AXA announced today that it has agreed to sell its Canadian operations in Property & Casualty and Life & Savings insurance to Intact Financial Corporation for a total cash consideration of CAD 2.6 billion . This corresponds to implied 2010 multiples of 13x underlying earnings and 1.9x book value. This transaction should generate an exceptional capital gain of approximately Euro 0.9 billion, which will be accounted for in Net Income. In addition, AXA is entitled to receive up to CAD 100 million in contingent considerations based on profitability metrics over a period of 5 years.   AXA Canada key figures In Euro million FY10 Revenues P&C 1,428 Life & Savings 132 Total 1,559 % of Group gross revenues 1.7% Underlying earnings P&C 139 Life & Savings 10 Total 149 % of Group underlying earnings 3.8% Combined ratio 91.8%  

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