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Sparc Europe Annual Global Report 2010

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					                                                                 ANNUAL GLOBAL REPORT 2010

         Comparison between the Global Loss Ratio and the Target Global Loss Ratio set out below (Table 1) is
         given in actual figures. Certain information given in respect of frequency of claims and average costs of
         claims set out below (Tables 6 and 7) is provided in basis 100 as opposed to actual figures. This
         information reflects trends and volatility over the given period.


1        Comparison between the Global Loss Ratio and the Target Global Loss Ratio1, 2
                                                                                                                                                                    2010

         Global Loss Ratio ......................................................................................................................................   70.7%
                                             3
         Target Global Loss Ratio ..........................................................................................................................        73.5%
                                                                                 4
         Global Loss Ratio minus Target Global Loss Ratio ...................................................................................                       -2.8%




2        Spread to the Loss Ratio for each local Portfolio5, 6
         The figures shown in the table below are based on the last quarterly Loss Ratio computed by each
         Insurer under the last Quarterly Loss Ratio Notice of the relevant year.



1
     This table is based on a perimeter which is equivalent to the perimeter used for the Global Portfolio.
     The Global Loss Ratio computed for the table is the one computed by AXA on the base of the Quarterly Loss Ratio Notices
     given by each Insurer which take into account the Maximum Individual Loss Amount and the Minimum Average Premium for
     each Reinsurance Agreement.
     Refer to Table 3 for more details on the computation of the Global Loss Ratio.
2
     Loss Ratio of each Reinsurance Agreement used for the computation of the Global Loss Ratio shown in this table is computed
     with a cut-off date of 31 December of the relevant year. The computation of the Loss Ratio of each Portfolio is based on certain
     estimates and assumptions made by each Insurer regarding its Portfolio, since some information is not available or is only
     partially available as at the cut-off date. Information which is not or is only partially available as at the cut-off date includes (but
     is not limited to):
     –     claims which have occurred during the relevant year, but which have not yet been declared;
     –     claims which have been opened on or before the cut-off date and which were not followed up (sans suite);
     –     claims which are not settled as at the cut-off date.
3
     The Target Global Loss Ratio is computed as the weighted average sum (in function of the Maximum Premium Exchanged) of
     the Target Loss Ratio. The Target Loss Ratio is the Loss Ratio prevailing as at the beginning of the year as estimated under
     each Insurer’s budget.
4
     This line shows the difference between:
     (a) the Global Loss Ratio for the relevant year, as computed by AXA, with a cut-off date of 31 December of the relevant year;
         and
     (b) the Target Global Loss Ratio.
5
    This table is based on a perimeter which is equivalent to the perimeter used in the definitions of Eligible Contracts, Covered
     Losses and Premiums for each Portfolio.
     The Loss Ratios computed for the table are the ones used in the last Quarterly Loss Ratio Notice of the relevant year with a
     cut-off date 31st of December and take into account the Maximum Individual Loss Amount and the Minimum Average Premium
     defined under each reinsurance Agreement.
6
     Loss Ratios used for the computation shown in this table are computed with a cut-off date at the end of the last quarter of the
     relevant year. The computation is based on certain estimates and assumptions made by each Insurer for its Portfolio, since
     some information is not available or is only partially available as at the cut-off date. Information which is not or is only partially
     available as at the cut-off date includes (but is not limited to):
     –     claims which have occurred during the relevant year, but which have not yet been declared;
     –     claims which have been opened on or before the cut-off date and which were not followed up (sans suite);
     –     claims which are not settled as at the cut-off date.




                                                                                            1
         (in %)                                                                                                                                                     2010

         Belgium: spread to Target Loss Ratio7 .......................................................................................................             -0.1%
         Germany: spread to Target Loss Ratio ......................................................................................................               -0.3%
         Italy: spread to Target Loss Ratio ..............................................................................................................         -2.6%
         Spain: spread to Target Loss Ratio............................................................................................................            -6.3%




3        Global Loss Ratio for the Global Portfolio8, 9
         The figures shown in the table below are based on the Global Loss Ratio computed by AXA for the
         relevant year.

                                                                                                                                                                    2010

         Global Loss Ratio for the Global Portfolio (in %) ........................................................................................                70.7%
                                                                   10
         Covered losses for the Global Loss Ratio ................................................................................................              1,481,350,800
                                                           11
         Premiums for the Global Loss Ratio ........................................................................................................            2,093,950,194
         Target Global Loss Ratio12 .........................................................................................................................      73.5%
                                                                                       13
         Annual covered losses for the Target Global Loss Ratio .........................................................................                       1,500,662,722
                                                                                14
         Annual premiums for the Target Global Loss Ratio .................................................................................                     2,045,463,630




7
     Defined as the difference between:
     –     the Loss Ratio for the relevant Insurer with a cut-off date as at the 31st of December of the relevant year as given in the last
           Quarterly loss Ratio Notice of the relevant year; and
     –     the Target Loss Ratio for the relevant Insurer and for the relevant year.
8
     This table is based on a perimeter which is equivalent to the perimeter used for the Global Portfolio.
     The Global Loss Ratio computed for the table is the one computed by AXA on the base of the last Quarterly Loss Ratio Notices
     given by the Insurers for the relevant year which take into account the Maximum Individual Loss Amount and the Minimum
     Average Premium for each Reinsurance Agreement.
9
     Loss Ratios of each Reinsurance Agreement used for the computation of the Global Loss Ratio shown in this table are
     computed with a cut-off date 31st of December of the relevant year. The computation of each Loss Ratio is based on certain
     estimates and assumptions made by each Insurer regarding its Portfolio, since some information is not available or is only
     partially available as at the cut-off date. Information which is not or is only partially available as at the cut-off date includes (but
     is not limited to):
     –     claims which have occurred during the relevant year, but which have not yet been declared;
     –     claims which have been opened on or before the cut-off date and which were not followed up (sans suite);
     –     claims which are not settled as at the cut-off date.
10
     The amount of covered losses for the Global Portfolio is computed as the sum of the Covered Losses to be exchanged under
     each Reinsurance Agreement as at 31st of December of the relevant year and computed by each Insurer under the last
     Quarterly Loss Ratio Notice of the relevant year.
11
     The amount of premiums for the Global Portfolio is computed as the sum of the Premiums to be exchanged under each
     Reinsurance Agreement as at 31st of December of the relevant year and computed by each Insurer under the last Quarterly
     Loss Ratio Notice of the relevant year.
12
     The Target Global Loss Ratio is computed as the weighted average sum (in function of the Maximum Premium Exchanged) of
     the Target Loss Ratio. The Target Loss Ratio is the Loss Ratio prevailing as at the beginning of the year as estimated under
     each Insurer’s budget.
13
     Annual covered losses for the Target Global Loss Ratio are computed as the sum of:
     -        the product for each Portfolio of:
              –              the Target Loss Ratio;and
              –              multiplied by each Maximum Premium Exchanged for the relevant Portfolio.
14
     Annual premiums for the Target Global Loss Ratio are computed as the sum of the Maximum Premium Exchanged for each
     Portfolio.




                                                                                            2
4        Breakdown of losses by type of insurance15
         The tables below show the breakdown of losses by type of insurance for each Portfolio. The figures show
         the percentages of the total charge of each Portfolio in the case of the first table for the year 2010 and in
         the case of the second table for the year 2007. The percentages are computed as follows:

         (a)         losses for the relevant insurance and for the relevant year and for the relevant Portfolio; divided by

         (b)         total losses for the relevant year and the relevant Portfolio16.

         AXA Germany

                                                                                                                                                                            Cut-off date:
                                                                                                                                                                              1st quarter
                                                                                                                                                                               after the
                                                                                                                                                                            relevant year
                                                                                                                                                                            Breakdown of
                                                                                                                                                                            losses (in %)
                                                                                                                                                                            Ratio for year
                                                                                                                                                                                  2010

         Third party liability property damage ..........................................................................................................                      41.95%
         Third party liability bodily injury ..................................................................................................................                23.53%
         Own damage .............................................................................................................................................              11.18%
         Collision.....................................................................................................................................................        9.64%
         Windscreen ...............................................................................................................................................            7.15%
         Animal collision..........................................................................................................................................            2.91%
         Partial theft ................................................................................................................................................        1.71%
         Total theft ..................................................................................................................................................        1.04%
         Fire............................................................................................................................................................      0.58%
         Accident ....................................................................................................................................................         0.01%
         Other claims ..............................................................................................................................................           0.30%
         Total..........................................................................................................................................................       100.0%
                                                                                                                                            17
         Percentage of AXA Germany’s total Covered Losses compared to the Global Portfolio ..........................                                                          33.4%




15
     Losses are computed for each Portfolio by each Insurer with a cut-off date at the end of the first quarter following the relevant
     year (first table) and at 31 December of the second year following the relevant year (second table). The figures are based on
     certain estimates and assumptions made by the Insurer, since some information is not available or is only partially available as
     at the cut-off date. Information which is not or which is only partially available as at the cut-off date includes (but is not limited
     to):
     –     claims which have occurred during the relevant year, but which have not yet been declared;
     –     claims which have been opened on or before the cut-off date and which were not followed up (sans suite);
     –     claims which are not settled as at the cut-off date.
16
     The tables shown above are based on a perimeter which is equivalent to the perimeter used in the definitions of Eligible
     Contracts, Covered Losses and Premiums, for AXA Belgium, AXA Germany and AXA Spain.
     For AXA Italy, data is based on a perimeter which is equivalent to the perimeter used in the definitions of Eligible Contracts and
     Covered Losses, for 2007 and following years. From 2004 to 2006, data is based on a perimeter which is the perimeter used in
     the definitions of Eligible Contracts including also fleets contracts (“Libro matricole”), Covered Losses and Premiums.
17
     The percentage is computed as the ratio of:
     –     the amount of Covered Losses for the relevant Portfolio, as computed by the relevant Insurer under the Annual Loss Ratio
           Notice of the relevant year (i.e. with a cut-off date of 31st of March following the relevant year); and
     –     the amount of Covered Losses for the Global Portfolio, computed as the sum of the Covered Losses to be exchanged
           under each Reinsurance Agreement and computed by each Insurer under the Annual Loss Ratio Notice of the relevant
           year (i.e. with a cut-off date of 31st of March following the relevant year).




                                                                                                3
                                                                                                                                                                            Cut-off date:
                                                                                                                                                                            4th quarter of
                                                                                                                                                                             the 2nd year
                                                                                                                                                                            following the
                                                                                                                                                                            relevant year
                                                                                                                                                                            Breakdown of
                                                                                                                                                                            losses (in %)
                                                                                                                                                                            Ratio for year
                                                                                                                                                                                 2008

         Third party liability property damage ..........................................................................................................                      38.60 %
         Third party liability bodily injury ..................................................................................................................                28.27 %
         Own damage .............................................................................................................................................              9.64 %
         Collision.....................................................................................................................................................        9.75 %
         Windscreen ...............................................................................................................................................            7.17 %
         Animal collision..........................................................................................................................................            3.20 %
         Partial theft ................................................................................................................................................        1.24 %
         Total theft ..................................................................................................................................................        1.31 %
         Fire............................................................................................................................................................      0.54 %
         Accident ....................................................................................................................................................         0.02 %
         Other claims ..............................................................................................................................................           0.25 %
         TOTAL ......................................................................................................................................................          100.0%



         AXA Belgium

                                                                                                                                                                            Cut-off date:
                                                                                                                                                                              1st quarter
                                                                                                                                                                               after the
                                                                                                                                                                            relevant year
                                                                                                                                                                            Breakdown of
                                                                                                                                                                            losses (in %)
                                                                                                                                                                            Ratio for year
                                                                                                                                                                                  2010

         Third party liability property damage ..........................................................................................................                      37.6%
         Third party liability bodily injury ..................................................................................................................                23.3%
         Damage.....................................................................................................................................................           29.3%
         Fire............................................................................................................................................................       0.6%
         Theft..........................................................................................................................................................        2.5%
         Windscreen ...............................................................................................................................................             5.9%
         Driver protection ........................................................................................................................................             0.7%
         Passenger protection.................................................................................................................................                  0.1%
         TOTAL ......................................................................................................................................................          100.0%
                                                                                                                                          18
         Percentage of AXA Belgium’s total Covered Losses compared to the Global Portfolio ............................                                                        14.9%




18
     The percentage is computed as the ratio of:
     –     the amount of Covered Losses for the relevant Portfolio, as computed by the relevant Insurer under the Annual Loss Ratio
           Notice of the relevant year (i.e. with a cut-off date of 31st of March following the relevant year); and




                                                                                                4
                                                                                                                                                                            Cut-off date:
                                                                                                                                                                            4th quarter of
                                                                                                                                                                             the 2nd year
                                                                                                                                                                            following the
                                                                                                                                                                            relevant year
                                                                                                                                                                            Breakdown of
                                                                                                                                                                            losses (in %)
                                                                                                                                                                            Ratio for year
                                                                                                                                                                                 2008

         Third party liability property damage ..........................................................................................................                      35.9%
         Third party liability bodily injury ..................................................................................................................                31.9%
         Damage.....................................................................................................................................................           24.0%
         Fire............................................................................................................................................................       0.6%
         Theft..........................................................................................................................................................        2.6%
         Windscreen ...............................................................................................................................................             4.0%
         Driver protection ........................................................................................................................................             0.8%
         Passenger protection.................................................................................................................................                  0.2%
         TOTAL ......................................................................................................................................................          100.0%



         AXA Italy

                                                                                                                                                                            Cut-off date:
                                                                                                                                                                              1st quarter
                                                                                                                                                                               after the
                                                                                                                                                                            relevant year
                                                                                                                                                                            Breakdown of
                                                                                                                                                                            losses (in %)
                                                                                                                                                                            Ratio for year
                                                                                                                                                                                  2010

         Third party liability property damage ..........................................................................................................                      30.2%
         Third party liability bodily injury ..................................................................................................................                61.4%
         Own damage .............................................................................................................................................               2.3%
         Theft..........................................................................................................................................................        5.6%
         Fire............................................................................................................................................................       0.4%
         TOTAL ......................................................................................................................................................          100.0%
                                                                                                                                    19
         Percentage of AXA Italy’s total Covered Losses compared to the Global Portfolio ..................................                                                    20.5%




     –     the amount of Covered Losses for the Global Portfolio, computed as the sum of the Covered Losses to be exchanged
           under each Reinsurance Agreement and computed by each Insurer under the Annual Loss Ratio Notice of the relevant
           year (i.e. with a cut-off date of 31st of March following the relevant year).
19
     The percentage is computed as the ratio of:
     –     the amount of Covered Losses for the relevant Portfolio, as computed by the relevant Insurer under the Annual Loss Ratio
           Notice of the relevant year (i.e. with a cut-off date of 31st of March following the relevant year); and
     –     the amount of Covered Losses for the Global Portfolio, computed as the sum of the Covered Losses to be exchanged
           under each Reinsurance Agreement and computed by each Insurer under the Annual Loss Ratio Notice of the relevant
           year (i.e. with a cut-off date of 31st of March following the relevant year).




                                                                                                5
                                                                                                                                                                            Cut-off date:
                                                                                                                                                                            4th quarter of
                                                                                                                                                                             the 2nd year
                                                                                                                                                                            following the
                                                                                                                                                                            relevant year
                                                                                                                                                                            Breakdown of
                                                                                                                                                                            losses (in %)
                                                                                                                                                                            Ratio for year
                                                                                                                                                                                 2008

         Third party liability property damage ..........................................................................................................                      25.3%
         Third party liability bodily injury ..................................................................................................................                66.7%
         Own damage .............................................................................................................................................               1.9%
         Theft..........................................................................................................................................................        5.6%
         Fire............................................................................................................................................................       0.5%
         TOTAL ......................................................................................................................................................          100.0%



         AXA Spain

                                                                                                                                                                            Cut-off date:
                                                                                                                                                                              1st quarter
                                                                                                                                                                               after the
                                                                                                                                                                            relevant year
                                                                                                                                                                            Breakdown of
                                                                                                                                                                            losses (in %)
                                                                                                                                                                            Ratio for year
                                                                                                                                                                                  2010

         Third party liability property damage ..........................................................................................................                      22.3%
         Third party liability bodily injury ..................................................................................................................                26.5%
         Damage.....................................................................................................................................................           32.7%
         Fire............................................................................................................................................................       0.3%
         Theft..........................................................................................................................................................        3.0%
         Windscreen ...............................................................................................................................................             5.0%
         Assistance .................................................................................................................................................           6.2%
         Legal assistance........................................................................................................................................               1.3%
         Accident (Driver)........................................................................................................................................              2.7%
         TOTAL ......................................................................................................................................................          100.0%
                                                                                                                                      20
         Percentage of AXA Spain’s total Covered Losses compared to the Global Portfolio ................................                                                      31.2%




20
     The percentage is computed as the ratio of:
     –     the amount of Covered Losses for the relevant Portfolio, as computed by the relevant Insurer under the Annual Loss Ratio
           Notice of the relevant year (i.e. with a cut-off date of 31st of March following the relevant year); and
     –     the amount of Covered Losses for the Global Portfolio, computed as the sum of the Covered Losses to be exchanged
           under each Reinsurance Agreement and computed by each Insurer under the Annual Loss Ratio Notice of the relevant
           year (i.e. with a cut-off date of 31st of March following the relevant year).




                                                                                                6
                                                                                                                                                                            Cut-off date:
                                                                                                                                                                            4th quarter of
                                                                                                                                                                             the 2nd year
                                                                                                                                                                            following the
                                                                                                                                                                            relevant year
                                                                                                                                                                            Breakdown of
                                                                                                                                                                            losses (in %)
                                                                                                                                                                            Ratio for year
                                                                                                                                                                                 2008

         Third party liability property damage ..........................................................................................................                      24.5%
         Third party liability bodily injury ..................................................................................................................                30.3%
         Damage.....................................................................................................................................................           29.1%
         Fire............................................................................................................................................................       0.4%
         Theft..........................................................................................................................................................        3.4%
         Windscreen ...............................................................................................................................................             4.2%
         Assistance .................................................................................................................................................           5.3%
         Legal assistance........................................................................................................................................               0.6%
         Accident (Driver)........................................................................................................................................              2.2%
         TOTAL ......................................................................................................................................................          100.0%




5        Proportion of unsettled claims by type of insurance21, 22
         The tables below show the proportion of losses by type of insurance for each Portfolio for claims which
         are not settled as at the cut-off date (payments to be made under unsettled claims). The figures show the
         ratio, described as a percentage, in the case of the first table for the year 2010 and in the case of the
         second table for the year 2007, of:

         (a)         losses for claims which are not settled as at the cut-off date, for the relevant type of insurance, for
                     the relevant Portfolio and for the relevant year; divided by

         (b)         total losses (settled and not settled as at the cut-off date) for the relevant year, for the relevant
                     type of insurance and for the relevant Portfolio.




21
     Losses are computed by each Insurer with a cut-off date at the end of the first quarter following the relevant year (first table)
     and 31 December of the second year following the relevant year (second table). The computation is based on certain estimates
     and assumptions made by each Insurer, as some information is not available or is only partially available as at the cut-off date.
     Information which is not or which is only partially available as at the cut-off date includes (but is not limited to):
     –         claims which have occurred during the relevant year, but which have not yet been declared;
     –         claims which have been opened on or before the cut-off date and which were not followed up (sans suite);
     –         claims which are not settled as at the cut-off date.
22
     The tables shown above are based on a perimeter which is equivalent to the perimeter used in the definitions of Eligible
     Contracts, Covered Losses and Premiums, for AXA Belgium, AXA Germany and AXA Spain.
     For AXA Italy, data is based on a perimeter which is equivalent to the perimeter used in the definitions of Eligible Contracts and
     Covered Losses, for 2007 and following years. From 2004 to 2006, data is based on a perimeter which is the perimeter used in
     the definitions of Eligible Contracts including also fleets contracts (“Libro matricole”), Covered Losses and Premiums.




                                                                                                7
AXA Germany

                                                                                                                                                                   Proportion of
                                                                                                                                                                      unsettled
                                                                                                                                                                   claims by type
                                                                                                                                                                    of insurance
                                                                                                                                                                         (in %)
                                                                                                                                                                    Cut-off date:
                                                                                                                                                                      1st quarter
                                                                                                                                                                       after the
                                                                                                                                                                    relevant year
                                                                                                                                                                   Ratio: figures
                                                                                                                                                                    for year 2010

Third party liability property damage ..........................................................................................................                       35.8%
Third party liability bodily injury ..................................................................................................................                 89.1%
Own damage .............................................................................................................................................               10.7%
Collision.....................................................................................................................................................         18.0%
Windscreen ...............................................................................................................................................             0.7%
Animal collision..........................................................................................................................................             7.5%
Partial theft ................................................................................................................................................         21.4%
Total theft ..................................................................................................................................................         50.0%
Fire............................................................................................................................................................       22.3%
Accident ....................................................................................................................................................          67.2%
Other claims ..............................................................................................................................................            6.6%
TOTAL ......................................................................................................................................................           40.4%



                                                                                                                                                                   Proportion of
                                                                                                                                                                      unsettled
                                                                                                                                                                   claims by type
                                                                                                                                                                    of insurance
                                                                                                                                                                        (in %)
                                                                                                                                                                    Cut-off date:
                                                                                                                                                                   4th quarter of
                                                                                                                                                                    the 2nd year
                                                                                                                                                                    following the
                                                                                                                                                                    relevant year
                                                                                                                                                                   Ratio: figures
                                                                                                                                                                    for year 2008

Third party liability property damage ..........................................................................................................                       7.2%
Third party liability bodily injury ..................................................................................................................                 64.5%
Own damage .............................................................................................................................................               0.7 %
Collision.....................................................................................................................................................         2.6 %
Windscreen ...............................................................................................................................................             0.1 %
Animal collision..........................................................................................................................................             0.3 %
Partial theft ................................................................................................................................................         1.2 %
Total theft ..................................................................................................................................................        10.7 %
Fire............................................................................................................................................................       3.1 %
Accident ....................................................................................................................................................         41.2 %
Other claims ..............................................................................................................................................            0.1 %




                                                                                       8
                                                                                                                                                                   Proportion of
                                                                                                                                                                      unsettled
                                                                                                                                                                   claims by type
                                                                                                                                                                    of insurance
                                                                                                                                                                        (in %)
                                                                                                                                                                    Cut-off date:
                                                                                                                                                                   4th quarter of
                                                                                                                                                                    the 2nd year
                                                                                                                                                                    following the
                                                                                                                                                                    relevant year
                                                                                                                                                                   Ratio: figures
                                                                                                                                                                    for year 2008

TOTAL ......................................................................................................................................................           21.5%



AXA Belgium

                                                                                                                                                                   Proportion of
                                                                                                                                                                      unsettled
                                                                                                                                                                   claims by type
                                                                                                                                                                    of insurance
                                                                                                                                                                         (in %)
                                                                                                                                                                    Cut-off date:
                                                                                                                                                                      1st quarter
                                                                                                                                                                       after the
                                                                                                                                                                    relevant year
                                                                                                                                                                   Ratio: figures
                                                                                                                                                                    for year 2010

Third party liability property damage ..........................................................................................................                       56.3%
Third party liability bodily injury ..................................................................................................................                 99.2%
Damage.....................................................................................................................................................            33.6%
Fire............................................................................................................................................................       33.1%
Theft..........................................................................................................................................................        41.2%
Windscreen ...............................................................................................................................................             16.9%
Driver protection ........................................................................................................................................             97.7%
Passenger protection.................................................................................................................................                  64.8%
TOTAL ......................................................................................................................................................           57.1%



                                                                                                                                                                   Proportion of
                                                                                                                                                                      unsettled
                                                                                                                                                                   claims by type
                                                                                                                                                                    of insurance
                                                                                                                                                                        (in %)
                                                                                                                                                                    Cut-off date:
                                                                                                                                                                   4th quarter of
                                                                                                                                                                    the 2nd year
                                                                                                                                                                    following the
                                                                                                                                                                    relevant year
                                                                                                                                                                   Ratio: figures
                                                                                                                                                                    for year 2008

Third party liability property damage ..........................................................................................................                       11.7%
Third party liability bodily injury ..................................................................................................................                 90.9%




                                                                                       9
                                                                                                                                                                   Proportion of
                                                                                                                                                                      unsettled
                                                                                                                                                                   claims by type
                                                                                                                                                                    of insurance
                                                                                                                                                                        (in %)
                                                                                                                                                                    Cut-off date:
                                                                                                                                                                   4th quarter of
                                                                                                                                                                    the 2nd year
                                                                                                                                                                    following the
                                                                                                                                                                    relevant year
                                                                                                                                                                   Ratio: figures
                                                                                                                                                                    for year 2008

Damage.....................................................................................................................................................            2.6%
Fire............................................................................................................................................................       17.9%
Theft..........................................................................................................................................................        8.9%
Windscreen ...............................................................................................................................................             0.0%
Driver protection ........................................................................................................................................             91.3%
Passenger protection.................................................................................................................................                  56.4%
TOTAL ......................................................................................................................................................           35.0%



AXA Italy

                                                                                                                                                                   Proportion of
                                                                                                                                                                      unsettled
                                                                                                                                                                   claims by type
                                                                                                                                                                    of insurance
                                                                                                                                                                         (in %)
                                                                                                                                                                    Cut-off date:
                                                                                                                                                                      1st quarter
                                                                                                                                                                       after the
                                                                                                                                                                    relevant year
                                                                                                                                                                   Ratio: figures
                                                                                                                                                                    for year 2010

Third party liability property damage ..........................................................................................................                       27.0%
Third party liability bodily injury ..................................................................................................................                 79.6%
Own damage .............................................................................................................................................               11.4%
Theft..........................................................................................................................................................        32.1%
Fire............................................................................................................................................................       33.5%
TOTAL ......................................................................................................................................................           59.2%




                                                                                      10
                                                                                                                                                                   Proportion of
                                                                                                                                                                      unsettled
                                                                                                                                                                   claims by type
                                                                                                                                                                    of insurance
                                                                                                                                                                        (in %)
                                                                                                                                                                    Cut-off date:
                                                                                                                                                                   4th quarter of
                                                                                                                                                                    the 2nd year
                                                                                                                                                                    following the
                                                                                                                                                                    relevant year
                                                                                                                                                                   Ratio: figures
                                                                                                                                                                    for year 2008

Third party liability property damage ..........................................................................................................                       13.4%
Third party liability bodily injury ..................................................................................................................                 42.4%
Own damage .............................................................................................................................................               2.5%
Theft..........................................................................................................................................................        19.0%
Fire............................................................................................................................................................       19.1%
TOTAL ......................................................................................................................................................           32.9%



AXA Spain

                                                                                                                                                                   Proportion of
                                                                                                                                                                      unsettled
                                                                                                                                                                   claims by type
                                                                                                                                                                    of insurance
                                                                                                                                                                        (in %)
                                                                                                                                                                    Cut-off date:
                                                                                                                                                                     1st quarter
                                                                                                                                                                       after the
                                                                                                                                                                    relevant year
                                                                                                                                                                   Ratio: figures
                                                                                                                                                                    for year 2010

Third party liability property damage ..........................................................................................................                       29.1%
Third party liability bodily injury ..................................................................................................................                 69.3%
Damage.....................................................................................................................................................            12.5%
Fire............................................................................................................................................................       20.8%
Theft..........................................................................................................................................................        14.6%
Windscreen ...............................................................................................................................................             1.9%
Assistance .................................................................................................................................................           2.6%
Legal assistance........................................................................................................................................               92.9%
Accident (Driver)........................................................................................................................................              58.1%


TOTAL ......................................................................................................................................................           32.4%




                                                                                      11
                                                                                                                                                                          Proportion of
                                                                                                                                                                             unsettled
                                                                                                                                                                          claims by type
                                                                                                                                                                           of insurance
                                                                                                                                                                               (in %)
                                                                                                                                                                           Cut-off date:
                                                                                                                                                                          4th quarter of
                                                                                                                                                                           the 2nd year
                                                                                                                                                                           following the
                                                                                                                                                                           relevant year
                                                                                                                                                                          Ratio: figures
                                                                                                                                                                           for year 2008

       Third party liability property damage ..........................................................................................................                       5.8%
       Third party liability bodily injury ..................................................................................................................                 24.2%
       Damage.....................................................................................................................................................            1.5%
       Fire............................................................................................................................................................       4.4%
       Theft..........................................................................................................................................................        3.9%
       Windscreen ...............................................................................................................................................             0.0%
       Assistance .................................................................................................................................................           0.0%
       Legal assistance........................................................................................................................................               38.2%
       Accident (Driver)........................................................................................................................................              14.2%


       TOTAL ......................................................................................................................................................           9.9%




6      Evolution in basis 100 of annual frequency per type of insurance23, 24, 2526
       The table below shows the annual frequency per type of insurance, being:

       (a)         the number of claims per type of insurance having occurred during the relevant year; divided by


23
     The table shown above is based on a perimeter which is equivalent to the perimeter used in the definitions of Eligible Contracts
     and Covered Losses, for AXA Belgium, AXA Spain and AXA Italy.
     For AXA Germany, data is based on a perimeter which is equivalent to the perimeter used in the definitions of Eligible
     Contracts and Covered Losses, except for accident year 2001 for which the Sicher Direkt motor Portfolio is excluded.
     For AXA Italy, data is based on a perimeter which is equivalent to the perimeter used in the definitions of Eligible Contracts and
     Covered Losses, for 2007 and following years. From 2001 to 2006, data is based on a perimeter which is the perimeter used in
     the definitions of Eligible Contracts including also fleets contracts (“Libro matricole”) and Covered Losses.
24
     Figures shown in the table above, for AXA Germany, AXA Spain and AXA Italy, are computed with a cut-off date at the end of
     the first quarter following the relevant year. For AXA Belgium, figures shown in the table above are computed with a cut-off date
     at the 31 December of the relevant year.
     The number of claims includes claims which have been declared as at the cut-off date. Claims which have been declared after
     the cut-off date and which have occurred during the relevant year are not taken into account. Claims which have been opened
     on or before the cut-off date and which were not followed up (sans suite) are included.
25
     Annual frequencies for each type of insurance are determined by reference to year 2001 and using 100% as the base level in
     2001 (“basis 100”) for AXA Belgium, AXA Germany and AXA Italy.
     Annual frequencies for each type of insurance, for AXA Spain, are determined by reference to year:
                •       2001 and using 100% as the base level in 2001 (“basis 100”) for data on AXA Spain portfolio excluding
                Winterthur.
                •       2003 and using 100% as the base level in 2003 (“basis 100”) for data on AXA Spain portfolio including
                Winterthur
26
     Data on AXA Spain portfolio excluding Winterthur will only be provided up to year 2008. For any avoidance of doubt, it will not
     be provided for accident years 2009 and 2010.




                                                                                             12
(b)             the average number of contracts including such type of insurance,

where the average number of contracts is defined as the ratio of:

                (i)   the sum of the number of contracts as at the beginning of the relevant year plus the
                number of contracts as at the end of the relevant year; divided by

                (ii)              2.

AXA Germany
Type of insurance                               Third party
                                                 liability      Third party
                                                 property        liability        Own                                        Animal                        Partial          Total
Year of occurrence                               damage        bodily injury     Damage       Collision     Windscreen      collision      Fire             theft           theft        Accident       Other


2010...................................... 93.7                      79.8         98.0          85.5          110.7         101.7          67.1            36.3             48.2             28.3      186.9




AXA Belgium

Type of insurance                                       Third party            Third party
                                                          liability             liability
                                                         property                bodily                                                                       Wind-                 Driver          Passenger
Year of occurrence                                       damage                  injury          Damage                  Fire             Theft               screen              protection        protection

2010.......................................................98.6                   68.6             110.6                 71.6             42.8                 123.9                  55.6             61.6




AXA Italy

Type of insurance                                                                            Third party
                                                                                               liability           Third party
                                                                                              property              liability
Year of occurrence                                                                            damage              bodily injury           Own damage                        Theft                    Fire

2010.............................................................................               94.2                      67.1                    93.1                         58.3                  58.1




AXA Spain with Winterthur
Type of insurance                                       Third party         Third party
                                                          liability          liability
                                                         property             bodily                                                              Wind-                                 Legal         Accident
Year of occurrence                                       damage               injury          Damage            Fire              Theft           screen             Assistance       assistance       (driver)

2010.........................................                 91.8              96.6           130.5            90.7               60.8            96.7                122.2            122.2          104.9




                                                                                                       13
7      Evolution in basis 100 of the annual average cost of claims per type of
       insurance27, 28, 29, 3031
       The table below shows the annual average cost of claims per type of insurance, being:

       (a)                 the losses for the relevant type of insurance having occurred during the relevant year; divided by

       (b)                 the number of claims relative to such type of insurance which have occurred during the relevant
                           year.

       AXA Germany
        Type of insurance                                        Third party
                                                                  liability     Third party
                                                                  property       liability        Own                                      Animal             Total
        Year of occurrence                                        damage       bodily injury     Damage      Collision    Windscreen      collision    Fire   theft      Partial theft   Accident    Other claims


       2010 ..................................................    105.0          104.2            88.8        95.9          105.0          124.9      127.1   147.3       150.6          109.6         134.2




       AXA Belgium

                                                                         Third party           Third party
        Type of insurance
                                                                           liability            liability
                                                                          property               bodily                                                         Wind-              Driver           Passenger
        Year of occurrence                                                damage                 injury         Damage                 Fire           Theft     screen           protection         protection

       2010.......................................................80.0                           103.4            101.9                238.2          67.6       120.3               142.3             30.5




       AXA Italy




27
     The table shown above is based on a perimeter which is equivalent to the perimeter used in the definitions of Eligible Contracts
     and Covered Losses, for AXA Belgium, AXA Spain and AXA Italy.
     For AXA Germany, data is based on a perimeter which is equivalent to the perimeter used in the definitions of Eligible
     Contracts and Covered Losses, except for accident year 2001 for which the Sicher Direkt motor Portfolio is excluded.
     For AXA Italy, data is based on a perimeter which is equivalent to the perimeter used in the definitions of Eligible Contracts and
     Covered Losses, for 2007 and following years. From 2001 to 2006, data is based on a perimeter which is the perimeter used in
     the definitions of Eligible Contracts including also fleets contracts (“Libro matricole”), Covered Losses and Premiums.
28
     Figures shown in the table above, for AXA Germany, AXA Spain and AXA Italy, are computed with a cut-off date at the end of
     the first quarter following the relevant year. For AXA Belgium, figures shown in the table above are computed with a cut-off date
     at the 31 December of the relevant year.
     The number of claims includes claims which have been declared as at the cut-off date. Claims which have been declared after
     the cut-off date and which have occurred during the relevant year are not taken into account in the table above. Claims which
     have been opened on or before the cut-off date and which were not followed-up (sans suite) are included in the figures above.
29
     The costs of claims not settled as at the cut-off date are estimated as at the cut-off date (the cut-off date being the end of the
     first quarter following the relevant year). These estimates as at the cut-off date may vary over time depending on the evolution
     of the claim.
30
     Annual average costs of claims for each type of insurance are determined by reference to year 2001 and using 100% as the
     base level in 2001 (“basis 100”) for AXA Belgium, AXA Germany and AXA Italy.
     Annual average costs for each type of insurance, for AXA Spain, are determined by reference to year:
                      •       2001 and using 100% as the base level in 2001 (“basis 100”) for data on AXA Spain portfolio excluding
                      Winterthur.
                      •       2003 and using 100% as the base level in 2003 (“basis 100”) for data on AXA Spain portfolio including
                      Winterthur.
31
     Data on AXA Spain portfolio excluding Winterthur will only be provided up to year 2008. For any avoidance of doubt, it will not
     be provided for accident years 2009 and 2010.




                                                                                                                     14
        Type of insurance                                                                    Third party
                                                                                               liability          Third party
                                                                                              property             liability
        Year of occurrence                                                                    damage             bodily injury          Own damage                    Theft                   Fire

       2010.............................................................................            94.2               67.1                    93.1                    58.3                      58.1




       AXA Spain with Winterthur
        Type of insurance                                    Third party   Third party
                                                               liability    liability
                                                              property       bodily                                                            Wind-                            Legal             Accident
        Year of occurrence                                    damage         injury               Damage        Fire            Theft          screen        Assistance       assistance           (driver)

       2010.........................................            98.5          73.1                 90.2         87.3           102.3           123.2           144.6             95.4               99.7




8      Breakdown of the occurrence of claims on a monthly basis32, 33
       Figures in the tables below are described as a percentage ratio of:

       (a)             the number of claims per type of insurance having occurred during the relevant month; divided by

       (b)             the total number of claims per type of insurance having occurred during the relevant year.

       AXA Germany

       Third party liability property damage
                                                       Jan       Feb       Mar             Apr            May   Jun           Jul       Aug           Sep       Oct           Nov          Dec          TOTAL

       2010.........................................8.5%        8.1%       8.1%            7.5%       7.6%      8.1%      8.3%          7.7%          8.0%      8.6%          8.6%      11.0%           100.0 %




       Third party liability bodily injury
                                                       Jan       Feb       Mar             Apr            May   Jun           Jul       Aug           Sep       Oct           Nov          Dec          TOTAL

       2010.........................................6.0%        6.2%       8.1%            8.0%       8.7%      9.4%      9.4%          8.5%          9.9%      9.4%          9.4%         7.0%         100.0 %




       Own Damage
                                                       Jan       Feb       Mar             Apr            May   Jun           Jul       Aug           Sep       Oct           Nov          Dec          TOTAL

       2010.........................................9.1%        8.7%       8.6%            7.7%       7.6%      7.8%      8.6%          8.1%          7.9%      8.3%          8.1%         9.6%         100.0 %




       Collision
                                                       Jan       Feb       Mar             Apr            May   Jun           Jul       Aug           Sep       Oct           Nov          Dec          TOTAL

       2010.........................................8.6%        8.0%       8.9%            8.1%       7.6%      8.6%      8.3%          7.6%          8.0%      8.6%          8.1%         9.7%         100.0 %




32
     The tables shown above are based on a perimeter which is equivalent to the perimeter used in the definitions of Eligible
     Contracts and Covered Losses.
33
     Figures shown in the table above are computed with a cut-off date at the end of the first quarter following the relevant year. The
     number of claims includes claims which have been declared as at the cut-off date. Claims having been declared after the cut-off
     date and having occurred during the relevant year are not taken into account in the table above. Claims that have been opened
     on or before the cut-off date and which were were not followed-up (sans suite) are included in the figures above.




                                                                                                           15
Windscreen
                                          Jan       Feb    Mar      Apr    May     Jun      Jul    Aug     Sep     Oct    Nov     Dec    TOTAL

2010.........................................6.9%   7.6%   10.9%   10.0%   8.8%    9.0%    8.7%    8.0%    7.3%    7.7%   8.2%    7.0%   100.0 %




Animal collision
                                          Jan       Feb    Mar      Apr    May     Jun      Jul    Aug     Sep     Oct    Nov     Dec    TOTAL

2010.........................................7.6%   6.2%   7.6%    9.4%    10.9%   7.8%    7.8%    8.1%    7.7%    9.9%   10.0%   7.0%   100.0 %




Fire
                                          Jan       Feb    Mar      Apr    May     Jun      Jul    Aug     Sep     Oct    Nov     Dec    TOTAL

2010.........................................9.7%   7.5%   7.6%    8.0%    9.1%    9.9%    10.5%   7.5%    8.2%    6.5%   6.3%    9.3%   100.0 %




Partial theft
                                          Jan       Feb    Mar      Apr    May     Jun      Jul    Aug     Sep     Oct    Nov     Dec    TOTAL

2010.........................................7.3%   8.1%   9.4%    9.0%    8.8%    8.3%    8.1%    9.0%    8.1%    8.6%   8.6%    6.7%   100.0 %




Total theft
                                          Jan       Feb    Mar      Apr    May     Jun      Jul    Aug     Sep     Oct    Nov     Dec    TOTAL

2010.........................................5.7%   6.2%   10.2%   8.0%    9.5%    9.5%    9.2%    9.7%    10.8%   8.3%   8.3%    4.6%   100.0 %




Accident
                                          Jan       Feb    Mar      Apr    May     Jun      Jul    Aug     Sep     Oct    Nov     Dec    TOTAL

                                            12.5%
2010.........................................       0.0%   18.8%   0.0%    0.0%    31.3%   0.0%    12.5%   12.5%   6.3%   0.0%    6.3%   100.0 %




Other claims
                                          Jan       Feb    Mar      Apr    May     Jun      Jul    Aug     Sep     Oct    Nov     Dec    TOTAL

2010.........................................4.8%   5.4%   8.3%    11.3%   13.7%   12.1%   9.2%    8.3%    7.2%    6.9%   7.5%    5.3%   100.0 %




AXA Belgium

Third party liability property damage
                                          Jan       Feb    Mar      Apr    May     Jun      Jul    Aug     Sep     Oct    Nov     Dec    TOTAL

2010.........................................8.9%   8.9%   8.4%    8.3%    8.2%    8.9%    7.3%    7.4%    8.2%    8.7%   7.8%    9.2%   100.0%




Third party liability bodily injury
                                          Jan       Feb    Mar      Apr    May     Jun      Jul    Aug     Sep     Oct    Nov     Dec    TOTAL

2010.........................................7.6%   6.9%   8.2%    8.8%    8.8%    10.0%   8.6%    8.2%    9.7%    9.7%   7.5%    5.9%   100.0%




Damage




                                                                             16
                                          Jan       Feb     Mar      Apr    May     Jun      Jul    Aug     Sep      Oct    Nov     Dec     TOTAL

2010.........................................9.1%   9.4%    8.3%    8.1%    8.0%    8.5%    7.3%    7.3%    8.0%    8.4%    7.8%    9.9%    100.0%




Fire
                                          Jan       Feb     Mar      Apr    May     Jun      Jul    Aug     Sep      Oct    Nov     Dec     TOTAL

                                            12.0%
2010.........................................       7.3%    9.1%    6.5%    9.8%    8.4%    10.2%   5.5%    7.6%    8.0%    7.6%    8.0%    100.0%




Theft
                                          Jan       Feb     Mar      Apr    May     Jun      Jul    Aug     Sep      Oct    Nov     Dec     TOTAL

2010.........................................9.5%   9.1%    10.2%   8.1%    7.5%    7.5%    7.3%    7.7%    7.4%    8.8%    8.9%    8.0%    100.0%




Windscreen
                                          Jan       Feb     Mar      Apr    May     Jun      Jul    Aug     Sep      Oct    Nov     Dec     TOTAL

                                            10.0%
2010.........................................       11.3%   14.1%   10.6%   8.4%    8.2%    7.2%    6.2%    5.8%    6.0%    5.6%    6.6%    100.0%




Driver protection
                                          Jan       Feb     Mar      Apr    May     Jun      Jul    Aug     Sep      Oct    Nov     Dec     TOTAL

2010.........................................8.5%   7.7%    6.8%    8.2%    8.7%    9.1%    8.2%    7.0%    10.6%   8.4%    8.4%    8.5%    100.0%




Passenger protection
                                          Jan       Feb     Mar      Apr    May     Jun      Jul    Aug     Sep      Oct    Nov     Dec     TOTAL

                                            10.2%
2010.........................................       8.1%    7.0%    8.6%    8.4%    7.8%    8.1%    10.9%   7.3%    8.6%    7.9%    7.1%    100.0%




AXA Italy

Third party liability property damage
                                          Jan       Feb     Mar      Apr    May     Jun      Jul    Aug     Sep      Oct    Nov     Dec     TOTAL

2010.........................................
                                            9.00%   8.60%   9.30%   8.50%   9.20%   8.20%   8.00%   5.80%   7.80%   8.50%   8.20%   8.80%   100.0%




Third party liability bodily injury
                                          Jan       Feb     Mar      Apr    May     Jun      Jul    Aug     Sep      Oct    Nov     Dec     TOTAL

                                            9.10%
2010.........................................       8.80%   9.30%   9.10%   9.10%   8.20%   8.50%   6.50%   7.80%   8.00%   8.00%   7.70%   100.0%




Own Damage
                                          Jan       Feb     Mar      Apr    May     Jun      Jul    Aug     Sep      Oct    Nov     Dec     TOTAL

                                            8.90%
2010.........................................       7.60%   9.40%   8.60%   9.30%   8.20%   8.50%   5.60%   8.50%   8.00%   8.40%   8.90%   100.0%




Theft
                                          Jan       Feb     Mar      Apr    May     Jun      Jul    Aug     Sep      Oct    Nov     Dec     TOTAL

                                            9.50%
2010.........................................       8.30%   9.00%   8.10%   8.60%   7.50%   8.30%   5.50%   8.70%   9.10%   8.90%   8.40%   100.0%




                                                                              17
Fire
                                          Jan       Feb      Mar      Apr    May     Jun      Jul    Aug     Sep      Oct    Nov     Dec     TOTAL

                                           11.40%
2010.........................................       7.30%   10.90%   8.20%   8.20%   9.50%   7.30%   4.50%   8.60%   7.30%   8.20%   8.60%   100.0%




AXA Spain

Third party liability property damage
                                          Jan       Feb      Mar      Apr    May     Jun      Jul    Aug     Sep      Oct    Nov     Dec     TOTAL

                                            8.60%
2010.........................................       8.20%   9.10%    8.30%   8.80%   8.60%   8.70%   7.40%   7.90%   8.30%   8.30%   7.90%   100.0%




Third party liability bodily injury
                                          Jan       Feb      Mar      Apr    May     Jun      Jul    Aug     Sep      Oct    Nov     Dec     TOTAL

                                            8.50%
2010.........................................       8.00%   9.10%    8.30%   8.90%   8.60%   8.60%   7.10%   7.90%   8.80%   8.50%   7.60%   100.0%




Damage
                                          Jan       Feb      Mar      Apr    May     Jun      Jul    Aug     Sep      Oct    Nov     Dec     TOTAL

                                            8.30%
2010.........................................       8.00%   8.60%    8.80%   9.20%   9.10%   9.20%   6.80%   8.60%   8.20%   8.40%   6.80%   100.0%




Fire
                                          Jan       Feb      Mar      Apr    May     Jun      Jul    Aug     Sep      Oct    Nov     Dec     TOTAL

2010.........................................
                                            8.50%   8.70%   8.10%    9.30%   8.40%   9.70%   8.40%   7.20%   8.10%   6.90%   8.90%   8.00%   100.0%




Theft
                                          Jan       Feb      Mar      Apr    May     Jun      Jul    Aug     Sep      Oct    Nov     Dec     TOTAL

                                            9.90%
2010.........................................       9.00%   9.10%    8.60%   8.20%   7.60%   7.90%   7.90%   7.80%   7.80%   8.00%   8.20%   100.0%




Windscreen
                                          Jan       Feb      Mar      Apr    May     Jun      Jul    Aug     Sep      Oct    Nov     Dec     TOTAL

                                            8.50%
2010.........................................       8.60%   10.20%   9.20%   9.30%   9.00%   9.20%   8.00%   7.30%   6.90%   6.90%   6.80%   100.0%




Assistance
                                          Jan       Feb      Mar      Apr    May     Jun      Jul    Aug     Sep      Oct    Nov     Dec     TOTAL

                                            8.80%
2010.........................................       7.70%   8.20%    7.40%   7.70%   8.20%   9.50%   9.20%   8.40%   8.10%   8.20%   8.70%   100.0%




Legal assistance
                                          Jan       Feb      Mar      Apr    May     Jun      Jul    Aug     Sep      Oct    Nov     Dec     TOTAL

                                            9.00%
2010.........................................       8.20%   9.20%    8.20%   9.00%   8.40%   8.20%   6.70%   7.80%   8.90%   8.50%   7.80%   100.0%




Accident (driver)




                                                                               18
                                                 Jan       Feb      Mar       Apr      May       Jun          Jul           Aug         Sep             Oct          Nov           Dec      TOTAL

                                                   8.60%
       2010.........................................       8.20%    8.80%    8.00%     8.80%     8.50%       8.20%          7.20%       8.00%          9.00%         8.80%      7.80%       100.0%




9      Annual estimated breakdown of premiums by contract anniversary date34, 35
       The table below shows the annual breakdown of premiums by contract anniversary date.
                                                                                                             2010

                                                   Jan       Feb       Mar      Apr       May          Jun           Jul          Aug           Sept           Oct           Nov          Dec

       AXA Germany....................... 97.2%             97.7%    98.2%     98.9%     99.1%      99.2%           99.4%       99.5%         99.6%           99.8%          99.9%       100.0%

       AXA Belgium ........................ 7.9%            15.5%    24.8%     34.2%     42.7%      51.9%           60.4%       68.0%         76.4%           85.2%          92.6%       100.0%

       AXA Italy............................... 8.2%        15.2%    24.1%     32.4%     40.5%      49.2%           57.7%       62.6%         71.1%           80.6%          88.9%       100.0%

       AXA Spain ............................ 8.1%          16.3%    25.1%     33.4%     41.9%      50.8%           60.8%       67.6%         74.8%           83.5%          91.6%       100.0%




10 Evolution of the total number of Eligible Contracts36, 37
       The table below shows in thousands the number of Eligible Contracts booked as at 31 December of the
       relevant year.

       Number of contracts at the end of the year (in thousands)                                                                                                                   2010

       AXA Germany...........................................................................................................................                                   2,244
       AXA Belgium ............................................................................................................................                                 1,000
       AXA Italy...................................................................................................................................                             1,078
       AXA Spain ................................................................................................................................                               2,982
       Total .........................................................................................................................................                          7,304



11 Breakdown by bonus level (no claims bonus)38, 39
       The table below shows the breakdown of the number of Eligible Contracts by bonus level. The figures
       are computed for Eligible Contracts booked as at 31 December of the relevant year.




34
     The table shown above is based on a perimeter which is equivalent to the perimeter used in the definition of Eligible Contracts.
35
     Figures in the table above are computed as the ratio described as a percentage of:
     (a) annual estimated premiums for contracts for which the anniversary date falls in the period starting from the 1st of January
         of the relevant year to the end of the relevant month; divided by
     (b) annual estimated premiums for the relevant year.
36
     A contract may not include necessarily all types of insurance and depends on the options chosen by the insured party.
37
     The table shown above is based on a perimeter which is equivalent to the perimeter used in the definition of Eligible Contracts.
38
     The table shown above is based on a perimeter which is equivalent to the perimeter used in the definition of Eligible Contracts.
39
     An Eligible Contract may not include necessarily all the types of insurance and depends on the options chosen by the insured
     party.




                                                                                         19
       AXA Germany40

                                                                                                                                                                                                    Breakdown of
                                                                                                                                                                                                      contracts

                                                                                                                                                                                                    Outstanding as
       Bonus Level – Third party liability                                                                                                                                                           at 31/12/2010

       Coefficient > 25 and lower or equal to 45 ..............................................................................................................................                         57.7%

       Coefficient > 50 and lower or equal to 85 ..............................................................................................................................                         22.8%

       Coefficient > 90 and lower or equal to 100 ............................................................................................................................                          4.3%

       Coefficient > 100 ....................................................................................................................................................................           2.2%

       Not used .................................................................................................................................................................................       13.0%

       TOTAL....................................................................................................................................................................................       100.0%




                                                                                                                                                                                                    Breakdown of
                                                                                                                                                                                                      contracts

                                                                                                                                                                                                    Outstanding as
       Bonus Level – Fully comprehensive                                                                                                                                                             at 31/12/2010

       Coefficient > 25 and lower or equal to 45 ..............................................................................................................................                         75.8%

       Coefficient > 50 and lower or equal to 85 ..............................................................................................................................                         20.8%

       Coefficient > 90 and lower or equal to 100 ............................................................................................................................                          1.7%

       Coefficient > 100 ....................................................................................................................................................................           0.4%

       Not used .................................................................................................................................................................................       1.2%

       TOTAL....................................................................................................................................................................................       100.0%




       AXA Belgium

                                                                                                                                                                                                    Breakdown of
                                                                                                                                                                                                      contracts

                                                                                                                                                                                                    Outstanding as
       Bonus Level                                                                                                                                                                                   at 31/12/2010

       Coefficient minimum...............................................................................................................................................................               80.6%

       Coefficient greater than minimum and lower or equal to 1.0 .................................................................................................                                     13.4%

       Coefficient greater than 1.0....................................................................................................................................................                 0.3%

       None (cyclo, caravan and other contracts) ............................................................................................................................                           5.7%

       TOTAL....................................................................................................................................................................................       100.0%




       AXA Italy

                                                                                                                                                                                                    Breakdown of
                                                                                                                                                                                                      contracts

                                                                                                                                                                                                    Outstanding as
       Bonus Level                                                                                                                                                                                   at 31/12/2010

       Coefficient 0.50.......................................................................................................................................................................          27.8%



40
     As there are different bonus-malus systems in Germany for Third party liability and fully comprehensive the breakdown tables
     are split between the different type of guarantees.




                                                                                                           20
                                                                                                                                                                                                   Breakdown of
                                                                                                                                                                                                     contracts

                                                                                                                                                                                                   Outstanding as
        Bonus Level                                                                                                                                                                                 at 31/12/2010

       Coefficient > 0.50 and lower or equal to 1.0 ..........................................................................................................................                         66.6%

       Coefficient > 1.0 .....................................................................................................................................................................         4.3%

       Not classified ..........................................................................................................................................................................       1.3%

       TOTAL....................................................................................................................................................................................      100.0%




       AXA Spain

                                                                                                                                                                                                   Breakdown of
                                                                                                                                                                                                     contracts

                                                                                                                                                                                                   Outstanding as
        Bonus Level                                                                                                                                                                                 at 31/12/2010

       Coefficient 0.40.......................................................................................................................................................................         17.0%

       Coefficient greater than 0.4 and lower or equal to 1.0...........................................................................................................                               74.0%

       Coefficient greater than 1.0....................................................................................................................................................                1.9%

       Non classified (4 wheels, 2 wheels) .......................................................................................................................................                     0.1%

       None (cyclo, caravan and other contracts) ............................................................................................................................                          7.1%
       TOTAL....................................................................................................................................................................................      100.0%




12 Breakdown by duration of contract41, 42, 43
       The table below shows the breakdown of the number of Eligible Contracts by duration of contract. The
       figures are computed for Eligible Contracts booked as at 31 December of the relevant year. The duration
       of a contract is computed as being the period between the date when the contract was booked and
       31 December of the relevant year.

                                                                                                                                       Breakdown of contracts
                                                                                                                                     Outstanding as at 31/12/2010
                           Duration of contract
                                                                                                    AXA                                 AXA                                   AXA                      AXA
                                                                                                  Germany                              Belgium                                Italy                    Spain

       < 1 year ................................................................                     19.4%                               12.6%                              15.5%                      15.4%

       Between 1 and 5 years ..........................................                              50.0%                               34.2%                              59.8%                      47.9%

       > 5 years ...............................................................                     30.6%                               53.2%                              24.7%                      36.6%

       TOTAL ................................................................                       100.0%                              100.0%                             100.0%                     100.0%




41
     The table shown above is based on a perimeter which is equivalent to the perimeter used in the definition of Eligible Contracts.
42
     Eligible Contracts with insured parties may be amended over time upon the occurrence of certain events, without novation.
     These events include, but are not limited to:
     (a) a change of car;
     (b) the inclusion of a new type of insurance.
43
     A contract may not include necessarily all types of insurance and depends on the options chosen by the insured party.




                                                                                                          21
13 Breakdown by geographical area44
       The table below shows the breakdown of number of Eligible Contracts by geographical area, computed
       as follows:

       (a)       total number of Eligible Contracts as at the 31st of December of the relevant year for the relevant
                 geographical area; divided by

       (b)       total number of Eligible Contracts as at the 31st of December of the relevant year.

       AXA Germany

                                                                Number of contracts breakdown

       Geographical area                                                                                                                            %

       Baden-Württemberg...........................................................................................................               16.8 %
       Bayern................................................................................................................................     17.6 %
       Berlin..................................................................................................................................   2.2 %
       Brandenburg ......................................................................................................................         2.6 %
       Bremen ..............................................................................................................................      0.5 %
       Hamburg ............................................................................................................................       1.8 %
       Hessen...............................................................................................................................      7.9 %
       Mecklenburg-Vorpommern ................................................................................................                    1.7 %
       Niedersachsen ...................................................................................................................          8.8 %
       Nordrhein-Westfalen ..........................................................................................................             21.4 %
       Rheinland-Pfalz..................................................................................................................          6.7 %
       Saarland.............................................................................................................................      0.8 %
       Sachsen .............................................................................................................................      3.5 %
       Sachsen-Anhalt..................................................................................................................           1.7 %
       Schleswig-Holstein.............................................................................................................            3.6 %
       Thüringen...........................................................................................................................       1.7 %
       Not specified ......................................................................................................................       0.7 %
       Total ..................................................................................................................................   100.0%


       AXA Belgium

                                                                Number of contacts breakdown

       Geographical area                                                                                                                            %

       Bruxelles ............................................................................................................................     7.0%
       Wallonie .............................................................................................................................     40.9%
       Flandre...............................................................................................................................     52.0%
       Non Classified....................................................................................................................         0.1%


44
     The table shown above is based on a perimeter which is equivalent to the perimeter used in the definition of Eligible Contracts.




                                                                                22
                                                          Number of contacts breakdown

Geographical area                                                                                                                             %

Total ..................................................................................................................................    100.0%


AXA Italy

                                                         Number of contracts breakdown

Geographical area                                                                                                                             %

Piemonte Aosta Liguria......................................................................................................                11.2%
Lombardia ..........................................................................................................................        24.1%
Trentino Veneto Friuli.........................................................................................................             13.3%
Emilia Toscana Umbria......................................................................................................                 17.8%
Lazio Abruzzo Molise Marche............................................................................................                     8.7%
Campania Puglia Basilicata Calabria.................................................................................                        13.9%
Sicilia Sardegna .................................................................................................................          8.4%
Altre Targhe .......................................................................................................................        2.8%
Total ..................................................................................................................................    100.0%


AXA Spain

                                                         Number of contracts breakdown

Geographical area                                                                                                                             %

Centro ................................................................................................................................     18.7%
Este....................................................................................................................................    25.2%
Levante ..............................................................................................................................      15.6%
Norte ..................................................................................................................................    9.9%
Oeste .................................................................................................................................     11.9%
Sur .....................................................................................................................................   18.6%
Not Specified......................................................................................................................         0.0%
Total ..................................................................................................................................    100.0%




                                                                          23
14 Breakdown of Eligible Contracts by age of the insured party45, 46, 47
       The table below shows the breakdown of the number of Eligible Contracts by age of the insured party.
       The figures are computed for Eligible Contracts booked as at 31 December of the relevant year.

       AXA Germany

                                                                                                                                                                                                    Breakdown of
                                                                                                                                                                                                      contracts

                                                                                                                                                                                                    Outstanding as
        Age of the insured                                                                                                                                                                           at 31/12/2010

       ≤ 25 years ...............................................................................................................................................................................       2.1 %

       25 to 40 years.........................................................................................................................................................................         21.0 %

       41 to 60 years.........................................................................................................................................................................         47.8 %

       > 60 years...............................................................................................................................................................................       22.3 %

       Non classified (persons).........................................................................................................................................................                1.5 %

       Non classified (small medium enterprise) ..............................................................................................................................                          5.3 %

       TOTAL....................................................................................................................................................................................       100.0%




       AXA Belgium

                                                                                                                                                                                                    Breakdown of
                                                                                                                                                                                                      contracts

                                                                                                                                                                                                    Outstanding as
        Age of the insured                                                                                                                                                                           at 31/12/2010

       ≤ 25 years ...............................................................................................................................................................................       4.1%

       25 to 40 years.........................................................................................................................................................................          22.1%

       41 to 60 years.........................................................................................................................................................................          45.8%

       > 60 years...............................................................................................................................................................................        24.8%

       Non classified (persons).........................................................................................................................................................                0.0%

       Non classified (small medium enterprise) ..............................................................................................................................                          3.2%

       TOTAL....................................................................................................................................................................................       100.0%




       AXA Italy

                                                                                                                                                                                                    Breakdown of
                                                                                                                                                                                                      contracts

                                                                                                                                                                                                    Outstanding as
        Age of the insured                                                                                                                                                                           at 31/12/2010

       ≤ 25 years ...............................................................................................................................................................................       3.4%

       25 to 40 years.........................................................................................................................................................................          27.3%

       41 to 60 years.........................................................................................................................................................................          42.4%



45
     The table shown above is based on a perimeter which is equivalent to the perimeter used in the definition of Eligible Contracts.
46
     The figures refer to the age of the individual named as the insured party under the contract. Depending on the contract, a
     vehicle insured under the name of one person may be used by other persons.
47
     An Eligible Contract may not necessarily include all types of insurance and depends on the options chosen by the insured
     party.




                                                                                                           24
                                                                                                                                                                                                       Breakdown of
                                                                                                                                                                                                         contracts

                                                                                                                                                                                                       Outstanding as
        Age of the insured                                                                                                                                                                              at 31/12/2010

       > 60 years...............................................................................................................................................................................           26.9%

       Non classified (persons).........................................................................................................................................................                   0.0%

       Non classified (small medium enterprise) ..............................................................................................................................                             0.0%

       TOTAL....................................................................................................................................................................................          100.0%




       AXA Spain

                                                                                                                                                                                                       Breakdown of
                                                                                                                                                                                                         contracts

                                                                                                                                                                                                       Outstanding as
        Age of the insured                                                                                                                                                                              at 31/12/2010

       ≤ 25 years ...............................................................................................................................................................................          0.7%

       25 to 40 years.........................................................................................................................................................................             23.9%

       41 to 60 years.........................................................................................................................................................................             52.8%

       > 60 years...............................................................................................................................................................................           22.6%

       Non classified (persons).........................................................................................................................................................                   0.1%

       TOTAL....................................................................................................................................................................................          100.0%




15 Breakdown by type of vehicle insured48, 49
       The table below shows the breakdown of the number of Eligible Contracts by the type of vehicle insured.
       The figures are computed for Eligible Contracts booked as at 31 December of the relevant year.

       AXA Germany

                                                                                                                                                                                                       Breakdown of
                                                                                                                                                                                                         contracts

                                                                                                                                                                                                       Outstanding as
        Type of vehicle                                                                                                                                                                                 at 31/12/2010

       4 wheels .................................................................................................................................................................................         71.6 %

       Motos ......................................................................................................................................................................................        6.9 %

       Cyclos (scooters, etc.)............................................................................................................................................................                 2.4 %

       Trailer......................................................................................................................................................................................       8.1 %

       Camping .................................................................................................................................................................................           1.9 %

       Other vehicles.........................................................................................................................................................................             0.4 %

       DV and lorries.........................................................................................................................................................................             4.2 %

       Towing vehicles ......................................................................................................................................................................              2.3 %




48
     The table shown above is based on a perimeter which is equivalent to the perimeter used in the definition of Eligible Contracts.
49
     An Eligible Contract may not necessarily include all types of insurance and depends on the options chosen by the insured
     party.




                                                                                                             25
                                                                                                                                                                                                       Breakdown of
                                                                                                                                                                                                         contracts

                                                                                                                                                                                                       Outstanding as
       Type of vehicle                                                                                                                                                                                  at 31/12/2010

       Old vehicles50 .........................................................................................................................................................................            2.2 %

       TOTAL....................................................................................................................................................................................          100.0%




       AXA Belgium

                                                                                                                                                                                                       Breakdown of
                                                                                                                                                                                                         contracts

                                                                                                                                                                                                       Outstanding as
       Type of vehicle                                                                                                                                                                                  at 31/12/2010

       Cars ........................................................................................................................................................................................       77.6%

       Motos (two wheels) ................................................................................................................................................................                 6.4%

       Cyclos (two wheels) ...............................................................................................................................................................                 3.0%

       Trucks < 35 Tonnes................................................................................................................................................................                  8.1%

       Trucks > 35 Tonnes................................................................................................................................................................                  1.1%

       Special engines (transport de choses)...................................................................................................................................                            3.7%

       Bus..........................................................................................................................................................................................       0.0%

       Taxis .......................................................................................................................................................................................       0.1%

       TOTAL....................................................................................................................................................................................          100.0%




       AXA Italy

                                                                                                                                                                                                       Breakdown of
                                                                                                                                                                                                         contracts

                                                                                                                                                                                                       Outstanding as
       Type of vehicle                                                                                                                                                                                  at 31/12/2010

       4 wheels .................................................................................................................................................................................         100.0%

       Other.......................................................................................................................................................................................        0.0%

       TOTAL....................................................................................................................................................................................          100.0%




       AXA Spain

                                                                                                                                                                                                       Breakdown of
                                                                                                                                                                                                         contracts

                                                                                                                                                                                                       Outstanding as
       Type of vehicle                                                                                                                                                                                  at 31/12/2010

       4 wheels .................................................................................................................................................................................          75.2%

       Motos ......................................................................................................................................................................................        5.6%

       Cyclos .....................................................................................................................................................................................        2.2%

       Trucks < 35 Tonnes................................................................................................................................................................                  9.3%




50
     Vehicles more than 30 years old.




                                                                                                             26
                                                                                                                                                                                                       Breakdown of
                                                                                                                                                                                                         contracts

                                                                                                                                                                                                       Outstanding as
        Type of vehicle                                                                                                                                                                                 at 31/12/2010

       Trucks > 35 Tonnes................................................................................................................................................................                  1.5%

       Farm tractors ..........................................................................................................................................................................            5.5%

       Other vehicles.........................................................................................................................................................................             0.7%

       TOTAL....................................................................................................................................................................................          100.0%




16 Breakdown by gender51, 52, 53
       The table below shows the breakdown of the number of Eligible Contracts by gender of the insured party.
       The figures are computed for Eligible Contracts booked as at 31 December of the relevant year.

       AXA Germany

                                                                                                                                                                                                       Breakdown of
                                                                                                                                                                                                         contracts

                                                                                                                                                                                                       Outstanding as
        Gender                                                                                                                                                                                          at 31/12/2010

       Male ........................................................................................................................................................................................      66.2 %

       Female....................................................................................................................................................................................         27.9 %

       Legal Entity.............................................................................................................................................................................           5.3 %

       Male & female.........................................................................................................................................................................              0.1 %
       Non classified .........................................................................................................................................................................
                                                                                                                                                                                                           0.5 %

       TOTAL....................................................................................................................................................................................          100.0%




       AXA Belgium

                                                                                                                                                                                                       Breakdown of
                                                                                                                                                                                                         contracts

                                                                                                                                                                                                       Outstanding as
        Gender                                                                                                                                                                                          at 31/12/2010

       Male ........................................................................................................................................................................................       65.7%

       Female....................................................................................................................................................................................          31.1%

       Legal Entity.............................................................................................................................................................................           2.3%

       Fleet........................................................................................................................................................................................       0.9%

       Non classified .........................................................................................................................................................................            0.0%

       TOTAL....................................................................................................................................................................................          100.0%




51
     The table shown above is based on a perimeter which is equivalent to the perimeter used in the definition of Eligible Contracts.
52
     Gender refers to the gender of the individual named as the insured party under the contract. Depending on the contract, a
     vehicle insured under the name of one person may be used by other persons.
53
     A contract may not include necessarily all types of insurance and depends on the options chosen by the insured party.




                                                                                                             27
       AXA Italy

                                                                                                                                                                                                       Breakdown of
                                                                                                                                                                                                         contracts

                                                                                                                                                                                                       Outstanding as
        Gender                                                                                                                                                                                          at 31/12/2010

       Individual

       Male ........................................................................................................................................................................................       37.9%

       Female....................................................................................................................................................................................          24.8%

       Convenzioni............................................................................................................................................................................             33.4%

       Other legal entity ....................................................................................................................................................................             3.8%
       Non classified .........................................................................................................................................................................            0.0%

       TOTAL....................................................................................................................................................................................          100.0%




       AXA Spain

                                                                                                                                                                                                       Breakdown of
                                                                                                                                                                                                         contracts

                                                                                                                                                                                                       Outstanding as
        Gender                                                                                                                                                                                          at 31/12/2010

       Male ........................................................................................................................................................................................       78.4%

       Female....................................................................................................................................................................................          21.0%

       Non classified .........................................................................................................................................................................            0.6%

       TOTAL....................................................................................................................................................................................          100.0%




17 Breakdown by distribution channels54, 55
       The table below shows the breakdown of the number of Eligible Contracts by distribution channels of the
       insured party. The figures are computed for Eligible Contracts booked as at 31 December of the relevant
       year.

       AXA Germany

                                                                                                                                                                                                       Breakdown of
                                                                                                                                                                                                         contracts

                                                                                                                                                                                                       Outstanding as
        Distribution channels                                                                                                                                                                           at 31/12/2010

       Tied agents.............................................................................................................................................................................           69.7 %

       Small and medium brokers ....................................................................................................................................................                      21.9 %

       Large brokers .........................................................................................................................................................................             1.4 %

       Direct channel.........................................................................................................................................................................             4.4 %

       Cooperation ............................................................................................................................................................................            2.0 %

       Others .....................................................................................................................................................................................        0.6 %

       TOTAL....................................................................................................................................................................................          100.0%



54
     The table shown above is based on a perimeter which is equivalent to the perimeter used in the definition of Eligible Contracts.
55
     A contract may not include necessarily all types of insurance and depends on the options chosen by the insured party.




                                                                                                             28
AXA Belgium

                                                                                                                                                                                               Breakdown of
                                                                                                                                                                                                 contracts

                                                                                                                                                                                               Outstanding as
Distribution channels                                                                                                                                                                           at 31/12/2010

Tied agents.............................................................................................................................................................................           1.8%

Small and medium brokers ....................................................................................................................................................                      94.9%

Communications centre..........................................................................................................................................................                    3.0%

Others .....................................................................................................................................................................................       0.3%

TOTAL....................................................................................................................................................................................         100.0%




AXA Italy

                                                                                                                                                                                               Breakdown of
                                                                                                                                                                                                 contracts

                                                                                                                                                                                               Outstanding as
Distribution channels                                                                                                                                                                           at 31/12/2010

Tied agents.............................................................................................................................................................................           99.5%

Small and medium brokers ....................................................................................................................................................                      0.1%

Internal....................................................................................................................................................................................       0.3%

Other.......................................................................................................................................................................................       0,0%

TOTAL....................................................................................................................................................................................         100.0%




AXA Spain

                                                                                                                                                                                               Breakdown of
                                                                                                                                                                                                 contracts

                                                                                                                                                                                               Outstanding as
Distribution channels                                                                                                                                                                           at 31/12/2010

Proprietary Network / Tied Agents .........................................................................................................................................                        49.9%

Proprietary Network / Salaried Sales Force...........................................................................................................................                              13.5%

Proprietary Network / Direct ...................................................................................................................................................                   5.8%

Non proprietary Network / Brokers.........................................................................................................................................                         29.5%

Non proprietary Network / Others ..........................................................................................................................................                        1.3%

TOTAL....................................................................................................................................................................................         100.0%




                                                                                                     29

				
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