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AXA Equitable's Expanding Life Wholesale Operation Moves to New Office
Channel Headquarters Relocates to Farmington, CT
New York, NY — AXA Equitable Life Insurance Company today announced that it has opened a new office in Farmington, CT to serve as headquarters for its wholesale life insurance distribution channel. The company has relocated 150 employees, who previously worked in separate locations in Simsbury and Hartford, to this Farmington facility. The announcement was made today by Jamie Shepherdson, Executive Vice President of AXA Equitable and head of the company's life and annuity wholesale distribution organization.
"This move is a result of AXA Equitable's tremendous growth in the wholesale life channel," said Mr. Shepherdson. "The larger space was necessary to unite our underwriting, new business, operations, sales and advanced markets teams and to accommodate our continued expansion."
AXA Equitable has signed a 10-year lease for use of 42,000 square feet of office space at the 80 Scott Swamp Road property. The building has 63,000 square feet in total.
AXA Equitable entered the life insurance wholesaling business after the acquisition of MONY Life Insurance Company in July 2004. Within the intervening three years, the company's life insurance wholesale organization has grown from a staff of 30 to 150. Its total wholesale life sales were up 70% for 2006, resulting in improved market share of 4.5% (source: LIMRA).
AXA Equitable proprietary life insurance products are marketed on a wholesale basis primarily to brokerage general agents (BGAs), broker/dealers and independent financial planner producer groups. These products include Athena Universal Life and Athena Survivorship Life, Incentive Life (IL) Series, including IL Legacy and IL Survivorship and the AXA Equitable Level Term Series.
About AXA Equitable
AXA Equitable Life Insurance Company has been in business since 1859 and is a leading issuer of life insurance and annuity products in all 50 states. The company has over 11,000 employees and sales personnel and approximately 4.8 million policy/contract holders nationwide as of 12/31/2006.
AXA Equitable Life Insurance Company, New York, N.Y., is one of the premier U.S. organizations providing life insurance and annuity products and services for the financial services market, co-distributed by AXA Advisors, LLC, and AXA Distributors, LLC.
AXA Equitable's parent company, AXA Financial, Inc., is a member of the global AXA Group, a worldwide leader in financial protection and wealth management. AXA Group's operations are diverse geographically, with major operations in Western Europe, North America, and the Asia/Pacific region. The AXA ordinary share is listed on the Paris Stock Exchange and trades under the symbol AXA. The AXA American Depositary Share is also listed on the NYSE under the ticker symbol AXA.
All guarantees are based on the claims-paying ability of AXA Equitable Life Insurance Company.
AXA Equitable is a sponsor of the Variable Annuities Knowledge Center, an online resource aimed at helping consumers understand the facts surrounding variable annuities. The Variable Annuities Knowledge Center is operated by a standalone non-profit organization and is overseen by an independent advisory board.