AXA Financial, Inc. | |||||||||
Reconciliation of AXA US Life & Savings Contribution to AXA Group IFRS Revenues | |||||||||
with Consolidated AXA Financial, Inc. Premiums under USGAAP | |||||||||
(in millions) | |||||||||
Years Ended December 31, | |||||||||
2006 | 2007 | ||||||||
Contribution to IFRS Gross Revenues per AXA Press Release | in Euro | ||||||||
Gross Premiums | 14,604 | 15,391 | |||||||
Other Revenues (A) | 785 | 852 | |||||||
15,389 | 16,243 | ||||||||
Average exchange rate US$1.00 = | 0.79600 | 0.73000 | |||||||
in US$ | 19,334 | 22,250 | |||||||
Reconciling items: | |||||||||
Less: Other Revenues (A) | (986 | ) | (1,167 | ) | |||||
Less: Deposits from Universal life and investment-type product policy fee income (B) | (16,295 | ) | (19,016 | ) | |||||
Less: Reinsurance ceded premiums (C) | (476 | ) | (516 | ) | |||||
Add: Others (D) | 5 | 11 | |||||||
Total Reconciling items | (17,752 | ) | (20,688 | ) | |||||
Consolidated AXA Financial, Inc. US GAAP Premiums | 1,582 | 1,562 | |||||||
(A) | Represents fees received from servicing and advisory business, and fees on the sales of Mutual Funds reported within Commissions, Fees & Other Income in the US GAAP Statement of Earnings |
(B) | Reflected as an increase to Policyholder Account Balances in the US GAAP Balance Sheet |
(C) | Reflected as a reduction to Premiums in the US GAAP Statement of Earnings |
(D) | Represents Pension fee income and intercompany Reinsurance Assumed Premiums that are excluded from premiums for IFRS reporting |