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) |
Nine months ended September 30 | ||||||||
2007 | 2008 | |||||||
Contribution to IFRS Revenues per AXA Press Release | in Euro | |||||||
Gross Premiums | 11,640 | 9,594 | ||||||
Other Revenues (A) | 645 | 561 | ||||||
12,285 | 10,155 | |||||||
Average exchange rate US$1.00 = | 0.7440 | 0.6571 | ||||||
In US$ | 16,512 | 15,454 | ||||||
Reconciling items: | ||||||||
Less: Other Revenues (A) | (866 | ) | (853 | ) | ||||
Less: Deposits from Universal life and invest-type product policy fee income (B) | (14,125 | ) | (13,102 | ) | ||||
Less: Reinsurance ceded premiums (C) | (379 | ) | (385 | ) | ||||
Add: Others (D) | 8 | 23 | ||||||
Total Reconciling items | (15,363 | ) | (14,318 | ) | ||||
Consolidated AXA Financial, Inc. US GAAP Premiums | 1,150 | 1,137 |
(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 |