PRESS RELEASE

ORGANIC GROWTH GAINING MOMENTUM :

AXA CONSOLIDATED REVENUES UP 6.0% ON A COMPARABLE BASIS TO EURO 54.7 BILLION ($60.7 BILLION) FOR THE FIRST NINE MONTHS OF 2003

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• Life & Savings revenues increased by 10.3% to Euro 35.2 billion ($39.2 billion), boosted by strong sales, especially in the US, Belgium and Germany, as well as France and Japan. 3Q revenues were significantly up 16,1% driven by the US and the UK.

• Property & Casualty revenues increased by 4.0% to Euro 13.3 billion ($14.8 billion), as the Group continued to expand its franchise in personal lines, while commercial lines benefited from targeted rate increases and cancellations. 3Q revenues were up by 4.6% with accelerated growth both in France and the UK.

• Positive net inflows of Euro 11 billion ($12 billion) and favorable equity markets led to a 2.7% increase in AUM (Assets Under Management) from year-end 2002 to Euro 653 billion ($763 billion) at September 30, 2003. However, 9M03 daily average equity index levels remained well below prior year, driving a decline in Asset Management revenues of 5.9% to Euro 2.1 billion ($2.4 billion). However, 3Q revenues recorded an increase of 10.2%.

• In line with 1H03 trends, International insurance revenues decreased by 11.4%, primarily driven by the anticipated reinsurance revenues decline by 18.9%

(- 44.3% including the US reinsurance run-off and the foreign exchange impacts), following the repositioning of AXA RE. AXA Corporate Solutions Insurance revenues declined by 4.7% as rate increases and targeted growth in France were offset by voluntary reduced exposure to selected business lines.

Numbers herein have not been adjusted for scope and currency changes. Growth rates are on a comparable basis and, accordingly, have been adjusted for changes in scope, accounting methods and currency.

PARIS—AXA reported today consolidated revenues of Euro 54.7 billion for the first nine months of 2003. On a comparable basis (adjusted for scope and currency changes), revenues grew by 6.0% compared to the same period last year, and 11.8% during the quarter. On a reported basis, total revenues were down 4.0% from 2002 (Euro 56.9 billion), strongly impacted by (i) the strength of the Euro versus other currencies, (ii) the sale of AXA Australia Health activities, AXA Austria and AXA Hungary, as well as (iii) the run-off of AXA RE’s US activities.

"Focus on our core businesses, depth and breadth of our product offering, the advantage gained through geographic diversification, and a well adapted distribution model is delivering results ", said AXA Chief Executive Officer, Henri de Castries. "Our acceleration of organic growth, reaching a level of 12% during the third quarter, demonstrates the progress of our businesses. This success will allow us to take advantage of external growth opportunities and should reinforce our ability to continue to deliver growth going forward."

Note: for the reader’s convenience the exchange rate over the reporting period is as follows:

Average exchange rate in first nine months 2003: $1.00 = Euro 0.900

Average exchange rate in first nine months 2002: $1.00 = Euro 1.079

Exchange rate at September 30, 2003: $1.00 = Euro 0.856

LIFE & SAVINGS: 64% of consolidated revenues

Total Life & Savings revenues increased by 10.3% in the first nine months of 2003 to
Euro 35,241 million. In 3Q03, revenues were significantly up 16.1% compared to 3Q02.

This progression was the result of strong performances in most countries, in particular the US, Belgium and Germany. France and the UK delivered strong performances in 3Q03.

Unit-linked products represented 32% of total Life & Savings revenues in the first nine months of 2003, an increase of approximately 22% when compared to last year, driven by strong unit-linked growth in the US and the UK, while general account products decreased by 5%.

1. Starting January 1, 2003, the UK Health activities are reclassified from the Life & Savings to the Property & Casualty segment. UK Health revenues were Euro 820 million in 9M03, up 1% on a comparable basis from Euro 898 million in 9M02.
2. AXA Australia Health activities were sold in August 2002. They contributed Euro 329 million to 9M02 revenues.

United States: Revenues were up 41% in the first nine months of 2003, still driven by the very strong sales of the Variable Annuity ("VA") Accumulator 02 Series. Variable annuity sales totaled Euro 2.8 billion in 3Q03, representing a 90% increase compared to a weak 3Q02 as financial market conditions were extremely difficult last year. Equitable Life continued to gain VA market share. Life premiums decreased by 5%, due to continued declining variable life sales offset by increased sales of Universal Life Interest Sensitive products.

France: Revenues were up 5% in the first nine months of 2003, due to strong growth in individual general account premiums and to new Group business.

The individual savings segment continued to grow during the first nine months of 2003, posting a 4% premium increase, compared to 3% in the first half of 2003. Excluding assumed business, notably a significant reinsurance contract underwritten in June 2002, direct business in individual savings recorded a 6% growth, outperforming the market (+5%, source FFSA).

The individual segment continued to reflect customers' preference in products offering stable returns, with general account premiums up 18%, partly offset by a 43% decline in unit-linked premiums. As a result, at the end of September 2003, general account premiums represented 87% of individual savings premiums versus 76% at the end of September 2002.

Group savings premiums increased by 30% due to new business with major companies. In this segment, unit-linked premiums accounted for 39% of revenues compared to 29% last year.

The national launch of AXA Banque’s product offering in September 2003 had a very good start, in line with expectations. Since the beginning of the year, the introduction of the banking platform to our distribution network has been very successful, with 22,000 new additional clients and an increase of Euro 245 million in customer deposits. This activity is currently reported under "other financial services".

Japan: Revenues were up 5% in the first nine months of 2003, as a result of a significant progression in individual health products, which compensated for the slowdown in Group pension transfers (Euro 842 million during the first nine months of 2003, compared to Euro 1,293 million in 9M02). Overall, Group pension business decreased by 15%, while health premiums increased by 40% (including the impact of conversions). This was the result of the distribution network focus on sales of Medical Whole Life products (+125%), which offer high margins, and despite lower renewals on Medical Term reflecting the increased competition in the Third Market. Total conversions to investment & savings as well as health products for the nine months period ending June 30, represented Euro 480 million, in line with our full year target. [N.B: AXA Japan’s reporting period is October 1, to September 30].

United Kingdom: Owing to a strong double digit growth in 3Q03, total revenues for the first nine months of 2003 decreased by 16%, compared to the 27% decline reported in 1H03. New business on an APE basis was down 16%. New business in 3Q was 18% higher than in 3Q02, continuing the trend of quarter on quarter growth experienced since the withdrawal from the With-Profit bonds market in the second half of 2002. This was achieved by focusing on cautious investment products, including the Distribution Fund range. Accordingly, unit-linked premiums were up 31%, and represented 71% of total revenues compared to 46% in the first nine months of 2002.

Germany: Revenues rose by 9%, driven by strong growth of non unit-linked investment & savings products (+27%) and health products (+15%, of which new business increased by 29%). The increase in general account investment & savings business was supported by strong growth in single premiums (+50%). Life revenues remained stable.

Belgium: Revenues increased by 31% mainly driven by strong sales of individual general account products (+52%), and in particular of the main interest-linked products Crest, which grew by 57%, and Opti-Deposit, which included a non-recurring single premium contract of Euro 103 million. Group revenues increased by 11% due to a higher level of regular premiums, mainly in non unit-linked products.

Australia/New Zealand: Revenues increased by 4%, mainly due to improved business superannuation and individual life volumes. Sales of retirement income products fell in 3Q03, as a result of tactical price increases.

Fee revenues from advisory business (excluding ipac acquired in August 2002) were in line with last year. Management fees for the first nine months of 2003 relating to ipac totaled Euro 27 million.

Hong-Kong: Revenues were down 2%. Excluding the non-recurring impact of a single premium structured product issued in 2Q02, total revenues increased by 2% reflecting improved individual life sales (+19% on an APE basis) and higher retirement income contributions, partly offset by lower premiums from unit-linked business. Sales gained momentum in 3Q03 due to a slightly better economy, with gross written premiums up 3% from the same period last year.

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