On June 29th, the Life Insurance and Financial Services team of AXA in Toronto moved to its new office at the following address:

The Exchange Tower
130 King Street West - 23rd floor, suite 2350
PO BOX 160
Toronto, ON   M5X 1C7

Please note that the telephone system also changed and you can now reach them at the following toll free number: 1 877 928-8801.

Despite the moving of our team, please continue to send premium payments to our head office in Montreal.

Thank you,

The Communication and Marketing Team

The Scam consists of mailing letters to consumers informing them that they have won a prize in a foreign lottery using fraudulently the name of AXA SEGUROS S.A.". This is a scam so please don't provide these people with any personal information. If you have received such a letter, please forward it to the Phonebusters National Call Centre at www.phonebusters.com.

October 17, 2008

Fraud Protection Alert

If you receive a telephone call or a voice mail informing you that your insurance policy has expired and that it will be cancelled unless you make a payment immediately, do not respond to it. AXA does not contact its customers by telephone to inform them that their policy has expired. We advise you to call your insurance broker immediately should you receive such a call. We also recommend reporting the fraud to PhoneBusters (www.phonebusters.com or 1-888-495-8501), the Canadian Anti-fraud Centre, which offers many helpful hints to protect against fraud.

Montréal, September 29, 2008 – According to the 2007-2008 AXA Retirement Scope, Canada is one of the countries where the greatest number of retirees have to make do with a reduced income at retirement (77% compared with an international average of 68%). However, for about half of Canadians, quality of life remains the same after retirement and even improves for 36% of them. This perception of improved quality of life is at least twice more frequent in retirees who had a high income during their active years. “It is probable that a reduction in certain expenditures related to working life and the possibility of using one’s time as one wishes explain such favourable perceptions of quality of life after retirement and compensate for the loss of income,” explains Robert Landry, Executive Vice President, Life Insurance and Financial Services, AXA Assurances.

Early preparation for retirement: intentions, reality and means
The survey also provides interesting data regarding intentions – and reality – in preparing for retirement. Canada is one of the countries where awareness that retirement requires preparation is the strongest and where such preparation is made the earliest. A high majority of our actives (74%) declare that they have already started to prepare for retirement (54% for the international average). Our retirees say they started saving at about age 37, motivated by personal reasons, such as age or family responsibilities. “The new reality seems to be that today, people start preparing for retirement at the age of 30, very often prompted by the advice of professionals or enticed by tax benefits,” says Mr. Landry. “Life insurance is definitely part of the emerging means people use to plan for retirement.” It was the case for 53% of Canadians already retired, and those numbers are expected to increase. More than 67% of Canadian workers have chosen this mean to prepare their retirement, including 80% of Quebecers.

Do our retirees have a sufficient income? And what about our future retirees?
A majority of our retirees (66%) feel that their income is sufficient, which places the country at the third place in an international comparison, behind the United States and Switzerland. Currently, this income seems to be 20% higher than the household’s basic expenses. Considerable inequalities still remain for women who report a retirement income of $1,816 against $2,374 for the Canadian average.

Will the picture be as rosy for the next generations of retirees? People age 45 and over remain relatively optimistic: only 23% fear that their income will not be sufficient. This number climbs to 51% for people 35-44. However, it is difficult to know whether this concern is based on a precise assessment of future retirement income. “In 2007, only four workers out of ten could evaluate the income they would dispose of at retirement,” said Mr. Landry. Those able to project their retirement income are more often 45 and over and are mainly among the well-to-do.

Health of public pension plan: Quebecers and people age 35-44 among the most concerned
The great majority of the Canadian population feel that the government pension plan has problems without however considering it is actually in a state of crisis. Taking a closer look, this confidence is not shared equally by all. 32% of Quebecers consider that the public plan has serious problems, but only 16% of Canadians do. In Quebec, the social role of the state is more valued, and Quebec is more severely affected by population aging. In the Canadian active population, people age 35 to 44 are also more likely to believe that the system has serious problems because they are anticipating that it will certainly be the case when they reach retirement age.

If you want to learn more about the aging and retirement phenomenon, please see the complete Canadian results of the 2007-2008 AXA Retirement Scope (with international comparison), as well as the data of previous editions of the Scope, by visiting our website: www.axa.ca

About the AXA Retirement Scope
The AXA Retirement Scope is an international survey whose objectives are to explore and understand the attitudes of the population regarding retirement and contrast image and reality.
The survey, whose sample is made up of more than 18,000 actives and retirees, was carried out in 26 countries during the fall of 2007 by a consortium of research firms led by the GFK Group and represented by CROP in Canada.
Analyzed countries: Australia, Belgium, Canada, China, France, Germany, Hong Kong, Hungary, India, Indonesia, Italy, Japan, Malaysia, Morocco, New Zealand, the Netherlands, Philippines, Poland, Portugal, Singapore, Slovakia, Spain, Switzerland, Thailand, the United Kingdom and the United States.

About AXA Canada
Operating throughout Canada, AXA offers its clients, through its 2,200 employees and some 4,000 brokers and consultants, an extensive range of damage and personal insurance products and financial services. In 2007, its sales amounted to CAN$1.74 billion and its net earnings reached CAN$196.1 million. AXA Canada is a member of the AXA Group, a world leader in Financial Protection, whose activities take place mostly in Western Europe, North America and the Asia/Pacific region. Throughout the world, 67 million clients put their trust in AXA. For further information about AXA Canada, please visit www.axa.ca.

Montréal, September 3, 2008 – Retirees have changed and their exploding numbers require that both society and businesses evolve. The data revealed by four consecutive editions of the AXA Retirement Scope allow us to draw the emerging portrait of a new generation of retirees, as well as uncover a few directions to better adapt to the phenomenon of an aging population.

Old: new definition yet traditional roles remain
In the past, the end of active life meant the beginning of old age. Today, it is the loss of autonomy or illness that heralds this beginning. Our retirees can now expect to enjoy 21 years of retirement before turning old… at 79! However, here as anywhere else in the world, a consensus remains: the social role of retirees is to transfer knowledge and skills. A supporting role in caring for the children also continues to be universally recognized. The new demographic context offers an opportunity to better value these roles in the future.

“It is the whole context of old age that is being transformed,” explains Robert Landry, Executive Vice President, Life Insurance and Financial Services, AXA Assurances. “This transformation is an opportunity for society to fully recognize and actively seek and facilitate the contribution of these ‘young retirees.’ Businesses will also want to understand the new context in order to adapt their products and services as well as their way of doing business – this is the case at AXA,” Mr. Landry added.

Working longer? Yes but only by choice
Canadian retirees are divided regarding delayed retirement age, although those in favour have increased by 7% since 2004, to reach 42% in 2008. Quebecers remain mostly unreceptive to the proposition (only 29% are in favour). If we consider that 58% of active Canadians would like to pursue a remunerated activity after retirement, the message is clear: working beyond the retirement age is fine, but it should remain a personal, not a forced decision. Interestingly, 92% of our retirees consider themselves able to provide quality work. It will be up to employers to tap into this rich source of experienced workers, although at the cost of offering more flexibility.

Financial self-sufficiency: an inescapable reality for which we are preparing earlier than ever
Increased life expectancy will most probably force our retirees to care for their aged parents: the fastest growing population segment in the world today is that of the 85 and older! Our new retirees will need to be very self sufficient to finance their retirement, since they will be less able to count on the capital gathered by their parents or the help of children or workers that have become too few. In Canada, it is now generally agreed that individuals are first responsible for financing their own retirement, with the secondary help of the state or employer. Life insurance emerges as a choice strategy: 67% of active Canadians are using it to help finance their retirement. Today’s active starts saving earlier than in the past: in 2004, the average age for preparing for retirement was 34, it now stands at 30. Saving options that offer a good return on investment and that are adapted to all stages of active life will be needed more than ever.

Living in one’s home: not a synonym for boredom and isolation
The great majority of Canadian retirees live at home (96%). Our retirees generally own their own home (84%). If 33% of our retirees travel, most remain at home to enjoy their favourite activities. One third (31%) regularly practice a sport; gardening keeps 22% busy, culture and reading, 14%, as is the case for taking care of grand-children or the family in general. Community life is not neglected: 26% of retirees, most often women, do volunteer work.

Taking active care of one’s health: watch out for stress!
The new generation of Canadian retirees is in better shape than ever, especially when compared to their counterparts in the rest of the world: 40% of our retirees say they are “in very good health” against only 23% for the international average and 27% for Quebec. Our seniors take an active part in keeping in shape by practicing a sport and watching what they eat. This preventive attitude is good news for the government since many of our retirees (67%) count mostly on public health insurance in case of illness, although Quebec has a larger proportion of privately insured (54% are insured by the state). Not counting pollution, stress is the number one health enemy for 78% of retirees, well ahead of tobacco and junk food. Since stress also affects a large proportion of actives (87%), it is expected that this phenomenon will deserve the special attention of health professionals or public health agencies.

Taking care of one’s appearance, while agreeing to become old
Our retirees appear to feel comfortable with their self-image, and to accept with serenity the physical signs of aging: less than 5% would consider undergoing cosmetic surgery that would make them look younger. While caring of their general appearance, our retirees are also among the least likely in the world to use products to prevent the effects of aging. They seem to count more on a healthy lifestyle to remain young!

Technology: an every day ally
Our retirees spend as much time as actives do on the Internet, whether they use it to exchange email messages (86%), find information (82%), carry out banking operations (46%) or follow daily news (49%). They are however less likely to use it for shopping. Already in 2005, 59% of retirees had a computer, 55% an Internet connection and 51% a mobile phone. The cliché of the older person overwhelmed by new technologies now appears be obsolete… Our retirees will be better informed than ever, connected with their family and other retirees and, mainly, able to express themselves!

Aging: a hot topic in Montréal starting September 4, 2008
As an expert on retirement, AXA is also the principal partner of the IFA’s 9th 
Global Conference on Ageing and Expo Ageing & Design Montréal, that will start tomorrow, September 4, to increase the population’s awareness of aging and its impacts. For further information regarding these events: www.ageingdesignmontreal.ca.

To learn more about the aging and retirement phenomenon, you will find all the Canadian results of the 2008 AXA Retirement Scope (with international comparison), as well as the data from earlier editions of the Scope, on the following website: www.axa.ca

About the AXA Retirement Scope
The AXA Retirement Scope is an international survey whose objectives are to explore and understand the attitudes of the population towards retirement and compare its image to its reality.
The survey, whose sample is made up of more than 18,000 actives and retirees, was carried out in 26 countries during the fall of 2007 by a consortium of research firms led by the GFK Group and represented by CROP in Canada.
Analyzed countries: Australia, Belgium, Canada, China, France, Germany, Hong Kong, Hungary, India, Indonesia, Italy, Japan, Malaysia, Morocco, New Zealand, the Netherlands, Philippines, Poland, Portugal, Singapore, Slovakia, Spain, Switzerland, Thailand, the United Kingdom and the United States.

About AXA Canada
Operating throughout Canada, AXA offers its clients, through its 2,200 employees and some 4,000 brokers and consultants, an extensive range of damage and personal insurance products and financial services. In 2007, its sales amounted to CAN$1.74 billion and its net earnings reached CAN$196.1 million. AXA Canada is a member of the AXA Group, a world leader in Financial Protection, whose activities take place mostly in Western Europe, North America and the Asia/Pacific region. Throughout the world, 67 million clients put their trust in AXA. For further information about AXA Canada, please visit www.axa.ca.

Montreal, August 4th, 2008 – According to the 2008 AXA Retirement Scope, an international study carried out in 26 different countries, the perceptions and opinions expressed by Canadians and Chinese differ for most of the themes dealt with by the study. For instance, Canada is by far the country with the most voluntary early retirements (73%). Only 38% of Chinese voluntarily opt for an early retirement and 25% do it at the employer’s invitation. There is one similarity, however: Canadians and Chinese equally plan (58%) for a remunerated activity following retirement, but few Canadians (16%) or Chinese (15%) finally succeed in bringing about a project that is most often characteristic of higher income people.

Retirement regarded less favourably by the Chinese
Canada is one of the countries where the idea of retirement is the most positive. It is perceived by 73% of Canadian actives as a period of freedom and pleasure. 34% of Quebeckers associate it with images of rest, peace and tranquillity. Only 19% of Canadian actives associate it with negative images such as fear of aging or financial difficulties, and this seems more frequent with lower income people. In comparison, retirement brings up positive images in only 55% of Chinese actives. It should be noted that the study’s international average for this category of person is 65%.

Travelling during retirement – Chinese not as enthusiastic as Canadians
A large majority of Canadian actives (61%) hope that retirement will allow them to travel. Chinese actives express less enthusiasm on this topic: only 31% think about travelling. This only seems possible to higher income retirees. 33% of Canadian retirees do travel, compared to only 9% of Chinese retirees.

Chinese more confident than Canadians regarding their children’s retirement
Canada is one of the countries where retirees are most satisfied with their lot, compared with that of the previous generation. On the other hand, they are rather worried about what will happen to the following generation: only 30% of Canadian retirees believe that life will be better for their children. China beats Canada with regard to optimism: 79% of Chinese retirees believe that their lot at retirement is better than that of their parents and 65% are convinced that it will be even better for their children.

Sense of responsibility
Canada, a country where autonomy and individual responsibilities are highly valued, is one of the nations where it is the least expected that children should support their parents materially or financially. As an example, 72% of Chinese actives think that they are responsible for providing their retired parents with material or financial support while only 45% of Canadian actives agree. The great majority of Canadian retirees (90%) are much more concerned about whether their children will visit them regularly!

Will the nest egg be sufficient?
Canada is one of the countries where a good proportion of actives (60%) as well as retirees (66%) consider that their retirement income will be or is sufficient. The Chinese feel even more satisfied: 80% of actives look forward to a comfortable retirement and 66% of retirees consider their retirement income sufficient. The Chinese are also at the top of the list when assessing whether their quality of life will improve (53% say yes) or has improved (42% say yes) since retirement. These responses are not shared by as many Canadian actives (28%) or retirees (36%).

Yet, the Chinese save less than Canadians for retirement: The monthly amount saved by Canadian actives for retirement is $482 while it is only $159 for the Chinese actives. To finance their retirement, both actives and retirees, Canadians and Chinese, tend to prefer risk-free financial products, even though their return is lower.

Who must ensure the financing of retirement?
In Canada, this role is considered by actives as that of the individual first (85%), the government (77%), and then the employer (75%). We should note the clear difference of Quebec retirees, 89% of whom believe that the employer should play the main role. We should not be surprised that, in comparison, only 59% of the Chinese recognize the individual’s role here. The Chinese assign more responsibility to the government (85%) and to the employer (71%).

Recipe for a happy retirement
Even though Chinese retirees feel satisfied with their income and generally satisfied with their lot, they are not among the happiest during this period of their life. Only 18% declare themselves “very happy” against 48% of Canadian retirees. What is the recipe for a happy retirement? The international study reveals that overall the happiest retirees feel that their health is better than that of the other retirees, they prepared their retirement earlier and have sufficient income to take advantage of it.

All 2008 AXA Retirement Scope Canadian results (with international comparison) can be found on the following website: www.axa.ca

About the “AXA Retirement Scope”
The AXA Retirement Scope is an international survey whose objectives are to explore and understand the attitudes of the population towards retirement and compare its image to its reality.
The survey, whose sample is made up of more than 18,000 actives and retirees, was carried out in 26 countries in the fall of 2007, by a consortium of research firms led by the GFK Group and represented by CROP in Canada.

Analyzed countries: Australia, Belgium, Canada, China, France, Germany,  Hong Kong, Hungary, India, Indonesia, Italy, Japan, Malaysia, Morocco, New Zealand, the Netherlands, the Philippines, Poland, Portugal, Singapore, Slovakia, Spain, Switzerland, Thailand, the United Kingdom and the United States.

About AXA Canada
Operating throughout Canada, AXA offers its clients, through its 2,200 employees and some 4,000 brokers and consultants, an extensive range of damage and personal insurance products and financial services. In 2007, its sales amounted to CAN$1.74 billion and its net earnings reached CAN$196.1 million. AXA Canada is a member of the AXA Group, a world leader in Financial Protection, whose activities take place mostly in Western Europe, North America and the Asia/Pacific region. Throughout the world, 67 million clients put their trust in AXA. For further information about AXA Canada, please visit www.axa.ca.

MONTREAL, June 11, 2008 – Retirement planning decisions must be guided by experience and an investment strategy that reflects an investor’s unique situation. Canadians can now count on the experience and financial stability of AXA Group, a leader in financial protection and investment, to diversify their investments. The new line of accumulife option funds brings together investment managers with 12 investment options, offering funds that range from fixed income to maximum growth portfolios, giving Canadian investors a great deal of flexibility.

The many advantages of accumulife option Guaranteed Investment Funds make them a particularly attractive option both for advisors and investors:
• 12 funds to suit every investor profile;
• A wide range of possibilities offered through the funds and their diversification;
• Access to certain investment funds that, until now, were exclusively for institutions;
• Very competitive management fees;
• Guarantees and forms of protection not offered by mutual funds;
• The international reputation and experience of fund managers: AllianceBernstein, AXA Rosenberg, Franklin Templeton and TD Asset Management.

“Over 67 million clients worldwide place their trust in AXA’s expertise,” said Robert Landry, Executive Vice-President, Life Insurance and Financial Services at AXA. “The Canadian launch of these new investment options brings significant value to the investment sector in Canada. Canadian investors will have the benefit of investment options that will help them make their future projects a reality, plan a comfortable retirement and protect their loved ones. Plus, we have provided advisors with a range of tools so that they can fully benefit from the competitive advantages of accumulife option and offer their clients flexible, diversified investment options.”

accumulife option Guaranteed Investment Funds offer the growth potential of mutual funds combined with guarantees. They fit in perfectly with a portfolio diversification strategy. The line of funds is ideal for investors who are still working and saving for future projects or retirement.

Find out more about accumulife option Guaranteed Investment Funds at www.axa.ca/investment.

About AXA
Operating across Canada, AXA offers its clients, through its 2,200 employees and some 4,000 brokers and advisors, a full range of general insurance, personal insurance and financial services. In 2007, its revenue was CAD$1.74 billion and net income was CAD$196.1 million. AXA Canada is a member of the AXA Group, the world leader in financial protection, and operates primarily in Western Europe, North America and the Asia Pacific region. Sixty-seven million clients worldwide place their trust in AXA. For more information about AXA Canada, visit www.axa.ca.

Montreal, June 5, 2008 – According to the results of a CROP survey carried out within the framework of the 2008 AXA Retirement Scope, Canadians, both actives and retirees, are among the most concerned by climate change and the most worried about its consequences for future generations. Women seem to be the most concerned in the country.

Canadian retirees at second rank of “concerned people” in the world
According to this survey, carried out among 18,000 working and retired people in more than 26 countries in the world, Canadian retirees (43%) are at the second rank of the “very concerned people” regarding global warming, in a tie with Thailand retirees, but far behind Japanese retirees (56%), who are by far the most concerned. In all countries under consideration, more than half the population is concerned about global warming.

Canadians ready to change
Canada is near the top of the list of countries whose citizens say they are prepared to change their habits (90%) to fight global warming, right behind Thailand (93%). It should be noted that 74.5% of the Canadians approached said they were ready to pay more for environmentally friendly products, clearly above the international average (63.5%). It should be added that most Canadians believe that they can personally take action to fight climate change, among them a greater proportion of actives (75%) than retirees (68%). This conviction is certainly not inconsistent with Canadians’ determination to change their habits.

Impact on next generations
In Canada, most respondents agree that the next generation will suffer significantly more from climate change. Once again, women are the most worried. Working Canadians believe they will suffer more than the generation already retired.

In an international comparison, Canada is in the third place with regard to the consequences of global warming on the next generations. Thailand, directly affected by the 2004 tsunami, and Portugal, affected by serious fires, are the countries where this perception is strongest.

Who is responsible for climate change?
Canadians have little doubt about industry’s responsibility for climate change. But a large majority (76.5%) also ascribe blame to individuals. Quebeckers are more inclined than most to acknowledge their personal responsibility in the matter. Our governments should note that 75% of the population, including many actives (79%) and women (80%) holds them responsible.

Canada (90%) is well within the international mean (86%) when it comes to attributing responsibility for climate change to industry and among the countries whose population is most aware of the responsibility of individuals and government authorities since the international average (68.5% in both cases) shows little awareness of the responsibility of these parties.

Canadians (19.5%), Americans (42%) and Australians (23%) consider that their country has contributed to global warming beyond the survey average, which is 15.5%. Only 13.5% of Canadians and 13% of Australians judge that their country contributes to solving the problems while 35.5% of Americans, 37% of British and 52% of Germans recognize the role of their country in this regard (survey average: 17.5%).

All 2008 AXA Retirement Scope Canadian results (with international comparison) can be found on the following website: www.axa.ca

About the AXA Retirement Scope
The AXA Retirement Scope is an international survey whose objectives are to explore and understand the attitudes of the population regarding retirement and contrast image and reality.
The survey, whose sample is made up of more than 18,000 actives and retirees, was carried out in 26 countries during the fall of 2007 by a consortium of research firms led by the GFK Group and represented by CROP in Canada.
Analyzed countries: Australia, Belgium, Canada, China, France, Germany, Hong Kong, Hungary, India, Indonesia, Italy, Japan, Malaysia, Morocco, New Zealand, the Netherlands, Philippines, Poland, Portugal, Singapore, Slovakia, Spain, Switzerland, Thailand, the United Kingdom and the United States.

About AXA Canada
Operating throughout Canada, AXA offers its clients, through its 2,200 employees and some 4,000 brokers and consultants, an extensive range of damage and personal insurance products and financial services. In 2007, its sales amounted to CAN$1.74 billion and its net earnings reached CAN$196.1 million. AXA Canada is a member of the AXA Group, a world leader in Financial Protection, whose activities take place mostly in Western Europe, North America and the Asia/Pacific region. Throughout the world, 67 million clients put their trust in AXA. For further information about AXA Canada, please visit www.axa.ca.

AXA Rosenberg:  More than 20 years serving investors

Established in 1985, AXA Rosenberg offers specialized asset management services to investors worldwide.  This unit of the AXA Group has institutional clients among pension funds, profit-sharing plans, public sector agencies, insurance companies and foundations.

AXA Rosenberg rests its approach on the premise that future potential profits of a company generally determine its long-term performance.  This unique, innovative and consistent approach of company valuation and future income estimation has particularly well served AXA Rosenberg’s clients over time, across the markets in which it invests.
With a range of portfolios designed to outperform market indices while controlling undue risk, the strategies underpinning AXA Rosenberg Canadian Equity and AXA Rosenberg International Equity are meant for investors seeking superior returns within an environment of measured risk.  These strategies are based upon a well-established investment process and a strong team, which have generated a track record of performance above benchmark market indices since inception. Customizing the investment portfolio

Launched last spring, AXA Universal Life’s two products offer highly flexible financial protection solutions designed for the specific needs of key market segments:

- Protection UL for young families and self-employed individuals, who need greater security and liquidity.
- Investment UL for families headed by individuals 50 and older as well as for business owners, who primarily seek a high-performance investment tool.

The recent launch of the AXA Rosenberg investment options within AXA’s Universal Life products creates wide availability of accounts normally reserved for institutional investors.

With the addition of the AXA Rosenberg accounts, AXA shows its strong commitment to develop its life and savings segment in Canada while allowing its clients to invest like the pros!

About AXA
Present across Canada, AXA offers its clients, through its 2,200 employees and some 4,000 brokers and advisers, a full range of general insurance and personal insurance products.  In 2006, its revenue reached CAD 1.654 billion and its net income, CAD 175.5 million.  AXA Canada is a member of the AXA Group, the world leader in financial protection with activities mainly in Western Europe, North America and the Asia Pacific region.  52 million clients worldwide extend their trust to AXA.

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Montreal, August 30, 2007 – According to a CROP survey carried out within the framework of the 2007 AXA Retirement Scope, more than 10% of active Canadians (those who hold a job), consider working after retirement a good way to remain healthy. This opinion is shared by 12% of Spaniards, 13% of United Kingdom residents and 18% of Belgians. Only 8% of Frenchmen, 7% of Germans and 2% of the Japanese mention work as a means to remain in shape after retirement.

Walking and a balanced diet for good physical health . . .
According to this study, carried out among 11,590 people in 16 countries, various strategies are used by Canadian baby-boomers and retirees to remain in good health. Sport and physical activity come first on the list with 70%, closely followed by a well-balanced diet (64%). Canada has one of the largest numbers of actives who practice a sport (84%), right behind China (87%). In Canada, walking is the physical activity that is most frequently practiced (44% actives and 47% retirees), followed by cycling (26% actives and 12% retirees).

More than ever in good health . . .
Canadian baby-boomers and retirees seem satisfied with their health status. 89% of actives and 82% of retirees claim they are in good or very good health. Canada and the other Anglo-Saxon countries are parts of the world where the largest percentage of people considers themselves in very good health (40% for actives and 33% for retirees). At the other end of the scale, Spaniards and Japanese consider themselves in less good shape. Only 21.5% of Spaniards and 14.5% of Japanese say they are in very good health.

Pollution and stress: Major threats to our health . . .
To the question, “What threatens your health?” Canadians answered that pollution is the worst item in terms of threat to their health (90% of actives and 87% of retirees), closely followed by stress (87% of actives and 78% of retirees) and fast food (74% of actives and 62% of retirees). Compared with the citizens of the other surveyed countries, smoking and alcohol are two of the factors Canadians perceive as least threatening to their good health.

The AXA Retirement Scope
The AXA Retirement Scope is an international study whose objectives are exploring and understanding the attitudes of the population towards retirement and comparing its image to its reality.

The study, whose sample includes both actives and retirees, was carried out among 11,590 persons in 16 countries, from August 14 to September 10, 2006, in Canada, by a consortium of research companies led by the GFK Group and represented by CROP in Canada. The analyzed countries are as follows: Australia, Belgium, Canada, China, France, Germany, Hong Kong, Italy, Japan, the Netherland, New Zealand, Portugal, Spain, the United Kingdom, the United States and Singapore.

About AXA Canada
Operating throughout Canada, AXA Canada offers its clients, thanks to its 2,200 employees and 4,000 brokers and advisors, an extensive range of damage and life insurance products and financial services. In 2006, sales amounted to CAN$1.654 billion and net earnings reached CAN$175.5 million. AXA Canada is a member of the AXA Group, a world leader in Financial Protection, whose activities mostly take place in Western Europe, North America and the Asia/Pacific region. Worldwide, 52 million clients have put their trust in AXA.

You may examine all the Canadian results of the AXA Retirement Scope (with international comparison) on the following website: www.axa.ca.

Several characteristics of AXA in Canada contributed to this top rating, such as its impressive financial results, its leadership, the market’s recognition of its trademark and the diversification of its products, to name only a few.

This rating sends a clear message to consumers and all insurance-sector representatives: AXA enjoys the enviable ability of being able to meet its financial commitments to its policyholders.

A.M. Best’s rating process involves a comprehensive, independent analysis of a company’s vital signs. Its assessment criteria are the same regardless of the country in which the company operates. As such, the international market recognizes its ratings as an important tool in detecting and preventing insurer insolvency.
 
About AXA Canada
Present across Canada, AXA Canada offers a complete line of P&C, Life Insurance products and Financial Services to its clients through its 2,200 employees and 4,000 brokers and advisors. In 2006, AXA Canada had revenues of CAD$1.654 billion and net earnings of CAD$175.5 million. AXA Canada is a member of the AXA Group, a world leader in Financial Protection. AXA’s operations are diverse geographically, with major operations in Western Europe, North America and the Asia/Pacific area. Throughout the world, 52 million clients have placed their trust in AXA.

AXA made the decision to proceed with the transfer because its subsidiary AXA Financial Services does not have the critical mass necessary to continue its growth in Canada due to the ever more intense competition in the financial services industry and the major costs generated by the professional code of ethics, registration and compliance management rules reform.

“We chose to enter into this transaction with PEAK because they share our distribution vision and the agreement protects our representatives’ independence,” said Robert Landry, Executive Vice President, Life Insurance and Financial Services at AXA.

“We are very enthusiastic about meeting and working with the representatives of AXA Financial Services,” added Robert Frances, Chairman and Chief Executive Officer of PEAK Financial Group. “They will find here all the tools and support necessary to meet their clients’ needs.”

The portfolio transfer will take place in compliance with the various provincial regulations and should be completed by the end of September 2007.

PEAK Financial Group
Founded in 1992, PEAK Financial Group is one of the most dynamic privately-owned suppliers of financial services in its sector. It represents more than 400 financial services professionals in Canada to meet the needs of more than 60,000 Canadians from coast to coast. With managed assets of more than $4 billion, the agency has been on the Profit magazine’s list of Canada’s fastest growing companies for six consecutive years.

About AXA Canada
Operating throughout Canada, AXA Canada offers its clients, through 2,250 employees and some 4,000 brokers and consultants, an extensive range of damage and personal insurance products and financial services. Its sales amount to CAN$1.65 billion and its net earnings reach CAN$175.5 million. AXA Canada is a member of the AXA Group, a world leader in Financial Protection, whose activities take place mostly in Western Europe, North America and the Asia/Pacific region. The AXA Group’s sales amount to CAN$112.2 billion and its managed assets to CAN$1.573 billion.

These new, simple and accessible products respond to our clients’ needs through their double approach which brings together both life insurance and savings in a single contract.  After identifying and targeting four market segments, products specifically adapted to these needs were designed.  For instance, the Universal Life (UL) Protection product is ideally suited to young families and self-employed workers, while the Universal Life (UL) Investment product is perfect for business owners and individuals 50 and over.

UL Protection:  Coverage adapted to the needs of young families
With UL Protection’s flexibility and adaptability, young families can, among other benefits:
• get the benefits of life insurance at an affordable price;
• create a tax-deferred savings fund;
• protect their family from financial difficulties, in case of death;
• see to certain family needs (debts, income replacement, child education, etc.) thanks to accumulation funds;
• cover the mortgage in case of a spouse’s death.

UL Protection:  Coverage adapted to the situation of self-employed workers
With UL Protection, self-employed workers can, among other benefits:
• get the benefits of life insurance at an affordable price;
• create a tax-deferred savings fund;
• grow their money with a wide variety of investment options;
• protect their family from the financial difficulties they will face, in the event of their death;
• attain financial security progressively, according to their priorities, their financial means and their familial status;
• add coverage and modify their policy at their convenience, according to the changes in their financial situation.

UL Investment:  Protection designed for business owners
UL Investment helps business owners, among other benefits:
• insure their life or those of their colleagues in the event of death;
• protect and invest the fruits of their labour;
• compensate for temporary lost income brought on by the death or illness of a key employees;
• hire and train a replacement;
• finance a buyout agreement;
• pay the balance of the company’s debts;
• set up an executive compensation plan;
• plan for their retirement;
• finance a retirement program for their key employees;
• protect the market value of their business;
• keep the business within the family.

UL Investment:  Appropriate protection for individuals 50 and over
The Universal Life Investment insurance policy is a multi-purpose solution, created for people who:
• want their money to grow in a tax-deferred environment;
• are looking for quality investments that perform well in the long term;
• want to maximize their estates for the benefit of their beneficiaries;
• want to leave behind an inheritance for their grand-children or other loved ones, a charity or other worthy cause.

What’s more, AXA offers its clients the ULtimate in coverage by offering attractive guarantees at no extra charge, such as legal assistance, disability coverage and extra coverage for children.

An original, fun concept
With this launch, AXA is one step closer to its Ambition:  become its clients’ and financial advisors’ preferred company.  That’s why AXA has decided to focus on education and needs analysis with its popular board game, “Universal Life”.  This game allows advisors to review or discover a variety of business opportunities while exploring the various concepts incorporated in our two new products, Universal Life Protection and Universal Life Investment. Along with the game, AXA provides its advisors with a full range of simple and practical documents to support their advisory role with their clients.  As you will see in the documents enclosed herein, the game’s concept is original, simple and…fun !

In comparison, Canadian retirees are more hesitant than the actives regarding the bequest question. 39% of people 65 and older intend to save their accumulated capital to transfer it to their close relatives, versus only 30% of the actives.

“I believe that Canadian actives are realistic in this,” said Robert Landry, Executive Vice President, Life Insurance and Financial Services, AXA. “In Canada, life expectancy already reaches 82.6 years for women and 77.8 years for men, and these figures continue to increase. Canadian actives are therefore aware that they will have to make their retirement income last over a longer period of time than is the case for the current generation of retirees. This will certainly have the effect of reducing the intergenerational wealth transfer. People who are 20 to 30 today will probably start planning for their retirement earlier than their elders.”

Still according to this study carried out among 11,590 persons in 16 countries, the Germans are the most likely to want to enjoy their savings. 78% of German actives and 66% of retirees expect to spend their capital rather than bequeath it. They are closely followed by the Australians, with 66% of actives and 59% of retirees expecting to spend what they have saved. At the other end of the spectrum, the Asians and the French are those who most intend to leave a bequest for their offsprings. Only 20% of the Chinese and Japanese actives expect to spend what they have saved. The situation is similar for the French (38%).

The AXA Retirement Scope
The AXA Retirement Scope is an international study whose objectives are exploring and understanding the attitudes of the population towards retirement and comparing its image to its reality.

The study, whose sample includes both actives and retirees, was carried out among 11,590 persons in 16 countries, from August 14 to September 10, 2006, in Canada, by a consortium of research companies led by the GFK Group and represented by CROP in Canada. The analyzed countries are as follows: Australia, Belgium, Canada, China, France, Germany, Hong Kong, Italy, Japan, the Netherland, New Zealand, Portugal, Spain, the United Kingdom, the United States and Singapore.

About AXA Canada
Operating throughout Canada, AXA Canada offers its clients, through some 2,300 employees and 4,000 brokers and consultants, an extensive range of damage and personal insurance products and financial services. In 2006, its sales amounted to CAN$1.7 billion and its net earnings reached CAN$175.5 million. AXA Canada is a member of the AXA Group, a world leader in Financial Protection, whose activities take place mostly in Western Europe, North America and the Asia/Pacific region. In 2006, the AXA Group’s sales amounted to CAN$112.2 billion and its managed assets to CAN$1,573 billion.

You may examine all the Canadian results of the 2007 AXA Retirement Scope (with international comparison) on the following website: www.axa.ca

The event was presided over by honorary chairs Gordon M. Nixon, president and chief executive officer of RBC, and Karen Radford, president of TELUS Québec. Each year, before an audience of more than 1,000 business people, including many prominent executives, LES NOUVEAUX PERFORMANTS recognizes Quebec’s management leaders.

Jean-François Blais is an ideal candidate for this award. His exceptional managerial skills, natural leadership ability and impressive career path have rightly cut him out from the crowd. In 2004, at age 37, he was appointed president of AXA in Canada, a company with assets under management of $3.3 billion and net earnings in excess of $132.2 million in 2005. And Mr. Blais made a point of sharing the glory with the entire AXA team and sending a message to the upcoming generation: “It is as a team that we succeed. Share, be generous and dare to work happy!”

The tribute paid to Jean-François Blais at this exciting and inspiring gathering of Quebec executives and decision-makers is also an honour for all of AXA, one that makes the company proud to be led by this talented man whose vision is already shaping Canadian business.

About AXA in Canada
AXA Canada is a member of the AXA Group, a world leader in financial protection. Present throughout Canada, AXA offers its clients, through its 2,250 employees and approximately 4,000 brokers and advisors, a broad range of property/casualty and life insurance products and financial services designed to protect them against risks, help them build their wealth and enable them to look forward to the future with peace of mind.

It is very different in China, where 66% of working people and 73% of retirees believe they must do everything they can to prevent the effects of aging on their appearance.

Only 4.5% of Canadians say that they have turned to cosmetic surgery. Even though 9.5% of Canadian respondents insist they intend to resort to this type of treatment some day to change some aspect of their physical appearance they do not like, only 5.5% of them would do it to look younger. This represents a significant contrast with Australia and the Asian countries, whose respondents are more likely to turn to cosmetic surgery. 9.5% of Australians say they have already undergone this type of treatment, while the Japanese intend to do it to change an aspect of their physical appearance they do not like (21.5%) or to look younger (13.5%).

To feel great or to increase one’s power of seduction?
In Canada, most respondents feel that this type of treatment is used to make you feel great (75% of working people and 76% of retirees), while 33% of working people and 20% of retirees believe that it is mostly to improve one’s power of seduction. This is the complete opposite with Asians. 62% of Chinese working people and 40% of retirees believe that cosmetic surgery improves sex appeal. The same applies in Japan (42% of working people and 24% of retirees).

For the rich and famous…
As it is the case for the international average, nearly one third of Canadians (31% of working people and 42% of retirees), believe that cosmetic surgery is only for the rich and famous. Canada is also one of the countries where cosmetic surgery is least associated with rejuvenation (21%), a point on which Canadians agree with the other Anglo-Saxon countries. It is interesting to note that, contrary to the rest of Canada, Quebecers are more likely to believe that cosmetic surgery can rejuvenate a person’s appearance (40%).

And especially for women…
The sex of a person is also a very significant factor in the importance given to one’s image. Contrary to 20% of women, only 7% of working men throughout the world would turn to cosmetic surgery to look younger or to change an aspect of their physical appearance they do not like. The gap is even wider for those who purchase anti-aging products. 30% of working and retired women regularly purchase this type of product, vs only 7% of working and 3% of retired men.

Canada is also one of the countries that is less likely to consume anti-aging cosmetic products, and is within the international average for this item. Only 18.5% of Canadians use such products. Generally speaking, retirees tend to be more concerned about the image they project than working people.

The AXA Retirement Scope
The AXA Retirement Scope is an international study whose objectives are exploring and understanding the attitudes of the population towards retirement and comparing its image to its reality.

The study, whose sample includes both working people and retirees, was carried out among 11,590 persons in 16 countries, from August 14 to September 10, 2006, in Canada, by a consortium of research companies led by the GFK Group and represented by CROP in Canada. The analyzed countries are as follows: Australia, Belgium, Canada, China, France, Germany, Hong Kong, Italy, Japan, the Netherland, New Zealand, Portugal, Spain, the United Kingdom, the United States and Singapore.

About AXA Canada
Operating throughout Canada, AXA Canada offers its clients, through its 2,250 employees and some 4,000 brokers and consultants, an extensive range of damage and personal insurance products and financial services. In 2005, its sales amounted to CAN$1.4 billion and its net earnings reached CAN$132.2 million. AXA Canada is a member of the AXA Group, a world leader in Financial Protection, whose activities take place mostly in Western Europe, North America and the Asia/Pacific region. In 2005, the AXA Group’s sales amounted to CAN$108.3 billion and its managed assets to CAN$1,459 billion.

You may examine all the Canadian results of the 2007 AXA Retirement Scope (with international comparison) on the following website: www.axa.ca

This is quite different from those in the same age group in countries such as China, the most optimistic (90% of those 35-44 and 85% of those 45-54), Spain (67% of those 35-44 and 73% of those 45-54) and Australia (64% of those 35-44 and 73% of those 45-54).

“The considerable transformations that will take place in the Canadian population during the next few decades, i.e., significant increase in retirements and progressive reduction of workers who contribute to government pension plans, arouse legitimate concerns in Canadians. Such unease about the permanence of our public pension plans also highlights the importance of tackling the financial aspect of one’s retirement by preparing for it early in life and continuing for a longer period of time since Canadians’ life expectancy continues to increase,” said Robert Landry, Executive Vice-President, Personal Insurance and Financial Services, AXA.

Good Quality of Life
The international study also shows that, despite the fact that approximately one third of Canadians realistically expect to see their standard of living drop once they retire, they do not expect their quality of life to be reduced to the same extent.

The study shows that Canadian retirees seem to enjoy a good overall quality of life. -All in all, they feel they are in good health (in very good health: 33%), to a greater extent than in non-English-speaking countries.
-Many practice a physical activity (69%) and, to a lesser extent, eat a balanced diet (59%) to stay in good shape.
-They feel they can access quality health care (very satisfied: 38%) and live in one of the countries where this perception is most widespread.
-They claim to be very happy (very happy: 42%, compared to Italy with a 13% rate), placing Canada among the highest in the study countries.

Changes Since 2006
Among the major changes we found, compared to the 2006 edition of the AXA Retirement Scope, were a reduction in certain fears of the actives (persons who work) regarding their reduced income (-12%) and standard of living (-10%) at retirement.

“This may be compared with the by and large fairly good performance of Canada’s economic situation. However, the AXA Retirement Scope highlights another reality, the fact that older actives, compared to young actives, expect an even lower retirement income, perhaps because they feel that they have not invested sufficiently or long enough in their retirement savings plan,” Mr. Landry added.

In the 2007 edition of the AXA Retirement Scope, we found that the retirees have a vision a little less positive of certain aspects of retirement. These retirees are also a little fewer (-11%) to say that they have a sufficient income and a little more numerous (+6%) to say that their quality of life has eroded since retirement.

Retirement: a Period of Freedom
Generally, Canadians don’t feel old or incapacitated when they retire. If this new phase of their lives does not exactly match the mythical globetrotting senior of the actives’ dreams, it is still well filled and voyages are part of a mix of physical and social activities that also include volunteering and/or personal interest centres.

Retirement is also perceived by Canadians as a period of freedom when you can (finally…?) spend time on yourself, whether it is plain resting or activities that you enjoy, when freedom may well contribute to the greater feeling of happiness that retirees feel compared with the actives.

The AXA Retirement Scope
The AXA Retirement Scope is an international study whose objectives are exploring and understanding the attitudes of the population towards retirement and comparing its image to its reality.

The study, whose sample includes both actives and retirees, was carried out among 11,590 persons in 16 countries, from August 14 to September 10, 2006, in Canada, by a consortium of research companies led by the GFK Group and represented by CROP in Canada. The analyzed countries are as follows: Australia, Belgium, Canada, China, France, Germany, Hong Kong, Italy, Japan, the Netherland, New Zealand, Portugal, Spain, the United Kingdom, the United States and Singapore.

About AXA
Operating throughout Canada, AXA offers its clients, through its 2,250 employees and some 4,000 brokers and consultants, an extensive range of damage and personal insurance products and financial services. In 2005, its sales amounted to CAN$1.4 billion and its net earnings reached CAN$132.2 million. AXA in Canada is a member of the AXA Group, a world leader in Financial Protection, whose activities take place mostly in Western Europe, North America and the Asia/Pacific region. In 2005, the AXA Group’s sales amounted to CAN$108.3 billion and its managed assets to CAN$1.459 billion.

You may examine all the Canadian results of the AXA Retirement Scope (with international comparison) on the following website: www.axa.ca

Peace wishes are more widely spread in the countries of Southern Europe and Asia than in Canada and in all English speaking countries. Canada is within the international average with regard to happiness wishes, and on top of the international list with regard to love wishes. However, Canadian retirees prefer peace (37%) rather than love wishes (32%), compared to Canadians who are working (actives).

The people polled associate almost unanimously (87%) the Holiday Season with happiness. This is even truer for men (93%) than for women (85%). It is however interesting to find that actives associate the Christmas and New Year Holiday Season with a period of excitement and stress more than retirees. 74% of actives vs. 58% of retirees see this period as a time of excitement, and 38% of actives vs. 23% of retirees see it as a time of stress. This difference could be attributable to the fact that retirees have more time to organize everything, and that polled people who have children associate more frequently the Holiday Season with stress (61%) than those who do not (39%).

In addition, the study revealed that many Spanish retirees (31%) live a more solitary life during the Holiday Season, followed by Italian retirees (22%). Canada comes fourth with 14% of retirees who associate the Christmas and New Year Holiday Season with a period of solitude. Overall, retirees feel more solitary during the Holiday Season than the actives.

The AXA Retirement Scope
The AXA Retirement Scope is an international study whose objectives are exploring and understanding the attitudes of the population towards retirement and comparing its image to its reality.

The study, whose sample includes both actives and retirees, was carried out among 11,590 persons in 16 countries, from August 14 to September 10, 2006, by a consortium of research companies led by the GFK Group and represented by CROP in Canada. The analyzed countries are as follows: Australia, Belgium, Canada, China, France, Germany, Hong Kong, Italy, Japan, the Netherland, New Zealand, Portugal, Spain, the United Kingdom, the United States and Singapore. The overall results of this study will be presented during the month of January 2007.

About AXA Canada
Present throughout Canada, AXA Canada offers a broad range of property/casualty and life insurance products and financial services to its clients through its 2,250 employees and some 4,000 brokers and advisors. In 2005, AXA had revenues of C$1.4 billion and net earnings of C$132.2 million. AXA Canada is a member of the AXA Group, a world leader in Financial Protection, whose business is concentrated in the North American, Western European and Asia-Pacific markets. In 2005, the AXA Group had revenues of C$108.3 billion and assets under management of C$1,459 billion.

In the surveyed countries, the average number of gifts given is 5.6 for working people and 4.65 for retirees. It also appears that food-related gifts are gaining in popularity this year. Retired people will be giving more digital cameras and trips while working people will be less likely to choose computer hardware as a gift than was the case last year.

In Canada, 88% of working people and 80% of retirees plan to give gifts this holiday season. Canada joins the United States, France and Australia as the countries with the highest percentage of gift givers, while the countries with the lowest percentage are Italy (71% of working people and 44% of retirees), Japan (63% of working people, 33% of retirees) and China (46% of working people, 28% of retirees).

The gift budget of working and retired Canadians remains relatively high, averaging $969 for working people and $799 for retirees, which, in the case of the latter group, is approximately equal to half their average monthly income. Along with the United States and the United Kingdom, Canada remains one of the countries with the largest gift budgets. Such budgets are significantly lower in Belgium ($568 for working people and $638 for retirees), Japan ($394 for working people, $234 for retirees) and China ($219 for working people, $201 for the retirees).

AXA Retirement Scope
AXA Retirement Scope is an international survey designed to explore and understand people’s attitudes toward retirement and to compare its image with reality.

The survey, which included a sampling of 11,590 working and retired people in 16 countries, was conducted between August 14 and September 10, 2006, by a consortium of polling firms headed by the GfK Group and represented in Canada by CROP. The following countries were involved: Australia, Belgium, Canada, China, France, Germany, Hong Kong, Italy, Japan, the Netherlands, New Zealand, Portugal, Singapore, Spain, the United Kingdom and the United States. The complete results of the survey will be released in January 2007.

About AXA Canada
Present throughout Canada, AXA Canada offers a broad range of property/casualty and life insurance products and financial services to its clients through its 2,250 employees and some 4,000 brokers and advisors. In 2005, AXA had revenues of C$1.4 billion and net earnings of C$132.2 million. AXA Canada is a member of the AXA Group, a world leader in Financial Protection, whose business is concentrated in the North American, Western European and Asia-Pacific markets. In 2005, the AXA Group had revenues of C$108.3 billion and assets under management of C$1,459 billion.

"Our study showed that retired Canadians were in excellent health compared with their counterparts in the world’s other leading countries, largely due to their good exercise and eating habits", said Lise Allard, Manager, Communication, at AXA Canada. "Given the aging of the population in coming years, the sound health of Canadians will be a decisive factor in maintaining the cost of public and private medical insurance plans at a reasonable level."

Healthy habits account for retired Canadians’ excellent heath
One of the main reasons for Canada’s strong results is the high proportion of retirees who engage in physical activity. Like their counterparts in Hong Kong, retired Canadians are among the most physically active in the world (71%), just behind the Germans (73%). In comparison, retirees in other countries, such as Belgium (52%), Spain (39%) and Italy (36%), are much less active.

Another factor contributing to the health of retired Canadians is their good eating habits. Some 56% of retired Canadians say they are careful about their diet, as opposed to 53% of working Canadians. Retired people in some other countries, such as Italy (28%), France (24%) and Belgium (23%), pay little attention to their diet.

Baby boomers: a cause for concern
Despite Canada’s strong overall results, the survey turned up some worrying statistics about working Canadians age 45 and over—the baby boomers—who appear to be less concerned about maintaining a healthy lifestyle.

For example, only 66% of baby boomers said they played sports or exercised to stay healthy, compared with 81% of 25-to-44 year olds and 71% of retirees. Moreover, only 45% of baby boomers eat a healthy diet, compared with 56% for all other working and retired Canadians.

The main threats to health: stress and pollution
Working Canadians feel that stress (88%) and pollution (84%) are the greatest threats to their health. Even after they retire, a significant majority of Canadians views stress as the main health threat (71%) after pollution (80%). The other main health threats named by working and retired Canadians are smoking (66%), fast food and industrialized food (66%) and alcohol (49%).

AXA Retirement Scope
AXA Retirement Scope is an international survey designed to explore and understand people’s attitudes toward retirement and to compare the image of retirement with the reality. The survey, whose sample included 6,915 working and retired people in 11 countries, was conducted between July 14 and August 21, 2005, by a consortium of polling firms headed by GfK Group and represented in Canada by CROP. The following countries were involved: Australia, Belgium, Canada, France, Germany, Hong Kong, Italy, Japan, Spain, the United Kingdom and the United States.

About AXA Canada
Present throughout Canada, AXA Canada offers a broad range of Property/Casualty and Life Insurance products and financial services to its clients through its 4,000 brokers and advisors. In 2005, AXA had revenues of C$1.4 billion and net earnings of C$132.2 million. AXA Canada is a member of the AXA Group, a world leader in financial protection, whose business is concentrated in the North American, Western European and Asia/Pacific markets.

For the complete survey results, please visit the www.axa.ca website.

Montreal, March 1, 2006 – Having received Federal Government approval, AXA Canada is today announcing the closing of the acquisition of The Citadel, General Assurance Company. The agreement, entered into with Winterthur Group, involves a consideration of approximately CAD$310 million.

In line with the company’s growth strategy, the new entity will include more than 2,000 employees and a distribution network of 1,400 brokers throughout Canada. The transaction will also boost AXA Canada’s premium volume to approximately CAD$1.6 billion and its Property/Casualty market ranking to 6th.

"Now that this phase is completed, we can focus on integrating our teams and our structures to offer a broader range of products and services, bringing us closer to our goal of being the preferred company in our industry", said Jean-Francois Blais, President and Chief Executive Officer of AXA Canada.

Following this transaction, AXA Canada will keep its regional structure in an effort to continue to better service its brokers and clients and progressively integrate The Citadel’s resources and activities within its subsidiaries AXA Pacific Insurance in the West, AXA Insurance (Canada) in Ontario and the Atlantic Provinces, and AXA Assurances in Quebec.

Building on the dynamism of its expanded team, AXA Canada will now continue to grow its expertise in the commercial insurance sector, pursue the diversification of its personal lines portfolio in all Canadian markets, and further develop its Financial Services and Life and Health insurance volume. Finally, with the addition of new brokers, the Company will now benefit from an expanded distribution network.

"The acquisition of Citadel further supports our strategy to become a Canadian leader in Financial Protection,” added Mr. Blais. “Our increased critical mass in key markets, especially outside Quebec, will allow us to offer a broader range of value-added products and services to our brokers and clients throughout Canada."

About AXA Canada
Present across Canada, AXA Canada offers a complete line of P&C, Life Insurance products and Financial Services to its clients through some 4,000 brokers and advisors. In 2005, AXA Canada had revenues of CAD$1.4 billion and net earnings of CAD$132,2 million. AXA Canada is a member of the AXA Group, a world leader in Financial Protection. AXA’s operations are diverse geographically, with major operations in Western Europe, North America and the Asia/Pacific area.

A high percentage (75%) of Canadians also favour reducing the tax burden on the retired. Such measures are especially desired by the working (81%) and by retired Quebecers (82%).

Conducted in 11 countries, the survey reveals that 55% of working Canadians expect pension reform to occur, up 11 percentage points from the 2004 survey. Seventy-five percent of working Canadians also anticipate they will have to work longer before retiring, while 70% think their public pension benefits will be reduced.

"Canadians are increasingly aware of the problems related to the aging of the population and the decreasing number of workers versus retirees," explains Lise Allard, Manager, Communication, AXA Canada. "It is probably one of the main reasons why so many people expect pension reform to occur and feel the retired should be taxed at a lower rate than the working."

Similarly, compared with their counterparts worldwide, working Canadians are among the least inclined (35%) to assume complete responsibility for funding their retirement. Most feel that government (81%) and employers (67%) are also responsible. For their part, workers in Japan (75%), Hong Kong (72%) and Germany (62%) are more convinced that the responsibility falls mainly on the individual.

Canadians are among the most far-sighted in the world
According to the survey results, working Canadians are among the most far-sighted in the world when it comes to preparing for retirement. Specifically, 78% of the working population age 25 and over has begun their retirement preparations, an 8% increase from last year. As a result, Canada now ranks third in the world, just behind the United States (84%) and Germany (82%).

Also, Canadians are preparing for retirement increasingly early, at age 30 on average. Only workers in the United Kingdom begin their retirement preparations earlier (age 28). Moreover, the survey revealed that working Canadians are the third biggest savers in the world, exceeded only by their counterparts in the United States and Hong Kong (once exchange rates have been taken into account). Canadian respondents said they saved an average C$586 a month for retirement.

Problems determining future retirement income
"Our survey also reveals that several working Canadians—in particular women, young workers and the less affluent—have a poor idea of what their future retirement income will be," Ms. Allard says.

Specifically, only 20% of the Canadians who responded to the survey said they could calculate the amount of income they will receive when the retire.
"Working Canadians have traditionally relied on the government and employers to assume a large part of the responsibility for funding their retirement," Ms. Allard adds. "However, in the current context, where workers are being called on to assume a greater share of the responsibility, significant educational work remains to be done if we are to ensure Canadians continue to enjoy some of the best retirement conditions in the world."

Other survey highlights
• Canadians’ positive view of retirement explains their desire to retire at an increasingly early age. Working Canadians dream of retiring at age 56.
• In Canada, more than three out of four retirees (78%) say they took early retirement. Compared with the rest of the world, Canadians are the most likely to leave work before the normal retirement age. In Hong Kong (46%), France (35%) and Italy (32%), fewer than half of workers take early retirement. In Japan, fewer than a quarter (20%) do.
• Retired Canadians are among the most likely to hold a paid job after they retire (14%), a percentage comparable with that for retired Americans (15%). Retired Japanese are the champions, however, with 40% holding a paid job.
• Only 15% of retired Canadians say their standard of living has improved, an eight percentage point drop from last year. Following the same trend, 40% of working Canadians (a nine percentage point increase) believe their standard of living will fall when they retire.
• Canadians obtain information about their future retirement from a variety of sources, most often private sector sources such as banks, insurance companies and financial advisors.
• When it comes to saving for retirement, Canadians tend to prefer safe and diversified financial investments. Life insurance and tax-sheltered savings plans remain the most popular ways of supplementing government pension plans. Some Canadians, especially the more affluent, are less risk adverse. One in two Canadians, and an even higher percentage of the retired (62%), rely on stock market investments to help fund their retirements. Employer pension funds also play a key role retirement preparations, in particular for retirees.

AXA Retirement Scope
AXA Retirement Scope is an international survey designed to explore and understand people’s attitudes toward retirement and to compare the image of retirement with the reality.

The latest survey sample included 6,915 working and retired people in 11 countries. The survey was conducted between July 14 and August 21, 2004, by a consortium of polling firms headed by GfK Group and represented in Canada by CROP. The following countries were involved: Australia, Belgium, Canada, France, Germany, Hong Kong, Italy, Japan, Spain, the United Kingdom and the United States.

About AXA Canada
Present throughout Canada, AXA Canada offers a broad range of Property/Casualty and Life Insurance products and financial services to its clients through its 1,900 employees and 4,000 brokers and advisors. In 2004, AXA had revenues of C$1.3 billion and net earnings of C$84.4 million. AXA Canada is a member of the AXA Group, a world leader in financial protection, whose business is concentrated in the North American, Western European and Asia/Pacific markets. In 2004, the AXA Group had revenues of C$116.7 billion and assets under management of C$1.2 trillion.

For the overall survey results, please visit the www.axa.ca website.

Montreal, January 26, 2006 – According to AXA Retirement Scope, a survey of 6,915 persons in 11 countries, retired Canadians are among the most likely to be engaged in an income-earning activity (14% of respondents), albeit not nearly as likely as the Japanese (40%). The least likely are the retired people in the United Kingdom and Germany (9%), Belgium and Spain (8%) and France (4%).

The results are not surprising, as Canadians are less opposed to increasing the legal retirement age than the citizens of most other countries. According to the survey, working Canadians, especially those in Quebec, oppose the idea, while retired Canadians are of two minds. The consensus retirement age limit is 67 in Canada, compared with 61 in the United States and 58 in Australia.

The perception of the age at which one is considered old probably works in retired Canadians’ favour. As in the United States, Canadians, especially retired Canadians, feel old age comes relatively late in life (age 75). Canadian women are even more optimistic, claiming it comes at age 82. Interestingly, survey respondents in Hong Kong and Japan gave age 59 and 57 respectively in answer to this question. In the other countries surveyed, the answers ranged from age 71 to 75.

Appreciation of retired persons’ quality of work
As in other Anglo-Saxon countries (Australia, the United States and the United Kingdom), Canadians are among the most convinced of the value of work done by persons over 65. Specifically, 90% of working Canadians and 92% of retired Canadians feel that persons age 66 and over can produce quality work. This is in sharp contrast with Germany, Italy and Spain, where respectively 66%, 69% and 70% of survey respondents share this perception.

Gap between working and retired people
Once again this year, AXA Retirement Scope noted a significant discrepancy between the hopes of working people and the reality of retired people the world over. If 58% of working Canadians hope to have some form of income-earning activity after retirement, the reality is a different story. In fact, only 14% of Canadians will continue to be engaged in an income-earning activity after age 65 (19% of men, 9% of women). By way of comparison, 31% of French working people anticipate having an income-earning activity after retirement while only 4% of retired people actually do.

AXA Retirement Scope
AXA Retirement Scope is an international survey designed to explore and understand people’s attitudes toward retirement and to compare the image of retirement with the reality. The survey sample included 6,915 working and retired people in 11 countries and was conducted between July 14 and August 21, 2005, by a consortium of polling firms headed by GFK Group and represented in Canada by CROP. The following countries were involved: Australia, Belgium, Canada, France, Germany, Hong Kong, Italy, Japan, Spain, the United Kingdom and the United States. The overall survey results will be released in January 2006.

About AXA Canada
Present throughout Canada, AXA Canada offers a broad range of Property/Casualty and Life Insurance products and financial services to its clients through its 1,900 employees and 4,000 brokers and advisors. In 2004, AXA had revenues of C$1.3 billion and net earnings of C$84.4 million. AXA Canada is a member of the AXA Group, a world leader in financial protection, whose business is concentrated in the North American, Western European and Asia/Pacific markets. In 2004, the AXA Group had revenues of $116.7 billion and assets under management of $1.2 trillion.

For the overall survey results, please visit the website www.axa.ca.

In Canada, retired persons will favour their children and grandchildren. Specifically, 86% of retired Canadians intend to buy presents for their children and 78% for their grandchildren. Cultural and practical gifts are the most popular this year, with 77% of respondents planning to purchase books, CDs, DVDs and clothes. Mobile telephones and travel are offered as gifts more rarely than in the other countries in the survey.

Compared with last year, working Canadians will be slightly more generous than retired Canadians, which is also the case in nearly all the countries surveyed.

Working Canadians will spend an average $999 on holiday gifts, $312 more than last year. In terms of spending, they rank third after the United States ($1,533) and the United Kingdom ($1,208).

As is the case elsewhere in the world, working Canadians buy presents mainly for family members (children, spouses and parents). They are also among those who think of their work relationships, being outdistanced in this category only by their counterparts in the United States, Hong Kong and the United Kingdom.

AXA Retirement Scope
AXA Retirement Scope is an international survey designed to explore and understand people’s attitudes toward retirement and to compare the image of retirement with the reality. The survey sample included 6,915 working and retired people in 11 countries and was conducted between July 14 and August 21, 2005, by a consortium of polling firms headed by GFK Group and represented in Canada by CROP. The following countries were involved: Australia, Belgium, Canada, France, Germany, Hong Kong, Italy, Japan, Spain, the United Kingdom and the United States. The overall survey results will be released in January 2006.

About AXA Canada
Present across Canada, AXA Canada offers a broad range of Property/Casualty and Life Insurance products and financial services to its clients through its 1,900 employees and 4,000 brokers and advisors. In 2004, AXA had revenues of C$1.3 billion and net earnings of C$84.4 million. AXA Canada is a member of the AXA Group, a world leader in financial protection, whose business is concentrated in the North American, Western European and Asia/Pacific markets. In 2004, the AXA Group had revenues of $116.7 billion and assets under management of $1.2 trillion.

Montreal, November 29, 2005 – AXA Canada announced today it has entered into an agreement to buy Winterthur Canada Financial Corporation, whose main asset is The Citadel General Assurance Company (“Citadel”). The acquisition is subject to various conditions, including the approval of Canadian regulatory authorities. Consideration will be ca. CAD$310 million. The acquisition will be financed internally by the AXA Group.

Headquartered in Toronto, Citadel sells accident and sickness, liability, property and automobile insurance. With some 350 employees, the company distributes its products through a network of approximately 350 independent property and casualty brokers, and 1,200 accident and sickness brokers and benefit consultants throughout Canada. In 2004, the company had revenues of CAD$330.5 million and assets of CAD$669 million.

The transaction will provide several key strategic benefits for AXA Canada, including:
o Significant growth in commercial lines volume and expertise;
o Diversification of its portfolio in all Canadian markets;
o Further development of its Financial Services and Life Insurance volume with the addition of new accident and sickness insurance products;
o Expansion of its distribution network through the addition of new brokers;
o The opportunity to provide additional solutions and products to its brokers and clients.

“The acquisition of Citadel further supports our strategy to become a Canadian leader in Financial Protection,” said Jean-François Blais, President and Chief Executive Officer of AXA Canada. “By significantly increasing our critical mass in key markets outside Quebec and strengthening and diversifying our overall expertise and capability in P&C, Life Insurance and Financial Services, the transaction brings us closer to our goal of being the preferred company in our industry.”

AXA will now be stronger not only because of the acquisition of Citadel’s portfolio and the addition of new brokers but also because it gains the expertise and professionalism of the men and women who contributed to the success of Citadel.

“We are excited by the idea of joining a company with such a forward-looking vision, focussed on quality and solid performance”, said Bill Breckles, President and Chief Executive Officer of Citadel. “We see a great strategic fit between Citadel and AXA Canada. Our values and organizational cultures are similar and our products and distribution networks complementary. This combination will benefit both companies’ clients and brokers.”

About AXA Canada
Present across Canada, AXA Canada offers a complete line of P&C, Life Insurance products and Financial Services to its clients through its 1,900 employees and 4,000 brokers and advisors. In 2004, AXA Canada had revenues of CAD$1.3 billion and net earnings of CAD$84.4 million. AXA Canada is a member of the AXA Group, a world leader in Financial Protection. AXA’s operations are diverse geographically, with major operations in Western Europe, North America and the Asia/Pacific area.

The Mildred Jones Award is presented yearly to a woman in the insurance industry who distinguishes herself through her professionalism and involvement in the field. The MAIW launched the prestigious competition in 1993, its thirtieth anniversary year, in memory of its founder and first president, Mildred Jones. Bringing together women who work in the insurance industry, the MAIW provides various services to its members to assist them in, among other things, developing and maintaining professional ties and updating and upgrading their insurance-related skills.

Submitted in January, Réjane Legault’s nomination quickly stood out from the pack. And it is easy to see why! Her remarkable career path since joining AXA, her passion for communication, her role as a strategic advisor to senior management and her skill at managing all the company’s internal and external communication activities across Canada are indeed noteworthy.

A remarkable communicator and rallier
Ms. Legault’s qualities as a communicator and rallier, her work on positioning the AXA brand and her ongoing efforts to promote our industry prove beyond the shadow of a doubt that she fully deserves the Insurance Woman of the Year title.

The award rightly pays homage to a woman who has succeeded in meeting the challenge she set for herself: to play a strategic and decisive role in communication and thereby contribute to AXA’s growth. In fact, Réjane Legault has so expertly guided the company in this area that she is generally given credit for the excellent recognition that AXA and its broker network enjoy today.

AXA in Canada is a member of the AXA Group, a world leader in financial protection. Through its Canada-wide network of 5,000 brokers and advisors, AXA offers a full line of Property/Casualty and Life Insurance products and financial services. AXA’s mission is to protect its clients against a wide range of risks, to help them build their wealth and to enable them to look forward to the future with peace of mind. In 2003, AXA had revenues of $1.3 billion and net earnings in excess of $67 million.

The Mildred Jones Award is presented yearly to a woman in the insurance industry who distinguishes herself through her professionalism and involvement in the field. The MAIW launched the prestigious competition in 1993, its thirtieth anniversary year, in memory of its founder and first president, Mildred Jones. Bringing together women who work in the insurance industry, the MAIW provides various services to its members to assist them in, among other things, developing and maintaining professional ties and updating and upgrading their insurance-related skills.

Submitted in January, Réjane Legault’s nomination quickly stood out from the pack. And it is easy to see why! Her remarkable career path since joining AXA, her passion for communication, her role as a strategic advisor to senior management and her skill at managing all the company’s internal and external communication activities across Canada are indeed noteworthy.

A remarkable communicator and rallier
Ms. Legault’s qualities as a communicator and rallier, her work on positioning the AXA brand and her ongoing efforts to promote our industry prove beyond the shadow of a doubt that she fully deserves the Insurance Woman of the Year title.

The award rightly pays homage to a woman who has succeeded in meeting the challenge she set for herself: to play a strategic and decisive role in communication and thereby contribute to AXA’s growth. In fact, Réjane Legault has so expertly guided the company in this area that she is generally given credit for the excellent recognition that AXA and its broker network enjoy today.

AXA in Canada is a member of the AXA Group, a world leader in financial protection. Through its Canada-wide network of 5,000 brokers and advisors, AXA offers a full line of Property/Casualty and Life Insurance products and financial services. AXA’s mission is to protect its clients against a wide range of risks, to help them build their wealth and to enable them to look forward to the future with peace of mind. In 2003, AXA had revenues of $1.3 billion and net earnings in excess of $67 million.

“On average, and this holds true for all 15 countries covered by the study, retirees spend about 20% more than working people (‘actives’) to spoil their children and grandchildren,” said Réjane Legault, vice-president, Communication, of AXA in Canada.

In Canada, active people spend $687 on their Christmas gifts, on average. Our country comes fifth after the UK ($1,247), the USA ($1,174), Spain ($767) and Germany ($726). Actives likely to spend the least are again found in the Netherlands ($161) and Japan ($125).

New Year’s Eve Celebrations
Canadians consider New Year’s Eve an occasion to celebrate with their family but also with friends. According to the survey, 19% of actives and 14% of retirees in Canada expected to spend New Year’s Eve with friends. In that, they very much resemble New Zealanders. It is in Japan that we find the fewer respondents likely to celebrate with friends (3% of actives and 1% of retirees). Respondents in Spain and Portugal expressed a similar opinion.

Regarding the place where New Year’s Eve celebrations take place, home was the first choice of Canadian respondents (55% of actives and 56% of retirees) as it was throughout the 15 countries covered by the survey. But celebrating with friends seemed popular also with Canadians (20% of actives and 11% of retirees), just as it was for the Italians (21% of actives and 7% of retirees).

In general, few Canadians (3% of actives and 4% of retirees) celebrate New Year’s Eve in a restaurant. This habit is more popular in Belgium (10% of actives and 7% of retirees), France (7% of actives and 7% of retirees) and the UK (7% of actives and 3% of retirees).

Going out to see a show on New Year’s Eve was not much favoured by Canadian respondents (1% of actives and 1% of retirees). This practice is more popular in Germany (7% of actives and 4% of retirees), Italy (7% of actives and 4% of retirees) and Portugal (5% of actives and 1% of retirees).

Finally, will Canadians (actives and retirees) travel at this time of the year? Moderately, according to the survey. 4% of actives and 3% of retirees expected to travel. The champions for this category were New Zealanders (15% of actives and 7% of retirees), followed by respondents in Italy, the UK and the USA.

The “AXA Retirement Scope”
The “AXA Retirement Scope” is an international study whose objectives are to explore and understand the attitudes of the population regarding retirement and check its image against its reality. The study, whose sample includes active and retired people, was carried out among 9,200 persons in 15 countries, between October 12 and November 7, 2004, by a consortium of research organizations led by the GFK Group and represented by CROP in Canada. The analyzed countries were as follows:, Australia, Belgium, Canada, France, Germany, Hong Kong, Italy, Japan, the Netherlands, Portugal, the USA, New Zealand, the UK, Singapore and Spain. The overall results of this study will be presented in January 2005.

About AXA
Present across Canada, AXA offers a complete line of Property/Casualty and Life Insurance products and financial services to its clients through its 1,800 employees and 2,600 brokers. In 2003, AXA had revenues of $1.3 billion and net earnings of $67.2 million. AXA is a member of the AXA Group, a world leader in financial protection with more than 50 million insureds. AXA’s operations are diverse geographically, with major operations on the markets of North America, Western Europe and the Asia/Pacific area. In 2003, the AXA Group had revenues of $113.3 billion and assets under management of $1.3 trillion.
For a more detailed breakdown of the questions and responses used in the “AXA Retirement Scope,” please visit www.axa.ca

The affirmation of the ratings considers each company’s respective capital position, historical underwriting and operating results, experienced management teams, disciplined underwriting standards, market leadership and market conditions, as well as AXA Canada’s prudent utilization of reinsurance to spread risk, protect surplus and add capacity.

Partially offsetting these strengths are the significant risk exposures on automobile lines for the subsidiaries operating in Alberta and Ontario, current interest rate environment and exposure to catastrophic loss or regulatory changes due to a concentration of exposure within specific geographic areas.

AXA Canada is a Canadian holding company, whose property/casualty insurance operations throughout Canada rank seventh overall in terms of direct premiums written. Its primary subsidiaries in Quebec have excellent capitalization and continue to produce strong profits from operations due to sound underwriting and very profitable market conditions that exist in that province AXA Canada’s ultimate parent is AXA–France (France).

The ratings of AXA Canada’s subsidiaries operating in other provinces, specifically, Alberta, Ontario and Newfoundland, are under pressure, primarily due to the volatile automobile markets and the uncertainty of regulatory changes being enacted to make the automobile product more affordable and profitable. Additionally, these companies are being challenged to produce profitable underwriting results since investment returns have been below average due to the low interest rate environment. Furthermore, there is significant risk of catastrophic loss from earthquakes as well as exposure to construction liability claims in western Canada. Management has taken aggressive steps to reduce these exposures and to protect surplus through the efficient use of reinsurance backed to quality reinsurers. Moreover, loss reserves were significantly strengthened to reduce the potential for adverse development. The ratings for the subsidiaries located in Ontario and Newfoundland will remain under pressure pending capital strengthening, stabilization of loss reserves and further underwriting improvement.

The financial strength ratings of A+ (Superior) have been affirmed with a stable outlook for the following subsidiaries of AXA Canada Inc. Both subsidiaries are located in Quebec.
- AXA Assurances Inc.
- AXA Assurances Agricoles Inc.
The financial strength rating of A (Excellent) has been affirmed with a stable outlook for AXA Pacific Insurance Company (British Columbia).

The financial strength ratings of A- (Excellent) have been affirmed with a negative outlook for the following subsidiaries of AXA Canada Inc. All of these subsidiaries are located in Ontario, except for the company located in Newfoundland.
- AXA Insurance (Canada)
- Anglo Canada General Insurance Company
- Insurance Corporation of Newfoundland Limited

A.M. Best Co., established in 1899, is the world’s oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best’s Web site at www.ambest.com.

Now in its 27th year, the provincial ARISTA Competition recognizes the talent and success of executives, professionals, self-employed workers and entrepreneurs between the ages of 18 and 40 from every region and field of economic activity in Quebec. The winners in the competition’s seven categories were announced at a prestigious gala held at the Palais des congrès de Montréal on May 13 and attended by 600 guests.

Mr. Blais was nominated in the Young Executive in Quebec category of this major competition, which spotlights the performance, excellence and success of young business people who are helping to shape Quebec society. Mr. Blais was the choice of the prestigious jury chaired by L. Jacques Ménard, President, BMO Financial Group, Quebec, and composed of more than 30 prominent members of the business community.

Mr. Blais’ nomination stood out for several reasons, in particular his vision and management style that emphasizes balance, satisfying his colleagues, brokers, clients and shareholder, and a strategy rooted in the company’s five values: professionalism, innovation, pragmatism, team spirit and integrity. His exceptional leadership skills and impressive career path, his successfully taking on challenges that led him, at age 37, to become President of AXA in Canada, his ambition to grow AXA and, above all, the company’s outstanding results for fiscal 2003 earned him the title of Young Executive in Quebec.

This prestigious award clearly confirms that Jean-François Blais—who was appointed President and Chief Executive Officer of AXA Canada on April 1—has a great gift for success. Moreover, it unequivocally confirms that AXA is headed by an extremely talented man able to lead it to the highest levels of achievement in its core business, financial protection.

AXA in Canada is a member of the AXA Group, a world leader in financial protection. Through its Canada-wide network of 2,500 brokers, AXA offers a full line of Property/Casualty and Life insurance products and financial services. AXA’s mission is to protect its clients against a wide range of risks, to help them build their wealth and to enable them to look forward to the future with peace of mind. In 2003, AXA had revenues of $1.3 billion and net earnings in excess of $67 million.

After a remarkable career extending more than 40 years, including 22 years at the helm of AXA in Canada, Jean-Denis Talon, whose leadership and vision have enabled the company to move to the forefront of Canadian insurers, announced his decision to retire from his duties as Chief Executive Officer. It is with pleasure and a sense of continuity that he has handed the company’s reins to Jean-François Blais.

A member of the AXA team since 1988, Jean-François Blais held various positions in the company and climbed the corporate ladder before being appointed President and Chief Operating Officer of AXA in Canada in December 2002. As such, he drew on his leadership skills and oversaw the company’s growth. A graduate of Université Laval with a bachelor’s degree in Actuarial Science, he is a Fellow of both the Casualty Actuarial Society and the Canadian Institute of Actuaries.

Mr. Blais’s appointment as President and Chief Executive Officer of AXA in Canada is another important milestone for the company’s development. “Having long been aware of Jean-François’s exceptional career path, I pass the torch to him with complete confidence,” said Mr. Talon. “With his fine sense of strategy, innovative spirit and leadership based on balanced management, he will rally his employees around the AXA Vision and inspire them to act in a unified manner, as a team. I am convinced he will meet this new challenge with his usual determination and lead AXA to new heights.”

Following in his mentor’s footsteps
A team worker who listens to those around him, Mr. Blais takes the helm while sharing his predecessor’s ambition: to grow AXA. “Ever since becoming head of Canadian operations, I have been inspired by my mentor, Jean-Denis Talon, who held the position for more than 20 years—inspired to maintain continuity and realize AXA’s vision, which is to be the Canadian standard in our field, financial protection,” said Mr. Blais.

Mr. Blais also shares Mr. Talon’s values and profound respect for his regional management teams and fellow employees across Canada. He is counting on this solid team to fulfill AXA’s mission by pursuing excellence and striving constantly to satisfy the company’s employees, brokers, clients and shareholder. Mr. Blais will also continue to enjoy the support of his mentor, who remains Chairman of the Board.

AXA’s leaders honoured
Mr. Talon recently received two new honours that join the long list of awards and distinctions crowning his career. On March 24, the French Chamber of Commerce in Canada named him its Canada-France Business Personality of 2004. In February, the newspaper Finance et Investissement ranked him among the Top 25, Quebec’s most influential business personalities in 2003.

Like his predecessor, Mr. Blais has been recognized for his exceptional leadership abilities. For example, he is one of the three finalists in the Quebec Young Executive category of the 2004 ARISTA competition organized by the Jeune Chambre de Commerce de Montréal; the winner will be announced on May 13. Since March 31, Mr. Blais has held a seat on the Board of Directors of the Insurance Bureau of Canada; as such, he is the youngest board member in the organization’s history.

With such a distinguished record, AXA appears destined to experience new success and to become an even more prominent player in its field.

Present across Canada, AXA offers a complete line of Property/Casualty and Life Insurance products and financial services to its clients through its 1,700 employees and 2,500 brokers. In 2003, AXA had revenues of $1.3 billion and net earnings of $67.2 million. AXA is a member of the AXA Group, a world leader in financial protection with more than 50 million insureds. In 2003, the AXA Group had revenues of $113.3 billion and assets under management of $1.3 trillion.

Now in its second year, the competition honours women and men whose exceptional careers have created and developed business links between Canada and France. The 2004 prizewinner in the competition’s Business Personality category was announced on Wednesday, March 24, at a ceremony at the Sofitel Hotel in Montreal.

Among the finalists in his category, Mr. Talon’s candidacy stood out. In fact, Mr. Talon was the jury’s unanimous choice from among several French and Canadian nominees whose companies have played a key role in maintaining the vital business relationship between Canada and France.

And not without reason! This prestigious award crowns a more than 40-year career during which—in the words of the award ceremony’s souvenir program—Jean-Denis Talon "has successfully combined vision, strategy and growth while retaining his deeply human values. With an iron will, he took on great challenges to lead the AXA group to quality and profitability while demonstrating ingenuity and imagination." The jury’s comments read, "Not only did he succeed in making the Canadian subsidiary of a French company a resounding success in the insurance field, he also acquired, turned around and grew companies across Canada that were experiencing difficulty, thereby giving AXA a presence from the Atlantic to the Pacific."

The Canada-France Business Personality award joins other honours already conferred on the great leader, unifier and giver of himself that is Jean-Denis Talon.

AXA in Canada is a member of the AXA Group, a world leader in financial protection. Through its Canada-wide network of 2,500 brokers, AXA offers a full line of Property/Casualty and Life Insurance products and financial services. AXA’s mission is to protect its clients against a wide range of risks and to help them build their wealth. In 2003, AXA had revenues of $1.3 billion and net earnings in excess of $67 million.

Packed with information, www.impactnofault.com answers numerous questions on the Quebec automobile insurance plan and presents the issues at stake. "A recent poll clearly showed that Quebecers’ support for the government’s proposed changes drops sharply when they learn about the possible repercussions of the project. We created this site to inform as many people as possible about the effects of this reform," said Mr. Jacques Valotaire, IBC-Québec committee chair.

IBC opposes the proposed government reform and is worried that it will undermine the current system. In addition to the uneven treatment of the victims that the proposed changes may cause, IBC is also concerned about the possibility of rising auto insurance premiums.

"The government is taking the wrong approach by changing the no-fault plan. We certainly understand why accident victims and their families feel the way they do about criminal drivers. We also understand the government’s desire to deter criminal behavior behind the wheel. However, we believe that the automobile insurance plan should first and foremost address the compensation issue. If the government's intention is to punish criminal drivers, perhaps it should instead consider revising the Highway Safety Code and the Criminal Code, or how these laws are enforced. In our opinion, the government is planning to make changes that will cause more problems than they solve," concluded Mr. Jacques Valotaire.

An analysis of the survey reveals that, while the majority of the population seems to be spontaneously in favour of the changes proposed by the government, perceptions vary greatly when respondents are confronted with specific situations. In order to measure the public’s support for the government’s plan, cases examples were presented to the respondents.

The results of this exercise are very revealing. For instance, 77% of respondents initially stated that they were in favour of the amendment aimed at cutting off benefits for criminal drivers, but awarded it an average score of 4.5 out of 10 when asked about a specific case. With respect to reinstating the right to sue, the rate of approval dropped from 69% to a score of 4.6 out of 10. Finally, after the persons surveyed learned about three actual cases concerning the reimbursement by criminal drivers of amounts paid to victims, their support collapsed, falling from 65% to scores of 5 out of 10, 3.9 out of 10 and 5.3 out of 10 respectively for the three cases submitted.

“A review of this data shows that the answers are much more varied when the public becomes aware of the actual implications of the government’s plans. This is certainly the reason why respondents feel that the government should provide better compensation to victims (63%) rather than reinstate the right to sue”, explains Jacques Valotaire, chairman of IBC Quebec.

Furthermore, when individuals surveyed were told about the possible consequences of cutting off benefits paid to criminal drivers injured in an accident for which they are responsible, this amendment received the support of 17% of respondents only. A large proportion of Quebecers, i.e. 87%, felt that it should be imperative to hold public hearings before making a final decision on the proposed changes.

The survey also addressed the issue of premium increases. On this issue, 68% of those surveyed felt that the amendments proposed by the government would result in higher automobile insurance premiums. The public’s support for the government’s plan declines significantly as the percentage of premium increase becomes higher.

The survey provides information on the main factors that would prevent individuals, should they be victims of criminal drivers, from suing them even if they have the right to do so. These factors are in decreasing order: lawyers’ fees, long waits, the criminal driver’s insolvency and the psychological pain of having to relive the event during the proceedings.

“The survey confirms that, while the public may find the government’s intentions commendable, the means used seem inappropriate. We are convinced that once the Quebec people are better informed about the consequences that these changes may bring about, a large majority will want to keep the current no fault system and will oppose the implementation of new judicial proceedings. We hope that the results of this survey will influence the government’s thinking in this matter”, Mr Valotaire concluded.

The survey was conducted by Impact Recherche, between August 1 and August 19, 2003, and included 1,015 persons over 18 years of age across the province of Quebec. The margin of error is ± 3.1 percentage points, 19 times out of 20. The complete survey may be viewed on the following Web site: www.bac-quebec.qc.ca

The affirmation of the ratings for AXA Assurances Inc., AXA Assurances Agricoles Inc. and AXA Pacific Insurance Company considers their respective capital positions, historically excellent underwriting and operating results, experienced management teams, disciplined underwriting standards and prudent utilization of reinsurance. These companies are also among the market leaders in their respective provinces.

Partially offsetting these strengths is pressure on the capitalization of AXA Assurances due to the performance of its subsidiaries, particularly Anglo Canada. In addition, the companies maintain expense structures above the national average; however, management has been successful in reducing the expense ratio.

The downgrade of the ratings for AXA Insurance (Canada) and Anglo Canada is a result of their weakened capital position and the adverse underwriting conditions that continue to persist for automobile insurance in Ontario. Capitalization has deteriorated due to weakened investment returns and poor underwriting performance driven by adverse loss development on their Ontario auto book of business.

The downgrade of ICON is primarily driven by the rating action of AXA Insurance (Canada), since the latter provides significant reinsurance protection to ICON via a quota share arrangement. The ratings will remain under pressure pending enhanced capitalization driven by improvement in their overall operating results or from additional capital infusions by the parent.

Offsetting these negative factors is the fact that the Ontario operations continue to maintain sound capitalization despite recent declines, as well as conservative and disciplined underwriting strategy and focus. Additionally, the parent company, AXA Canada, Inc, has shown explicit financial support.

A.M. Best Co., established in 1899, is the world’s oldest and most authoritative insurance rating and information source.

Bernard, who until now held the position of Senior Vice President, Distribution Network, Property/Casualty Insurance, has been with AXA for 33 years. A true builder in the insurance industry and in the company, Bernard has contributed greatly to the recognition of AXA among our brokers. A man of eminent standing and a team player, he is well liked not only for his loyalty and his commitment to his colleagues, but also for his dedication and unfailing respect for the brokerage network. Bernard has earned the trust and esteem of all his peers.

His vast knowledge of the industry and the brokerage network, combined with his professionalism and leadership, will enable him, with the management team in place, to successfully take up this new challenge. At the helm of Property/Casualty operations in Quebec, Bernard will take AXA to new heights of success.

Further to this appointment, we are also pleased to confirm that Jean Duplantie has been named Vice President, Marketing and Sales, Property/Casualty Insurance. In this function, Jean will report to Bernard. Known for his ability to rally the troops and motivate his team, Jean is also well liked by our brokers and has proved to be just the right person to take on, in addition to Sales operations, responsibility for Marketing operations.

Jean-François Blais
President and Chief Operating Officer

In addition to his new duties, Mr. Blais will continue to act as Executive Vice President, Property/Casualty Operations, for AXA in Quebec until a successor is appointed in the near future.

The holder of a bachelor’s degree in actuarial sciences from Laval University, Mr. Blais is also a Fellow of both the Casualty Actuarial Society and the Canadian Institute of Actuaries. After joining AXA in 1988, he successively held the positions of Manager, Actuarial Services, Home and Automobile, and Vice President, Operations and Underwriting, Personal Lines.

"Jean-François has all the skills and qualities necessary to take on this challenge with the spirit and drive to succeed that are his hallmarks," said Mr. Talon. "His sense of leadership, imagination and vision will enable AXA to reaffirm its uniqueness in insurance and financial protection."

For Mr. Blais, strategy has value only when put into practice. Listening, respect and confidence in his management team, combined with the satisfaction of our brokers and clients across Canada, are the core values he applies every day.

"With the appointment of Jean-François Blais to head our Canadian operations, we take a significant step toward ensuring our company’s success," Mr. Talon said.

AXA is one of Canada’s leaders in insurance and financial protection. Through its Canada-wide network of 2,600 brokers, it offers a full line of Property/Casualty and Life Insurance products and financial services. AXA’s mission is to protect its clients against a wide range of risks, at every stage of their lives or that of their company, and to help them build their wealth. In 2001, AXA's revenues in Canada totalled $1.1 billion and its assets $2 billion, making it the seventh largest Canadian insurer.

AXA is a member of the AXA Group, which is active in more than 60 countries on five continents and serves more than 50 million insureds. In 2001, the AXA Group generated revenues of C$103.8 billion, managed assets totalling C$1,291 billion and had net cash earnings of C$1.7 billion.