Axa Financial Reports Fourth Quarter Profit Dropoff

February 12, 2001

Axa Financial announced today its fourth-quarter operating profits dipped 3.5 percent because of difficult stock markets. The New York-based firm, the U.S. arm of French insurer Axa, said operating profits, excluding earnings from investment bank Donaldson Lufkin & Jenrette, in which it sold its majority stake last year, fell to $223 million from $231 million in the year-ago quarter.

“Clearly, equity market depreciation had a direct impact on asset growth and investment income in the fourth quarter,” chief operating officer Meanwhile, French parent Axa reported strong 2000 growth of 11% last year The company reported that revenues last year rose 20.3 percent, including 10.9 percent organic growth.

Premium income from life and savings rose 24.3 percent overall, or 8.6 percent on a comparable basis. Property and casualty insurance premiums increased 14.6 percent, or 3.7 percent on a comparable basis. Asset management revenues rose 21.2 percent.

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