• Total Revenues were up 1% to Euro 28,056 million.
• Life & Savings revenues were stable at Euro 15,956 million.
New Business Volume (APE1) was up 2% to Euro 1,670 million mainly driven by growth in General Account (“G/A”) Protection & Health business up 6%, partly offset by a 2% decrease in Unit-Linked APE and by a 1% decrease in G/A Savings business. Mutual funds & Other APE was up 4%. New Business Value (NBV2) was up 4% to Euro 419 million, mainly driven by an improved business mix towards G/A Protection & Health and lower unit-costs, partly offset by the impact of lower interest rates vs. 1Q11. As a result, new business margin was up 0.5 pt to 25.1%, with high margin levels in both G/A Protection & Health business at 45% and Unit-Linked business at 21%. Net inflows amounted to Euro +2.2 billion vs. Euro +3.5 billion in 1Q11. By business, we experienced strong net inflows in G/A Protection & Health (Euro +2.8 billion) and continued positive net inflows in Unit-Linked (Euro +0.7 billion), partly offset by net outflows in G/A Savings (Euro -1.4 billion) mainly at AXA MPS in Italy, and in France.
• Property & Casualty revenues were up 3% to Euro 9,973 million. Personal lines revenues grew 3% largely driven by 3.5% average price increase. Commercial lines revenues grew 4% mainly driven by 2.5% average price increase and higher sum insured. On average, prices increased by 3.0% overall.
• Asset Management revenues were down 10% to Euro 771 million, mainly impacted by lower management fees and lower research fees at AllianceBernstein as well as lower real estate transaction fees at AXA IM. Assets under management
