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2000 Activity Report

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2000 Activity Report 2000 Activity Report World Leader in Financial Protection and Wealth Management Corporate Profile • 50 million clients • 140,000 men and women worldwide • € 80 billion in revenues • € 900 billion in assets under management • € 2.5 billion in net cash earnings* • € 6.38 fully diluted net cash earnings per share* • ROE: 13.7%* • Market capitalization: € 64 billion * AXA’s consolidated net earnings before goodwill, excluding non-recurring events. Contents The AXA Group . 2 A Word from the President and the Chairman . 4 Operating Priorities: 2001-2003 . 6 AXA and its Clients . 7 AXA and its Distributors . 10 AXA and its People . 12 AXA and its Shareholders . 15 AXA as Corporate Citizen . 18 Operations . 20 Corporate Governance/Organization . 22 Operating Highlights . 24 Financial Highlights . 26 AXA in the World . 30 Insurance . 31 International Insurance . 52 Asset Management . 55 Consolidated Statement of Income . 59 Consolidated Balance Sheet . 60 Other Information . 62 Simplified organization chart . 64 Addresses . 66 12 9 3 6 No matter what time it is in my life, ‘‘ AXA has a solution.’’ 1 The AXA JohanneJohanne etand David David 1:38 p.m. Paris For me, what counts is forging a long-lasting ‘‘partnership with my financial advisor, a relationship based on mutual trust.’’ 2 The AXA Group Operations Operating Highlights Financial Group Highlights Insurance International Insurance Asset Management Results Other Information 3 A Word from the President and the Chairman Today, our ambition is to set the worldwide standard in financial protection and wealth management. This does not mean we have decided to change our core business: it means we have decided to transform the way we operate in the interest of offering our clients – individuals and businesses alike – the support they need at every critical stage in their lives or development. Claude Bébéar Henri de Castries Chairman of President of To achieve this ambition, AXA has a number the Supervisory Board the Management Board of core strengths: I 50 million clients worldwide; I a captive distribution force comprised of 44,000 professionals; Building our Future I a global brand; and I a unique blend of skills in areas as diverse as AXA today is the result of a series of insurance underwriting, long-term investment, ambitious objectives that have been reached and financial advice. and then surpassed, motivating employees and providing a sense of direction. For a While these strengths are undoubtedly number of years, these objectives primarily necessary, they are not sufficient to guarantee concerned the size of the AXA Group: success. Achieving our vision also requires become a significant and then a key player focusing on the needs of our three key in the French market; establish a position stakeholders: our clients, our employees and in the global market, first by acquiring an our shareholders. In order to satisfy their operating presence in the United States and requirements, we felt it was necessary then by becoming one of the world’s principal to instigate a genuine cultural revolution insurance groups. Along the way, AXA has also everywhere we do business. We have moved enlarged its business scope, becoming one beyond the stage of adapting our business of the world’s premier asset management processes and practices to keep pace with specialists. market forces, and are now ready to begin transforming them. 4 Our Clients employees who like what they do, and an The AXA Individuals, small- and medium-sized organization in which they can take pride. Group For our distribution channels, this means businesses, institutional investors, and major Operations corporations: they are all AXA clients. Our aim is supplying products they can stand behind, to be recognized by each of them as one of and the training they need to offer sound Operating Highlights their best partners in terms of care, support and and objective advice to our customers. efficiency. Their situations are radically different, Financial Our Shareholders Highlights and so are their needs and aims. Consequently, we must increase our knowledge of each type of Shareholders are satisfied when the value Insurance customer and of each customer, and anticipate of their investment increases, which can be International their evolving needs. measured by stock price growth. We will Insurance achieve ongoing stock price appreciation Our ultimate objective is to operationalize the Asset by generating steady earnings growth, promise of financial protection and wealth Management increasing embedded value and management that is implicit in the AXA brand: Results demonstrating our ability to make timely I for individuals: offer protection against a broad acquisitions and build successful partnerships. spectrum of risks and support at critical moments Other Our success will be uncontested when Information I for businesses: offer the capacity required to AXA’s market capitalization places it among deal with business related contingencies. the very top financial services organizations. Our Employees and Distributors In 2000, we turned to the financial markets In a service industry, the value of a business in connection with key strategic transactions. turns on the quality and enthusiasm of its This means we have more reason than ever to fully satisfy the requirements of those who employees and distributors. An organization that have invested in our future. operates in the world’s major markets needs a The process of globalization continues strong corporate culture and a set of core values and, with it, a series of mergers and shared by all. AXA’s core values are: acquisitions that transcend national borders. I Courage, in words and actions The technology revolution is an opportunity I Loyalty to all our partners for service organizations to make I Team spirit, which fosters high performance, unprecedented strides in productivity and both individually and collectively efficiency in less time than ever. We occupy I Pride in our profession, which enables people a pivotal place in this radical transformation to take risks and drives economic growth of the world’s economies. It is up to us to put our strengths to work for the stakeholders – I the Ambition to be among those who get clients, employees and shareholders alike – things done in the general interest who have placed their trust and hope in us. I the Imagination to anticipate changes in the world around us I the Pragmatism to grasp situations as they are and react positively and effectively I Commitment to being at the service of our key stakeholders: customers, employees, shareholders. Wherever we do business, our aim is to be recognized as an outstanding organization Claude Bébéar Henri de Castries to work for, an organization with enthusiastic Chairman of the Supervisory Board President of the Management Board 5 Operating priorities: 2001-2003 To implement its vision, AXA has identified Manufacturing: three business strategies: a more focused I Optimize and standardize core skills and geographic spread keyed to a “leadership or processes such as underwriting, claims exit” approach; an opportunistic acquisition handling, and procurement practices to policy; and ongoing improvements in reduce expenses and improve loss ratios. operating performance. The latter point, I Consolidate and leverage IT platforms and which is critical to AXA’s success in reaching development Group-wide to improve service its targets, is detailed in a three-year rolling levels and lower unit costs. plan. Employees: Clients: I Attract, train, challenge and retain qualified I Operationalize the financial protection and people to fill critical gaps. wealth management promise of the AXA brand. I Define and implement Group recruitment, I Deliver on the promise by offering financial evaluation, compensation, promotion and advice backed by an enlarged range of mobility policies to achieve leadership in financial services and products that includes each local market. AXA’s aim is to be among AXA products and third-party “best-of-breed” the most attractive global financial services products. companies to work for by 2005, in all its local I Enhance service quality and client markets. satisfaction, as measured by the number of clients, retention rates and the number Shareholders: of products held per client. I Increase cash EPS by at least 15% a year on I Develop customer relationship management average. tools that will enable AXA to tailor its product I Grow embedded value by at least 10% and service offering to client needs. annually. I Achieve cash ROE of 15%. Distribution: I I Train and upgrade existing distribution Improve the operating performance capability while seeking additional third-party of property and casualty units by lowering distribution channels such as retail banks. the Group combined ratio to 104%. I Implement “open architecture” when it is a source of competitive advantage by offering other manufacturers’ products through AXA’s proprietary channels and making AXA products available to third-party distributors. 6 The AXA AXA and its Clients Group Operations Operating Clients are the raison d’être of any business organization. Highlights The value of a product or service, no matter how well designed Financial Highlights or well executed, lies in its ability to respond to a genuine need, as measured by the number of customers that select and Insurance purchase it. Increasingly well-informed and therefore demanding International customers have fuelled competitive pressures, forcing companies Insurance
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