1998 Activity Report

AXA is an international group present in more than fifty countries. This poses a complex organizational problem. What can we do to take advantage of this international stature while remaining flexible and on the playing field in each of our markets? Should we be centralized or decentralized? In fact, the solution depends on whether we’re talking about global or domestic markets.

Contents

• A word from the Chairmen
• Review of operations
• Consolidated statements of income
• Consolidated balance sheets
• Simplified organizational chart
• Addresses