ActivityReport1999ExternalCommunicationsDepartment25AvenueMatignon–75008Paris–Francewww.axa.comREF:701632–05/2000–ALTEDIACOMMUNICATION–Photo:AXA,photolibrary–X.ContentsAWordfromtheChairmen................................................2GroupMissionStatementandProfile......................................4OurBusiness............................................................6CustomerInnovation..................................................10TechnologicalInnovation.............................................12AXAanditsShareholders...........................................14AXAanditsPeople................................................17AXAasCorporateCitizen.........................................19WorldwidePresence.............................................20GroupOperations........................................21Organization...............................................22OperatingHighlights....................................24FinancialHighlights...................................26GInsurance....................................30GInternationalInsurance....................52GAssetManagementandOtherFinancialServices.........55ConsolidatedStatementsofIncome....59ConsolidatedBalanceSheets......60SimplifiedOrganizationChart62Addresses.............641Whateverthecasemaybe,globalizationisafact.Everyfacetofhumanlife--thefoodweeat,theclotheswewear,thewayswechoosetoentertainandprotectourselves,evenincountriesthatappeartoliveintotalisolation--bearstracesoftheoutsideworld.MostcorporationsdidnotwaitfortheInternettocatchonbeforeseekingtoraiseaware-nessoftheirproductsinthemostremoteregionsoftheworld.Andastimepasses,marketsarebecom-ingincreasinglyinternational.Consumerseverywherestandalottogainfromthistrend.Wehavemoretochoosefrom,andgreatercompetitionpushespricesdown.Whileweareallconsumers,manyofusarealsoproducers.Itisatthispointthatopinionsdiverge.Someseeglobalizationasathreattoemploymentandasourceofinsecurity.Others,onthecontrary,viewthisincredibleliberali-zationofmarketsasaonceinalifetimeopportunityforthosewhoknowhowtoseizeit.Butisitreallythateasytobecomeandremainglo-bal?Aproductthatisagreatsuccessinonecountrymaybeaflopinanother.Patternsofconsumptionareinfluencedbydeeply-rootedworldviews,ideol-ogicalorreligiousconvictions,theimmediateenviron-mentandculturaltraditions.Whilethisisobviouswhenitcomestothefoodweeatortheclotheswewear,itislessvisible(butnonethelessvalid)whenitcomestoprotectionagainstthevagariesoflifeorthemanagementofpersonalassets.Entrepreneursthatgoafternewmarketshavetopayattentiontothesedifferencesandadjusttheirstrate-giesaccordingly.Theiremployeesandbusinesspart-nershavetounderstandthecorporatemissionandadapttothesenewmarkets.Onthisnewplayingfield,noonecanaffordtobelievethatthereisonlyonerightway.Suchmonolithicthinkingisnotonlyoutmoded,itisdangerous.Thecultureofthepre-dominant“parentcompany”hascomeupagainstitslimitationsinthefaceoflocaldifferences.Manyclaimtobe“global”–tousethecurrentbuzzword--simplybecausetheirorganizationoperatestosomedegreeeverywhereintheworld.Butworldwidepresenceornot,allareconfrontedwiththefactthatthetriedandtrueformulaswhichworkedsowellbackhomemaybesimplyunworkableelsewhere.What’stheanswer?Remain“backhome”?Forbusi-nesseswhichoccupyanunbreakablenicheorhar-borlimitedambitions,whynot?Butforthosewhose2AWordfromtheChairmenGloba...
