WorldLeaderinFinancialProtectionandWealthManagement2000AnnualReport•50millionclients•140,000menandwomenworldwide•€80billioninrevenues•€892billioninassetsundermanagement•€2.5billioninnetcashearnings*•€6.38fullydilutednetcashearningspershare*•ROE:13.7%*•Marketcapitalization:€64billionCorporateProfile*AXA’sconsolidatednetearningsbeforegoodwill,excludingnon-recurringevents.6312‘‘Nomatterwhattimeitisinmylife,AXAhasasolution.’’TheAXAGroupAWordfromthePresidentandtheChairman..................Operatingpriorities:2001-2003............................................................Highlightsoftheyear2000.........................................................................AXAanditsShareholders..................................................................................Financialhighlights...................................................................................................Form20-FTableofcontentofForm20-F...............................................................VIIIIXVIVContents29TheAXAGroupTheAXAGroupIIHenrideCastriesPresidentoftheManagementBoardClaudeBébéarChairmanoftheSupervisoryBoardBuildingourFutureAXAtodayistheresultofaseriesofambitiousobjectivesthathavebeenreachedandthensurpassed,motivatingemployeesandprovidingasenseofdirection.Foranumberofyears,theseobjectivesprimarilyconcernedthesizeoftheAXAGroup:becomeasignificantandthenakeyplayerintheFrenchmarket;establishapositionintheglobalmarket,firstbyacquiringanoperatingpresenceintheUnitedStatesandthenbybecomingoneoftheworld’sprincipalinsurancegroups.Alongtheway,AXAhasalsoenlargeditsbusinessscope,becomingoneoftheworld’spremierassetmanagementspecialists.Today,ourambitionistosettheworldwidestandardinfinancialprotectionandwealthmanagement.Thisdoesnotmeanwehavedecidedtochangeourcorebusiness:itmeanswehavedecidedtotransformthewayweoperateintheinterestofofferingourclients–individualsandbusinessesalike–thesupporttheyneedateverycriticalstageintheirlivesordevelopment.Toachievethisambition,AXAhasanumberofcorestrengths:n50millionclientsworldwide;nacaptivedistributionforcecomprisedof44,000professionals;naglobalbrand;andnauniqueblendofskillsinareasasdiverseasinsuranceunderwriting,long-terminvestment,andfinancialadvice.Whilethesestrengthsareundoubtedlynecessary,theyarenotsufficienttoguaranteesuccess.Achievingourvisionalsorequiresfocusingontheneedsofourthreekeystakeholders:ourclients,ouremployeesandourshareholders.Inordertosatisfytheirrequirements,wefeltitwasnecessarytoinstigateagenuineculturalrevolutioneverywherewedobusiness.Wehavemovedbeyondthestageofadaptingourbusinessprocessesandpracticestokeeppacewithmarketforces,andarenowreadytobegintransformingthem.AWordfromthePresidentandtheChairmanIIIOurClientsIndividuals,small-andmedium-sizedbusinesses,institutionalinvestors,andmajorcorporations:theyareallAXAclients.Ouraimistoberecognizedbyeachofthemasoneoftheirbestpartnersintermsofcare,supportandefficiency.Theirsituationsareradicallydifferent,andsoaretheirneedsandaims.Consequently,wemustincreaseourknowledgeofeachtypeofcustomerandofeachcustomer,andanticipatetheirevolvingneeds.OurultimateobjectiveistooperationalizethepromiseoffinancialprotectionandwealthmanagementthatisimplicitintheAXAbrand:nforindividuals:offerprotectionagainstabroadspectrumofrisksandsupportatcriticalmomentsnforbusinesses:offerthecapacityr...
