16/10/2008

A message to customers and clients from AXA UK CEO Nicolas Moreau

AXA UK's position in the current market conditions

Strong and robust

Over the last few weeks there has been considerable turmoil in the banking sector and the global financial markets.

What started in the US with a crisis in the subprime mortgage market has now affected the UK banking sector and economy, and this in turn has adversely affected overall confidence in financial services. Clearly, this turbulence has caused concern among our customers, clients and distributors and the potential effect that it may have on them, their business or their family.

I would like to assure you that AXA UK is in a strong position.

While there will be difficult times ahead, AXA UK is a long-term business. We have focused on what we do well - life and pensions, wealth management, protection, health and general insurance - and have not ventured into banking related areas.

The fundamentals of our business are solid. At our half year results in August we delivered robust profits with our underlying earnings up 14%. Our balance sheet is sound and our risk management processes are strong.

Globally, AXA is one of the industry's top three companies by market capitalisation. Our business benefits from its geographical diversification which is an asset during this type of crisis. The last set of AXA Group's half year results reinforced our position across all our businesses as well as our financial strength. This strength I believe should be a source of confidence for our customers. AXA's ratings are solid, for example, AA rated by Standard & Poor's with a stable outlook.

My priority is to ensure that we continue to provide you with the service and the support that you require in these difficult times. This is our promise to you to demonstrate that your trust in us is well founded.

If you would like to speak to someone please contact your business contact or customer services.

Nicolas Moreau
Group CEO, AXA UK & Ireland