BRIEFLY NOTED:

September 19, 2002

AXA Has No Plans to Raise Additional Capital

France’s Axa Group issued a statement that its financial structure was very strong, and that it has no plans to raise additional capital. “In spite of the drop in equity prices, the solvency margins of the Group’s insurance affiliates remain more than adequate, and operating earnings of the Group for the 1st half 1002 are sufficient to cover the additional solvency margin required to support business growth. In addition, technical reserves remain more than adequate to cover our commitments to policyholders” said the announcement.

AXA Has No Plans to Raise Additional Capital

France’s Axa Group issued a statement that its financial structure was very strong, and that it has no plans to raise additional capital. “In spite of the drop in equity prices, the solvency margins of the Group’s insurance affiliates remain more than adequate, and operating earnings of the Group for the 1st half 1002 are sufficient to cover the additional solvency margin required to support business growth. In addition, technical reserves remain more than adequate to cover our commitments to policyholders” said the announcement.

Swiss Life Announces Net 1st Half Loss of $257.2 Million

Swiss Life confirmed earlier reports of large 1st half losses. Due mainly to the falling values of its equity investments, which required significant writedowns, the company posted a net loss for the period ended June 30 of Sw Frs. 386 million ($257.2 million). The company plans to cut another 700 jobs, and will sell additional company assets in order to restore its capital base and return to profitability.

Moody’s Publishes Upbeat Report on French P/C Insurers

Moody’s Investors Service has published an “outlook report on the French p/c insurance sector which asserts that the industry generally enjoys good financial strength, has increased its profitability, maintaining premium growth above inflation levels, and expects to realize further cost savings as reorganizations and investments in technology take effect.

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