642 -15,847,33410. Balance on the technical account for non-life-insurance business

Profit (+) 157,679,751 148,047,030

AXA BELGIUM

23

TECHNICAL ACCOUNT - LIFE-INSURANCE BUSINESS (in euros)

financial year Previous year

1. Earned premiums, net of reinsurance 2,043,674,284 1,877,217,902

a) Gross premiums written 2,044,493,596 1,879,596,285

b) Outward reinsurance premiums (-) (819,312) (2,378,383)

2. Investment income 986,861,339 721,299,232

a) Investment income from affiliated undertakings and participating interests 19,198,706 37,631,136

aa) affiliated undertakings 18,154,573 37,178,782

1° shares 7,194,084 26,093,074

2° certificates, bonds and receivables 10,960,489 11,085,708

bb) participating interests 1,044,133 452,354

1° shares 1,044,133 452,354


aa) Income from land and buildings 24,715,008 19,593,715

bb) income from other investments 635,490,325 538,471,542

c) Value re-adjustments on investments 149,346,388 26,326,531

d) Gains on the realization of investments 158,110,912 99,276,308

3. Value re-adjustments on investments in item D in Assets (profits) 36,850,158 33,072,1145. Claims incurred , net of reinsurance (-) (880,031,404) (889,557,460)

a) Claims paid 866,616,522 881,036,639

aa) gross amounts 867,085,866 882,076,443

bb) reinsurers’ share (-) (469,344) (1,039,804)

b) Change in the provision for claims, net of reinsurance (increase +, decrease -) 13,414,882 8,520,821

aa) change in the gross provision for claims, (increase +, decrease -) 14,150,981 8,452,476

bb) change in the provision for claims, reinsurers’ share (increase -, decrease +) -736,099 68,345

6. Change in other technical provisions, net of reinsurance (increase -, decrease +) -1,549,962,490 -1,325,693,620

a) Change in the provision for life insurance, net of reinsurance (increase -, decrease +) -1,428,551,992 -1,207,690,737

aa) change in the gross provision for life insurance, (increase -, decrease +) -1,428,598,648 -1,207,756,196

bb) change in the provision for life insurance, reinsurers’ share (increase +, reduction -) 46,656 65,459

b) Change in other technical provisions, net of reinsurance (increase -, decrease +) -121,410,498 -118,002,883

7. Bonuses and rebates , net of reinsurance (-) (31,590,467) (-8,025,948)8. Net operating expenses (-) (173,790,772) (146,796,377)

a) Acquisition costs 129,126,313 100,570,321

c) Administrative expenses 44,795,668 46,491,153

d) Reinsurance commissions and profit participation (-) (131,209) (265,097)

9. Investment charges (-) (330,522,324) (306,524,905)

a) Investment management charges 58,406,339 74,010,441

b) Value adjustments on investments 55,866,882 161,938,056

c) Losses on the realization of investments 216,249,103 70,576,408

10. Value adjustments on investments in item D in Assets (charges) (2,436,971) (1,284,299)11. Other technical charges, net of reinsurance (-) (1,619,357) (865,552)12bis Changes in funds for future appropriations (increase -, decrease +) 175,000 -3,240,00013. Balance on the technical account - life-insurance business

Profit (+) 97,606,996 0

Loss (-) (34,347,017)


24

Profit and loss account on 31 december 2004NON-TECHNICAL ACCOUNT (in euros)

Year ended Previous year

1. Balance on the technical account - non-life-insurance business

Profit (+) 157,679,751 148,047,030

2. Balance on the technical account - life-insurance business

Profit (+) 97,606,996 0

Loss (-) (34,347,017)

3. Investment income 15,135,386 11,519,188

a) Investment income from affiliated undertakings and participating interests 12,721,132 491,365


aa) Income from land and buildings 195,268 166,750

bb) income from other investments 872,071 4,278,748

c) Value re-adjustments on investments 139,930 84,514

d) Gains on the realization of invetsments 1,206,985 6,497,811

5. Investment charges (-) (381,864) (2,856,067)

a) Investment management charges 220,606 565,421

b) Value adjustments on investments 105,214 1,584,938

c) Losses on the realization of investments 56,044 705,708

7. Other income 12,570,033 16,944,8958. Other charges (9,627,294) (13,970,382)8bis Profit or loss on ordinary activities

Profit (+) 272,983,008 125,337,647

15. Tax payable (-/+) -62,408,531 -90,555,05415bis Deferred tax (-/+) -2,492,005 -1,404,33116. Profit or loss for the financial year

Profit (+) 208,082,472 33,378,262

17. a) Transfer from untaxed reserves 441,710 300,548b) Transfers to untaxed reserves (-) (5,281,287) (3,027,818)

18. Profit or loss for the financial year

Profit (+) 203,242,895 30,650,992

APPROPRIATION OF THE RESULT (in euros)

Year ended Previous yearA. Profit to be appropriated loss to be appropriated 396,184,206 221,602,549

1. Profit for the financial year for appropriation 203,242,895 30,650,992

2. Profit brought forward 192,941,311 190,951,557

D. Result to be carried forward

1. Profit to be carried forward (-) (192,969,653) (190,719,752)

F. Distribution of profit (-) (203,214,553) (30,882,797)

1. Dividends 202,991,444 30,634,904

2. Directors’ emoluments 223,109 247,893

AXA BELGIUM

25

A new generation of Guaranteed Income insurance policies for the self-employed

Guaranteed income insurance is not sufficiently well-known and is the poor relation of the sector. This is due to a complex acceptance procedure and a dated price structure that vary very little from company to company.

However, this type of insurance is very useful for all the self-employed, the number of whom is increasing each year (+7% between 2002 and 2003).

Indeed, in the event of illness or an accident, social security benefits are not enough to meet current finan-cial commitments or to maintain the family’s standard of living.

To make this formula more accessible, AXA is proposing Free Income.

Through working with an independent network of professional brokers, the customer will receive a proposal suited to his needs.


26

1.2

�

AXA BANK BELGIUMACTIVITY REPORT

AXA gave my parents investment and savings advice, and now we have a house on the beach. AXA gave my par

27

AXA Bank Belgium

100 100 100 100 100

CAMO Holdings

BERAN UPAR MOFICO

100

AXA Private Management

6,44

GIE AXA Technology Services Belgium

AXA Belgium Finance BV

CAMO

100

Management bodiesAdministration, management and control

Board of Directors Management Board Audit Committee

Alfred Bouckaert, Chairman Serge Wibaut, Chairman

Gérard Fiévet

(until 20 September 2004)


(since 9 June 2004)

Jean-Claude Mertens

Patrick Vaneeckhout

Paul Van Winghem

Philippe Wautelet

Associate members:

Georges Anthoon

Eric Kleijnen

Marc Raisière

Gérard Fiévet, Chairman

(since 1 January 2005)

Thierry Langreney

Alfred Bouckaert


Gérard Fiévet

Eric Kleijnen

Thierry Langreney

François Lemonnier

Jean-Claude Mertens

Marc Raisière

Patrick Vaneeckhout

Paul Van Winghem

Philippe Wautelet

Serge Wibaut

Hervé Hatt

Heinz-Peter Ross

Auditors

PricewaterhouseCoopers, limited

company auditors, represented by Luc

Discry

rents

ORGANISATION CHART (DECEMBER 31, 2004)

AXA BANK BELGIUM : FACTS AND FIGURES

28

INTEREST RATE CHANGES

Board of Directors’ report 2004AXA Bank Belgium

I. Economic and financial situation in 2004

1. Good financial performance in 2004

According to AXA Investment Managers, the 2004 financial year can be described as satisfactory for nearly all types of assets. Shares in the MSCI World Index grew by 16% (in $) for the second

consecutive year (+30.3% in 2003); bonds (+10%) and raw materials (+11%) also grew considerably. The dollar continued its fall (-7.8% against the euro, -7.4% against the pound sterling and –4.4% against the yen) which began three years ago. Gold rose by 5% (in $). Finally, only monetary investments remained relatively timid: +2.2% in euros, +1.5% in dollars.

2. A flourishing economic background

2004 was characterized by record growth across the world (+5%), the highest since 1988. The United States saw 4.4% growth and Japan, 3% - encouraged by the dynamism of strong growth in Asia (+7.6%). Great Britain and Sweden, with growth of 3.1% and 3.3% respectively, were not to be outdone.

AXA BANK BELGIUM

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

dec-04nov-04oct-04sep-04aug-04jul-04jun-04may-04apr-04mar-04feb-04

Over 5 years Over 3 months Difference

29

Only the Eurozone (+1.8%), held back mainly by Germany, Italy and the Netherlands whose growth remained restricted to 1.3%, lags behind. With 2.5%, 2.2% and 2.7% respectively, Spain, France and Belgium are doing slightly better.

World growth has stimulated the price of raw materials and particularly that of crude oil (+33% in a year). Inflation, although inevitable as a result, has nevertheless remained at a reasonable level, at just over 3% in the United States and at 2% for the Eurozone.

3. With sound performance in Belgium

Belgian economic growth doubled to reach 2.7%. The improved economic situation encouraged confidence until the autumn, after which it fell back under the combined effect of the price of crude and the euro. As Belgians have decided to save less and spend more, household consumption rose by 2.2% for an increase of only 0.9% in purchasing power and savings

potential thus fell from 15.5 to 14.3%. Investments increased by more than 3% and employment by 25,000 units.

II. Interest rate changes

Short-term interest rates did not go above 2% during the 2004 financial year and the base rate for savings accounts therefore remained the same. However, competition around savings accounts grew as the large institutions also carried out long-term actions on the growth premium. As in 2003, long-term interest rates stayed at their historically low level. Therefore, the growth recorded at the end of 2003 did not continue – far from it: at the end of December, five-year rates even fell below the 3% mark. As a result, returns on short-term notes granted to customers also remained low.

Increased competition in savings accounts, along with the poor interest rates for short-term notes, made it harder for the bank to recruit liquid

assets in 2004. On the other hand, the low interest rates played a large part in sustaining loans sales.

III. Savings and investments

1. Net New Money

The on- and off-balance sheet total recorded by AXA Bank in 2004 shows a decline of Net New Money, but an increase in amounts invested. The lesser success of actions taken to promote savings accounts, the decline in short-term notes and the large volume of off-balance sheet products reaching maturity explain this trend.The balance sheet growth confirms again this year customers’ interest in products offering a fixed return, to the detriment of variable-yield products. The savings account remains the most popular product. Even if the emphasis on off-balance sheet products was not enough to offset products reaching maturity in 2004, nevertheless it shows a renewed interest in products offering capital protection.

« Throughout 2004, interest rates remained low. In these circumstances, the return on short-term savings had to be modest! Customers did well to turn to insurance accounts like CREST with a return between 4 and 5%, their capital guaranteed and good liquidity. Bolder customers risked Millesimo, a magnificent diversification tool which offered the possibility of an even higher return as well as capital protec-tion. All the profit goes to the customer. However, Millesimo and CREST are insurance products and therefore are included in thpe AXA Belgium balance sheet and not AXA Bank’s. This is one of the strengths of a group as well integrated as AXA is in Belgium: thanks to the advice of the brokers and bankagents, it can offer customers the most appropriate financial pro-tection for the time ».

Marc Raisière, Product management Director



30

2. Balance sheet products

AXA Bank finished the 2004 financial year with an increase of 424 mio EUR of capital in savings accounts, i.e. a growth of 7.4% in amounts invested.

Despite the extreme weakness of long-term interest rates and the recovery of the stock markets, the economic situation has remained favourable to savings accounts. Customer behaviour has not fundamentally changed and the large number of offers of the “1.50% +2%” type on the market have continued to encourage them in their choice.

The growth recorded in 2004, which was smaller than that in previous years, can be explained by the current strong competition (including that from the large banks) and by AXA’s refusal to overbid in the light of interest rate trends.

We have noted the confirmed disaffection with fixed-term deposits which is explained by the low interest rates. However, this downward trend has slowed.

The short-term note portfolio has continued to shrink with many amounts reaching maturity not being reinvested because of low medium-term interest rates. The customers concerned have tended to choose short-term options such as savings accounts or branch 21 products.

3. Off-balance sheet products

The 2004 financial year was characterized on the one hand by large sales of strategic unit trusts and, on the other, by many products reaching maturity, some of which proved difficult as in the case of “reverse convertibles” (whose holders made losses as a result of stock market trends).

We recorded an increase in production (from 199 mio EUR in 2003 to 305 mio EUR in 2004), which confirms the fact that very many customers are willing to begin investing again in variable-yield products, as long as they receive capital protection.

However, this growth was not able to offset the amounts that matured and sales.

4. Managed assets

The total of managed portfolios grew by 1.1% to 11,302 mio EUR. The most obvious upward trends were due to demand deposit accounts (+86 mio EUR) and savings accounts (+424 mio EUR), with short-term notes and off-balance sheet products losing ground.

IV. Loans

1. Personal loans

After a record 2003 (85% growth), AXA Bank finished the 2004 financial year with another substantial increase (+16%) in the amount loaned to individuals.

AXA has continued to build on its reputation in the housing loan market. The domestic housing market was characterized by a large increase in the number of sales and purchases of existing assets. However, the proportion of loans to finance building land and new constructions fell, mainly because of the continued increase in the cost of land and, above all, because of a

AXA BANK BELGIUM

TOTAL NET NEW MONEY 2001 2002 2003 2004

Balance sheet products: growth 43 351 416 163

Demand deposit accounts 51 4 47 86

Savings accounts 273 677 724 424

Deposit accounts + currency -38 -167 -108 -60

Short-term notes + coupons -243 -163 -247 -287

AXA Off-balance sheet 1 -173 -36 -49 -265

Gross production 341 252 199 305

Matured assets + sales -514 -288 -248 -570

AXA : net -130 315 367 -102

Third party off-balance sheet products (gross) 2 412 299 274 206

Total 282 614 641 105

AXA off-balance sheet: includes AXA’s own investment funds and euro-bond issues.

Third-party off-balance sheet products: includes stock market transactions, euro-bonds and state bonds.

20042003200220012004200320022001

31

Housing Loans grantedin mio EUR

Consumer loansin mio EUR

lack of supply in Flanders. Generally speaking, the average amount of loans rose by 3.3% in 2004, matching the general increase in property prices.

From the macro-economic point of view, the prospects for this market can be seen as positive because of the low interest rates which have reached historic lows for all formulas, and because of the more attractive tax framework for households from 2005 onwards.

During 2004, AXA once again expanded its market share considerably in the housing loan sector, and passed the 13% mark. AXA has almost tripled production in this field since 2001.

As in previous years, it owes this considerable result to its network of independent banking agents and its specialist loan brokers in almost identical proportions. Furthermore, the work of the loans department has, to a great extent, been brought into line with the general segmentation of AXA’s distribution network.

Two major advertising campaigns have helped to support this movement. The first was undertaken as part of the Batibouw exhibition. A new formula, with which a variant to the formula with existing annual review is associated, was launched during the second half of the year. This form of loan has been specifically developed to satisfy the needs of young households.

The continued growth in the housing loans sector did not require any change to the current overall policy or acceptance policy. In a relatively stable macro-economic situation, the average quality of the loan portfolio has remained very positive.

The general economic context of the consumer credit market is rather more complex. Consumer confidence, which was at its lowest at the beginning of 2003, is recovering slowly but steadily, and this has naturally resulted in a

gentle recovery of demand for loans. In addition, the granting of loans must take account of the latest laws on consumer credit.

Nevertheless, AXA recorded a production growth of 20% in this segment. Its market share in consumer loans rose slightly from 4.5% to nearly 5%. The influence of the “Salon de l’Auto” (Motor Show), which saw a substantial increase in financing for new vehicles, played a significant part in this growth. In addition, the promotion of short-term instalment loans for small property projects, undertaken as part of the marketing strategy, also bore fruit. Amongst the range of products, the share of loans for general purposes confirmed its downward trend.

The above-mentioned movements contributed to the continued improvement in the average quality of the portfolio. Similarly, the integration since the middle of 2003 of data from the “Centrale positive des credits” (the

register of all current loans), means that budget analysis can be much more effective and this has had a positive influence on the general level of losses.

2. Business loans

The number of loans to businesses grew more slowly in 2004 (+4%) than in 2003. Fairly low business confidence almost certainly contributed to the weak demand for loans. Despite this climate, AXA’s credit policy remained the same.

3. Loan-portfolio quality

Despite a macro-economic situation that can still not be called brilliant, the overall quality of the portfolio remained very satisfactory. It is reflected in the particularly strong change in the overall net loss ratio since 2002: from +0.10% then, it fell to +0.06% in 2003 and then to –0.13% during 2004.

454 941 1,926 2,221 176 210 212 254


32

V. Bank accounts, transactions and money flow

The 2004 financial year was turbulent on both the regulatory and legislative levels. On the one hand this was due to the introduction of a number of directives, in particular directives related to laundering of capital (introduction of a compulsory customer transaction account, customer identity data, etc) and, on the other hand, it was a result of the pricing agreements concluded between the banking sector and the Consumer Protection Ministry (pricing simulator, removal service, free withdrawals – the latter having, besides, been commented on widely in the media).

AXA’s desire to become its customers’ principal banker, which it announced in

2003, was shown in 2004 by forceful advertising campaigns. The famous campaign, “AXA Bank is becoming your banker”, which took place in the first half of the year, was aimed at acquiring new “active demand deposit account” customers.

In addition, the free demand deposit account was introduced as a major asset in the “Happy You” retention programme.

In its current form, the principle of reimbursing the costs of a demand deposit account by means of Bonus Banking can still be called unique. Several banking competitors have imitated it during the year, in a limited form however.

Bonus Banking contributed to the increase in the number of electronic transactions as did the continued widening of the exclusive network of

The historically low rates have obviously encouraged the sale of loans, and AXA was able to increase its market share again. At the end of 2004, it stood at 13% for housing loans and 5% for consumer loans. Now, we would like to expand in consumer loans. We are seeing a change in attitude in this area: more and more hou-seholds are using their credit card, for example. In 2005, we will make some very competitive offers for personal loans.Patrick Vaneeckhout, Loans Director


AXA BANK BELGIUM

33

‘SelfService’ terminals (the hurdle of 250 terminals was crossed in 2004) and the continuous support offered by Homebanking and PhoneService.

Several important markers for future developments were set down in 2004. Firstly, the proposal to develop an attractive package for young people was accepted; this will offer more than the existing benefits of demand deposit accounts and payment transactions. Secondly, major investments to prevent fraud by means of payment systems (on-line to the bank) and to increase the flexibility and efficiency of the underlying processing chains (re-engineering modules) were started.

In terms of actual figures, AXA Bank closed the financial year on 31 December with total credits outstanding of 646 million euros on demand deposit accounts, i.e. 15% growth on an annual basis (+86.4 million euros).

The number of active demand deposit accounts grew by 6.24% in 2004. The “AXA Bank is becoming your banker” campaign contributed to 56% of this growth.

The number of customers using the Homebanking, PhoneService and SelfService automatic payment systems reached 110,000 units. The overall rate of electronic current transactions rose from 45% to nearly 60%.

It is already possible to affirm that the market will be influenced to a considera ble extent by new regulations against money laundering. At the same time, we can expect a drastic review of prices for inter-bank payments of automatic transactions.

However, the figures and results set out above allow us to affirm that in 2005 we will see the movement begun in 2004 continue. The growing awareness of the importance of the contribution of demand deposit accounts to the bank’s

growth, particularly thanks to active cross-selling starting from this relational product, as well as the extent of internal potential, both constitute a necessary and sufficient condition for pursuing acquisition efforts in 2005.


34

AXA Bank balance sheetand income statement data

CONSOLIDATED BALANCE SHEET ITEMS (in millions of euros)

2004 2003

Balance sheet total 17,127.54 14,182.92

Customer deposits 11,633.24 10,796.06

Amounts owed to credit institutions 4,128.08 2,095.58

Loans and advances to customers 7,655.00 5,913.79

Public sector loans 4,133.20 3,464.55

Loans and advances to credit institutions 1,254.89 1,236.81

Fund for general banking risks 89.99 89.99

Shareholders’ equity 379.18 379.46

CONSOLIDATED RESULTS (in millions of euros)

2004 2003

Net financial income 1 203.84 164.80

+ Miscellaneous income 88.75 196.72

= Banking income 292.59 361.52

- General expenses 2 -288.74 -284.49

+/- Depreciation, write-downs, provisions and miscellaneous items +25.71 +1.89

= Result on ordinary activities before taxation 29.56 78.92

+/- Extraordinary results 8.24 16.73

- Income taxes -8.13 -17.35

= NET RESULT 29.67 78.30

1 Net income from interest and fixed-income and variable yield securities

2 Including commissions paid.

Scope of consolidation

At 31 December 2004, AXA Bank’s consolidation accounts include the following companies: AXA Bank, Mofico, Beran, Upar, Camo Holding, Camo, BIA and AXA Belgium Finance.

In addition, the bank holds participating interests in the economic interest grouping AXA Technology Services Belgium, Société Foncière de

l’Hexagone, Imopole, Sofifo, AXA Private Management, Huis van het Hypothecair Krediet and Contere – which are not included in the scope of consolidation as they only have a minor influence on the true and fair view image of the consolidated Group.

It should also be specified that an agreement concerning the sale of BIA (Banque Ippa & Associés) was signed under conditions precedent on 23

December 2004. Bearing in mind the said conditions precedent and since control has not yet been transferred, BIA has been included in the consolidated figures as at 31 December 2004.

Balance sheet total

The consolidated balance sheet total shows a rise of 2,944.62 million euros, or 20.76%, compared to the end of

AXA BANK BELGIUM

on 31 December 2004

35

2003. Shareholders’ equity has fallen to 379.18 million euros after distribution of dividends, i.e. a fall of 0.075% compared to 2003.

As regards collected funds, amounts owed to credit institutions have basically risen by 2,032.50 million euros, whereas amounts owed to customers have increased by 837.18 million euros. In this context, the fall of 454.34 million euros of debts evidenced by certificates (short-term notes) has been mainly compensated for by the growth in savings accounts (+424 million euros) and the strong growth in inter-bank financing. Although the fall in short-term notes can be explained by the weakness of long-term interest rates, commercial shares together with the still uncertain stock exchange climate, have helped to increase savings deposits. The considerable amount of housing loans helps to explain the increased need in terms of inter-bank financing.

The growth in balance sheet assets can be explained mainly by, on the one hand, the increase in loans and advances to customers (+1,741.20 million euros), which can mainly be ascribed to the firmly upward trend for housing loans and, on the other hand, by the strong increase of the investment portfolio, mainly invested in bonds and other fixed-income securities, to 1,258.63 million euros. Treasury bills eligible for refinancing with the Central Bank have fallen by 157.64 million euros.

The growth in accruals and deferrals is mainly due to the unrealised profit on exchange transactions, whereas on the liabilities side, the growth is explained to a large extent by interest charges.

The fund for general banking risks has been kept at the same level as last year.

Income statement

The income statement closed with a rise (+39.04 million euros) in net financial income after good growth of the interest margin. Income from variable-yield securities also rose slightly (+0.32 million euros).

Miscellaneous income, including in particular profit from financial transactions and fees and commissions received, fell by 107.98 million euros, mainly as a result of fewer disposals of fixed-income investment securities. Fees and provisions received closed up +4.71% on the previous year.

This brought banking income to some 292.59 million euros, down 68.93 million euros (- 19.07%) on the last financial year – a phenomenon that, it is true to say, can be explained to a large extent by the items mentioned above.

General expenses, including provisions paid, remained almost unchanged (1.50%). The reduction (- 6.96%) in personnel expenses was compensated for by an increase of 4.69% in other management expenses. Provisions paid also increased slightly (+6.80%).

In accordance with article 134, § 2 of the Code des Sociétés (Company Law Code), it needs to be pointed out that expenses include an amount of 0.107 million euros (excluding VAT) for remuneration allocated to the auditor for additional audits (including 0.003 million euros for the audits required by law).

The item “depreciation, write-downs, provisions and miscellaneous items” closed at 25.71 million euros, bringing the result on ordinary activities before taxation, to 29.56 million euros.

The extraordinary result for the 2004 financial year comes to 8.24 million euros. After regularisation and the incorporation of tax provisions, income tax for the consolidated group amounts to 8.13 million euros.

Results

The group finished the 2004 financial year with a net profit of 29.67 million euros.

The company result for AXA Bank Belgium S.A. is 29,979,692.70 euros. Taking into consideration the profit brought forward from previous financial years of 85,314,410.99 euros, the bank’s total profit to be appropriated is 115,294,103.69 euros.

At the shareholders’ general meeting, it will be proposed that 29,962,800.00 euros will be distributed and 85,331,303.69 euros will be transferred to the following financial year.

After the profit has been appropriated, the published shareholders’ equity of AXA Bank Belgium S.A. will be 377,234,787.81 euros, made up of 6,200,000.00 euros of capital and 371,034,787.81 euros of reserves, including the profit carried forward.


36

Consolidated balance sheetau 31 décembre 2004ASSETS (in thousands of EUR)

2004 2003

I. Cash in hand, balances with central banks and post office banks 60,490 60,139

II. Treasury bills eligible for refinancing with central banks 79,529 237,170

III. Loans and advances to credit institutions 1,254,892 1,236,814

A. Repayable on demand 319,962 48,592

B. Other loans and advances (with agreed maturity dates or periods of notice) 934,930 1 188,222

IV. Loans and advances to customers 7,654,980 5,913,785

V. Bonds and other fixed-income securities 7,426,715 6,168,080

A. Issued by public bodies 4,053,666 3,227,378

B. Issued by other borrowers 3,373,049 2,940,702

VI. Shares and other variable-yield securities 51,170 4,031

VII. Financial fixed assets 68,055 85,609

B. Other enterprises 68,055 85,609

1. Participating interests and shares 4,855 5,609

2. Subordinated debts 63,200 80,000

VIII. Formation expenses and intangible fixed assets 701 1,435

IX. Consolidation differences - 362

X. Tangible fixed assets 13,911 14,108

XII. Other assets 23,395 12,168

XIII. Deferred charges and accrued income 493,700 449,215

TOTAL ASSETS 17,127,538 14,182,916

AXA BANK BELGIUM

37

LIABILITIES (in thousands of EUR)

2004 2003

I. Amounts owed to credit institutions 4,128,081 2,095,580

A. Repayable on demand 48,306 823

C. Other debts with agreed maturity dates or periods of notice 4,079,775 2,094,757

II. Amounts owed to customers 9,842,881 8,551,354

A. Savings deposits 5,906,717 5,482,859

B. Other debts 3,936,164 3,068,495

1. Repayable on demand 1,618,904 1,088,582

2. With agreed maturity dates or periods of notice 2,317,260 1,979,913

III. Debts evidenced by certificates 1,790,362 2,244,705

A. Bonds in issue 1,790,362 2,244,705

IV. Other liabilities 85,440 64,424

V. Accrued charges and deferred income 431,508 400,463

VI. Provisions, deferred taxes and tax liability 40,657 48,505

A. Provisions for liabilities and charges 40,657 48,505

1. Pensions and similar obligations 9,195 11,296

3. Other liabilities and charges 31,462 37,209

VII. Fund for general banking risks 89,985 89,985

VIII. Subordinated liabilities debts 339,445 308,436

Capital and reserves 379,179 379,464

IX. Capital 6,200 6,200

A Issued capital 6,200 6,200

XII. Reserves and results brought forward 372,848 373,133

XIII. Consolidation differences 131 131

TOTAL LIABILITIES 17,127,538 14,182,916

OFF-BALANCE SHEET ITEMS (in thousands of EUR)

2004 2003

I. Contingent liabilities 33,842 30,705

B. Guarantees serving as direct credit substitutes 1,969 3,000

C. Other guarantees 31,608 26,970

E. Assets charged as collateral security on behalf of third parties 265 735

II. Commitments which could give rise to a credit risk 837,793 853,848

A. Firm credit commitments 41,106 229,915

B. Commitments as a result of spot purchases of transferable or other securities 3,891 5,117

C. Undrawn margin on confirmed credit lines 792,796 618,816

III. Assets lodged with consolidated enterprises 1,774,241 1,732,540

A. Assets held by the credit institution for fiduciary purposes 6,999 12,004

B. Safe custody and equivalent items 1,767,242 1,720,536

IV. Uncalled amounts of share capital 1,550 1,550


38

Consolidated income statement as at 31 December 2004

(in thousands of EUR)

2004 2003

I. Interest receivable and similar income 546,814 506,118

Including that from fixed-income securities 242,948 254,415

II. Interest payable and similar charges -344,418 -342,446

III. Income from variable-yield securities

A. From shares and other variable-yield securities 1,045 245

D. From other shares held as financial fixed assets 402 886

IV. Commissions received 41,489 39,621

V. Commissions paid -99,913 -93,552

VI. Profit on financial transactions

A. Profit on exchange transactions and trading of securities and other financial instru-ments

-676 1 946

B. Profit on disposal of investment securities 47,933 155,156

VII. General administrative expenses

A. Remuneration, social security costs and pensions -88,337 -94,942

B. Other administrative expenses -100,493 -95,995

VIII. Depreciation and amounts written off formation expenses, intangible and tangible fixed assets

-3,685 -4,036

IX. Increase in amounts written off receivables and in provisions for off-balance sheet items “I. Contingent liabilities” and “II. Commitments which could give rise to a credit risk”

6,555 -6,807

X. Decrease/increase in amounts written off the investment portfolio of bonds, shares and other fixed-income or variable-yield securities

325 366

XI. Utilisation and write-backs of provisions for liabilities and charges other than those inclu-ded in the off-balance sheet items “I. Contingent liabilities” and “II. Commitments which could give rise to a credit risk”

7,819 4,083

XII. Provisions for liabilities and charges other than those included in the off-balance sheet items “I. Contingent liabilities” and “II. Commitments which could give rise to a credit risk”

-4,307 -5,486

XIV. Other operating income 24,619 19,892

XV. Other operating charges -5,613 -6,126

AXA BANK BELGIUM

39

(in thousands of EUR)

2004 2003

XVI. Profit on consolidated enterprises on ordinary activities, before tax 29,559 78,923

XVII. Extraordinary income

A. Write-back of extraordinary depreciation on intangible and tangible fixed assets 120 11

B. Adjustments to amounts written off financial fixed assets - 53

C. Utilisation and write-backs of provisions for extraordinary liabilities and charges 4,533 5,275

D. Gain on disposal of fixed assets 4,040 18,761

E. Other extraordinary income 3,312 3,652

XVIII. Extraordinary charges

B. Amounts written off financial fixed assets -731 -1,181

C. Provisions for extraordinary liabilities and charges -243 -2,500

D. Loss on disposal of fixed assets - -2

E. Other extraordinary charges -2,787 -7,334

XIX. Profit of consolidated enterprises for the year before tax 37,803 95,658

XX. Income taxes

A. Income taxes -8,593 -18,840

B. Adjustment of income taxes and write-back of tax provisions 468 1,486

XXI. Profit of the consolidated businesses 29,678 78,304

XXIII. Consolidated profit 29,678 78,304

XXIV. Share of minority interests in the result - -

XXV. Share of the group in the result 29,678 78,304


40

Unconsolidated balance sheet as at 31 December 2004ASSETS (in thousands of EUR)

2004 2003

I. Cash in hand, balances with central banks and post office banks 49,439 59,012

II. Treasury bills eligible for refinancing with central banks 79,529 237,170

III. Loans and advances to credit institutions 1,102,969 1,071,296

A. Repayable on demand 303,695 43,552

B. Other loans and advances (with agreed maturity dates or periods of notice) 799,274 1,027,744

IV. Loans and advances to customers 7,633,657 5,885,210

V. Bonds and other fixed-income securities 7,400,083 5,916,946

A. Issued by public bodies 4,030,657 3,165,115

B. Issued by other borrowers 3,369,426 2,751,831

VI. Shares and other variable-yield securities 51,167 4,029

VII. Financial fixed assets 134,157 124,943

A. Participating interests in affiliated enterprises 133,287 124,050

B. Participating interests in other enterprises linked by participating interests 32 32

C. Other shares held as financial fixed assets 838 861

IX. Tangible fixed assets 6,503 6,528

XI. Other assets 19,860 9,639

XII. Deferred charges and accrued income 492,594 445,377

TOTAL ASSETS 16,969,958 13,760,150

AXA BANK BELGIUM

41

LIABILITIES (in thousands of EUR)

2004 2003

I. Amounts owed to credit institutions 4,427,280 2,184,903

A. Repayable on demand 65,345 823

C. Other debts with agreed maturity dates or periods of notice 4,361,935 2,184,080

II. Amounts owed to customers 9,447,177 8,241,048

A. Savings deposits 5,906,717 5,482,859

B. Other debts 3,540,460 2,758,189

1. Repayable on demand 1,566,847 1,022,756

2. With agreed maturity dates or periods of notice 1,973,613 1,735,433

III. Debts evidenced by certificates 1,735,839 2,054,288

A. Bonds in issue 1,735,839 2,054,288

IV. Other liabilities 83,928 60,060

V. Accrued charges and deferred income 429,815 397,995

VI. A. Provisions for liabilities and charges 39,691 46,714

1. Pensions and similar obligations 8,866 10,965

3. Other liabilities and charges 30,825 35,749

VII. Fund for general banking risks 89,985 89,985

VIII. Subordinated liabilities 339,008 307,939

Capital and reserves 377,235 377,218

IX. Capital 6,200 6,200

A. Issued capital 6,200 6,200

XII. Reserves 285,704 285,704

A. Legal reserve 620 620

C. Untaxed reserves 235,084 235,084

D. Reserves available for distribution 50,000 50,000

XIII. Profit brought forward 85,331 85,314

TOTAL LIABILITIES 16,969,958 13,760,150

OFF-BALANCE SHEET ITEMS (in thousands of EUR)

2004 2003

I. Contingent liabilities 32,129 31,705

B. Guarantees serving as direct credit substitutes 257 739

C. Other guarantees 31,607 30,231

E. Assets charged as collateral security on behalf of third parties 265 735

II. Commitments which could give rise to a credit risk 841,528 859,195

A. Firm credit commitments 41,106 230,057

B. Commitments as a result of spot purchases of transferable or other securities 3,891 5 117

C. Undrawn margin on confirmed credit lines 796,531 624,021

III. Assets lodged with the credit institution 1,049,092 997,973

B. Safe custody and equivalent items 1,049,092 997,973

IV. Uncalled amounts of share capital 1,550 1,550


42

Unconsolidated income statement as at 31 December 2004CHARGES (in thousands of EUR)

2004 2003

II. Interest payable and similar charges 395,865 405,992

V. Commissions paid 99,107 92,676

VI. Loss on financial transactions 1,066 -

A. Loss on exchange transactions and trading in securities and other financial instru-ments

1,066 -

VII. General administrative expenses 180,329 182,024

A. Remuneration, social security costs and pensions 83,999 89,604

B. Other administrative expenses 96,330 92,420

VIII. Depreciation and amounts written off formation expenses, intangible and tangible fixed assets

1,382 1,169

IX. Increase in amounts written off receivables and in provisions for off-balance sheet items “I. Contingent liabilities” and “II. Commitments which could give rise to a credit risk”

- 6,764

XII. Provisions for liabilities and charges other than those included in the off-balance sheet items “I. Contingent liabilities” and “II. Commitments which could give rise to a credit risk”

4,072 4,911

XV. Other operating charges 4,833 5,616

XVIII. Extraordinary charges 3,735 11,007

B. Amounts written off financial fixed asset 730 1,181

C. Provisions for extraordinary liabilities and charges 243 2,500

D. Loss on disposal of fixed assets - -

E. Other extraordinary charges 2,762 7,326

XX. A. Income taxes 8,435 18,639

XXI. Profit for the year 29,980 74,350

XXIII. Profit for the year available for appropriation 29,980 74,350

AXA BANK BELGIUM

43

INCOME (in thousands of EUR)

2004 2003

I. Interest receivable and similar income 588,292 558,693

Including that from fixed-income securities 229,722 239,930

III. Income from variable-yield securities 2,045 1,130

A. From shares and other variable-yield securities 1,045 244

B. From participating interests in affiliated enterprises 598 -

D. From other shares held as financial fixed assets 402 886

IV. Commissions received 36,471 34,431

VI. Profit on financial transactions 48,055 157,070

A. Profit on exchange transactions and trading of securities and other financial instru-ments

- 1,825

B. Profit on disposal of investment securities 48,055 155,245

IX. Decrease in amounts written off receivables and in provisions for off-balance sheet items “I. Contingent liabilities” and “II. Commitments which could give rise to a credit risk”

6,555 -

X. Decrease in amounts written off the investment portfolio of bonds, shares and other fixed-income or variable-yield securities

325 205

XI. Utilisation and write-backs of provisions for liabilities and charges other than those inclu-ded in the off-balance sheet items “I. Contingent liabilities” and “II. Commitments which could give rise to a credit risk”

6,755 2,916

XIV. Other operating income 22,697 18,105

XVII. Extraordinary income 17,541 29,817

B. Adjustments to amounts written off financial assets 9,968 5,753

C. Adjustments to provisions for extraordinary liabilities and charges 4,533 5,276

D. Gain on disposal of fixed assets 500 15,478

E. Other extraordinary income 2,540 3,310

XX. B. Adjustment of income taxes and write-back of tax provisions 68 781

APPROPRIATION ACCOUNT (in thousands of EUR)

2004 2003

A. Profit to be appropriated 115,294 132,314

1. Profit for the year available for appropriation 29,980 74,350

2. Profit brought forward from the previous year 85,314 57,964

D. Profit to be carried forward 85,331 85,314

1. Profit to be carried forward (-) 85,331 85,314

F. Distribution of profit (-) 29,963 47,000

1. Dividends 29,963 47,000


Activity report 2004AXA in Belgium

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Documents

Activity report 2004This 2004 annual report describes the different ways that AXA Belgium chose in 2004 to try to reach AXA’s vision and commitments. Jean-Pierre de Launoit O1 AXA