-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SNvkmrF91Zj2Y7IKO5dL3BjIPt9jdmB5Ifsl+nst4ygKMeLmS4pRMi5g+gp1MPyJ L9us5UTCtGt2ikMp+mOwEg== 0000771726-01-000007.txt : 20010205 0000771726-01-000007.hdr.sgml : 20010205 ACCESSION NUMBER: 0000771726-01-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010131 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010131 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AXA FINANCIAL INC CENTRAL INDEX KEY: 0000888002 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 133623351 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-11166 FILM NUMBER: 1520735 BUSINESS ADDRESS: STREET 1: 1290 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10104 BUSINESS PHONE: 2125541234 MAIL ADDRESS: STREET 1: 1290 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10104 FORMER COMPANY: FORMER CONFORMED NAME: EQUITABLE COMPANIES INC DATE OF NAME CHANGE: 19950721 8-K 1 0001.txt AXF 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 (Date of earliest event reported): January 31, 2001 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) (212) 554-1234 -------------------------- (Registrant's telephone number) ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (c) Exhibits 99 Press release, dated January 31, 2001, announcing a fourth quarter non-recurring net gain of $1.74 billion and completion of the sale of shares of Credit Suisse Group. ITEM 9. REGULATION FD DISCLOSURE On January 31, 2001 the registrant issued a press release announcing a fourth quarter non-recurring net gain of $1.74 billion and completion of the sale of shares of Credit Suisse Group. 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: January 31, 2001 By: /s/ Kevin R. Byrne --------------------------- Name: Kevin R. Byrne Title: Senior Vice President and Treasurer (Duly Authorized Officer) 3 Exhibit Index Exhibit Exhibit Number Description - ------ ----------- 99 Press release dated January 31, 2001 announcing a fourth quarter non-recurring net gain of $1.74 billion and completion of the sale of shares of Credit Suisse Group. 4 EX-99 2 0002.txt PRESS RELEASE [AXA FINANCIAL GRAPHIC OMITTED] FOR IMMEDIATE RELEASE 1/31/01 AT 1:30 AM EST, 7:30 AM PARIS AXA FINANCIAL ANNOUNCES FOURTH QUARTER NON-RECURRING NET GAIN OF $1.74 BILLION AND COMPLETES THE SALE OF SHARES OF CREDIT SUISSE GROUP NEW YORK -- AXA Financial said today that fourth quarter net income would include a number of items totaling a net gain of $1.74 billion after tax, related to the sale of Donaldson, Lufkin & Jenrette (DLJ), and AXA's acquisition of the publicly held shares of AXA Financial as a result of which AXA Financial became a wholly owned subsidiary of AXA. This net gain will be included in AXA Financial's fourth quarter and full year earnings release on February 12. AXA Financial also announced that it had completed the sale of all of the approximately 25 million shares of Credit Suisse Group stock, received from the sale of DLJ to Credit Suisse on November 3, 2000. Regarding the sale of the Credit Suisse Group shares, Vice Chairman and Chief Financial Officer Stan Tulin said: "As we stated at the time of the transaction, we viewed these holdings as non-strategic and we intended to liquidate these shares opportunistically over time. We are pleased that we were able to do it so quickly." The three major items recorded in the quarter were: o An after-tax gain of $2.62 billion, net of costs and other items, related to the sale of Donaldson, Lufkin & Jenrette, which was completed on November 3, 2000. This transaction eliminates both capital risk and earnings volatility associated with DLJ's business and increases AXA Financial's focus on retail financial services. o An after-tax cost of approximately $550 million in connection with AXA's purchase of all the publicly held shares of AXA Financial, primarily related to outstanding AXA Financial stock options. o An after-tax investment loss of $329 million primarily from write-downs on its high yield bond portfolio as a result of broad weakness in credit markets from a slowing economy, coupled with a review of investment strategy following AXA's purchase of the publicly held shares of AXA Financial. This effectively marks to market the bond portfolio and will provide AXA Financial with additional flexibility to pursue a future investment strategy focused on total return as well as current yield. AXA prepares its consolidated financial statements in accordance with French GAAP. Consequently, the effect of these transactions on AXA's consolidated financial statements will be significantly different from those recorded by AXA Financial due to differences related to French GAAP and as a result of AXA's 60% ownership interest in AXA Financial for most of the fourth quarter. Conference Call and Audio Webcast AXA Financial will host a live conference call on Wednesday, Jan. 31, from Paris at 9:00 am Paris time (3:00 am New York time). o Investors, excluding U.S. and U.K., should dial 44 20 8781 0598. o U.S. investors should dial (303) 267-1000. o U.K. investors should call 020 8781 0598. Wait for an operator then reference the AXA Financial conference call. Please call 15 minutes before the live event to ensure you will be connected. The call will also be available live and for 60 days after the event through AXA Financial's Web site at www.axa-financial.com. A replay of the call will be available until Tuesday, Feb. 6, after the live conference. o Investors, excluding U.S. and U.K., should dial 44 20 8288 4459; access code--648982. o U.S. investors should dial (303) 804-1855; access code--920120. o U.K. investors should call 020 8288 4459; access code--648982. About AXA Financial AXA Financial, Inc., with approximately $503 billion in assets under management* as of September 30, 2000, is one of the world's premier financial service organizations through its strong brands: The Equitable Life Assurance Society, AXA Advisors, Equitable Distributors, Alliance Capital Management and Sanford C. Bernstein. AXA Financial is a wholly owned subsidiary and a member of the global AXA Group. AXA has operations in approximately 60 countries and has approximately 894 billion Euros in assets under management* as of June 30, 2000 and reported revenues of about **51 billion Euros for the nine months ended September 30, 2000. *AXA Financial AUM include Sanford C. Bernstein and exclude DLJ. AXA AUM include Sanford C. Bernstein and Nippon Dantai, but exclude DLJ. **Excludes DLJ and Sanford C. Bernstein. Investor Contact: Greg Wilcox, AXA 212-314-4040 Caroline Portel, AXA 212-314-6182 Matthieu Andre, AXA 212-314-4889 Anne-Karin Durante, AXA 011.33.1.40.75.57.91 Rebecca Antoniou, AXA 011.33.1.40.75.49.05 Media Contact: Barbara Wilkoc, AXA Financial 212-314-3740 Christophe Dufraux, AXA 011.33.1.40.75.46.74 -----END PRIVACY-ENHANCED MESSAGE-----