Philippe Donnet Group Regional CEO Japan & Asia Pacific · Philippe Donnet Group Regional CEO Japan & Asia Pacific UBS Conference - March 26, 2007. UBS Conference – March 26, 2007

AXA: Japan & Asia Pacific Region

Philippe DonnetGroup Regional CEO Japan & Asia Pacific

UBS Conference - March 26, 2007

UBS Conference – March 26, 2007 2

This presentation contains “forward-looking statements” which involve risks and uncertainties. These statements include, but are not limited to, statements that are predictions of or indicate future strategy, forecasts, events, trends, plans or objectives (including statements herein with respect to our Ambition 2012 project and the objectives, financial and other, associated with that project). Many of the forward-looking statements are derived from operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, of course, it is impossible for us to anticipate all factors that could affect our actual results. All forward-looking statements are based upon information available to us on the date of this presentation. Forward-looking statements used herein include such statements as defined under US federal securities laws.

Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by numerous factors that could cause actual results and our strategy, forecasts, plans and objectives to differ materially from those expressed or implied in the forward looking statements (or from past results). These risks and uncertainties include, without limitation, the risk that the Winterthur businesses will not be integrated successfully; the risk of unforeseen events occurring resulting in certain of our strategies, forecasts, plans and/or objectives becoming unrealistic or unattainable; and the risk of future catastrophic events (including possible future pandemic and/or weather-related catastrophic events and/or terrorist related incidents), economic and market developments, legislative developments, regulatory actions or investigations, as well as litigations and /or other proceedings. We caution you that the foregoing list of factors does not contain all of the material factors that are important in considering the forward-looking statements; please refer to our Annual Report on Form 20-F and Document de Référence for the year ended December 31, 2005, for a description of certain important factors, risks and uncertainties that may affect our business.

We undertake no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise.

Cautionary statements concerning forward-looking statements


1 : Introducing AXA Group

2 : An increasing presence in Japan and Asia Pacific

3 : Strategy and organization to achieve profitable growth

4 : Focus on specific countries

5 : Conclusion

Table of contents


AXA Group has a clear and stable strategic vision …

Financial Protection

Global Reach

Multi-distribution

Open Architecture

Life & Savings, Property & Casualty, Asset Management

Europe, USA & Asia-Pacific

Balance between proprietary & non-proprietary networks

Mix of in-house & external funds


1.060.88

0.61

0.380.34

2002 2003 2004 2005 2006

4,010

3,337

2,637

2,0351,687

2002 2003 2004 2005 2006

Underlying EarningsEuro million

2002-2003 in French GAAP, IFRS since 2004

AXA 2012

CAGR 2002-06: +24%

DividendEuro per share

CAGR 2002-06: +33%

3.42% 3.46%3.29%2.28%2.75%Yield 2006 dividend to be proposed at May 14, 2007 Shareholders’ Meeting

…delivering strong and steady earnings growth and sustained dividend growth…


…in order to achieve the challenge of Ambition 2012

In order to materialize our Ambition 2012 plan, we have set targets that

we will reach if we succeed in leveraging our global platform …

x2

x3

Revenues

Underlying earnings/

share

Targets

2004 2012

AMBITION 2012






5 : Conclusion

Table of contents


India

Korea

JapanHongKongAustralia

Taiwan

Malaysia

FranceSingapore

$ 40,000

$ 30,000

$ 20,000

$ 10,000

$00 2 4 6 8 10 12 14 16

Room for Growth

DevelopingStage

MatureStage

Insurance Premium (life & non-life) as a % of GDP

GDP per Capita (USD)

US

UK

Thailand

VietnamIndonesia

PhilippinesChina

(Size of Country Circles is proportional to “Premium Volume of Country”)

Source: Swiss Re (Sigma No5/2006), IMF websiteNote: Life & Savings are unbundled in the Australian market

The Japan and Asia Pacific region possesses high potential for AXA – combining strong economic growth and attractive demographics


AXA has a strong and growing presence in all key markets in the Japan & Asia Pacific region

LIFEJV with Krungthai BankPremiums: €76m

LIFEJV with Bharti since 2006

LIFEJV with Affin to acquire Tahan Life

LIFEJV with MinmetalsPremiums: €48 m 15.6% stake in Taikang

LIFEPremiums: €1.1bn

LIFEPremiums: €167m LIFE

JV with Tempo Group & PT Bank MandiriPremiums: €110m

LIFEJV with Metrobank GroupPremiums: €141m

LIFEPremiums: €5.0bn

China

Thailand

Indonesia

Philippines

Singapore

HongKong

Malaysia

Japan

India

Australia

New Zealand

Korea

• AXA Asia P&C figures as of 2006 – unaudited and based on statutory figures

LIFEPremiums: €346m

(Financial Protection in-force annual premium)

LIFEPremiums: €88m(Financial Protection in-force annual premium)

P&CJV with UOB & TiscoPremiums: €28m

P&CSince Winterthuracquisition (2006)

P&CPremiums: €73m

P&CPremiums: €158m

P&CJV with Affin HoldingsPremiums: €57m

P&CPremiums: €94m

P&CJV with PT Arya MitraPremiums: €13m

P&CAcquisition of Kyobo Auto (2007)Premiums: €278m


Japan & Asia Pacific’s Life & Savings operations already deliver a significant share of Group revenues & earnings…

15% 19%36%

L&S Revenues L&S UnderlyingEarnings

New BusinessValue

Japan &Asia Pacificcontributionfor 2006

€ 50.5bn € 2.3bn € 1.5bn


Annual PremiumEquivalent (APE)

NBV/APEMargin

New Business Value(NBV)

Euro billion Euro million

+4.4pt+11% +22%

1.091.17

455

537

41.7%

46.1%

2005 2006 2005 2006 2005 2006

× =

…while value of new business bodes extremely well for future earnings


Growth of P&C operations in Asia (including Japan) is also a driver of the Group’s ambitious targets

Gross Written PremiumsEuro million

Net IncomeEuro million

Note: Unaudited, based on statutory figures.

CAGR+8% 422391338316305

2002 2003 2004 2005 2006

3236

26

(1)(13)

2002 2003 2004 2005 2006






5 : Conclusion

Table of contents


Philippe DonnetGroup Regional CEOAXA Japan & Asia Pacific

Andrew PennGroup Chief ExecutiveAXA Asia Pacific Holdings

Paul SampsonCEOAXA Life Japan

Mark PearsonRegional Chief Executive, LifeAXA Asia Pacific Holdings

Frédéric de CourtoisRegional P&C CEOJapan & Asia-Pacific

Management: A strong management team delivering growth in the region

Platform: Life in Asia

Platform: P&C in Asia

Platform: Direct in Japan & Korea

Platform: Life in Australia & NZ Platform: Life in Japan

Platform: Life in Asia


Management objectives: Key initiatives to deliver Ambition 2012 in the region

With the support of our 15,000+ employees in the region, our focus is to strengthen further AXA’s presence in Japan & Asia-Pacific through:

Attaining superior organic growth

Delivering strong profitability results

Building distribution partnershipsand joint ventures

Attracting quality local management talent

Developing regional platforms

Capturing bolt-on acquisition opportunities


Japan

Regionalized strategy: Leveraging the platforms of the 5 key business units to maximize synergies and increase scale

AXA Japan & Asia Pacific

Japan Asia Pacific

AXA JapanDirect P&C

AXA Australia &New Zealand Life AXA Asia P&CAXA Japan Life AXA Asia Life

AXA APH

To compete in all parts of the financial

protection and wealth management

value chain

To achieve a top 5 position in each of our markets by the time they enter the

‘growth’ phase

To be the recognized market

leader and insurer of choice in our target segments of retail,

health, and commercial

business

To be the leading player in the P&C

direct market

AustraliaNew Zealand

Hong KongSingaporePhilippinesIndonesiaThailandChina IndiaMalaysia

Hong KongSingaporeMalaysiaThailandIndonesiaIndiaChina

JapanKorea

To be recognized as one of the leading industry players in

protection, wealth & retirement planning

to our valued customers






5 : Conclusion

Table of contents


Japan, our largest contributor in the region: From turnaround to accelerating growth at AXA Life Japan

1,2241,537

2002 2006

135

431

2002 2006

2002-2006 (€ million)

(102)

256

2002 2006

Build significant

share in our core business

Deliver attractive

solutions to our customers and

distributors

Equip the company with committed and

motivated people

NB APEProfits

Distribution expansion

Champion solutions

Employee engagement++ = Profitable

growth

Drastic Turnaround Preparing for accelerating growth to 20123 + 1 strategic missions to drive our Ambition J

Net Profits

NBV

Value of business in-force*

No. 1 Medical share2x SME clientsTop 3 in BancassuranceBest-in-classproductivity

+ Winterthur acquisition

DifferentiationAdopting to changing customer needs

Development of our peopleCommitment

* 2002 : traditional EV - 2006 : EEV


50

64

83

2004 2005 2006

Australia and New Zealand Life: continuing strong growth

Strong growth inunderlying earnings

32

42

51

2004 2005 2006

Product manufacturing

Asset

managem

ent

Products

Platforms

Adviser

services

Integrating and supporting

Advice

€ Mil

Strong growth infunds under management€ Bil CAGR

26%

CAGR29%


Hong Kong Life: Combination of organic growth & acquisitions driving strong growth in new business & earnings

100

7562

2004 2005 2006

CAGR27%

Strong growth inAPE€ Mil

Accelerate profitable growth utilising multi-channel distributionBe at the forefront as Hong Kong moves towards wealth management

GROWTH STRATEGY

MLC Hong Kong– Successfully completed integration– Annualized cost savings of HK$136M,

ahead of targetWinterthur Hong Kong (proposed)

– Increasing market share and further expanding multi-channel distribution

– Expanding presence in the unit-linked segment

BOLT-ON ACQUISITIONS

111

84

60

2004 2005 2006

CAGR36%

Strong growth inunderlying earnings€ Mil


Combined

The Winterthur acquisition further increases our size and reach in Japan & Asia Pacific

AXA Combined

Hong Kong: LifeExpanding LifeLife Premiums:

AXA Combined

Japan: LifeExpanding LifeLife Premiums:

AXA

Market-Entry (P&C)P&C Premiums:

0 €8.4Mn

€11.8MAXA Combined

Indonesia: P&CExpanding P&CP&C Premiums:

€29.1M

€5.02Bn

€1.03Bn €1.37Bn

€4.45Bn

China: P&C

China: Life15.6% of Taikang


Entering the Indian market: partnership with Bharti, a leading & fast growing corporate group in India

JV agreement between AXA and Bharti

Shareholding in the JV: AXA 26% / Bharti 74%

AXA has day-to-day management control

Exclusive distribution agreement with Bharti Airtel, providing AXA with access to a customer base of over 20 million customers -expected to grow to 50 million by 2010

Partnership is being extended to P&C and asset management

Asset ManagementP&CLife &

Savings


Strategic acquisition in South Korea: Acquiring Kyobo Auto to enter Asia’s 2nd largest P&C insurance market

STRATEGYEntering Asia’s 2nd largest P&C marketBuilding a large direct platform to be leveraged in AsiaEconomy of scale: marketing, technical, IT, financeBest practice sharing: call center management, Internet marketing, IT

RESULTSAXA is now the No. 1 direct motor insurer in Korea

AXA now services over 1,300,000 direct clients in Japan and Korea

OPPORTUNITYRight timing for acquisition Leading direct motor insurer30+% market share of direct motor market in Korea€ 278 Million of Revenues800,000 clients

Acquiring75% of

Kyobo AutoInsurance

+ KOREA

= P&C DIRECT






5 : Conclusion

Table of contents


Our ambition is to continue to expand in high growth markets of Japan & Asia-Pacific

Markets in the region have attractive long-term fundamentals

Our strong track record in terms of top-line and NBV growth bodes well for the future

AXA is well-positioned for organic growth, new market entries, and bolt-on acquisition opportunities

AXA’s balanced portfolio of operations in Europe, US, and Japan & Asia Pacific is instrumental to the success of Ambition

2012 and beyond

Documents

Philippe Donnet Group Regional CEO Japan & Asia Pacific · Philippe Donnet Group Regional CEO Japan & Asia Pacific UBS Conference - March 26, 2007. UBS Conference – March 26, 2007