AXA Equitable Celebrates 150th Anniversary of Founding
July 23 2009 - 7:22AM
PR Newswire (US)
Leading U.S. Life Insurance Company Reflects on Storied History of
Innovation NEW YORK, July 23 /PRNewswire-FirstCall/ -- AXA
Equitable Life Insurance Company announced today that Sunday, July
26, 2009, will mark the organization's 150th anniversary. Founded
in 1859 as The Equitable Life Assurance Society of the United
States (The Equitable), the company began in a $75 dollar-a-month
rented office at 98 Broadway in New York City. The Equitable
demutualized in 1992 in what was the largest insurance company
stock conversion at the time. The company began its partnership
with AXA Group that same year, when the Paris-based global insurer
became the company's largest single investor. AXA Group bought the
remaining shares of The Equitable in 2000, giving birth to AXA
Equitable. "We are honored to reach such a significant milestone,
and doing so is a testament to the passion of our founder, Henry
Hyde," said Christopher M. "Kip" Condron, chairman and chief
executive officer of AXA Equitable. "The core principle he
instilled a century-and-a-half ago -- commitment to our customers
-- is the very same doctrine that guides us today." A hallmark of a
market leader is a company's ability to be agile in the midst of
turmoil. Founded on the eve of the Civil War, AXA Equitable has
weathered many challenges. "In our first 150 years, we have endured
two world wars, the Great Depression, 18 recessions and a terrorist
attack on our own soil," said Mr. Condron. "We have emerged
stronger as a result of these experiences. As we look forward to
our next 150 years, we will draw on both our storied history and
the talent of our employees and financial professionals to make us
even smarter, stronger and more focused on meeting the evolving
needs our clients." The company's first customer was the father of
then 25-year-old founder, Hyde. Today, AXA Equitable serves more
than 3 million clients in communities across the Unites States,
Puerto Rico and the Virgin Islands. "Throughout our partnership,
AXA Equitable has been a model of success - achieved through
prudently managed expenses and innovative life and retirement
products introduced to the marketplace," said Henri de Castries,
chairman and chief executive officer of AXA Group. "On behalf of
AXA operations from 50 countries around the world, I congratulate
AXA Equitable on its 150th anniversary, and I look forward to the
U.S. operation continuing to be an integral part of the global
vision for AXA Group." Highlights of AXA Equitable's legacy as a
forerunner in the evolution of the life insurance industry include:
-- Maintaining a strong balance sheet in order to meet promises to
customers. Instead of accepting IOUs from policyholders - as was
the industry practice in 1859 - Hyde insisted on cash payments to
create adequate capital reserves and promote prudent growth. --
Cultivating within six short years of its inception (1865) the
largest sales force in the industry. -- Designing an annuity for
individuals that paid dividends and offered Americans in the 1860s
a new method of saving for retirement. -- Introducing in 1881 the
practice of paying death claims immediately and without protest - a
departure from the industry's then typical and often prolonged
waiting period. -- Being one of the first companies to offer group
insurance products for both employers and employees. In 1911, the
company began implementing innovative underwriting techniques and
risk structures that made insurance more affordable to a growing
population. -- Pioneering variable life insurance, the first
investment-oriented insurance product to command a significant
market share (1976). -- Introducing in 1996 the first variable
annuity with a "living benefit" guarantee that offered investors
the ability to receive guaranteed income for life regardless of
market directions. This innovation pioneered by AXA Equitable is
now a common feature of most variable annuities sold today. --
Launching My Retirement Shop (http://www.myretirementshop.com/), a
first-of-its-kind retirement lifestyle Web site created by a
financial services company. Unveiled in 2008, this comprehensive,
education-based site brings individuals near or at retirement
closer to the information and resources they want and need to live
the retirement they desire. A Browse through History To share in
its sesquicentennial, AXA Equitable invites the public to
http://www.axa-equitable.com/axa/history.html to view a historical
timeline of the company, from its debut on Broadway in 1859 to its
national presence as an industry leader today. About AXA Equitable
In business since 1859, AXA Equitable Life Insurance Company is a
leading financial protection company and one of the nation's
premier providers of life insurance, annuity, and investment
products and services. The company's products and services are
distributed to individuals and business owners through its retail
distribution channel, AXA Advisors, LLC; to the financial services
market through its wholesale distribution channel, AXA
Distributors, LLC; and to corporations and their employees through
its corporate distribution channel, Corporate Markets. AXA
Equitable, a subsidiary of AXA Financial Inc., is part of the
global AXA Group, a worldwide leader in financial protection
strategies and wealth management. "AXA Group" refers to AXA, a
French holding company for an international group of insurance and
financial services companies together with its direct and indirect
consolidated subsidiaries. While a part of the AXA Group, AXA
Equitable is solely responsible for its annuity and life insurance
obligations. For more information, visit
http://www.axa-equitable.com/. AXA Equitable Life Insurance Company
(NY, NY) issues life insurance and annuity products. Guarantees in
the life insurance and annuity products are based on the
claims-paying ability of AXA Equitable Life Insurance Company.
Variable products are co-distributed through affiliates, AXA
Advisors, LLC and AXA Distributors, LLC. AXA Equitable and AXA
Advisors do not provide legal or tax advice. DATASOURCE: AXA
Equitable Life Insurance Company CONTACT: Discretion Winter,
+1-212-314-2968, ; or Michael Arcaro, +1-212-314-2030 or Web Site:
http://www.axa-equitable.com/
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