Individuals, small- and medium-sized businesses, institutional investors, and major corporations: they are all AXA clients. Our aim is to be recognized by each of them as one of their best partners in terms of care, support and efficiency. Their situations are radically different, and so are their needs and aims. Consequently, we must increase our knowledge of each type of customer and of each customer, and anticipate their evolving needs.
Manufacturing: nOptimize and standardize core skills and processes such as underwriting, claims handling, and procurement practices to reduce expenses and improve loss ratios.
nConsolidate and leverage IT platforms and development Group-wide to improve service levels and lower unit costs.
US-based firm in order to refocus on its core medical and client advisory services.
Hearts in Action volunteers in 40 countries around the world participate in 1,000 different community service projects on
Credit Suisse. The transaction, in line with AXA’s desire to refocus on its core insurance and asset management operations, enables
nSpecial publications are issued in connection with significant events and transactions.
Since June 25, 1996, the AXA stock has been listed on the New York Stock Exchange in the form of American Depositary Shares
Currently, more than 40 million ADS are owned by institutional and retail investors and company employees. Daily trading volume is close to US $35 million.
French GAAP to U.S. GAAP and condensed consolidated U.S. GAAP balance sheets and statements of income.
France is a member of the European Monetary Union (“EMU”). On January 1, 1999 a single European currency known as the “Euro” was introduced and became the lawful currency of the EMU member states which include: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, The Netherlands, Portugal, Spain and Greece. On such date, the legal rate of conversion between the French franc and the Euro was fixed at
All other restated U.S. GAAP financial data presented in the table below have not been audited.
Other financial services and real estate companies (70) 76 (5) 34 29 37
The following table sets forth the total dividends paid per ordinary share and per ADS with respect to each year indicated, with or without the French avoir fiscal, and before deduction of any French withholding tax. Dividends paid in each year are in respect of the prior year’s operating results.
In addition, the growth of AXA’s asset management business depends to a significant extent on factors such as investment returns and risk management. AXA will not be able to accumulate and retain assets under management if its investment results underperform the market or the competition. Such underperformance would likely result in asset withdrawals and reduced sales. In addition, poor performance in the financial markets, in general, may adversely impact the value of AXA’s assets under management, its ability to accumulate and retain those assets, as well as the revenues and profits that AXA earns from the management of those assets.
AXA is subject to detailed and comprehensive regulation and supervision in all the jurisdictions in which it transacts business. AXA’s insurance operations are subject to insurance laws and regulations, which are generally intended to protect policyholders, not AXA’s shareholders. Changes in existing insurance laws and regulations may materially affect the way in which AXA conducts its business and the products AXA may offer. In addition, changes in pension and employee benefit regulation, social security regulation, financial services regulation, taxation and the regulation of securities products and transactions may also adversely affect AXA’s ability to sell new policies or AXA’s claims exposure on existing policies.
Finaxa ceases to be AXA’s single largest shareholder, Finaxa may decide at a future date to terminate the nonexclusive license of the AXA trademark or to seek to alter the terms upon which the license is granted in a way unfavorable to AXA. AXA’s inability to use the AXA trademark or any adverse change to the terms of the license could have a negative impact on the marketing of products and services and on AXA’s profitability.
AXA expects that dividends received from subsidiaries will continue to cover its operating expenses, including interest payments on its outstanding financing, operating and subordinated debt and dividend payments with respect to its ordinary shares during each of the next three years. AXA expects that future acquisitions and strategic investments will be funded from available cash flow remaining after payment of dividends and operating expenses
In realizing its vision, AXA intends to fulfill the needs of its three constituents: • Clients. AXA addresses the needs of individual clients, as well as, the needs of small to medium-sized companies, in each case either directly or through proprietary and third-party distribution channels. AXA also serves institutional and large corporate clients by leveraging strong market positions and generating synergies with other lines of business. AXA addresses these needs by offering best-in-class advice, products and service.
and group pension products sold by AXA. Many other insurance companies offer one or more products similar to those offered by AXA, in some cases using similar marketing techniques. In addition, AXA competes increasingly with banks, mutual funds, investment advisers and other financial institutions for sales of savings-oriented investment products and, to a lesser extent, life insurance products.
AXA Corporate Solutions Reinsurance (formerly AXA Reinsurance). These operations have a geographically diverse reinsurance portfolio, including the following classes of business: property damage (including catastrophe exposure), third-party liability, marine, financial risk/guarantee and life and health insurance. AXA
The following table sets forth the distribution of AXA’s consolidated insurance-related invested assets by insurance segment, including cash and equivalents at December 31, 2000.
INSURANCE - RELATED INVESTED ASSETS At December 31, 2000 Life Property International Total % of total and Savings and Casualty Insurance Book Market Book Market Book Market Book Market Book Market
At December 31, 2000, AXA did not have any equity and/or fixed maturity investment in any one issuer, including an issuer's affiliates, that was in aggregate 10% or more of AXA's total shareholders' equity, or €2,432 million.
Derivatives. AXA generally uses derivative instruments to minimize adverse fluctuations in equity prices, interest rates and foreign exchange rates. The basis for which AXA manages these risks, the sensitivities associated with managing these types of risks, and the potential impact on the AXA consolidated financial results are set out in further detail in “Item 11 – Qualitative and Quantitative Disclosure about Market Risk” and in note 17 to the consolidated financial statements included elsewhere in this annual report.
Gross reserves for unpaid claims and claims expenses developed initially 3,633 4,064 4,665 4,932 5,595 5,712 5,847 20,371 20,941 26,656 26,916
Each of Alliance Capital’s U.S. mutual funds is registered with the U.S. SEC under the U.S. Investment Company
Certain information contained in the review set forth below and elsewhere in this annual report includes forward-looking statements that involve risk and uncertainties. See “Special Note Regarding Forward-Looking
In 2000, trends in the world’s financial markets contrasted starkly with those observed in 1999. 1999 was a strong year for equities, and the government bond markets turned in their worst performance since 1994.
The world’s financial markets were highly volatile throughout the most part of 2000. Growth stocks, particularly in the areas of technology, media and communications, peaked at the end of the first quarter before plummeting, leading to a strong recovery in blue chip stocks at the end of 2000. The decline in the equity markets over the year, coupled with fears of a slowdown in the US economy, encouraged investors to adopt a more conservative approach to equities. However, the need for individual savers to set aside funds to supplement their pension entitlements continues and, therefore, the current investment climate has not prevented the development of managed investment trusts. In addition, the market volatility observed in 2000, which continued into the first quarter of 2001, merely underscores the value of professional investment management services.
The goodwill in respect of this acquisition was ¥192 billion (€1.9 billion) and is being amortized over 30 years. Since the year-end reporting date for AXA Nichidan is September 30th, AXA’s consolidated financial statements for the year ended December 31, 2000 included only six months of post-acquisition operating results
• In December 2000, AXA and, AXA Merger Corp. (a special purpose wholly-owned subsidiary of AXA created specifically for purposes of effecting the transaction), completed their exchange offer for all of the outstanding shares of common stock in AXA Financial other than the shares already owned by AXA and its subsidiaries and the shares held in treasury by AXA Financial. Each share of AXA Financial was validly tendered for $35.75 in cash and 0.295 of an AXA American Depositary Share (ADS). As a result of the exchange offer,
Total consideration (including professional fees and other transaction expenses and costs related to settling/
In 1999, the exceptional operations included €156 million (net group share), which related to the acquisition of Guardian Royal Exchange (GRE).
The Life and Savings Segment had revenue growth of 10.8%, primarily due to higher gross premiums earned mainly in the United Kingdom (24.7%) and the United States (12.3%).
(a) In connection with the buyout of minority interests in AXA Financial, 25.8 million of ordinary shares of AXA were issued: 20.9 million upon completion of the exchange offer in December 2000 and 4.9 million in January 2001 when the subsequent merger of AXA Merger Corp. (a wholly-owned subsidiary of AXA) with and into AXA Financial was completed.
Diluted EPS takes into account potential dilution of convertible debt (on an “if converted” basis) and outstanding share options. Diluted EPS in 2000 was €9.74 (1999: €5.40 and 1998: €4.24).
In 2000, the AXA share price increased by 13%, outperforming the CAC 40 (which decreased by 0.5%)
in 1999, and represented 71% of AXA’s insurance activity. Gross premiums increased by 24% primarily due to a favorable impact on foreign exchange rates, new business contributed by Nippon Dantai in Japan and business growth in France. Specifically in France, AXA’s life insurance subsidiaries outperformed the savings market as a whole. On a comparable basis, growth in gross life and savings premiums was 8.4% in 2000.
had cumulative growth in 1998 and 1999 on savings-related retirement products of 5% as compared to a decline in the market of 4%. Individual retirement savings-type products, represented 61% of this activity, and had growth of 13.8% due to favorable results from the distribution network, the simplification of its range of products and no major changes in tax regulations. The growth attributable to its distribution network was associated with the agency distribution network (27.2% increase). In addition, due to the strong performance in the stock market, there was notable growth in separate account (unit linked) products, which represented 43% of gross premiums on individual retirement savings-type products (1998: 37%).
Fixed maturity investments: Related assets at year end 37,891 39,261 36,973
The ratio of general expenses to insurance reserves was 3.4% in 2000 as compared to 3.2% in 1999.
Income tax expense decreased primarily due to a reduction in the tax rate from 49% to 40%, which became effective on January 1, 2000. The change in tax rates had a positive impact of €10 million before minority interests.
The following table presents the operating results for the life and savings operations in Belgium for the years indicated.
On a comparable basis, gross premiums remained stable in 1999 as compared to 1998. The increase in gross premiums specifically relating to savings-related products and attributable to the bank distribution network and was offset by the loss of new business due to a decrease in the guaranteed interest rate to policyholders that became effective in the beginning of 1999.
The income tax expense remained low in 1999 as compared to 1998, primarily because of the absence of tax on realized gains attributable to the disposal of equity securities in Belgium.
The contribution to AXA’s consolidated net income decreased by €6 million (group share) in 1999 as compared to 1998. This decrease related to an increase in insurance reserves due to the use of new mortality tables, which decreased net income by €13 million (group share).
Investment income increased by €50 million due to an increase in dividends received of €26 million, and to a significant increase in interest income earned on cash and equivalents, attributable to the increase in short-term interest rates (up €28 million).
Insurance claims decreased by €143 million. The claims ratio for all accident years improved by 80 basis points to 77.3% in 2000 as compared to 1999. There was further unfavorable loss reserve development in 2000 of €145 million, particularly on marine, engineering and corporate liability insurance business. These losses were offset by the release of €205 million of equalization reserves before tax, or €111 million (net group share). The current accident year claims ratio for automobile insurance was stable at 90% in 2000.
(1) Includes 12 months of operations for Albingia, which were acquired in connection with the acquisition of GRE in May 1999.
Gross premiums earned by AXA Insurance totaled €1,134 million, or an increase of 22.9% in 1999 as compared to 1998 and on a comparable basis. After taking account of the impact of the Thomas Cook travel insurance contract written in 1999 of €91 million, the increase in gross premiums was 12.9%, with a total of 230,000 new contracts added to the portfolio of business. The increase was mainly attributable to automobile insurance products sold through the broker network, up 33.2% despite the adoption of higher automobile insurance rates to improve profitability and higher sales volume through the direct marketing insurance operations. The relatively modest 0.3% increase in gross premiums from other lines of business, which accounted for 47% of gross property and casualty premiums, was due to the decision to cease selling unprofitable products, and to the decrease in premiums from the business portfolio put into run-off during the period.
decrease in gross premiums written on workers’ compensation insurance, which accounted for 18% of gross property and casualty premiums. This decrease was due to lower rates and business attrition in a highly competitive market.
An income tax benefit of €6 million was recorded in 1999 as compared to an income tax benefit of €31 million in 1998. This decrease was due to the significant level of realized gains on the sale of equity securities in 1998, which are not taxed in Belgium.
(in euro millions, except percentages) Yields (a) Amount Yields (a) Amount Yields (a) Amount
Excluding the non-recurring events in 2000 mentioned above, the net loss would have been €27 million, primarily due to a €23 million decrease in the net underwriting result from a deterioration in the current claims ratio of 860 basis points (91.4% in 2000 as compared to 82.8% in 1999) following the premium rate freeze enacted by the Italian government, which was not offset by efforts to decrease insurance risk exposure. The expense ratio improved by 100 basis points to 25.3% (excluding the aforementioned provision for possible fines)
The net result on reinsurance ceded decreased by €87 million, as insurance benefits ceded in 1998 of €133 million was particularly high due to the large number of significant claims that occurred during the period.
The following table presents the operating results of AXA Corporate Solutions Insurance (formerly AXA
The €127 million change in the unearned premium reserve in 2000 was in line with the decrease in gross premiums. The increase in realized gains (€141 million in 2000 as compared to €111 million in 1999)
1999 compared to 1998. English & Scottish and Saint-George Re provided net loss of €6 million and net income of €1 million, respectively, compared to a net loss of €10 million for each of them in 1998.
As a result of the sale of DLJ in November 2000, revenues and net income generated by the Other Financial
AXA, represented by CFP, which had become the only shareholder of the Banque Worms, undertook a complete review of the financial arrangements associated with Banque Worms. Consequently, all guarantees and subsidies were cancelled and replaced by a single global subsidy and recaptilization of Banque Worms for €82 million. The net loss reported by the Banque Worms is attributable to continued adverse development of certain of its risks outside of France and amounted to €45 million in the second half of 2000. In addition, CFP
December 31, 1999 and 1998 have been restated for general expenses, which have been reallocated to the respective operating subsidiaries.
AXA Financial, Inc. In 1999, AXA Financial recorded a dilution gain of €64 million on the stock market introduction of DLJdirect tracking stock. Excluding this item, its contribution to AXA’s consolidated net income decreased by €8 million on a constant exchange rate basis.
and U.S. GAAP relate to (i) the different methods of determining the purchase price attributable to the issuance of ordinary shares of AXA (or of an affiliate) and settling / exchanging outstanding employee stock options in the target company, (ii) the differences in the underlying accounting principles used for determining the value of net assets acquired between French GAAP and U.S. GAAP, and (iii) the portion of goodwill charged directly to shareholders’ equity under French GAAP, when ordinary shares are issued. As a consequence, the adjustment to U.S. GAAP net income was decrease of €1,228 million, of which €828 million was attributable to the cost of settling / exchanging outstanding employee stock options in connection with the buyout of the minority interests in AXA Financial in 2000 (1999: decrease of €17 million and 1998: decrease of €140 million).
These costs and expenses currently are allocated on the basis of actual use of the specific service, to the extent practicable. The manner of managing these insurance businesses or allocating these costs and expenses may change in the future.
(a) Reflects high and low closing price from June 25, 1996 AXA’s first trading day on the NYSE to December 31, 1996. Prior to June 26, 1996, there was no market for the AXA ADSs in the United States.
Any member of the Management Board who during a fiscal year reaches the age of sixty-five while in office is automatically deemed to have resigned at the end of that fiscal year. However, when a member of the
The Management Board may propose a dividend for approval by the shareholders at the annual general meeting of shareholders. If AXA has earned distributable income since the end of the previous fiscal year, as reflected in an interim income statement certified by its auditors, the Management Board may distribute, subject to French company law and regulations, interim dividends to the extent of the distributable income without shareholders approval.
French company law imposes additional reporting requirements on persons who, acting alone or in concert with others, acquire more than 10% or 20% of the outstanding shares or voting rights in AXA. These persons must file with the Conseil des Marchés Financiers, the COB and AXA a report disclosing their intentions for the 12-month period following the acquisition. The report must provide information as to whether the acquirer intends to continue purchasing shares, acquire control of AXA or seek nomination to the Management Board. This report must be filed within fifteen calendar days of the date either of these thresholds has been crossed. The Conseil des Marchés Financiers makes the notice public and the person or persons who have acquired the voting rights must publish a press release in a financial newspaper having national circulation in France. Upon any change of intention, the acquirer must file a new report.
April 27, 2001, pursuant to which the AXA ADRs are issued (referred to herein as the “deposit agreement”) and a summary of certain applicable provisions of French law. The deposit agreement is among AXA, The Bank of
below for further information. It is expected that the depositary will convert Euro (or any other foreign currency)
Whenever the depositary or the custodian receives any distribution, other than cash, AXA ordinary shares or rights, in respect of the Deposited Securities, the Depositary will cause the securities or property received by it to be distributed to the holders of ADRs entitled thereto, in proportion to their holdings, in any manner that the depositary may reasonably deem equitable and practicable for accomplishing such distribution; provided, however, that if the depositary determines that that distribution cannot be made proportionately among ADR
Upon instruction pursuant to warrants or other instruments to the depositary from a holder to exercise these rights, upon payment by that holder to the depositary for the account of that holder of an amount equal to the purchase price of the AXA ordinary shares or other securities to be received upon the exercise of the rights, and upon payment of the fees of the depositary as set forth in the warrants or other instruments, the depositary shall, on behalf of the relevant holder, exercise the rights and purchase these AXA ordinary shares or other securities and will arrange for AXA ordinary shares so purchased to be deposited, and for depositary shares representing such AXA
ordinary shares to be delivered to the relevant holder, under a separate deposit agreement to be entered into between
ADR holders are exempt from registration under the provisions of the Securities Act. AXA will have no obligation to register any rights or securities under the Securities Act.
• A voting instruction card prepared by the depositary and AXA, setting forth the date established by the depositary for the receipt of the voting instruction card.
Securities, will sell rights such as warrants or options as provided in the deposit agreement and will continue to deliver Deposited Securities, together with any dividends or other distributions received with respect to these securities and the net proceeds of the sale of any rights or other property, in exchange for ADRs surrendered to the depositary. The applicable fees of the depositary and taxes and governmental charges will be deducted from the cash distributed or proceeds of sales.
The ADRs are transferable on the books of the depositary; provided, however, that the depositary may close the transfer books at any time or from time to time, when transfer agents located in The City of New
Neither the depositary nor AXA nor any of their respective directors, employees, agents or affiliates will be liable to any holder of ADRs, if by reason of any provision of any present or future law or regulation of the
Supervisory Board. Removal without cause or reason may constitute grounds for a claim for damages. Removal of a member of the Management Board does not automatically result in the termination of that member’s employment contract with AXA. The Chairman of the Management Board may be removed from his position as Chairman (but not from his position as a member of the Management Board) by a vote of the majority of the members of the Supervisory Board, at a valid meeting of the Supervisory Board.
Treasury earlier than January 15th following the close of the calendar year in which the relevant dividend is paid.
States, the United Kingdom, Belgium, Germany, Australia, Japan, and Hong Kong. Such subsidiaries account for approximately 90% of AXA’s consolidated invested assets and net policyholder benefits and insurance claims reserves.
equity, and of cash flows for each of the three years in the period ended December 31, 2000, all expressed in
French GAAP and U.S. GAAP, a reconciliation of AXA’s consolidated net income and shareholders’ equity to U.S.
– Catastrophe Equalization Reserves. As permitted by regulation in certain of the countries, in which
DERIVATIVE INSTRUMENTS Derivative instruments designated to hedge a specific asset, liability or net investment and deemed effective in offsetting the hedged item’s changes in estimated fair value or cash flows are recorded using the accrual
Restructuring provisions not associated with acquisitions but rather related to changes in existing operations, termination of employees and exiting operational activities will be established and recorded as a charge against income in the year that the defined plan is approved by appropriate levels of management.
INVESTMENT VALUATION ALLOWANCE Investment valuation allowances, which have been deducted in arriving at investment carrying values as presented in the consolidated balance sheets, and changes thereto are shown below (amounts included in other changes relate principally to changes in the scope of consolidation and the impact of changes in foreign currency exchange rates on opening balances): F-23
Carrying Value Other Carrying Value Contribution to at January Additions Disposals Changes at December Net Income
Fair values of mortgage, policy and other loans are estimated by discounting future contractual cash flows using interest rates at which loans with similar characteristics and credit quality would be originated. Fair values of mortgage loans on real estate in the process of foreclosure and non-performing mortgages and other loans are limited to the estimated fair value of the underlying collateral, if lower than the estimated discounted cash flows.
SLPH (acquisition of minority interests) – – – – – – 1,971 – (35) – 1,936 30
On October 2, 2000, Alliance Capital acquired substantially all of the assets and assumed substantially all of the liabilities of Sanford C. Bernstein, Inc., a U.S.-based asset management company, bringing the AXA
On March 7, 2000, AXA and the shareholders of Nippon Dantai contributed their Japanese life insurance operations to a new holding company, AXA Nichidan. This transaction valued Nippon Dantai at ¥10.5 billion yen (€107 million). In addition, AXA contributed cash of approximately ¥207 billion (€2 billion) to increase AXA
(€519 million). AXA Australia is a subsidiary of AXA Asia Pacific Holdings, in which AXA has a 51% ownership interest. Subsequent to this transaction, AXA China Region was delisted from the Hong Kong Stock Exchange.
VALUE OF PURCHASED LIFE BUSINESS IN-FORCE (VBI) The value of purchased life business in-force and changes thereto are as follows: F-34
(B) In 1999, the Company issued perpetual notes of €234 million to several financial institutions with an option to redeem within ten years. The interest rates on these perpetual notes are based on the Euribor (6 month and 12 month rates) plus a margin ranging from 0.56% to 0.69% up to ten years and the margin increases to up to 2.18% after ten years.
Pension costs for AXA’s defined benefit plans, are actuarially determined, in general, using the projected unit credit method. Assumed discount rates and rates of increase in remuneration used in calculating the projected benefit obligations together with long term rates of return on plan assets vary according to the economic conditions of the country in which the pension plans are situated.
In connection with its acquisition of GRE in 1999, SLPH issued ordinary shares. As a result, AXA’s ownership interest in SLPH decreased and AXA recorded a realized gain of €469 million, group share.
Account as equity investments or real estate, as appropriate, pending issuance of new French Savings Contracts or increases in balances for existing French Savings Contracts; such shares can also be held for investment, be sold or be redeemed at fair value by the issuing fund. Fair value of fund shares is determined annually or more frequently for real estate funds and daily for mutual funds.
At December 31, 2000 there were net operating loss carryforwards for tax purposes of approximately €413 million included in the balance sheet. At December 31, 2000 the principal countries with net operating loss carryforwards were Japan (€196 million), Italy (€30 million), Morocco (€25 million), the United Kingdom
(in euro millions except Ordinary Net Ordinary Net Ordinary Net ordinary shares in millions) Shares Income Shares Income Shares Income
Pacific Holdings uses, in general, foreign currency derivatives to hedge its translation exposure of investments in its foreign subsidiaries, principally AXA China Region. At December 31, 2000, the notional amount of such contracts was approximately €352 million (1999: €286 million).
New York Federal District Court (Marta Drucker Cornell et al. v. Assicurazioni Generali S.p.A. and Walter Winters, et. al. v. Assicurazioni Generali S.p.A) were dismissed, withdrawn or otherwise resolved during 2000. In addition, various individual litigations that had been pending in various U.S. jurisdictions against certain of AXA’s German affiliates were dismissed, withdrawn or otherwise resolved during 2000.
A number of lawsuits have been filed against life and health insurers in the United States and certain other jurisdictions involving insurers’ sales practices, alleged agent misconduct or misrepresentation, failure to properly supervise agents and other matters. Some of the lawsuits have resulted in the award of substantial judgements against other insurers (including material amounts of punitive damages) or in substantial settlements. In the United
AXA (the Company) is not subject to legal restrictions on the amount of dividends it may pay to its shareholders provided that accumulated earnings available for distribution are sufficient. However, certain of the AXA’s subsidiaries, principally insurance companies, are subject to restrictions on the amount of funds they may transfer in the form of cash dividends or otherwise to their shareholders.
AXA Merger Corporation, a wholly-owned special purpose subsidiary of AXA created specifically for purposes of effecting that transaction. As part of this intragroup financing arrangement relating to the offer and the merger,
Equity in income (loss) of unconsolidated entities 31 4 – – (45) (1) (10)
Including: (a) Represents total acquisition expenses as presented in the statement of income including amortization expense for value of purchased life business in-force (VBI) and the change in deferred acquisition costs (DAC) net of changes in unearned premium reserves.
(a) The employees of entities proportionately consolidated are included using the percentage of proportionate ownership.
Insurance Segment), AXA Reinsurance, AXA Global Risks and their subsidiaries were renamed AXA Corporate
AXA Minmetals Insurance Co Ltd 51.00 38.75 51.00 34.67 AXA Non Life Insurance Co Ltd 100.00 100.00 100.00 100.00 AXA Corporate Solutions Asia Pacific Private Ltd 100.00 99.70 100.00 99.72 GRE Singapore Branch – – 100.00 100.00 AXA General Insurance Hong Kong 100.00 100.00 100.00 100.00 AXA Australia/New Zealand (31 companies) 100.00 51.00 100.00 47.11
Hungary AXA Colonia Biztosito Dommages 100.00 90.17 – – AXA Colonia Biztosito Vie 100.00 90.17 – –
The Netherlands AXA Investment Managers Den Haag 100.00 94.90 100.00 93.79
(which does not apply to acquisitions of minority interests), and other share option-related issues. FIN 44 became effective July 1, 2000, with respect to new awards, modifications to outstanding awards, and changes in grantee
Consolidated Net Income In Accordance with U.S. GAAP, except for adjustment for the change in unrealized investment gains and losses on assets allocated to UK with-profit contracts 2,771 2,239 1,456
(in euro millions) U.S. GAAP Adjusted U.S. GAAP Adjusted U.S. GAAP Adjusted
FIXED MATURITY AND EQUITY INVESTMENTS For purposes of U.S. GAAP, at December 31, 2000 and 1999, AXA has classified fixed maturities and equity investments having an amortized cost of €181,017 million and €167,745 million, respectively, and estimated fair value of €210,985 million and €173,430 million, respectively, as available for sale and fixed maturity securities having an amortized cost of €2,676 million and €5,792 million, respectively, and estimated fair value of €2,970 million and €6,063 million, respectively, as held to maturity.
(a) Excludes income from discontinued DLJ operations (primarily decreases income and decreases the impact of “dilutive securities issued by subsidiaries”).
• Diluted: 1,164 million in 2000, 1,190 million in 1999 and 1,071 million in 1998.
Shareholder's equity in accordance with French GAAP (statutory basis) 22,754 14,831