| |||||||||
|
|
|
PRESS RELEASE For Immediate Release - 07/20/2000
AXA Financial Announces Disability Income Transaction New York-AXA Financial, Inc. (NYSE:AXF) announced today that Equitable Life transferred, at no gain or loss, all the risk of its directly written Disability Income business for years 1993 and prior, to Centre Life Insurance Company, a subsidiary of Centre Group. The transfer of risk to Centre Life Insurance was accomplished through an indemnity reinsurance contract. The cost of the arrangement will be amortized over the expected lives of the contracts reinsured and will not have a significant impact on the results of operations in any specific period. Equitable discontinued writing Disability Income business in 1997. "This is another successful step in an ongoing capital management program," said Stan Tulin, Vice Chairman and Chief Financial Officer of AXA Financial. "This capital management program, which is designed to free under-performing capital, has greatly contributed to an 8.5 percentage point increase in return on equity over the past three years and continues to play an important role in our march toward our goal of a consistent 20% return on equity." About AXA Financial AXA Financial, Inc., with approximately $600 billion in assets under management (giving effect to the pending acquisition of S.C. Bernstein), is one of the world 's premier financial services organizations through its strong brands: The Equitable Life Assurance Society, AXA Advisors, Equitable Distributors, Inc., Donaldson, Lufkin & Jenrette (DLJ), DLJdirect, Pershing, iNautix, Alliance Capital Management and the pending acquisition of S.C. Bernstein. AXA Financial is a member of the global AXA Group, which has operations in approximately 60 countries and has more than $800 billion in assets under management. For more information on AXA Financial, visit our Website at http://www.axa-financial.com. About Centre Group Centre, a member of Zurich Financial Services, is a full-service provider of customized insurance, reinsurance, structured finance and risk management programs. Centre has offices in Bermuda, Dublin, Hong Kong, London, New Jersey, New York, San Francisco, Sydney and Zurich. Centre reported US $1.1 billion of capital and surplus, and $4.6 billion of total assets as of year-end 1999, with total revenues of $623 million in the year ended December 31, 1999. The Centre Group of companies is rated "A" or "Excellent" by A.M. Best Company and "AA" or "Excellent" by Standard & Poor's Corporation for its claims-paying ability and "Aa3" by Moody's Investors Services.
|
|
|||||
