PRESS RELEASE

For Immediate Release - 12/27/2000

AXA Issues New Shares For Payment To Minority Shareholders Of AXA Financial

AXA and its wholly owned subsidiary AXA Merger Corp. announced yesterday the end of the initial tender offer period which started on November 27, 2000 to buy back the minority shareholdings in its US-based subsidiary AXA Financial. According to the terms of the offer, AXA and AXA Merger Corp. have offered a cash consideration of US$35.75 and 0.295 AXA ADS for each AXA Financial share.

Given the number of AXA Financial shares which have been tendered so far, AXA issued on December 26, 2000, 17,210,490 new ordinary shares as a counterpart to the AXA ADS which will be attributed to AXA Financial shareholders (each AXA share equals 2 AXA ADS listed on the New York Stock Exchange). The newly issued AXA shares will be listed on the Paris Stock Exchange from December 29, 2000.

AXA and AXA Merger Corp. have opened a subsequent offering period which began on Tuesday, Decemeber 26, 2000 at 9:00 AM (EST) and will close on Friday, December 29, 2000 at midnight (EST).

AXA is the holding company for an international group of financial services companies focusing on insurance and asset management. AXA is one of the largest insurance groups in the world and the largest French insurance group. AXA's insurance operations include activities in life insurance, property and casualty insurance and international insurance, including reinsurance. AXA is also engaged in the asset management business and certain other financial services activities.

AXA Financial and its subsidiaries constitute a diversified financial services organization offering a broad spectrum of financial advisory, insurance and asset management services

Important Legal Information

Certain statements in this press release that are neither reported financial results nor other historical information, are forward-looking statements, including, but not limited to statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors, that could cause actual results and company plans and objectives to differ materially from those expressed or implied in the forward-looking statements (or from past results). Such risks, uncertainties and factors include the intensity of competition from other financial institutions, AXA's experience with regard to mortality and morbidity trends, lapse rates and policy renewal levels relating to AXA's life and health insurance operations, the frequency, severity and development of property and casualty claims including catastrophic events which are uncertain in nature and policy renewal rates relating to AXA's property casualty business, market risks related to fluctuations in interest rates, equity market prices and foreign currency exchange rates, the use of derivatives and AXA's ability to hedge such exposures effectively and counterparty credit risk, AXA's ability to develop, distribute and administer competitive products and services in a cost-effective manner and its ability to develop information technology and management information systems to support strategic goals while continuing to control costs and expenses, AXA's visibility in the market place and the financial and claims paying ratings of its insurance subsidiaries, AXA's access to adequate financing to support its future business, the effect of changes in regulation and laws affecting AXA's businesses including changes in tax laws affecting insurance and annuity products as well as operating income and changes in accounting and reporting practices, the costs of defending litigation and the risk of unanticipated material adverse outcomes in such litigation, adverse political developments around the world and the effect of future acquisitions. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information or future events circumstances or otherwise.