AXA is one of the world leading insurance and asset management groups, serving 103 million

clients, individuals and business, in 59 countries.

AXA's mission is to help customers live their lives with more peace of mind by protecting
them, their relatives and their property against risks, and by managing their savings and
assets.
As a company whose business is to protect people, we have a responsibility to leverage
our skills, resources and risk expertise to build a stronger and safer society.
Our teams across the world are embracing five values that we are not willing to
compromise on under any circumstances: Professionalism, Innovation, Pragmatism,
Integrity and Team Spirit. In addition, three core attitudes (available, attentive and
reliable) guide also all of our employees to better serve our clients and establish longterm relationships based on trust.
To achieve this mission, we are committed to redefining the standards of our business
so that we truly differentiate ourselves and earn the trust of our key stakeholders.

Our business
With over 103 million customers in 59 countries, AXA's strong global franchises and
three lines of expertise - Property & Casualty, Life & Savings and Asset Management provide a distinctive business portfolio. Our business model and strategy have
demonstrated their relevance and continue to build on distinctive strengths:

Solid position in the markets where we are;

A multi-channel distribution model, which allows customers to decide how to

access our products and services;

Our risk management expertise, which guarantees our financial strength and our
ability to keep promises;

Operational excellence, which allows us to deliver quality products and service at

competitive prices;

Our particular concern for employee's development.

Our strategic roadmap

Ambition AXA describes the Group's strategic roadmap to 2015 and adjusts the path we
need to take to continue our growth. We focus on our core business - insurance and
asset management - and aim to become the preferred company of our key
stakeholders.
To reach that goal, we chose to reinforce our customer centricity and promote the
engagement of our employees by rethinking our corporate culture. It allows us to be
more efficient and competitive and to get closer to our customers' needs. Ambition AXA
explains precisely how we will accomplish this through 3 strategic priorities for the
business: being more selective in mature markets, accelerating growth in emerging
economies and increasing efficiency in all areas.

Strengthen our customer centricity

Our effort to improve customer relations in terms of finer segmentation and better
meeting needs has enabled us to develop innovative products, better quality services
and our brand power. We have clearly moved up a gear in digital and multi-access and
this is more than just an adaptation: it is a new way of running our business, to move in
tune with the times and changing consumer behavior.

Benoit Paill

Earn employees' engagement

We care not only about doing business but also how we do it. As insurance is a people
business, the engagement of our employees is therefore a crucial driver: The more we
progress collectively on engagement, the greater will be the customers' satisfaction. We
intend to bring a cultural change which consists in moving from a culture of performance
towards a culture of trust and achievement.
This change allows to better tackle the new challenges of the future and to respond to
the expectations of young people joining us, who express new aspirations in terms of
work organization, autonomy and responsibility.
More generally, we reward and encourage employees' behavior and attitudes that foster
professional development and achievement for our employees. We monitor the
evolution of their perception in a number of key areas such as engagement,
behavior, inclusion and diversity andcorporate responsibility.

Revenues
In 2014, total Revenues were up 3% to Euro 91,988 million, driven by growth in all
business lines in both mature and high growth markets. This growth was achieved while
keeping focus on profitability, with the continued improvement of Property & Casualty's
current year combined ratio as well as Life & Savings new business value margin up.
Revenues (in millions of euros)

Net income
In 2014, Net Income was up 12% to Euro 5.0 billion, as increased Adjusted Earnings
favorable changes in financial assets and derivatives mainly attributable to interest rates
and forex evolution were partly offset bythe impairment of part of the value of Reso due
to deteriorated economic perspectives in Russia.
Net income (in millions of euros)

sinSolvency I

ratio
AXA currently has a very good solvency margin, largely superior to the regulatory
minimum (100%). At December 31, 2014, Solvency I ratio was at 266%, up 45 points
vs. December 31, 2013 mainly driven by the impact of lower interest rates and by the
strong contribution from Underlying Earnings.
High level of solvency

Insurance is a highly regulated industry, which is excellent news as far as protecting

policyholders is concerned. Depending on the activity level of the insurer, the
regulator defines a minimum amount of capital that it must maintain. The ratio of the
insurer's resources and this regulatory minimum is called the solvency ratio or margin.

Selectivity: Being a global Group means that we intend to put our resources where they
can make a difference (i.e. where our position can contribute to AXA's growth). Meeting
our customers' needs remains our constant goal and we want to accomplish this by
focusing more on developing products that are sustainably profitable and less capitalintensive.

Acceleration: We aim to step up our presence in certain strategic client segments

and be more agile in deploying our capital. This agility will drive our accelerated
expansion in high growth markets where the Group has a strong foothold.

Efficiency: To make our size a true competitive advantage, we need to be

efficient. We have already launched a program with a Euro