2000AnnualResultsAppendix4Importantnotesforanalysisofnumbers5Consolidatedstatementofincome-AXA7Consolidatedstatementofincome-Life&savings9Consolidatedstatementofincome-Life&savings-Othercountries11Consolidatedstatementofincome-Life&savings-Asia/Pacific13Consolidatedstatementofincome-Property&Casualty15Consolidatedstatementofincome-P&C-Othercountries17Consolidatedstatementofincome-InternationalInsurance19Consolidatedstatementofincome-FinancialServices21Consolidatedstatementofincome-Holdingcompanies23Netinvestmentresults-AXA25Netinvestmentresults-Life&savings27Netinvestmentresults-Life&savings-Othercountries29Netinvestmentresults-Life&savings-Asia/Pacific31Netinvestmentresults-Property&Casualty33Netinvestmentresults-P&C-Othercountries35Netinvestmentresults-InternationalInsurance37Netinvestmentresults-FinancialServices39Netinvestmentresults-Holdingcompanies41Detailofexceptionalitems43Grossrealizedcapitalgainsbyactivityandtypeofassets44Realizedgainsattributabletoshareholders45EPS(basicanddiluted)46ROE47USGAAPResults(provisionalnonaudited)48Consolidatedbalancesheet:assets49Consolidatedbalancesheet:liabilities50Intangibleassets51Equityandshareholders'equity52Financialstructure54Consolidatedinvestedassets-AXA56Consolidatedinvestedassets-Life&savings58Consolidatedinvestedassets-Life&savings-OthercountriesAppendixAppendix60Consolidatedinvestedassets-Life&savings-Asia/Pacific62Consolidatedinvestedassets-Property&Casualty64Consolidatedinvestedassets-P&C-Othercountries66Consolidatedinvestedassets-InternationalInsurance68Grossunrealizedcapitalgains(byactivity,bytypeofasset)69Unrealizedcapitalgainsattributabletoshareholders70Restatednetassetvalue71AssetunderManagement72Deferredacquisitioncosts:Life&Savings74Valueofbusinessinforce:Life&Savings76Consolidatedinsurancereserves:Life&Savings78Life&Savingsratios(generalexpenses)79Consolidatedinsurancereserves:P&CandInternationalInsurance81P&CandInternationalInsuranceratios:combinedratios83P&CandInternationalInsuranceratios:reservesratiosImportantnotesforanalysisofnumbersTheprincipalchangesinpresentationofAXA’sconsolidatedfinancialstatementsfortheyearendedDecember31,2000comparedwiththecorrespondingpriorperiodaresetoutbelow:BecauseofthesaleofDLJ,thatwasinitiatedinthethirdquarterof2000,only9monthsofDLJ's2000activityareincludedinAXA'sfinancialstatementsfortheyearendingDecember31,2000.ThesaleofDLJwillhavetheeffectofsubstanciallydisminishingtherevenuesof"otherfinancialservices"infutureperiods.�Inordertobettermeasuretheprofitabilityofitsoperatingunits,generalexpensesthatwerepreviouslyincludedinthefinancialstatementsofintermediateholdingcompaniesarenowreallocatedtooperatingsubsidiaries.Tofacilitatecomparison,theincomestatementsfor1999havebeenrestated.�Thesegmentationofactivitieshasbeenrevisedtoreflectchangesduringtheperiod.TheInternationalInsuranceSegmentnowdistinguishesAXACorporateSolutions(reinsurance,corporaterisksandAXACessions)fromotherinternationalinsuranceoperations.�Inordertobetterreflectactualbusinessvolume,incomerelatedtothesaleofinvestmentproductsbyinsurancecompanies,inparticularincomeearnedbyAXAClientSolutions,hasbeenrecordedasrevenues.Thisincomewaspreviouslydeductedfromgeneralexpenses.4INCOMESTATEMENT-AXAAXAConsolidated(euromilllion)PeriodendedDecember31,1999FinancialStatementsLife&SavingsProperty&CasualtyInternationalInsuranceAsse...
