DOCSLIB.ORG

AXA Financial's Life & Savings Underlying Earnings

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
AXA Financial's Life & Savings Underlying Earnings AXAAXA inin thethe U.S.U.S. ProfitableProfitable GrowthGrowth AheadAhead UBSUBS GlobalGlobal FinancialsFinancials ConferenceConference STAN TULIN VICE CHAIRMAN AND CHIEF FINANCIAL OFFICER AXA FINANCIAL MAY 10, 2005 Cautionary Statements Concerning Forward-looking Statements Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and AXA’s plans and objectives to differ materially from those expressed or implied in the forward looking statements (or from past results). These risks and uncertainties include, without limitation, the risk of future catastrophic events including possible future terrorist related incidents, economic and market developments, regulatory actions and developments, litigations and other proceedings. Please refer to AXA's Annual Report on Form 20-F for the year ended December 31, 2003 and AXA’s Document de Référence for the year ended December 31, 2004, for a description of certain important factors, risks and uncertainties that may affect AXA’s business. AXA undertakes no obligation to publicly update or revise any of these forward- looking statements, whether to reflect new information, future events or circumstances or otherwise. UBS Global Financial Services – May 10, 2005 - Page 2 Baby Boomer retirement needs are driving U.S. life & annuity sales growth Annualized Individual Life Variable Annuity Sales ($bn) Premiums 2001 vs. 2004 ($bn) 2001 vs. 2004 13 130 128 R R 12 AG AG C C 120 6% 12 +4% + 110 107 11 11 100 10 90 2001 2004 2001 2004 Insurers are uniquely positioned to offer mortality based income guarantees to fund Boomer retirement income Source: LIMRA and VARDS, 2004; Merrill Lynch Research, Asset Management 11/2003 UBS Global Financial Services – May 10, 2005 - Page 3 Career distribution remains an important channel to offer retirement planning advice to Baby Boomers and… Life Insurance Annualized New Variable Annuity Sales Premiums by Distribution Channel by Distribution Channel Other Career 10% 34% Career 38% Banks 13% Direct Response / Other Brokers 2% 20% Independents 52% Independents 31% 70% of AXA Financial’s 2004 47% of AXA Financial’s 2004 first year life sales from career total VA sales from career distribution distribution Source: LIMRA 2003, VARDS 2004; AXA Financial sales include 2H’04 MONY sales UBS Global Financial Services – May 10, 2005 - Page 4 …AXA Financial offers one of the industry’s most balanced Variable Annuity distribution platforms AXA Financial’s Variable Annuity Total Sales vs. Industry - 2004 100% 66% 53% Wirehouses, Banks, Wholesale Wholesale Regionals, Financial Planners 50% AXA Advisors 34% 47% and MONY Retail Retail Advisors 0% Industry AXA Financial Source: VARDS 2004 UBS Global Financial Services – May 10, 2005 - Page 5 AXA Advisors has delivered organic growth and is focused on productivity improvements AXA Advisors FY Premiums $6.9 7.0 6.5 $6.4 $6.4 $5.9 6.0 5.5 5.0 4.5 Total FY Premiums in $ Bns Total FY Premiums 2001 2002 2003 2004 2002 - 2004 Avg Advisor production up 46% on 23% lower population Proprietary sales increased from 72% to 77% Strict production minimums and retiree buyout programs have reduced low performers Source: VARDS; AXA Financial numbers exclude 2H’04 MONY sales UBS Global Financial Services – May 10, 2005 - Page 6 Independent planners represent an exciting wholesale distribution growth opportunity for AXA Financial The independent planner channel represents 48% of the wholesale market, but only 21% of AXA Distributors 2004 annuity sales Wholesale VA Market $82 $84 4-yr CAGR As a % of total 80 $70 $72 +14% 21% 60 +13% 48% 40 20 Premiums in $ Billions -8% 17% 0 -3% 14% 2001 2002 2003 2004 Wirehouse Regionals Ind Planner Bank AXA’s 2001-2004 CAGR in the planner channel was 39%, but there’s growth ahead… Source: VARDS UBS Global Financial Services – May 10, 2005 - Page 7 AXA Financial’s organic initiatives in the wholesale channel target independent planners AXA Distributors has aggressively invested in third-party wholesale distribution, with heavy emphasis on planners ¾ Increased wholesaler headcount to 77 from 48 in 2004 ¾ Of which, 24 wholesalers added to planner channel Top tier distribution agreements signed in 2005 ¾ Morgan Stanley ¾ Bank One UBS Global Financial Services – May 10, 2005 - Page 8 Opportunistic acquisitions like MONY will continue to target distribution expansion Added over 800 active MONY agents to sales force ¾ Top producer retention rate is over 90% Two Opportunities for MONY Advisors: #1 Increase Proprietary Sales #2 Sell higher margin* AXA products 57% (MONY ’04) 4.4% 77% (AXA Financial ’04) 21.2% Strong contribution from MONY partners wholesale life distribution: $17m Mony Partners New Life Premiums ’05 Q1 $3m * NBC margin Q3 '04 Q4 '04 UBS Global Financial Services – May 10, 2005 - Page 9 Alliance targets distribution growth in its successful Private Client business 5 15% s r 4 12% -y 4 M 3% in 3 9% R +2 G s A ow C fl 2 6% et n AU total of % 1 3% Private Client Inflows, $ billion 0 0% 2001 2002 2003 2004 1Q'05 Alliance has 14 Private Client offices providing access to 40% of high net worth population in the U.S. Strategic Plan: Offices accessing 60% of high net worth individuals ¾ Financial Advisors increased 14% to 220 in 2004 ¾ 3 new offices to open in 2005: Atlanta, Denver and San Diego ¾ Expand PC model internationally Source: Claritas, HNW > $1million investable assets UBS Global Financial Services – May 10, 2005 - Page 10 Distribution initiatives complemented by innovative product development is key… 3Q’05: Introduce a new 401k product targeting micro/small market Launch a new combined AXA/MONY Term portfolio 4Q’05: Introduce two new variable universal life products – an accumulation and a protection variable product to better segment and compete in target markets 1Q’06: Update Athena Universal Life product to enhance profitability UBS Global Financial Services – May 10, 2005 - Page 11 …critically supported by strong risk management practices Risk management is integral to every facet of business activity ¾ Keep competitive products in the marketplace ¾ Maintain a strong balance sheet and ratings AXA Financial comprehensively manages risk: ¾ Innovative guaranteed benefits hedging program ¾ Structured long-term solution to address AXXX reserving ¾ Product design management ¾ Counterparty risk in reinsurance UBS Global Financial Services – May 10, 2005 - Page 12 AXA Financial’s growth strategy aligns management compensation with profitable growth… Incentive compensation of AXA Financial organization built around 5 key metrics that drive profitability Expense Mgmt 20% Net Sales 15% New Business Value Underlying 15% Earnings 40% Adjusted Earnings 10% Shareholder targets drive management compensation UBS Global Financial Services – May 10, 2005 - Page 13 …as well as AXA Advisors field management compensation 85% of field management compensation is based on profitability metrics Sales Goals 15% Expense Mgmt 25% NBV of New Sales 60% Shareholder targets drive field management compensation UBS Global Financial Services – May 10, 2005 - Page 14 Compensation strategy contributed to strong 2004 profitability improvement Improved NBC margins across all major products in 2004 2004 2003 YOY Change NBC NBC NBC % Change APE NBC Margin NBC Margin Change in PTS le b s a ie ri it Accumulator Retail 177 52 29.4% 43 20.3% +21% +9.1 a u V n n A Accumulator Wholesale 495 185 37.3% 175 28.4% +6% +8.9 EquiVest Retail 262 45 17.3% 36 17.0% +25% +0.3 Fixed Annuity 74 5 7.2% 4 4.5% +25% +2.7 Variable Life Retail 76 25 32.4% 18 24.2% +39% +8.2 Universal Life Retail 37 6 17.1% 3 13.8% +100% +3.3 Life Wholesale 21 4 20.1% 3 20.0% +33% +0.1 Other Lines of Business 523 31 5.9% 21 4.5% +48% +1.4 Subtotal Excluding MONY 1,666 353 21.2% 302 17.8% +17% +3.4 MONY (1/2 year) 273 12 4.4% Total 1,939 365 18.8% UBS Global Financial Services – May 10, 2005 - Page 15 MONY integration on schedule On target to achieve $175mm annual savings Incremental earnings contribution on track ¾ 2H’04 underlying earnings of $69mm ¾ $170 - 195mm underlying earnings for 2005 Consolidation of third-party life distribution channel completed in April 2005 Broker dealer and sales force consolidation to be completed early June Continue to consolidate office locations across the country to leverage space and resources Based on FGAAP earnings UBS Global Financial Services – May 10, 2005 - Page 16 Solid execution by AXA Financial has produced strong results and… AXA Financial’s Life & Savings AXA Financial’s Life & Savings New Business Contribution ($mm) ($mm) Underlying Earnings R 366 GR 375 AG 1000 CA C 13% 6% + +3 302 800 300 750 643 650 225 553 181 500 144 150 250 75 0 0 2001 2002 2003 2004 2001 2002 2003 2004 FGAAP earnings and NBV calculated using each year’s average exchange rate UBS Global Financial Services – May 10, 2005 - Page 17 …poised AXA shareholders to seize the growth inherent in the U.S. market Growth market focused ¾ Baby boomers Strong distribution ¾ Balanced and growing Proven execution ¾ Innovative product development ¾ Risk management ¾ Cost efficiency ¾ Merger integration UBS Global Financial Services – May 10, 2005 - Page 18 Thank you!.
Load more

Recommended publications
  • NP Key Contacts.Pdf
    IGP Network Partners: Key Contacts Region: Americas Country / Territory IGP Network Partner IGP Contact Email Type IGP Regional Coordinator Mr. Michael Spincemaille [email protected] Argentina SMG LIFE Mr. Nicolas Passet [email protected] Partner Brazil MAPFRE Vida S.A. Ms. Débora Nunes Santos [email protected] Partner Canada Manulife Financial Corporation Mr. Kajan Ramanathan [email protected] Partner Chile MAPFRE Chile Ms. Nathalie Gonzalez [email protected] Partner Colombia MAPFRE Colombia Ms. Ingrid Olarte Pérez [email protected] Partner Costa Rica MAPFRE Costa Rica Mr. Armando Sevilla [email protected] Partner Dominican Republic (Life) MAPFRE BHD Mrs. Alejandra Quirico [email protected] Partner Dominican Republic (Health) MAPFRE Salud ARS, S. A. Mr. Christian Wazar [email protected] Partner Ecuador MAPFRE Atlas * Mr. Carlos Zambrano [email protected] Correspondent El Salvador MAPFRE Seguros El Salvador S.A. Mr. Daniel Acosta González [email protected] Partner French Guiana Refer to France - - Partner Guadeloupe Refer to France - - Partner Guatemala MAPFRE Guatemala Mr. Luis Pedro Chavarría [email protected] Partner Honduras MAPFRE Honduras Mr. Carlos Ordoñez [email protected] Partner Martinique Refer to France - - Partner Mexico Seguros Monterrey New York Life Ms. Paola De Uriarte [email protected] Partner Nicaragua MAPFRE Nicaragua Mr. Dany Lanuza Flores [email protected] Partner Panama MAPFRE Panama Mr. Manuel Rodriguez [email protected] Partner Paraguay MAPFRE Paraguay Mr. Sergio Alvarenga [email protected] Partner Peru MAPFRE Peru Mr. Ramón Acuña Huerta [email protected] Partner Saint Martin Refer to France - - Partner Saint Barthélemy Refer to France - - Partner Saint Pierre & Miquelon Refer to France - - Partner United States Prudential Insurance Company of America Mr.
    [Show full text]
  • Part VII Transfers Pursuant to the UK Financial Services and Markets Act 2000
    PART VII TRANSFERS EFFECTED PURSUANT TO THE UK FINANCIAL SERVICES AND MARKETS ACT 2000 www.sidley.com/partvii Sidley Austin LLP, London is able to provide legal advice in relation to insurance business transfer schemes under Part VII of the UK Financial Services and Markets Act 2000 (“FSMA”). This service extends to advising upon the applicability of FSMA to particular transfers (including transfers involving insurance business domiciled outside the UK), advising parties to transfers as well as those affected by them including reinsurers, liaising with the FSA and policyholders, and obtaining sanction of the transfer in the English High Court. For more information on Part VII transfers, please contact: Martin Membery at [email protected] or telephone + 44 (0) 20 7360 3614. If you would like details of a Part VII transfer added to this website, please email Martin Membery at the address above. Disclaimer for Part VII Transfers Web Page The information contained in the following tables contained in this webpage (the “Information”) has been collated by Sidley Austin LLP, London (together with Sidley Austin LLP, the “Firm”) using publicly-available sources. The Information is not intended to be, and does not constitute, legal advice. The posting of the Information onto the Firm's website is not intended by the Firm as an offer to provide legal advice or any other services to any person accessing the Firm's website; nor does it constitute an offer by the Firm to enter into any contractual relationship. The accessing of the Information by any person will not give rise to any lawyer-client relationship, or any contractual relationship, between that person and the Firm.
    [Show full text]
  • Demystifying Negative Screens: the Full Implications of ESG Exclusions
    Marketing material for professional investors or advisers only Demystifying negative screens: The full implications of ESG exclusions December 2017 Contents Demystifying negative screens: Appendix: A close look at the full implications of ESG different screening options exclusions 14 Alcohol 3 Executive summary 15 Fossil fuels 3 Screening remains very popular 16 Fur in general 17 Gambling 4 But some individual screens are more 18 Nuclear popular than others 19 Pornography 4 Our Global Investor Survey highlights 20 Sin changing attitudes towards 21 Tobacco negative screens 22 Weapons 5 Interest in fossil fuel and tobacco divestment is rising 7 Focusing narrowly on returns can be deeply misleading 9 Screens can have a heavy impact on specific investment strategies 11 Details matter when implementing screens 11 Screen definition decisions can significantly alter exclusion lists and investment results 12 Different data providers can produce very different exclusion lists 12 Active management can add more value than passive when applying screens Demystifying negative screens: the full implications of ESG exclusions Screening out investments that Alexander Monk Sustainable do not meet environmental, social Investment Analyst or governance (ESG) criteria is and the Sustainable superficially simple but fraught with Investment Team practical challenges. Understanding the complexities and biases screens create before they are implemented and appropriately assessing performance afterward is crucial for investors. In this paper, we investigate the pitfalls when implementing different screens. Executive summary The chart in Figure 1 shows the extent to which typical Negative screens that sieve investments on environmental, negative exclusions constrain managers. Implementing social and governance grounds remain critical to many screens may be mechanical, but assessing their impact on investors.
    [Show full text]
  • Demutualization Details
    Demutualization Details 1. American Mutual Life – AmerUs- Indianapolis Life Insurance Company - Central Life Assurance - Central Life Assurance merged with American Mutual in 1994. American Mutual Life was renamed AmerUs Life Insurance Company in 1995. On September 20, 2000, it demutualized to become AmerUs Group. In 2001, the company merged with Indianapolis Life, which had also undergone a demutualization. Approximately 300,000 policyholders and heirs became entitled to receive $452 million in AmerUs Group common stock and $340 million in cash and policy credits. Distribution began on July 31, 2001. Eligible policyholders received a fixed component of 20 AmerUS common shares, as well as a variable component based on policy value. Those who elected to receive cash were compensate $26 per share entitlement. In the first year after the initial public offering, the price of an AmerUS common share increased 99%. The current value of AmerUS Group stock is approximately $45 per share. 2. Anthem Insurance - On July 31, 2002 Anthem Insurance Companies, Inc. completed its conversion from a mutual insurance company to a stock company, and became a wholly owned subsidiary of Anthem, Inc. Eligible policyholders and heirs became entitled to approximately 48 million shares of Anthem, Inc. common stock and cash totaling $2.06 billion. Compensation consisted of a fixed component of 21 Anthem common shares, as well as a variable component based on policy value. The shares were offered to the public at $36. In the first year after the initial public offering, the price of an Anthem common share increased 54%. 3. Equitable Life – Axa - In 1992 the Equitable Life Assurance Society of the United States demutualized and a new parent holding company, the Equitable Companies, was listed on the New York Stock Exchange.
    [Show full text]
  • EQUI-VEST® Series 100-500 (Excludes Series 201) Variable Annuities
    EQUI-VEST® Series 100-500 (excludes Series 201) Variable Annuities Portfolio Expenses (as reported in each portfolio's prospectus dated May 1, 2017) as supplemented* Acquired Total Annual Net Annual Fee waivers Fund Fees Expense Expenses Management Other and/or Class CUSIP 12b-1 Fees and Expenses (Before (After Fees Expenses Expense (Underlying Expense Expense Reimbursements Portfolios) Limitations) Limitations) EQ Advisors Trust 1290 VT DoubleLine Dynamic Allocation B 26884M628 0.75% 0.25% 0.29% 0.03% 1.32% -0.04% 1.28% 1290 VT Equity Income B 29364E801 0.75% 0.25% 0.13% 0.00% 1.13% -0.13% 1.00% 1290 VT GAMCO Mergers and Acquisitions B 29364E744 0.90% 0.25% 0.18% 0.01% 1.34% 0.00% 1.34% 1290 VT GAMCO Small Company Value B 29364E207 0.71% 0.25% 0.12% 0.00% 1.08% 0.00% 1.08% 1290 VT High Yield Bond B 26884M487 0.60% 0.25% 0.24% 0.05% 1.14% -0.04% 1.10% 1290 VT Socially Responsible B 268940418 0.50% 0.25% 0.20% 0.00% 0.95% 0.00% 0.95% All Asset Growth-Alt 20 B 29364E306 0.10% 0.25% 0.24% 0.74% 1.33% 0.00% 1.33% AXA 2000 Managed Volatility B 26884M834 0.44% 0.25% 0.16% 0.00% 0.85% 0.00% 0.85% AXA 400 Managed Volatility B 26884M800 0.45% 0.25% 0.16% 0.00% 0.86% -0.01% 0.85% AXA 500 Managed Volatility B 26884M206 0.43% 0.25% 0.15% 0.00% 0.83% 0.00% 0.83% AXA Balanced Strategy B 268954328 0.10% 0.25% 0.17% 0.53% 1.05% 0.00% 1.05% AXA Conservative Growth Strategy B 268954344 0.10% 0.25% 0.17% 0.51% 1.03% -0.03% 1.00% AXA Conservative Strategy B 268954369 0.10% 0.25% 0.17% 0.49% 1.01% -0.06% 0.95% AXA Global Equity Managed Volatility B 268940756
    [Show full text]
  • Report Publisher
    € FUND MANAGER'S COMMENT 31/08/2021 FIXEDHKD INCOME AXA WF Asian High Yield Bonds A (H) m HKD Fund manager's report The Asian High Yield Bond Fund’s (or “AHY”) gross return was 2.46%, while JACI HY was 2.07%. Performance was supported by stable carry generated by underlying bonds and spread tightening driven the overall risk-on sentiment in the market. The outperformance was driven by our underweight in weak and highly leveraged single-B property credits. We don’t think the recovery and growth outlook is negated by the Delta – and possibly other – variant(s), but there could be some “air-pockets” in the data and in investor sentiment as a result. And for many, inflation and the prospect of tapering will need to be taken into account in managing portfolios. For monetary policy, now is not the time to tighten yet. Inflation has jumped higher but the ex-post look at price indices is likely to show a one-step jump in the level of prices during the COVID-era rather than a steepening of the price curve (inflation). The Jackson Hole speech from Jay Powell suggested that there are two decisions to make about tapering and rate increases. The tapering decision is based on progress towards the Fed’s economic targets – which there is. This allows some flexibility in terms of the timing and scale of running down asset purchases. For rate hikes, we need to see full employment and clear evidence that inflation is running at the Fed’s target. Those conditions are some way off while the path of GDP expansion has become a little bit more volatile.
    [Show full text]
  • Legal & General Re Financial Condition
    DocuSign Envelope ID: 45FB1B7E-B64F-40D5-8835-04932528E605 LEGAL & GENERAL REINSURANCE COMPANY LIMITED FINANCIAL CONDITION REPORT 31 DECEMBER 2019 DocuSign Envelope ID: 45FB1B7E-B64F-40D5-8835-04932528E605 CONTENTS A. Business and Performance .......................................................................................................... 4 A.1 Name of insurer ....................................................................................................................... 4 A.2 Name and contact details of the insurance supervisor and group supervisor .......................... 4 A.3 Name and contact details of the Approved Auditor .................................................................. 4 A.4 Ownership details .................................................................................................................... 4 A.5 Where the insurer is part of a group, a group structure chart showing where the insurer fits within the group structure ....................................................................................... 4 A.6 Insurance business written by business segment and by geographical region during the reporting period ................................................................................................................. 6 A.7 Performance of investments during the reporting period ......................................................... 6 A.8 Any other material information ................................................................................................. 7 B. Governance
    [Show full text]
  • Manulife Japan Company Profile English Version
    About Manulife History Manulife Financial Corporation is a Canada-based leading international financial services group established in 1887. Starts life insurance business as Manulife Century Insurance Company with the transfer of 1999 ● goodwill from Daihyaku Mutual Life Insurance Company. Introduces a unique consulting system called "PlanRight". 2000 ● Completes the collective transfer of the policies and related assets of Daihyaku Mutual ● 2001 Life Insurance Company to Manulife. Changes name to Manulife Life Insurance Company. ● Press Conference in 1999 Manulife becomes the first Japanese insurance company to adopt the "Company Adopting ● 2003 Commitees System". (Now also known as “Company with Nomination Committee) Establishes Manulife Asset Management (Japan) Limited (formerly MFC Global Investment ● 2004 Management Japan Co., Ltd.) as a subsidiary. Establishes Manulife Investments Japan Limited as a subsidiary. Corporate Profile of Manulife Financial Corporation 2007 ● Manulife Financial Corporation provides a variety of products and services tailored to each Donates the rst and the second "Manulife Waku Waku Rooms," which are special playrooms ● fi market in order to respond to the changing needs of our customers. 2008 designed to improve the quality of life of children undergoing hospital treatment. Becomes the 2010 sponsor of the Pacific Baseball League. 2010 ● Manulife Waku Waku Rooms at Osaka Company Name Manulife Financial Corporation General Medical Center Introduces Japan's rst non-smoker rate for medical coverage as "ManuFlex" and "ManuMed". ● fi Head Office Toronto, Ontario, Canada (Excluding cancer-related special contracts. As of January 1, 2015; research conducted by Manulife Japan.) Year Established 1887 CORPORATE Becomes the main sponsor of the final tournament of the National High School Financial Quiz.
    [Show full text]
  • Schroder Alternative Solutions Singapore Prospectus Dated: 4 June 2021 Valid Till: 3 June 2022
    Schroder Alternative Solutions Singapore Prospectus Dated: 4 June 2021 Valid till: 3 June 2022 SCHRODER ALTERNATIVE SOLUTIONS SCHRODER ALTERNATIVE SOLUTIONS COMMODITY FUND ESTABLISHED IN LUXEMBOURG SINGAPORE PROSPECTUS This Singapore Prospectus incorporates and is not valid without the attached Luxembourg Prospectus dated February 2021 for Schroder Alternative Solutions and such other supplementary prospectus(es) that may be issued from time to time (together, the "Luxembourg Prospectus"). Unless the context otherwise requires, terms defined in the Luxembourg Prospectus shall have the same meaning when used in this Singapore Prospectus except where specifically provided for by this Singapore Prospectus. Schroder Alternative Solutions is an open-ended investment company incorporated under the laws of Luxembourg and is constituted outside Singapore. The Schroder Alternative Solutions has appointed Schroder Investment Management (Singapore) Ltd (whose details appear in the Directory of this Singapore Prospectus) as its Singapore representative and agent for service of process. TABLE OF CONTENTS CONTENTS PAGE Important Information..................................................................................................... 2 1. THE COMPANY ...................................................................................................... 6 2. THE FUND .............................................................................................................. 7 3. MANAGEMENT AND ADMINISTRATION .............................................................
    [Show full text]
  • AXA Equitable Product Courses for New York Reg 187
    AXA Equitable Product Courses for New York Reg 187 New York State amended its Regulation 187 to impose a Best Interest standard on Financial Professionals selling Life Insurance contracts in New York State. These changes are effective for applications submitted on or after February 1, 2020 for both New Business and Post Issue transactions that generate new compensation. Portions of this newly amended Regulation require that a Financial Professional cannot make a recommendation “about which [they have] inadequate knowledge.” This is echoed twice in the Regulation, for both New Business and In-Force transactions (New York State Regulation §224.4(h) and §224.5(e)). To help you meet these pre-sale obligations, AXA Equitable has new procedures for licensing Financial Professionals selling or servicing New York State contracts. These focus on both: • Regulation 187 Best Interest Training and • AXA Equitable Product Training Regulation 187 Best Interest Training There are a wide range of courses to take for New York State Best Interest For Regulation 187 Training, training. New York State offers a link on its Department of Financial AXA Equitable will accept any Services website to industry offered courses for Continuing Education standard industry course. purposes. AXA Equitable will accept any of these courses for Regulation Documentation should be 187 Best Interest training. Access options here. emailed to the AXA Equitable Life Licensing Team at Additionally, LIMRA is offering a New York State Best Interest training. It is LifeLicensing@axa- not listed on the New York State website. AXA Equitable will also accept this course. equitable.com. AXA Equitable Product Training AXA Equitable will provide several courses based on our product portfolio.
    [Show full text]
  • Aegon N.V. Executive Board Remuneration Policy 2020
    Aegon N.V. Executive Board Remuneration Policy 2020 The Hague, March 2020 Executive Board Remuneration Policy 2020 Version History Last Version March 24, 2011 Revised and updated March 11, 2020 Endorsed by the Supervisory Board of Aegon N.V. March 17, 2020 Adopted by Shareholders at the Annual General Meeting of Shareholders May 15, 2020 2 Executive Board Remuneration Policy 2020 1. Policy 1.1 Remuneration Policy This Executive Board Remuneration Policy (the 'Policy') outlines the terms and conditions for the board agreement with and remuneration of the members of the Executive Board of Aegon N.V. (the 'Executives'), to be submitted for approval by the shareholders of Aegon N.V. (the 'Shareholders') at the Annual General Meeting of Shareholders on May 15, 2020. This Policy replaces the Aegon N.V. Executive Board Remuneration Policy of 2011. Remuneration of all employees of Aegon N.V. and its direct and indirect subsidiaries ('Aegon') and the Executives is governed by the Aegon Group Global Remuneration Framework (the 'Remuneration Framework'). This Policy is aligned with the current version of this Remuneration Framework, which was adopted by the Supervisory Board of Aegon N.V. (the 'Supervisory Board') on December 18, 2019. The Remuneration Committee of the Supervisory Board of Aegon N.V. (the 'Remuneration Committee' ) prepared the changes to this Policy, which were endorsed by the Supervisory Board on March 17, 2020. At the date of approval, the Policy complies with the applicable rules and regulations such as the Dutch Financial Supervision Act, the Dutch Civil Code, the Dutch Corporate Governance Code and the Solvency II Legal Framework.
    [Show full text]
  • OMERS, Allianz and AXA IM - Real Assets Announce Investment in Altice France’S Fibre to the Home Business
    OMERS, Allianz and AXA IM - Real Assets Announce Investment in Altice France’s Fibre to the Home Business TORONTO, MUNICH and PARIS, November 30, 2018– An OMERS Infrastructure majority- led consortium, including Allianz Capital Partners (ACP) and AXA IM - Real Assets, acting on behalf of its clients, has entered into an exclusivity agreement with Altice France to acquire a 49.99% stake in SFR FttH, a company to be formed by Altice France which will hold and further develop Altice France’s existing fibre to the home business (FttH) in France. The transaction is subject to regulatory approvals and is expected to close in Q1 2019. SFR FttH is a newly incorporated company comprising the 5 million FttH homes in medium and low density areas awarded to Altice France to date. With approximately 1 million homes covered in FttH at year-end and an additional 4 million homes to be rolled out in the medium term, SFR FttH is the largest alternative FttH infrastructure wholesale operator in France. Philippe Busslinger, Head of Europe for OMERS Infrastructure said: “OMERS partnership with Altice France marks our entry into the attractive telecommunications sector and in the French market. We look forward to working together with Altice to deploy optic fibre infrastructure across French local communities. This partnership will ultimately enable high-speed fibre connectivity to millions of households in France.” Ralph Berg, OMERS Global Head of Infrastructure, said: “The partnership with Altice fits OMERS Infrastructure’s strategy of acquiring high quality infrastructure businesses that provide essential services, and generate steady cash flows to meet the long term pension commitments of the OMERS plan.” Christian Fingerle, Chief Investment Officer at ACP said: “The fibre sector plays a vital role in developing France´s digital economy.
    [Show full text]