PRESS RELEASE

For Immediate Release - 02/12/2001

AXA Financial 2000 Adjusted Operating Earnings
Increase 27% To A Record $918 Million;
Net Revenues Rise 23% To $5.1 Billion

Consolidated Full Year Highlights:

• Total product sales increased 35% to $83.9 billion
• Pre-tax margin before minority interests increased to 34.6% from 33.2% in 1999
• Return on equity of 20.9%, compared to 18.9% last year
• Assets under management were $483 billion, flat with year end 1999

NEW YORK-AXA Financial, Inc. today announced after-tax adjusted operating earnings for the full year and the fourth quarter ended December 31, 2000. For the year, these earnings were $918 million, up 27% from $725 million in 1999. In the fourth quarter, these earnings totaled $223 million versus $231 million in the fourth quarter of 1999.

To be consistent with AXA's reporting of AXA Financial operating earnings, adjusted operating earnings has been redefined to include results of both continuing operations and discontinued wind-up annuities but exclude amortization of goodwill and intangibles, investment gains and losses, and non-recurring items. Prior periods have been restated for comparability. In 2000, wind-up annuities contributed $71.2 million to after-tax adjusted operating earnings compared with $34.5 million in 1999, and in the fourth quarter wind-up annuities contributed $71.2 million versus $34.7 million a year earlier.

"This was a year characterized by transformational events for AXA Financial as well as significant challenges from volatile equity markets, rising interest rates and uncertainty among investors and clients. These market conditions, quite different from recent years, impeded short-term growth while validating the growing need for trusted financial advice and long-term planning. Through the year we focused on making trusted advice and relationships our hallmark, and took significant steps to get there," said Edward D. Miller, President and Chief Executive Officer, AXA Financial. "These steps include the national roll-out of a major three-year transformation to an advice-driven model. The acquisition of Sanford C. Bernstein adds distribution and a leading private client business, and brings together extraordinary value-style investment expertise with the established growth-style funds of Alliance Capital. The well-timed sale of DLJ allows us to reduce our earnings volatility and focus more capital on our core activities in wealth management and financial protection. Finally, AXA's acquisition of the public minority interest in AXA Financial will enable us to reap further benefit from AXA's global brand, scale and capital resources."

Solid Full Year Consolidated Results
Fourth Quarter Mixed

For the twelve months ended December 31, 2000, net revenues rose 23% to $5.1 billion. Assets under management were $483.1 billion, or essentially flat as compared to the ending balance of 1999, as net in-flows were offset by asset depreciation from the market decline. Product sales were up 35% to $83.9 billion compared with $62.1 billion the previous year. The operating margin was 34.6%, up from 33.2%. Return on equity reached 20.9% compared with 18.9% in 1999. Fee income climbed 33% to $3.25 billion from $2.44 billion in 1999.

For the fourth quarter, net revenues were up 18% compared with the year ago quarter, to $1.44 billion. Product sales grew 26% to $21.4 billion from $16.9 billion. The operating margin for the fourth quarter was 31.2%, down from the strong 35.6% a year ago. Return on equity in the quarter was 17.5% versus 23.5% a year ago. For the quarter fee income rose 31% to $965 million from $738 million a year ago.

After-tax cash operating earnings for the 12-month period were $424 million versus $585 million in 1999, and for the fourth quarter were a loss of $106 million compared with earnings of $156 million in the fourth quarter of 1999. Excluding the previously announced charge of $329 million primarily on the write-down of high yield securities, after-tax cash earnings were $753 million for the full year and $223 million for the fourth quarter. Cash operating earnings are adjusted operating earnings plus investment gains and losses, and have been included in this release to conform to AXA's accounting presentation.

For 2000, AXA Financial's after-tax reported earnings were $2.42 billion compared with $1.13 billion in 1999. For the fourth quarter of 2000, after-tax reported earnings were $1.93 billion compared with $292 million a year ago. Reported earnings for the full year and fourth quarter of 2000 were aided by the one-time gain on the sale of DLJ, while reported earnings in 1999 include earnings from DLJ, which was reclassified as a discontinued operation during 2000. Reported earnings for the fourth quarter include the net non-recurring gain of $1.74 billion after tax previously announced on January 31, 2001, which included, on an after-tax basis, the above-mentioned net gain from the sale of DLJ of $2.62 billion, the loss on the write-down of high yield securities of $329 million, and the $550 million in costs related to AXA's purchase of the AXA Financial minority interest.

AXA Advisors/Equitable
Financial Planning Shows Momentum and Resilience

For the full year, after-tax adjusted operating earnings from the Financial Advisory/Insurance segment rose 22% to $715 million from $586 million in 1999. Total sales of life insurance, annuity and mutual fund products rose 7% to $14.04 billion from $13.16 billion in 1999. Variable life premiums increased 6% to $1.65 billion from $1.55 billion a year ago, while total annuity sales were up 1.4% to $7.46 billion compared with $7.36 billion in 1999. Fee income in 2000 rose 36% to $791 million from $582 million. AMA client assets rose to $3.13 billion for the full year, up from $283 million a year ago.

For the fourth quarter, after-tax adjusted operating earnings from these operations were $179 million, down slightly from $181 million in the year ago quarter. Total sales of life insurance, annuity and mutual fund products totaled $3.303 billion in the fourth quarter, compared with $3.481 billion in the year ago quarter. Variable life premiums rose to $429 million from $379 million a year ago, while total annuity sales declined to $1.71 billion from $2.06 billion in the fourth quarter of 1999. Importantly, notwithstanding the fourth quarter's turbulent markets, net annuity sales (premiums less surrenders) were a positive $580 million. Fee income for the quarter was up 27% to $199 million versus $156 million a year ago. Funded AMA Accounts increased to 33,201, up from 1,881 at the end of the year ago quarter and up 41% from the third quarter of 2000.

"Clearly, equity market depreciation had a direct impact on asset growth and investment income in the fourth quarter. However, we believe our strategy of trusted advice and open architecture positions us well over the long term," said Michael Hegarty, Senior Vice Chairman and Chief Operating Officer, AXA Financial. "In the fourth quarter, we had strong growth in funded AMA Accounts and AMA client assets, which we believe represents a good source of future product sales as clients seek to reposition their assets. One of the objectives with our financial planning initiative is to increase sales per customer. So far this has been very successful, as active financial planning customers have bought approximately 2.5 products per household compared with an average of approximately 1.8 products for all our customers."

Alliance Capital Management
Full Year Earnings Up 43%, AUM Reach $454 Billion

Alliance Capital Management's operating partnership after-tax net operating earnings were $714 million, up 43% from $499 million a year ago. In the fourth quarter these earnings increased 27% to $215 million compared with $169 million in the fourth quarter in 1999. Alliance's contribution to AXA Financial's 2000 after-tax adjusted operating earnings increased 47% to $204 million from $139 million in 1999. The fourth quarter contribution from Alliance was $44 million versus $51 million a year ago. As of the end of 2000, AXA Financial owned approximately 53% of Alliance.

"As one of the strongest growth fund managers in the industry, Alliance showed its true leadership qualities through turbulent equity markets in the fourth quarter and throughout the year, outperforming its core growth and value oriented equity investment benchmarks in these periods. While market depreciation in the fourth quarter reduced assets under management by $27 billion, this was offset through strong gains in new business. For the year assets under management at Alliance were up over $85 billion, principally due to the acquisition of Sanford Bernstein. The addition of this highly regarded value manager adds a crucial dimension to the Alliance's family of funds and increases our asset gathering and distribution capabilities. Alliance Capital is also expanding its sales infrastructure and research service outside the U.S. as it proves increasingly successful at finding opportunities abroad, " commented Mr. Miller.

Supplemental Financial Information and Conference Call Webcast

Supplemental financial information is available in AXA Financial's Quarterly Financial Supplement, which can be obtained at the Investor Relations section of the company's Web site at www.axa-financial.com/ investorrelations.html. A conference call to discuss the year-end and fourth quarter results will take place at 9:00 am EST on Monday, February 12, 2001. This conference call will be accessible by the public through a live audio webcast that will be available on the company's website. A replay of the audio Webcast will be available on the Web site two hours after the call and for the following 60 days.

About AXA Financial and AXA Group

AXA Financial, Inc., a wholly owned subsidiary of AXA Group (NYSE:AXA), is one of the world's premier financial service organizations through its strong brands: The Equitable Life Assurance Society, AXA Advisors, Equitable Distributors, Alliance Capital Management and Sanford C. Bernstein. For more information visit www.axa-financial.com.

AXA Group is a worldwide leader in financial protection and wealth management. AXA's operations are diverse geographically, with major operations in Western Europe, North America and the Asia/Pacific area. In the United States, AXA is represented through its holdings in AXA Financial, Inc. and its subsidiaries: Equitable Life Assurance Society, AXA Advisors, Equitable Distributors and Alliance Capital Management. AXA has approximately *894 billion Euros in assets under management as of June 30, 2000 and reported revenues of about **51 billion Euros for the nine months ended September 30, 2000. The AXA American Depositary Share (ADS) is listed on the NYSE under the ticker symbol AXA. The AXA ordinary share is listed and trades under the same symbol on the Paris Stock Exchange and on the SEAQ International in London. For more information, visit www.axa.com.

*Includes Sanford C. Bernstein and Nippon Dantai, but excludes DLJ.
**Excludes DLJ and Sanford C. Bernstein.

AXA FINANCIAL, INC.
AFTER-TAX ADJUSTED EARNINGS

(Unaudited)
(In $ Millions)