This summary is based on the fourth quarter fiscal 2006 earnings call conducted by AXA SA (AXA: chart) on February 22, 2007.

Management:
Denis Duverne
Henri de Castries

Key Investor Issues:

- Underlying earnings increased 20% vs. same period last year
- Adjusted earnings with the impact of capital gains rose 20%.
- Net income increased 18% from a year ago.

Financial performance of AXA by segments.

- Life and Savings earnings went up 20%.
- Property and Casualty earnings increased 8%.
- Asset Management earnings climbed 28%.

International insurance earnings jumped 92% from a year ago.

The increase was due to the positive developments on the run-off of the portfolio, with AXA corporate solutions making a very good performance in 2006.

The unit-linked business went up at a much faster pace of 30%. In 2006, the unit-linked business represented 51% of the total new business versus 45% in 2005. The growth in the segment was also contributed by considerable growth in the UK, Japan, France, the US and Hong Kong.

Total cash flows went up 6%, but they were impacted by significant outflows of with-profit business in the UK.

AXA had significant outflows in the UK of €2.7 billion in 2006 versus €1.975 a year earlier. Excluding that, life cash flows advanced by 12% to €13.2 billion from €11.9. The company also registered accelerating cash flows on the mutual funds side.

New business value climbed by 34% to €1.5 billion.

Life business posted 15% growth in annual premium equivalent, in APE, in volumes and expansion of margin of 3.5%. With strong momentum in almost all markets, Germany registered the best performance, where the new business value tripled. This was the impact of the new viable annuity with secondary guarantees, the product called TwinStar, which gave a total of new business value for Germany of €90 million. France had a strong performance across the board, gaining 28% on the back of new product launches that happened in the last quarter of ‘05 and during ‘06.

In the US, performance was very good at plus 51% as a result of continued strong sales and gaining market share on the viable annuity side and also accelerated growth in the viable life side with the third-party business growing quite fast.

- Japan posted a strong growth of 24%, due to successful launch of new medical products and a good performance on the saving side.
- Benelux had plus 8% and Benelux is just a factor of essential tax reform in Belgium, which happened at the end of 2005.
- AXA had strong volumes in anticipation of this tax reform and lower volume because unit-linked business was disadvantage from a tax perspective compared to mutual funds in Belgium.

Life and Savings segment earnings went up 22%.

In the US, the growth of 16% was positively impacted by tax one off of €92 million in 2006. An important Transamerica litigation in 2005 should be taken into account. On the pre-tax basis, the performance in 2006 was double-digit, excluding this one off in 2005. In Japan, the growth was only 1%, but there was non-recurring 67 million euro positive in 2005. Excluding those two one-offs, the tax one off in the US and the non-recurring elements in Japan, the performance would have been 21% instead of 22%.

On the margin side, fees and revenues rose by 15%.

The company’s performance was the combination on the margin side from positive improvements in the performance of investment margin on the back of strong dividends and good management of the crediting rates. In addition, the growth in the volume of the business and technical margin good performance at plus 10% reflects the fact that the company is selling more protection business.

Expenses went up only 5%, while the gross margins went up 12%.