AXA is the holding company for an international financial services group focused on financial protection, insurance and asset management. Through its subsidiaries, the Company operates in five business segments: Life & Savings, Property & Casualty, International Insurance, Asset Management and Other Financial Services. AXA's Life & Savings segment offers a range of life insurance products, including retirement and health insurance products for both individuals and groups. The Property & Casualty segment offers a range of personal and commercial insurance products. The International Insurance segment is principally focused on reinsurance and large risks insurance activities. The Asset Management segment includes third-party asset management and asset management activities on behalf of AXA insurance companies. As of December 31, 2005, AXA's total assets under management totaled ?1,063.8 billion, including assets managed on behalf of third-party clients in an aggregate amount of ?568. 6 billion. The Other Financial Services segment includes mainly banking activities conducted primarily in France and Belgium. The Company operates primarily in Western Europe, North America, the Asia Pacific region, and to a lesser extent, in other regions, including the Middle East and Africa. On October 31, 2005, the Company's subsidiary, AXA Investment Managers (AXA IM), completed the acquisition of Framlington Group Limited. Framlington is an investment management company, with an emphasis on specialist and value-added equity investments. On October 18, 2005, AXA acquired Seguro Directo, which operates in the direct insurance market in Portugal (by telephone and Internet). On December 2, 2005, AXA Financial, a subsidiary of the Company, sold Advest to Merrill Lynch. Advest was a wholly owned subsidiary of AXA Financial Inc. Life & Savings Segment The Life & Savings segment offers a range of life insurance products, including retirement and health insurance products for both individuals and groups, with an emphasis on savings-related products, including contracts with financial risk borne by policyholders (unit-linked) products. In each of its principal markets, AXA operates through life insurance companies. AXA's principal life insurance subsidiaries include AXA France Vie, AXA Sun Life Plc, AXA Group Life Insurance, AXA Life Insurance, AXA Lebensversicherung AG, AXA Krankenversicherung AG, AXA Belgium SA, AXA Aurora Vida, AXA Aurora Iberica, AXA Assicurazioni e Investimenti, AXA Seguros Portugal, AXA Equitable Life Insurance Company and MONY Life Insurance Company. The life and savings-related products offered by the Company include term life, whole life, universal life, mortgage endowment, deferred annuities, variable annuities, immediate annuities, variable life and other investment-based products. The health products offered include critical illness and permanent health insurance products. The nature of products offered by AXA varies from market to market. During the year ended December 31, 2005, the Company launched a life and savings product known as Odyssiel in France. In the United States, AXA offers a variety of life insurance products, variable and fixed-interest annuity products, mutual funds, and other investment products and services. A significant portion of the variable annuities sold by AXA in the United States offer one or more enhanced guaranteed minimum death benefits (GMDB), guaranteed minimum income benefits (GMIB) and guaranteed minimum withdrawal benefits (GMWB). During the year ended December 31, 2004, AXA launched a structured product known as Millesimo series in Belgium. Millesimo series is contract with financial risk born by policyholder's product (unit-linked), with an underlying open architecture fund providing capital protection. During 2005, Life & Savings segment accounted for 63% of AXA's consolidated gross premiums and financial services revenues. The Company distributes its life and savings products through a number of channels that vary from country to country

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