Leading U.S. Life Insurance Company Reflects on Storied History of Innovation
NEW YORK, July 23 /PRNewswire-FirstCall/ -- AXA Equitable Life Insurance Company announced today that Sunday, July 26, 2009, will mark the organization's 150th anniversary. Founded in 1859 as The Equitable Life Assurance Society of the United States (The Equitable), the company began in a $75 dollar-a-month rented office at 98 Broadway in New York City. The Equitable demutualized in 1992 in what was the largest insurance company stock conversion at the time. The company began its partnership with AXA Group that same year, when the Paris-based global insurer became the company's largest single investor. AXA Group bought the remaining shares of The Equitable in 2000, giving birth to AXA Equitable.
"We are honored to reach such a significant milestone, and doing so is a testament to the passion of our founder, Henry Hyde," said Christopher M. "Kip" Condron, chairman and chief executive officer of AXA Equitable. "The core principle he instilled a century-and-a-half ago -- commitment to our customers -- is the very same doctrine that guides us today."
A hallmark of a market leader is a company's ability to be agile in the midst of turmoil. Founded on the eve of the Civil War, AXA Equitable has weathered many challenges.
"In our first 150 years, we have endured two world wars, the Great Depression, 18 recessions and a terrorist attack on our own soil," said Mr. Condron. "We have emerged stronger as a result of these experiences. As we look forward to our next 150 years, we will draw on both our storied history and the talent of our employees and financial professionals to make us even smarter, stronger and more focused on meeting the evolving needs our clients."
The company's first customer was the father of then 25-year-old founder, Hyde. Today, AXA Equitable serves more than 3 million clients in communities across the Unites States, Puerto Rico and the Virgin Islands.
"Throughout our partnership, AXA Equitable has been a model of success - achieved through prudently managed expenses and innovative life and retirement products introduced to the marketplace," said Henri de Castries, chairman and chief executive officer of AXA Group. "On behalf of AXA operations from 50 countries around the world, I congratulate AXA Equitable on its 150(th) anniversary, and I look forward to the U.S. operation continuing to be an integral part of the global vision for AXA Group."
Highlights of AXA Equitable's legacy as a forerunner in the evolution of the life insurance industry include:
- Maintaining a strong balance sheet in order to meet promises to customers.
