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Axa Network history
Axa Network company history timeline
AXA is a multinational investment banking firm established in 1817.
Incorporated: 1817 as Compagnie d'assurances Mutuelles contre l'incendie dans les départements de la Seine Inférieure et de l'Eure
The first damage for which the company had to pay occurred in 1819, amounting to FFr7.5.
The first major event the company had to face occurred in 1820.
Adolphe Lanne, manager since 1832, decided to create two companies.
The people of Rouen called the former Ancienne Mutuelle to distinguish it from the latter, which went into business in 1847.
Founded in 1859 as The Equitable Life Assurance Society of the United States, the company began in a $75 dollar-a-month rented office at 98 Broadway in New York City.
At this very moment La Providence was merging with Le Secours, another insurance company established in 1880.
In 1881 under the management of Masselin, both companies merged under the name of Ancienne Mutuelle and the new life entity, Mutuelle Vie, came into being.
In 1902, all of the offices were gathered in Rouen.
Among the latter was the Ancienne Mutuelle Transport de Bétail, created in 1939 in order to insure rail transport of livestock.
The arrival in 1946 of André Sahut d’Izarn will mark the beginning of a revival.
In 1955, before the Groupe began to expand abroad, André Sahut d'Izarn could count within his company eight mutuals and further nonmutual companies which were 100% subsidiaries.
On the recommendation of a friend, son of the group’s chairman, Claude Bébéar joined the company in 1958 as executive assistant.
The death of chairman André Sahut d'Izarn in June 1972 may have been a contributing factor.
In April 1974, the longest strike known in insurance history began.
The response came with Claude Bébéar, appointed general manager in 1975.
Ancienne Mutuelle’s name would remain unchanged until 1977.
It soon became a public company, after which it was acquired by AM. In 1977 it became the AMRE, the reinsurance company of AM.
It also acquired Union des Assurances De Paris in 1996 and was known as AXA-UAP. It became Mutuelles Unies after the acquisition of Compagnie Parisienne de Garantie in 1978.
In 1982, the-then CEO Clauder Bébéar hired a consultant to come up with a new name.
The first major opportunity for Bébé to expand through acquisition occurred in 1982 with the spectacular purchase of the Drouot Group.
In July 1985, the group is officially named AXA, more commonly known "group Bébéar." Its president became CEO, quitting the operational department.
Initially, the organisation was established as Mutuelle de L'assurance contre L'incendie. It took on the name AXA in 1985.
In April 1986, AXA purchased the company Présence made up of the companies Providence and Secours The latter, then newly merged, operated respectively in life and non life insurance, owning a large network in Europe and France.
The next stage occurred in 1986, with Drouot as the vehicle.
The restructuring began in 1986 when Bébé, for the first time in French insurance history, began the complete transformation of AXA's distribution network.
In the French insurance world, Bébé was known as the cowboy of insurance, also described by le Nouvel Economiste, October 21, 1988, as the "avant-garde insurer" and elected by his peers in 1988 as Manager of the Year.
Its U.K. interests alone achieved a turnover in 1988 of FFr5.5 million.
In February 1989 AXA could boast 42 companies around the world, 4,000 general agents, 16,000 employees, and a turnover of FFr45 million.
He proposed to give Bébé Midi's insurance interests in exchange for participation and protection. It was through the proceedings of February 1989's general meeting that Bébé, assisted by Generali, the very same company that Midi feared, eventually managed to take 100% control of la Compagnie du Midi.
In 1989, Claude Bébéar was the first representative in the world of finance to be distinguished Manager of the Year.
In 1990, 27% of the collected premiums were achieved in France.
In 1990 AXA once again faced a phase of restructuring and merging.
This occurred after the failure of AXA to buy Farmers in 1990. It was in 1991 that the French insurer set foot there by acquiring a majority stake in American The Equitable, just after its demutualization.
In 1995, officials in National Mutual Life Insurance Company, the second life insurance company in Australia and Hong Kong, came into contact with Claude Bébéar to help in the process of demutualization.
It also acquired Union des Assurances De Paris in 1996 and was known as AXA-UAP.
The year 1996 stands as a major turning point for the group AXA which launched a takeover bid of UAP, the first French insurance company, whose turnover is twice as important.
The Equitable was then a major life insurer that AXA recapitalized and renamed AXA Equitable in 1997.
In 1999, National Mutual changed its name to AXA Asia Pacific.
As he had announced, Claude Bébéar yielded his position as president of the management board to Henri de Castries in 2000.
opening of an entity in Canton (2004)
establishment of AXA Tech in India (2005)
AXA also established AXA Research Fund in 2008 with 100 million euros.
acquisition of the largest insurer in the Mexican market ING Seguros in 2008
By December 31, 2010, AXA had 95 million customers worldwide and managing 214 391 employees and exclusive distributors (60% of whom are based in Europe). The 2010 turnover reached 91 billion EUR (120 billion USD), 63% of which in life-retirement savings and 30% in the non life insurance.
The group announced in early June 2011 its withdrawal from the Canadian market with the sale of its subsidiary company AXA Canada to Intact Financial for 2.7 billion USD.
Series D Preference Ordinary Shares to Occur December 27, 2018
Redemption of XLIT Ltd.’s Series E Preference Ordinary Shares to Occur on August 15, 2019
posted revenues of CHF 5.7 billion in 2020
AXA Essentials, 2020 edition
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