AXA Equitable Ranks #1 in Variable Annuity New Sales for 2007
March 11 2008 - 8:50AM
PR Newswire (US)
Company Experiences Record Growth, Moving Up from 3rd to 1st Place
in One Year NEW YORK, March 11 /PRNewswire-FirstCall/ -- AXA
Equitable announced today that it ranked first in variable annuity
new sales for the full year 2007, with a 20.2% increase in sales
and 4.1% improvement in market share over 2006.* "This 2007
achievement was driven by the entire AXA Equitable organization's
sharp and continuous focus on the financial intermediary. We did
this by delivering premier retirement planning and protection
solutions," said James Shepherdson, Executive Vice President of AXA
Equitable and President of AXA Distributors, the company's
wholesale distribution organization. "To put this achievement and
our momentum in perspective, the company's $15.5 billion in
variable annuity sales in 2007 was three times what it was in 2001,
representing a 20% compounded annual growth rate over six years."
Highlights from a Stellar Year All of the company's distribution
channels contributed to making AXA Equitable the leader in U.S.
variable annuity sales. For the full year 2007, third-party channel
variable annuity sales to broker-dealers (wirehouses and regional
firms), banks, and independent financial planners increased by
26.3% to $9.5 billion and market share grew by 4.6% over 2006. AXA
Distributors continues to rank first in wirehouse sales, with a
32.7% increase in total sales over 2006 and an 8% increase in
market share. The bank channel had the greatest market share gain,
with a 29.7% increase in sales and 12% increase in market share
over 2006. With independent financial planners, AXA Equitable
demonstrated the momentum of an industry leader, with a 31.8% sales
increase and 7.2% market share growth over 2006. AXA Advisors, LLC,
the company's retail distribution channel comprised of career
financial professionals, sold $6.3 billion in total variable
annuity sales in 2007. AXA Advisors delivered a 10.8% increase in
sales and a 2.6% increase in market share over 2006. "The 2007 VA
sales growth generated by retail distribution was outstanding and
is evidence that the company's premier products and services
delivered by our financial professionals are meeting the retirement
income goals of an increasing number of Americans," said Andrew
McMahon, Executive Vice President of AXA Equitable and Chairman of
AXA Advisors. About Variable Annuities A variable annuity is a
long-term financial product designed for retirement purposes. In
essence, an annuity is a contractual agreement in which payments
are made to an insurance company, which agrees to pay out an income
or a lump sum amount at a later date. Variable annuity contracts
are not insured by the FDIC or any other government agency. They
are not deposits or obligations of any bank and are not bank
guaranteed. Amounts in an annuity's variable investment portfolio
are subject to fluctuations in value and market risk, including
loss of principal. Typically variable annuities have mortality and
expense charges, account fees, investment management fees and
administration fees. In addition, annuity policies have exclusions
and limitations, early withdrawal may be subject to surrender
charges and, if taken prior to age 59 1/2, a 10% federal income tax
penalty may apply. Please also consider the charges, risks,
expenses and investment objectives of a variable annuity carefully
before investing. For a prospectus containing this and other
information, please contact your financial professional/licensed
insurance agent. Read it carefully before you invest or send money.
Variable annuities are issued by AXA Equitable Life Insurance
Company (NY, NY) and are distributed by affiliates, AXA
Distributors, LLC and AXA Advisors, LLC. 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. AXA Equitable's assets under management
totaled $888.6 billion as of December 31, 2007. 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's operations are
geographically diverse, with major operations in Western Europe,
North America, and the Asia/Pacific region. AXA Group is listed as
the 15th largest company in the world on the 2007 Fortune Global
500 list (based on revenues). It had $1.87 trillion in assets under
management as of December 31, 2007. Listed on the Paris Stock
Exchange, the AXA ordinary share trades under the symbol AXA. The
AXA American Depositary Share is listed on the New York Stock
Exchange under the ticker symbol AXA. AXA Equitable is a sponsor of
the Variable Annuities Knowledge Center
(http://www.variableannuityfacts.org/), an online resource aimed at
helping consumers understand the facts surrounding variable
annuities. The Variable Annuities Knowledge Center is operated by a
stand-alone, non-profit organization and is overseen by an
independent advisory board. * Source: Morningstar Variable Annuity
Single Period Distribution Report for Year-end 2007 DATASOURCE: AXA
Equitable CONTACT: Discretion Winter of AXA Equitable,
+1-212-314-2968, Web site: http://www.axa-equitable.com/
http://www.variableannuityfacts.org/
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