In the first six months of 2011, total revenues of AXA Group were down by 3%, to EUR 47 billion. "The decline was particularly visible in life and savings, where revenues fell by 6.6%. In the property-casualty segment, revenues grew by almost 3% thanks to price increases and our dynamic performance in both high-growth markets and direct sales", stated Denis DUVERNE, Deputy CEO, AXA Group, at the Presentation of 2011 half-year earnings.

"Our performance over the first six months of this year was strong in an environment that remains agitated and uncertain. Underlying earnings are back on the growth track, and net income quadrupled. Our balance sheet remains extremely solid, and solvency ratios are strong", said Henri de CASTRIES, Chairman and CEO, AXA Group.

Life and Savings revenues were down 7%, to EUR 27.84 billion, with increases in Switzerland and the US more than offset by decreases in Mediterranean and Latin America, Japan and Belgium.

"AXA remains the world's number one life insurer, with more than 40 million clients. In the first half of this year, we were highly selective in terms of new business. Two business lines experienced significant growth over the period: health and personal protection, up by 14%, and mutual funds, which grew by 15%. Unit-linked sales were mixed from one country to the next. Overall, new business declined by 1% over the six months ended June 30th, 2011", said Denis DUVERNE.

Property & Casualty revenues increased by 3%, to EUR 15.35 billion. Personal lines revenues grew 4%, largely driven by a 4% average price increase, while the commercial lines revenues grew 1%, as the 2% average price increase was partly offset by lower volumes with continuing focus on selective underwriting.

This line of business "turned in the best performance in 1H/2011. AXA is the world's third largest P&C insurer, with 55 million clients and an operating presence in nine countries for direct P&C. AXA's total revenues from P&C operations rose by 2.7% in 1H/2011. Personal lines posted strong growth, adding 800,000 new clients globally. Commercial lines also resumed growth (1%)", completed Denis DUVERNE.