FINANCIAL INSTITUTIONS

CREDIT OPINION 13 September 2018 Semi-annual update

Update Summary Moody’s rates AXA SA A2 for senior debt, and its main operating subsidiaries Aa3 for financial strength – all rated entities have a negative outlook. The ratings reflect the AXA Group’s (“AXA” or “Group”) very strong franchise and business and geographic diversification, resilient and relatively stable operating performance, strong asset/liability RATINGS management, and prudent reserving practices. Less positively, AXA faces credit challenges AXA with regard to its acquisition of XL Group which was completed on 12 September, and of Domicile Paris, France protecting the investment margin within its life business particularly in markets like Germany Long Term Rating A2 and Switzerland which are the most affected by the very low interest rate environment. Type Senior Unsecured - Dom Curr Furthermore, we view the Group’s economic capitalisation as lower than some of its Aa rated Outlook Negative peers, and its level of goodwill and intangible assets remains high.

Please see the ratings section at the end of this report On 7 March 2018, Moody’s affirmed AXA’s ratings but revised the outlook to negative from for more information. The ratings and outlook shown stable following AXA’s announcement that it has entered into an agreement to acquire 100% reflect information as of the publication date. of XL Group Ltd (XL) in an all-cash transaction valued at approximately $15.3 billion (or €12.4 billion). The negative outlook reflects the impact of the proposed financing for the acquisition of XL, which will meaningfully increase AXA’s financial leverage at least in the Contacts short-term, and the significant increase in goodwill amount on AXA’s balance sheet. For more Dominic Simpson 44-20-7772-1647 information please refer to Moody’s press release of 7 March 2018: “Moody's changes AXA's VP-Sr Credit Officer [email protected] outlook to negative (A2 senior debt)”. Antonello Aquino 44-20-7772-1582 Exhibit 1 Associate Managing Director Net Income and Return on Capital (1 yr. avg.) [email protected] Net income (loss) attributable to common shareholders Return on avg. capital (1 yr. avg ROC) 6,000 7%

Brandan Holmes 44-20-7772-1605 yr. avg Capital ROC) (1 on Return avg. 6% VP-Senior Analyst 5,000 5% [email protected] 4,000

4% 3,000 3% CLIENT SERVICES Net Income 2,000 2%

Americas 1-212-553-1653 1,000 1%

Asia Pacific 852-3551-3077 0 0% 2013 2014 2015 2016 2017 Japan 81-3-5408-4100 Source: Company reports and Moody's Investors Service EMEA 44-20-7772-5454 Following AXA’s continued pursuit of a partial IPO of its US life business, Moody’s, on 14 November 2017, downgraded the IFSR of AXA Equitable and of MLOA to A2 from A1, and downgraded the senior unsecured debt rating of AXA Financial to Baa2 from Baa1 – all these companies have a stable outlook. MOODY'S INVESTORS SERVICE FINANCIAL INSTITUTIONS

Credit profile of significant subsidiaries The Aa3 IFSRs of AXA's main subsidiaries in France, Switzerland, Germany, Belgium and the UK (all negative outlook) benefit from one or two notches of implicit support, reflecting their strong contribution to AXA's revenues and profits and their strategic relevance to the group.

The A1 IFSR of AXA Insurance Ltd (negative outlook), AXA's Irish subsidiary, benefits from implicit support from the AXA Group. Although relatively small, AXA Insurance Ltd is a leading and profitable P&C insurer in its market and fits well within the strategy of the AXA Group.

For more information on the credit profiles of: 1) AXA France IARD and AXA France Vie; 2) AXA Versicherungen AG, and AXA Leben AG; 3) AXA Lebensversicherung AG, AXA Versicherung AG, AXA Krankenversicherung AG which are the most important operating entities of AXA Konzern AG; 4) AXA Equitable Life Insurance Company, please refer to our separate Credit Opinions on these entities.

AXA Insurance Group UK Moody's Aa3 IFSR of AXA's UK P&C business reflects both the benefits of ownership by AXA and the particular characteristics of these business units. AXA's non-life insurance franchise in the UK is good, as evidenced by its top five market position. AXA has made several add-on acquisitions in the UK since 2006 to get better access to the broker and direct sales distribution channels, although the Group has sold Bluefin, its UK P&C commercial broker, in January 2017. The Group writes both commercial and personal lines with a particular focus on the SME sector. The Group continues to focus on operational improvements, although P&C profitability in individual lines remains one of the credit weaknesses of AXA in the UK. Going forward, the Group’s UK business is focused on Property & Casualty, Health and Asset Management.

In Life, the Group in 2016 sold its UK (non-platform) investment and pensions business and its direct protection business (“Sunlife”) to Phoenix Group Holdings, which followed the sale of its UK offshore investment bonds business (“AXA Isle of Man”) to Life Company Consolidation Group, and sale of the wrap platform business (“Elevate”) to . Credit strengths » Very strong franchise with leading positions in several major insurance markets, and XL acquisition will significantly enhance AXA’s global lines presence

» High degree of business and geographic diversification

» Resilient and relatively stable operating performance

» Strong asset/liability management, and prudent reserving practices

» Sound liquidity position, reflecting the conservative debt management, the existence of significant alternative sources of liquidity and the benefit of its centralized treasury management

Credit challenges » Acquisition of XL which will further increase AXA’s leverage, at least in the short term, and likely introduce more volatility to AXA’s results

» Protecting the investment margin within its life business within the very low interest rate environment

» Lower economic capitalisation than some its Aa-rated peers

» High level of goodwill, which is expected to initially materially increase following XL acquisition although this will be mitigated by further sell downs of AXA , Inc. (AXA Equitable), and intangible assets

» Potential losses from legacy VA business, although reduced/will be mitigated by IPO/further sell downs of AXA Equitable

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

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Rating outlook The outlook is negative reflecting the credit challenges associated with the XL acquisition. Factors that could lead to an upgrade Given the negative outlook, there is limited upward pressure on AXA’s ratings at present, however the following factors would lead us to stabilise the outlook for AXA: (1) Successful execution of proposed financing for XL acquisition resulting in an adjusted financial leverage below 30% on a sustained basis; (2) Smooth integration of XL’s business with retention of key senior management and underwriting personnel following the closing of the transaction; (3) Solvency II ratio remaining comfortably within target range of 170-230%. Factors that could lead to a downgrade The following factors could lead to a downgrade: (1) Unsuccessful integration of XL resulting in increasing earnings volatility for the Group; (2) Unsuccessful execution of proposed financing for the acquisition of XL, resulting in a sustained rise in adjusted financial leverage beyond 30%; (3) Deterioration in profitability as evidenced by a Return on Capital (Moody’s definition) consistently below 5% and fixed charge coverage consistently below 5x; (4) Group Solvency II ratio falling below 170%.

Any downgrade/upgrade of AXA’s ratings would place downward/upward pressure on those subsidiaries which receive support from AXA. Key indicators

Exhibit 2

AXA[1][2] 2017 2016 2015 2014 2013 As Reported (Euro Millions) Total Assets 870,128 892,783 887,070 840,069 755,441 Total Shareholders' Equity 75,267 75,880 72,641 68,034 55,444 Net income (loss) attributable to common shareholders 6,209 5,829 5,617 5,024 4,482 Gross Premiums Written 92,050 94,220 91,730 86,267 85,481 Net Premiums Written 87,195 88,327 86,695 81,935 80,385 Moody's Adjusted Ratios High Risk Assets % Shareholders' Equity 148.1% 148.1% 146.7% 146.9% 185.3% Recoverable % Shareholders' Equity 21.0% 23.7% 32.2% 32.4% 37.5% Goodwill & Intangibles % Shareholders' Equity 64.7% 68.8% 73.1% 69.9% 80.4% Shareholders' Equity % Total Assets 6.6% 6.5% 6.2% 6.3% 5.4% Return on avg. Capital (1 yr. avg ROC) 6.2% 6.0% 6.2% 6.1% 5.7% Sharpe Ratio of ROC (5 yr. avg) 3289.7% 1405.7% 1227.1% 585.7% 670.7% Adv./(Fav.) Loss Dev. % Beg. Reserves (1 yr. avg) -1.7% -0.7% -1.4% -1.2% -2.2% Financial Leverage 23.5% 25.9% 26.9% 27.3% 31.5% Total Leverage 28.5% 31.0% 32.4% 32.9% 37.1% Earnings Coverage (1 yr.) 8.3x 8.2x 6.7x 6.2x 5.4x

[1] Information based on IFRS financial statements as of Fiscal YE December 31. [2] Certain items may have been relabeled and/or reclassified for global consistency. Source: Company reports, Moody's Investors Service

Profile AXA SA is the ultimate holding company of the Group and is listed on Euronext. Its life and non-life insurance subsidiaries have leading positions in several major insurance markets. AXA is market leader in France, where AXA France IARD (Aa3 insurance financial strength rating) is number two in P&C and AXA France Vie (Aa3 IFSR) is number three in life, in Switzerland (AXA Versicherungen AG, Aa3 IFSR, and AXA Leben AG) and in Belgium (AXA Belgium, Aa3 IFSR). The Group also holds strong market positions in Germany (AXA Konzern, Aa3 IFSR for the main operating entities), in the life market in the United States (AXA Equitable Life Insurance Company (AXA

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Equitable), and MONY Life Insurance Company of America (MLOA) – A2 IFSRs, stable outlook), in the UK and Irish P&C market (AXA Insurance UK plc, Aa3 IFSR, AXA Insurance Ltd, A1 IFSR), in Japan and in Central and Eastern Europe. Detailed credit considerations Moody’s assigns IFSRs to insurance operating companies which are analyzed at an “analytic unit” level. For some complex insurance groups which comprise more than one analytic unit, Moody’s supports its analysis by also preparing a Moody's insurance financial strength rating scorecard using consolidated group financial information. The consolidated scorecard facilitates a holistic view of the group and improves transparency of key credit strengths and weaknesses. The scorecard, shown and discussed below, produces a notional group IFSR which may differ from ratings assigned to any particular operating companies in the group.The Aa3 notional group IFSR for AXA is in line with the adjusted rating indicated by the Moody's insurance financial strength rating scorecard below.

Market Position: Very strong global franchise with leading positions in several life and non-life markets

AXA has a very strong global footprint, with leading positions in several major life and non-life insurance markets and global brand recognition. AXA is the largest European insurer in terms of gross written premium (€92 billion in 2017), and its very strong franchise, which Moody’s expects AXA to maintain, includes leading market positions in France, Switzerland, Belgium, the UK and Ireland. Furthermore, the Group is active in 10 Asian countries with strong market positions in China, Indonesia, Hong Kong and Thailand. In addition, AXA is a leading global health player.

With regard to the acquisition of XL, AXA’s market position will benefit from the competitive advantage associated with XL’s fully built global P&C insurance and reinsurance platform which will significantly enhance AXA’s global commercial lines presence. The combined business will have a leading commercial lines revenue base of c.€30 billion out of total P&C revenue of c.€48 billion.

Distribution: Good diversity, good control

AXA’s distribution is viewed as strong, with access to a diversified number of distribution channels and a high weight of proprietary channels in its distribution mix. The group has strong agent networks in continental Europe and a high presence in the brokerage channel. AXA also utilises several other channels to distribute its products including bancassurance agreements (including the largest bancassurance deal worldwide with ICBC in China), salaried sales-force, and direct. AXA also has overall a balanced mix between controlled and non-controlled distribution channels, and we believe that the group has generally preferred positions with brokers and other partners (eg exclusive distribution agreements with banks).

Product Focus and Diversification: Very strong business and geographic diversification, but some risk, although reducing, via life legacy book

AXA benefits from very strong business diversification. In 2017, the Group’s underlying earnings were well balanced between non- life (35%), life (including protection) & savings (49%), health (8%), and asset management (8%). AXA’s geographic diversification is also very strong benefiting from meaningful amounts of revenue via France (its largest market which represents around 25% of gross revenues), the US, Germany, Switzerland, UK and Asia.

AXA’s main product risk is in its in-force traditional general account savings business which has relatively high guarantees in some of its markets. However, the Group has no meaningful concentration risk to countries where investment spreads are low and pressuring the investment margin, notably Germany where the average guaranteed rate of 2.9% at YE17 is relatively high though reduced from 3.4% at YE16, and Switzerland notwithstanding the transformation AXA initiated on its Group Life portfolio with the transfer of c.CHF31 billion of Group Life reserves to occupational benefits foundations by the end of 2018.

AXA also has a legacy portfolio of US variable annuities (~8% of total life reserves) with guaranteed benefits which has inherent complexity and volatility and which can have a material adverse effect on earnings and capital in some stress scenarios. However, over the past few years, AXA Equitable has lowered the risk profile of its VA business. AXA is focused on improving the balance between its technical and financial margin and the IPO of its US operations (Life & Savings business and AB) in May 2018 and any subsequent sell- downs will improve AXA’s overall risk profile although it would also reduce the diversification of its earnings stream.

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Going forward, in addition to the sell down of the US operations, the Swiss Group Life transformation and the sale of its European VA carrier, we expect AXA’s life & savings risk profile to improve as the Group continues to focus on increasing the proportion of capital light products at the expense of its traditional general account products.

The acquisition of XL, which represents around one third of AXA’s P&C premium, will increase the P&C risk profile, which currently benefits from the orientation towards personal lines, with the intrinsic volatility of XL's reinsurance businesses and certain insurance lines, reflecting the significant, though recently reduced, exposure to natural and man-made catastrophes. However, XL’s strongly diversified business, with its global focus on larger corporates, specialty and reinsurance business, complements and diversifies AXA’s existing commercial lines insurance portfolio and will help rebalance lost earnings from the US life business. In this regard, we note that AXA expects XL’s business to bring material risk diversification and capital benefits under Solvency II (+5 to 10% pts) following the approval/integration of XL Group’s internal model which is expected in 2020.

Asset Quality: Overall good, but high level of intangible assets which will initially meaningfully increase following XL acquisition, although this will be mitigated by the intended sell down of the US operations

AXA’s invested asset quality is good, including at H1 18 38% of government and related bonds, 34% corporate bonds, 6% real estate and 3% listed equities as at YE17. The quality of the fixed income securities also remains good with the average ratings of government/ related and corporates bonds maintained at AA and A respectively. The Group has exposure to peripheral (mainly Italy and Spain) country government & related bonds but it is not excessive at around 6% of invested assets or around 46% of total equity at YE17, and the gross book value has been relatively stable. At YE17, the high risk assets as a % of shareholders’ equity ratio (which includes equities, investment property, and below investment grade/unrated debt securities) remained relatively high at 148% but this is mitigated to some extent by the Group’s ability to share losses with policyholders by managing its crediting rates, and also by hedging.

Going forward, we do not expect significant changes in AXA’s asset mix, although we expect the Group, like many of its peers, to gradually increase exposure to illiquid/riskier assets to counter the very low interest rates.

AXA’s goodwill and intangibles to adjusted equity remained high, albeit slightly reduced, at 65% at YE17 (YE16: 69%), although this includes a significant proportion of deferred acquisition costs, and reduces to 44% if adjusted for URF, URR, PB & tax. The Group’s goodwill and other intangible assets amount reduced during 2017 but the acquisition of XL will initially lead to a significant increase in the goodwill amount on AXA’s balance sheet. On a pro-forma YE17 basis this would increase AXA’s goodwill and intangibles to adjusted equity to c.70%, although this will be mitigated by the intended sell down of the US operations.

Capital Adequacy: Good and relatively stable, although Solvency II ratio currently significantly inflated by use of equivalence and negatively impacted by XL acquisition

AXA’s capitalisation remained good during 2017, illustrated by a reported and increased Solvency II ratio of 205% which compares relatively well to peers and which is comfortably within the group’s target range of 170-230%, notwithstanding the slight decrease in total equity (which includes €7.4 billion of perpetual debt) to €75.3 billion. The Group’s Solvency II / previously reported economic solvency ratio has been relatively stable in recent years (eg: YE16: 197%, YE15: 205%, YE14: 201%, YE13: 206%, YE12: 199%) although the ratio reduced during 2016 driven by the negative effect of market impacts. However, we currently view the Group’s economic capitalisation as of lower quality than that of some Aa-rated peers, as its reported Solvency II ratio is currently significantly inflated by the use of regulatory equivalence for the US business, although the IPO of the US business has made AXA less reliant on equivalence. Also, like many of its peers, the Group’s solvency ratio is sensitive to financial market movements as seen during 2016, although the IPO of the US business has reduced this sensitivity. Overall, we view the disposal of the existing US operations, which represented close to 20% of the Group's underlying earnings as at YE17, as positive for AXA's economic capitalisation.

Although the Group's Solvency II ratio at H1 18 increased meaningfully to 233% driven by operating return, the US IPO and subordinated debt issuance, the XL acquisition will negatively impact AXA’s solvency. AXA estimates its YE18 Solvency II ratio to be 190-200%, which is within the Group’s target range albeit slightly down from the YE17 ratio. We also note that AXA expects XL’s business to bring material risk diversification and capital benefits under Solvency II (+5 to 10% pts) following the approval/integration of XL Group’s internal model which is expected in 2020, and AXA estimates its Solvency II ratio to be above 200% at YE20.

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Profitability: Resilient and relatively stable operating performance, notwithstanding low interest rate headwind, although XL acquisition will likely introduce more volatility

AXA’s recent operating performance has been resilient and relatively stable. Although the five year average at YE17 is relatively low at 6%, the Group’s Return on Capital (RoC, Moody’s definition) progressively increased up to 2014 from when it has since stabilised at around 6%, and the volatility of the RoC, as evidenced by a very strong 5-year average Sharpe Ratio (3,290%), has been extremely low.

In 2017, the Group’s net income and underlying earnings increased by 7% and 6% to €6.2 billion and €6 billion respectively - the US tax reform benefited net income by a one-off gain of €288 million for which we make a negative adjustment in our 2017 RoC metric. The underlying earnings growth was driven by Life & Savings (+9% to €3.3 billion) which also grew its new business value by 8%, and by health (+11% to €550 million) and asset management (+32% to €540 million). This was partly offset by P&C (-1% to €2.4 billion) notwithstanding a slight reduction in the combined ratio (based on gross earned premiums) to 96.9% (YE16: 97%). During the first six months of 2018, underlying earnings on a constant forex basis grew by 9% vs HY16 to €3.3 billion although net income reduced by 11% to €2.8 billion with negative impacts including €0.3 billion from the impairment of intangible assets linked to the transformation of the Swiss Group Life business.

Going forward, we expect that AXA’s operating performance to benefit from (i) its diversified income streams, (ii) its continued focus on capital light life & savings products at the expense of its traditional general account products, (iii) on improving the combined ratio which will also benefit from cost savings initiatives. Furthermore, in acquiring XL and selling down its existing US operations, AXA is accelerating its ambition of becoming more reliant on technical margins and less on financial market-related earnings. However, XL’s profitability levels have been moderate in recent years although 2017 was impacted by significant natural catastrophe losses and XL’s combined ratio averaged ca.93% from 2012-2016. And, in our view, the acquisition is likely to introduce more volatility to AXA’s results although on a combined AXA/XL basis, potential natural event costs in excess of the normalised level have reduced by c.40% relative to 2017.

Liquidity & Asset Liability Management: Low liquidity risk and strong ALM capabilities, but in-force life business poses some challenges

We view AXA’s ALM capabilities as strong, and the Group operates with a low duration gap of around 1 year. However, the group has a relatively high average guaranteed rate (1.8% at YE17) for its life business, and the pressured interest rate environment makes ALM more challenging. This is especially the case in Germany where the average guaranteed rate is high at 2.9% although reduced from 3.4% at YE16. The sensitivity of the Group’s solvency II ratio (-9% point reduction in scenario of a decrease in interest rates by 50bps) illustrates this risk although this sensitivity improved in 2017. The liquidity of the group is viewed as very strong.

Reserve Adequacy: Consistently favourable reserve development

The overall reserve adequacy of AXA, which has consistently released reserves, is considered strong. Over the last twelve years, the Group’s prior year releases have benefited its combined ratio by an average of around 2% points. During 2017, the prior year release was similar to 2016 at 1.2% (YE16: 1.3%) of gross earned premium. AXA’s reserving risk benefits from its diverse book of business and orientation towards personal lines, and although the XL acquisition will materially increase the Group’s higher-end commercial lines business and thereby introduce the potential for more reserve volatility, we note XL’s strong reserve position.

Financial Flexibility: Metrics improved again in 2017, but leverage to increase significantly at least in short-term

The Group's adjusted financial leverage reduced again to 23.5% (on Moody's basis, including adjustments for pensions and operating leases) in 2017 (YE16: 25.9%). This was the lowest level for many years, benefiting from the reduced level of debt, and remained at a level which is in line with Moody’s expectation for AXA’s rating level. Total leverage also reduced in 2017 to 28.5% (YE16: 31%). At year-end 2017, double leverage at AXA SA reduced to 147% (YE16: 155%) (excluding the perpetual subordinated debt from the shareholders' equity).

However, AXA has partially financed the XL acquisition, the funding of which has been secured, with subordinated debt and a mandatory exchangeable bond. Together with XL’s existing debt and the consolidation of the net increase in AXA US external debt of c. €3.2 billion, we estimate that AXA’s adjusted financial leverage will increase significantly, at least in the short-term, to c.29% on a pro-

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forma YE17 basis. In mitigation, AXA aims to reduce the increased financial leverage over time so that the company expects its own gearing metric falls from c.32% estimated for YE18 to 25-28% by 2020 at the latest.

At year-end 2017, the Group’s 5-year average earnings coverage improved again to 6.9x (YE16: 6.2x) with the 1 year coverage in 2017 slightly improving to 8.3x (YE17: 8.2x). Although the 5-year average figure includes some exceptional items related to sales of subsidiaries, and Moody's considers the earnings coverage on an underlying basis to be resilient at above 5x, the ratio is still below Moody's expectations for Aa companies.

Going forward, whilst expecting further improvements in the 5-year average, we believe that AXA's fixed charge coverage will remain somewhat constrained in the next few years especially with the acquisition of XL, with meaningful improvements unlikely without a reduction of the gross debt level.

Exhibit 3 Financial Flexibility

Financial Leverage Total Leverage Earnings Coverage (1 yr.) 40% 9x

35% 8x

7x Earnings Coverage (1 Yr.) 30% 6x 25% 5x 20% 4x Leverage 15% 3x 10% 2x

5% 1x

0% 0x 2013 2014 2015 2016 2017

Source: Company reports & Moody's Investors Service

AXA SA issues or guarantees most of the financial debt outstanding in the Group. As of 31 December 2017, the Group had around €18.5 billion (YE16: c.€20 billion) of debt (excluding related derivatives and AXA Bank debt) outstanding, of which 85% was issued directly by the holding company, 7% by AXA Financial, the remaining 8% by other subsidiaries (including bank overdrafts).

At year-end 2016, the debt mix was around 6% senior and 94% subordinated debt (excluding commercial paper and bank overdraft). AXA SA’s debt repayment profile is sound, with an average maturity of 9.5 years as of 31 December 2017, assuming all early redemption options are exercised (and excluding €2.5 billion of retail perpetual debts). Most of AXA's debt is long-dated.

Around €2.5 billion of debt (around 15%) is maturing between 2018 and 2020 (assuming the first call date as the de facto maturity date), with the maturity profile benefiting from AXA’s subordinated issuances in recent years. As a result Moody’s believes the refinancing risk to be low.

Liquidity profile AXA SA's primary source of cash-flow is the dividend capacity of its insurance operations. In 2017, AXA SA received a higher €4,990 million in dividends from its subsidiaries (2016: €3,521 million), whereas AXA SA incurred €1,129 million of interest expense (2016: €1,078 million) and the dividend paid in 2017 for 2016 was a higher €2,808 million (the dividend paid in 2016 for 2015 was €2,656 million).

Although the Group historically has not maintained a significant amount of cash and investments at the holding company level, cash and cash equivalents have been higher recently on AXA SA's balance sheet (€2.9 billion and €2.8 billion at year-end 2016 and 2015) although the level reduced to €990 million at YE17. AXA will use €3.5 billion of cash in hand to partially fund the XL acquisition. However, the transfer of the Swiss Group life reserves is expected to lead to a release of local risk capital of CHF2.5 billion and to an enhanced cash remittance to the Group over the next three years, and the Group's disposal of its European variable annuities carrier is expected to lead to cash proceeds of EUR1.2 billion. Cash is mostly invested in highly liquid money market instruments. AXA's liquidity is much stronger than the liquid resources held at the AXA SA level would suggest, thanks to a centralised treasury management,

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banking arrangements and a liquidity contingency plan. The Group has a centralized treasury management for some of its European operations (including AXA France and the Group holding company AXA SA). AXA also has banking arrangements (either bilateral or syndicated) providing committed credit facilities of around €12 billion, undrawn at 31 December 2017.

Structural considerations AXA's senior debt is rated two notches below the Aa3 IFSR of its main operating subsidiaries, which is narrower than the standard three notches. This notching primarily reflects the high level of geographic and business diversification of the Group, as well as the strong liquidity at the holding company level, thanks to centralised treasury management, stand-by revolving loan facilities from several banks and a liquidity contingency plan.

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Rating Methodology and Scorecard Factors

Exhibit 4 AXA Group Scorecard as at YE2017 Financial Strength Rating Scorecard [1][2] Aaa Aa A Baa Ba B Caa ScoreAdj Score Business Profile Aa Aa Market Position and Brand (20%) Aa Aa - Relative Market Share Ratio X Distribution (5%) A Aa - Distribution Control X - Diversity of Distribution X Product Focus and Diversification (10%) A Aa - Product Risk - P&C X - Product Risk - Life X - Product Diversification X - Geographic Diversification X Financial Profile A A Asset Quality (10%) Baa A - High Risk Assets % Shareholders' Equity 148.1% - Reinsurance Recoverable % Shareholders' Equity 21.0% - Goodwill & Intangibles % Shareholders' Equity 64.7% Capital Adequacy (15%) A A - Shareholders' Equity % Total Assets 6.6% Profitability (15%) Aa A - Return on Capital (5 yr. avg) 6.0% - Sharpe Ratio of ROC (5 yr. avg) 3289.7% Liquidity and Asset/Liability Management (5%) Aa Aa - Liquid Assets % Liquid Liabilities X Reserve Adequacy (5%) A Aa - Adv./(Fav.) Loss Dev. % Beg. Reserves (5 yr. wtd avg) -1.3% Financial Flexibility (15%) A A - Financial Leverage 23.5% - Total Leverage 28.5% - Earnings Coverage (5 yr. avg) 6.9x Operating Environment Aaa - A Aaa - A Aggregate Profile A1 Aa3 [1] information based on ifrs financial statements as of fiscal ye december 31. [2] the scorecard rating is an important component of the company's published rating, reflecting the stand-alone financial strength before other considerations (discussed above) are incorporated into the analysis. Source: Moody’s Investors Service, Company Filings

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Ratings

Exhibit 5 Category Moody's Rating AXA Rating Outlook NEG Senior Unsecured A2 Senior Unsecured MTN (P)A2 Subordinate A3 (hyb) Junior Subordinate A3 (hyb) Junior Subordinate Baa1 (hyb) Commercial Paper P-1 Source: Moody's Investors Service

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.” Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. 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(“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively. MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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12 13 September 2018 AXA: Semi-annual update