PRESS RELEASE

For Immediate Release - 09/13/2001

Net Cash Earnings Increase 33% To Euro 1.54 Billion ($1.39 Billion U.S.) In First Half Of 2001*
Cash EPS Up 16% To Euro 0.87 (Post-Split) ($0.78 U.S.)

• Assets under management increased 6% to Euro 950 billion ($805 billion U.S.) from December 31, 2000 level
• Reported earnings reached Euro 1.22 billion ($1.10 billion U.S.), a 12% increase as compared to first half 2000

"Despite weaker global economies and equity markets, net cash earnings per share rose 16%," said Henri de Castries, AXA Chief Executive Officer, "with three of our four major lines of business recording strong double-digit earnings growth. The strategic actions we took to reposition the AXA Group last year are proving to be very beneficial and well-timed. These actions provided improved diversification of products and geography while strengthening the balance sheet, which in turn enhanced our ability to deliver results in turbulent conditions."

"September 11 events have added to this turbulence and the challenges that all companies, including AXA, must manage through. While uncertainty exists today, we believe our strategy is the right one and our financial strength will allow us to stay focused on the execution of this strategy. The long-term drivers of growth remain in place. The recent additions of AXA Financial CEO Christopher "Kip" Condron, AXA UK CEO Dennis Holt and AXA Executive Committee member Claude Brunet add three more highly qualified leaders to our already strong management team."

AXA Group today reported that net cash earnings rose 33% to Euro 1,538 million compared with Euro 1,158 million in the first half of 2000. Net cash earnings include the operational results of the business lines but exclude net gains and losses from one-off items (none recorded in either period), and goodwill amortization of Euro 316 million in first half 2001 versus Euro 71 million in first half 2000.

Consolidated Highlights

• Realized gains as a percentage of net cash earnings declined from 50% to 43%
• Shareholders’ equity increased 6% to Euro 25.3 billion from year-end 2000 level
• Annualized cash ROE was 12.4% versus 13.4% in the first half of 2000; annualized pooling ROE was 28.6% versus 15.9% in the same period last year
• Revenues rose 3.9% on a comparable basis to Euro 39.0 billion
• Net income, which includes the amortization of goodwill, rose 12.4% to Euro 1,222 million from Euro 1,087 million in the first half of 2000

Life and Savings

• Net cash earnings contribution increased to 65% of AXA’s earnings versus 47% in the first half of 2000
• Net cash earnings increased 81% to Euro 996 million from Euro 550 million in the first six months of 2000
• Revenues increased 1.3% to Euro 24.5 billion, representing 63% of AXA’s revenues
• Realized capital gains as a percentage of net cash earnings decreased to 9% from 19% in the first half of 2000
• Technical reserves, gross of reinsurance, were flat on a comparable basis at Euro 347 billion, with unit-linked reserves falling 4% to Euro 122 billion and general account reserves were up 2% to Euro 225 billion

Changes in scope: The U.S. contribution to net cash earnings increased to 100% from 58% after the close of the AXA buyout of AXA Financial minorities on January 2, 2001. The U.K. contribution to net cash earnings increased to 100% from 56% after the completion of the AXA UK (former SLPH) minority buyout on July 12, 2000. In March 2000, AXA acquired 96% of Nippon Dantai. The first half 2000 result for Japan relates to ex-AXA Life Japan and is not comparable with the AXA Japan entity that was created following the acquisition of Nippon Dantai.

France

• Net cash earnings rose 9% to Euro 236 million from Euro 217 million in the comparable period of 2000. This growth was achieved through an improved investment margin (as a result of both higher investment income and lower crediting rates) and growth in unit-linked reserves which increased fees, partially offset by increased expenses related to the Euro transition (+Euro 8 million) and the strategic change, as well as by increased tax expenses due to the new French tax law on dividends from affiliate subsidiaries. Operating margin improved 300 basis points to 28.2%.

United States

• Net cash earnings increased 195% to Euro 298 million from Euro 101 million. Euro 90 million of this increase was due to the increased contribution of the U.S. following AXA Financial minority buyout (+Euro 72 million) and to the US dollar appreciation against the Euro (+Euro 18 million). The remaining Euro 107 million increase is primarily due to a higher investment margin as investment results improved and crediting rates declined. These positives were partly offset by higher expenses due to increased spending on strategic initiatives (+Euro 58 million pre-tax) and by a non-recurring provision for continuity agreements of former executives related to the AXA Financial minority buyout (+Euro 73 million pre-tax). The negative impact of market depreciation on separate account balances was offset by a favorable change in fee structure. Operating margin improved 580 basis points to 33.4%.

United Kingdom

• Net cash earnings rose 20% to Euro 94 million from Euro 78 million. This increase was primarily due to the increased ownership of AXA in AXA Sun Life, following the completion of the AXA UK minority buyout (+Euro 61 million), partly offset by increased expenses related to the strategic change and to the Inherited Estate reorganization plan. Operating margin for the Life operations decreased 1,740 basis points to 29.2%. Combined ratio for the Health operations improved 440 basis points to 99.6%, with the loss ratio improving 300 basis points and the expense ratio improving 140 basis points.

Belgium

• Net cash earnings rose 17% to Euro 105 million from Euro 89 million in the first half of 2000. This increase is due to a sharp increase in sales of new products and higher capital gains on bonds, partially offset by higher acquisition expenses and a higher tax expense as non-taxable realized capital gains on equities declined and taxable realized gains on bonds increased. Operating margin improved 570 basis points to 60.4%.

Asia/Pacific

• Net cash earnings rose to Euro 166 million from a loss of Euro 9 million in the first half last year. Australia/New Zealand, Japan and Hong Kong operations all contributed strongly to this increase.

The year-end for Japan, Australia/New Zealand, Hong Kong and Singapore is September 30. As a consequence, the June 30 period refers to the six months ended March 31.

Germany

• Net cash earnings rose 143% to Euro 23 million from Euro 9 million. In Life, earnings were mainly driven by a lower effective tax rate resulting from a lower corporate tax rate enacted July 2000, as well as by a partial release of a deferred tax liability reserve in connection with the implementation of a tax reform on capital gains (Euro 14 million). In Health, net cash earnings benefited from better operating margins due to tariff increases.

Other countries

• Net cash earnings rose 17% to Euro 74 million from Euro 64 million in 2000, mainly due to the Netherlands and Spain. In the Netherlands, earnings benefited from lower crediting rates in Life and lower expenses in Health. In Spain, the increase in earnings was mainly attributable to the change in AXA’s interest from 70% to 100%.

Property & Casualty

• Net cash earnings contribution increased to 29% of AXA’s earnings versus 25% in the first half of 2000
• Net cash earnings rose 56% to Euro 451 million compared with Euro 290 million in the comparable six-month period last year
• Revenues rose 3.8% to Euro 8.7 billion, representing 22% of AXA’s revenues
• The combined ratio improved to 110.5% compared to 113.4% for the first six months of 2000. This was due to the improvement of both loss ratio (to 81.8% from 82.6%) and expense ratio (to 28.7% from 30.8%)
• Realized capital gains as a percentage of net cash earnings decreased to 74% from 100% in the first half of 2000
• Reserves to earned premiums ratio increased 440 basis points to 210%
• Claims reserves to claims paid ratio increased 1,400 basis points to 234%

Change in scope: The U.K. and Ireland contribution to net cash earnings increased to 100% from 56% after the completion of the AXA UK minority buyout on July 12, 2000.

France

• Net cash earnings increased 42% to Euro 233 million compared with Euro 164 million in the first six months of 2000. Rate increases, lower claims levels, better expense ratio and higher investment results were partially offset by increased tax expenses due to the new French tax law on dividends from affiliate subsidiaries. The combined ratio improved 370 basis points to 107.6%, with the loss ratio improving 340 basis points to 81.6% and the expense ratio improving 30 basis points to 26.0%.

United Kingdom

• Net cash earnings increased by Euro 50 million to almost break-even, primarily due to strong rate increases, more aggressive cost management and the early benefits of stricter underwriting in the Private Motor business from the second half of 2000. This was partially offset by recent legislation that increased reserve requirements for bodily injury claims. The combined ratio improved 740 basis points to 116.4%, with the loss ratio improving 250 basis points to 84.5% and the expense ratio improving 490 basis points to 31.8%.

Belgium

• Net cash earnings were down 21% to Euro 72 million from Euro 91 million. This decrease was mainly due to lower positive loss reserve development compared with a high level in 2000, partly offset by higher realized gains on bonds. The combined ratio rose 620 basis points to 116.3%, with the loss ratio deteriorating 670 basis points to 86.3% and the expense ratio improving 50 basis points to 30.1%.

Germany

• Net cash earnings increased 158% to Euro 129 million from Euro 50 million. Earnings were favorably affected by the partial release of a deferred tax liability in relation with the implementation of a tax reform on capital gains (Euro 127 million), an increase in motor tariffs with lower claim frequency, and lower expenses from synergies realized with the merged Albingia. The combined ratio improved 510 basis points to 108.3%, with the loss ratio improving 50 basis points to 80.2% and the expense ratio improving 460 basis points to 28.2%.

Other countries

• Net cash earnings decreased to Euro 18 million compared with Euro 36 million, mainly due to strong loss ratio worsening in the Netherlands, partly offset by an improvement of the loss ratio in Ireland.

Asset Management

• Net cash earnings contribution increased to 11% of AXA’s earnings versus 8% in the first half of 2000
• Net cash earnings increased 88% to Euro 166 million
• Assets under management (AUM) managed by Alliance Capital and AXA IM increased to Euro 814 billion from Euro 759 billion at year-end 2000
• Revenues increased 3.6% to Euro 1.9 billion, representing 5% of AXA’s revenues
• Net cash inflows of Euro 48 billion (including Euro 8 billion from the joint venture with AXA Australia) exceeded market depreciation of Euro 30 billion

Changes in scope: Alliance Capital contribution to net cash earnings increased to 53% from 34% as a result of the AXA buyout of AXA Financial minorities on January 2, 2001. Additionally, Alliance Capital acquired Sanford C. Bernstein on October 2, 2000.

Alliance Capital

• AUM increased 14% (3% at constant exchange rate) from December 2000 to Euro 549 billion, with market depreciation of Euro 26 billion partially offsetting strong positive net inflows across all distribution channels of Euro 39 billion (including Euro 8 billion from the joint venture with AXA Australia).
• Net cash earnings rose 109%, or Euro 72 million, to Euro 138 million from Euro 66 million in the comparable semester last year. This was primarily due to the AXA ownership increase in Alliance Capital as a result of AXA Financial minority buyout (+Euro 47 million) and to the appreciation of the US dollar against the Euro (+Euro 8 million). In addition, the positive contribution of Sanford Bernstein was partly offset by increased operating expenses resulting from lower distribution margins. And a strong increase in Institutional Research services was mostly offset by lower advisory fees.

AXA Investment Managers

• AUM increased 3.5% to Euro 265 billion from December 2000 as a result of strong net inflows (Euro 9 billion) partially offset by market depreciation (Euro 5 billion).
• Net cash earnings rose 38% to Euro 26 million from Euro 19 million in 2000. This was primarily attributable to higher advisory fees as a result of increased average assets under management, and a favorable shift in product mix from general account to separate account and third-party businesses which command higher fees, as well as to increased ownership in AXA IM UK following AXA UK minority buyout by AXA.

International Insurance

• Net cash earnings contribution decreased to 2% of AXA’s earnings versus 6% in the first half of 2000
• Net cash earnings decreased 55% to Euro 31 million compared with Euro 69 million in the comparable six-month period last year
• Revenues rose 30.5% to Euro 3.3 billion, representing 8% of AXA’s revenues
• Realized capital gains as a percentage of net cash earnings decreased to 74% from 148% in the first half of 2000

The International Insurance segment is primarily made up of AXA Corporate Solutions, which now covers the activities of reinsurance and large insurance risks.

AXA Corporate Solutions

• Net cash earnings decreased to Euro 43 million from Euro 73 million in the first half of 2000 as the loss ratio improvement for both Reinsurance and Insurance was more than offset by a Euro 147 million drop in investment result, following lower realized capital gains (down Euro 110 million). In addition, general expenses increased Euro 18 million, due to new branches’ integration and the development of new activities. Reinsurance loss ratio improved 780 basis points to 93.8% and Insurance loss ratio improved 880 basis points to 100.5%.

Other Financial Services

As a result of the sale of DLJ on November 3, 2000, net cash earnings decreased to Euro 36 million compared with Euro 212 million in the first half of 2000.

Holding Companies

Holding Companies accounted for a Euro 143 million loss in the first half compared with a loss of Euro 50 million in the comparable period last year. The net cash earnings decrease was due to increased interest charges from higher debt levels related to transactions completed in 2000, partly offset by higher capital gains.

Information about the Results’ Presentation

Today, members of AXA senior management across its major operations will join AXA CEO Henri de Castries at a conference in Paris to discuss these results for the Group and its global operations. The conference will also be accessible through a live Webcast and a conference call. The Webcast will begin at 3:00 pm in Paris (9:00 am in New York, 2:00 pm in London). A slide presentation will accompany the event. Go to www.axa.com 10-15 minutes prior to the event to join the Webcast or to obtain investor material. The Webcast will be available for 14 days following the event on AXA’s Web site. The conference call access numbers are 44 (0) 20 8240 8245 or 44 (0) 20 8240 8246 for European callers and 1 800 553 2165 for American callers.

About AXA

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. AXA had Euro 950 billion in assets under management as of June 30, 2001 and reported total revenues of Euro 39.0 billion for first half 2001.

The AXA ordinary share is listed on the Paris Stock Exchange. The AXA American Depositary Share (ADS) is listed on the NYSE under the ticker symbol AXA.

For more information, visit www.axa.com.

CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements in this press release are forward-looking statements including, but not limited to, statements that are predications 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 AXA’s plans and objectives to differ materially from those expressed or implied in the forward looking statements (or from past results). Please refer to AXA's Annual Report on Form 20-F for the year ended December 31, 2000 for a description of certain important factors, risks and uncertainties that may affect AXA’s business. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise.

I-CONSOLIDATED REVENUES

II-CONSOLIDATED NET EARNINGS AFTER TAXES AND MINORITY INTERESTS