SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: February 26, 2004
Date of earliest event reported: February 26, 2004
AXA FINANCIAL, INC.
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Delaware 1-11166 13-3623351
- --------------------------------------------------------------------------------
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
1290 Avenue of the Americas
New York, New York 10104
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(212) 554-1234
----------------------------------
(Registrant's telephone number, including area code)
None
- --------------------------------------------------------------------------------
(Former name or address, if changed since last report)
ITEM 5. OTHER EVENTS
Today, February 26, 2004, AXA, the Registrant's parent, issued a press release,
announcing its consolidated 2003 results of operations prepared in accordance
with accounting principles generally accepted in France ("French GAAP").
Included within AXA's consolidated 2003 results of operations are the results of
operations of the Registrant and its consolidated subsidiaries, presented in
accordance with French GAAP. Set forth below is a reconciliation of the
Registrant's contribution to AXA's consolidated French GAAP Underlying Earnings
(French GAAP net income excluding amortization of goodwill, net capital gains
(losses) and exceptional operations) to the Registrant's consolidated Net
Earnings prepared in accordance with accounting principles generally accepted in
the United States of America ("U.S. GAAP").
AXA FINANCIAL, INC.
RECONCILIATION OF THE CONTRIBUTION TO AXA FRENCH GAAP UNDERLYING EARNINGS
TO AXA FINANCIAL'S US GAAP NET INCOME
(in millions)
YEAR ENDED DECEMBER 31,
-----------------------------
2002 2003
------------ --------------
CONTRIBUTION TO AXA FRENCH GAAP UNDERLYING EARNINGS PER AXA PRESS RELEASE (IN EUROS)
US Life & Savings 680 575
Alliance Capital 194 70
AXA Financial Holding Company (78) (54)
------------ --------------
TOTAL CONTRIBUTION TO AXA FRENCH GAAP UNDERLYING EARNINGS 796 591
After-tax capital losses, net (166) (46)
------------ --------------
TOTAL CONTRIBUTION TO AXA FRENCH GAAP ADJUSTED EARNINGS (IN EUROS) 630 545
============ ==============
Average exchange rate US$1.00 = 1.06 0.88
TOTAL CONTRIBUTION TO AXA FRENCH GAAP ADJUSTED EARNINGS (IN US$) $ 596 $ 617
RECONCILING ITEMS:
(A) GMIB/GMDB 25 (40)
(B) Investment income and capital gains (losses) (71) (19)
(C) Employee stock based compensation (7) (50)
(D) Amortization of goodwill and other intangible assets (14) (15)
(E) Prior period adjustment - deferred tax liability -- (27)
Other -- (9)
-----------------------------
Total reconciling items (67) (160)
------------ --------------
------------ --------------
CONSOLIDATED US GAAP NET EARNINGS $ 529 $ 457
============ ==============
(A) Reflects the accounting for reinsurance contracts ceding variable annuity
Guaranteed Minimum Income Benefit ("GMIB") risks and the program to hedge
certain risks associated with Guaranteed Minimum Death Benefit ("GMDB")
features as derivative contracts at fair value under US GAAP vs. ceded
reinsurance reserves and derivative contracts qualifying for hedge
accounting, respectively, under French GAAP.
(B) Primarily reflects accounting for certain equity investments on the equity
method of accounting under US GAAP vs. historical cost less valuation
allowances under French GAAP.
(C) Primarily reflects differences in accounting for stock options and stock
appreciation rights.
(D) Reflects amortization of acquisition related intangible assets excluded
from AXA French GAAP Adjusted Earnings
(E) Reflects decrease in the deferred tax liability related to periods
subsequent to the acquisition of AXA Financial, Inc. (formerly known as
The Equitable Companies, Inc.) by AXA.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
99.1 Certain slides from AXA's Full Year 2003 Earnings Presentation prepared in
accordance with U.S. GAAP.
ITEM 9. REGULATION FD DISCLOSURE
The information provided in connection with Item 9 of this report is being
furnished pursuant to Regulation FD of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). In accordance with General Instruction B of Form
8-K, the information provided in connection with Item 9 of this report shall not
be deemed to be "filed" for purposes of Section 18 of the Exchange Act or
otherwise subject to the liabilities of that section or Sections 11 and 12(a)
(2) of the Securities Act of 1933, as amended (the "Securities Act"), nor shall
it be deemed incorporated by reference in any filing under the Securities Act.
The furnishing of the information set forth in connection with Item 9 of this
report is not intended to, and does not, constitute a determination or admission
as to the materiality or completeness of such information that is required to be
disclosed solely by Regulation FD.
At a meeting held with security analysts on February 26, 2004, Vice Chairman and
Chief Financial Officer of the Registrant, Stanley B. Tulin, presented certain
information regarding AXA's consolidated 2003 results of operations. This
presentation was prepared in accordance with French GAAP and is available on
AXA's website at www.axa.com. Certain slides of this presentation relate to
AXA's reversion to the mean approach on the Registrant's Deferred Policy
Acquisition Costs ("DAC"), the Registrant's DAC at 2003, and reserves for the
guaranteed minimum death benefit and the guaranteed minimum income benefit
features provided in certain of the Registrant's variable annuities. These
slides, modified to provide information in U.S. GAAP, are attached hereto as
Exhibit 99.1.
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AXA FINANCIAL, INC.
Date: February 26, 2004 By: /s/ Alvin H. Fenichel
---------------------
Name: Alvin H. Fenichel
Title: Senior Vice President and
Controller
3
EXHIBIT INDEX
EXHIBIT NUMBER EXHIBIT DESCRIPTION
99.1 Certain slides from AXA's Full Year 2003 Earnings
Presentation prepared in accordance with U.S. GAAP.