AXA Earnings Increase Estimated at 15 Percent

Even though net income will be reduced by around 100 million Euros ($98 million) caused by the year-end storms which struck France, AXA S.A. announced a significant estimated earnings increase of 15 percent over 1998 figures. Total revenues were expected to exceed $65 billion, a 17.4 percent increase, when the company releases its 1999 results next month.

A large portion of the gain is attributable to the excellent results achieved by U.S. subsidiary AXA Financial. Life insurance revenues rose 14.3 percent to $36.2 billion. Investment management income increased to $1.9 billion, and revenues from investment banking subsidiary Donaldson Lufkin & Jenrette, buoyed by strong 4th quarter pre tax earnings of $303.5 million, climbed 23.6 percent, a whopping 173 percent gain over the last quarter of 1998.