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Exhibit 1
[LOGO OMITTED]
PRESS RELEASE
PARIS, DECEMBER 22ND, 2000
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THE HIGH COURT OF THE UNITED KINGDOM APPROVES AXA'S PROPOSALS FOR THE
FINANCIAL REORGANISATION OF THE INHERITED ESTATE OF AXA EQUITY AND LAW
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AXA UK, the UK subsidiary of the AXA Group, today received High Court approval
to proceed with the financial reorganisation of the Inherited Estate of AXA
Equity & Law, which amounts to (Pound)1.7 billion.
The High Court approval, which is necessary for restructurings of this kind,
means that AXA can go ahead with its reorganisation on 1 January 2001, unless an
appeal disrupts the timetable.
As a consequence of this decision, a part of the assets of AXA Equity & Law
which have been accumulated over the years (referred to as the Inherited Estate)
will be attributed to AXA as the shareholder, the other part being attributed to
the policyholders.
- AXA can merge the life assurance policies and associated assets of AXA Equity
& Law and AXA Sun Life. This will make the structure of the company simpler
and more manageable.
- AXA will also distribute (Pound)225 million of the orphan assets to with
profits policyholders, in the form of reorganisation bonuses, which will
enhance their policies when they mature. The amount of the bonus will vary,
depending on the policy, but nearly all policyholders will get a
reorganisation bonus.
- The holders of some 542,000 policies, representing 79 percent of policies by
value, chose to accept AXA's proposals : to receive an incentive payment of
an average
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amount of (Pound)400 per policy and to give up the prospect of any future
distributions from the Inherited Estate. The payments will be sent to
policyholders by the end of February 2001.
The Inherited Estate is currently used as working capital to support the
operation of the with profits business. It will continue to be used in the same
way following the financial reorganisation and will remain in the fund for the
forseeable future to support new business plans and continue to provide a high
level of financial strength for with profits policyholders.
The reorganisation of the AXA Equity & Law Inherited Estate will have no
immediate impact on AXA's consolidated profit and loss account and will only
affect shareholders' equity in 2001.
IMPORTANT LEGAL INFORMATION
Certain statements in this press release that are neither reported financial
results nor other historical information, are forward-looking statements,
including, but not limited to statements that are predictions 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 company plans and objectives to differ materially from
those expressed or implied in the forward-looking statements (or from past
results). Such risks, uncertainties and factors include the intensity of
competition from other financial institutions, AXA's experience with regard to
mortality and morbidity trends, lapse rates and policy renewal levels relating
to AXA's life and health insurance operations, the frequency, severity and
development of property and casualty claims including catastrophic events which
are uncertain in nature and policy renewal rates relating to AXA's property
casualty business, market risks related to fluctuations in interest rates,
equity market prices and foreign currency exchange rates, the use of derivatives
and AXA's ability to hedge such exposures effectively and counterparty credit
risk, AXA's ability to develop, distribute and administer competitive products
and services in a cost-effective manner and its ability to develop information
technology and management information systems to support strategic goals while
continuing to control costs and expenses, AXA's visibility in the market place
and the financial and claims paying ratings of its insurance subsidiaries, AXA's
access to adequate financing to support its future business, the effect of
changes in regulation and laws affecting AXA's businesses including changes in
tax laws affecting insurance and annuity products as well as operating income
and changes in accounting and reporting practices, the costs of defending
litigation and the risk of unanticipated material adverse outcomes in such
litigation, adverse political developments around the world and the effect of
future acquisitions. AXA undertakes no obligation to publicly update or revise
any of these forward-looking statements, whether to reflect new information or
future events circumstances or otherwise.
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This press release is also available on AXA Group web site : www.axa.com
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MEDIA RELATIONS INVESTOR RELATIONS
NEW YORK
Christophe DUFRAUX: 33.1.40.75.46.74 Gregory WILCOX : 1.212.314.40.40
Emmanuelle ISNARD: 33.1.40.75.47.22 Caroline PORTEL : 1.212.314.61.82
PARIS
Marie-Flore BACHELIER: 33.1.40.75.49.45
Anne-Karin DURANTE: 33.1.40.75.57.91
Rebecca ANTONIOU : 33.1.40.75.49.05
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