NU Online News Service, March 14, 1:58 p.m. – AXA S.A., Paris, is reporting the equivalent of $461 million in net income for 2001 on $66 billion in revenue, compared with $3.2 billion in net income on $75 billion in revenue in 2000.

AXA follows European financial reporting customs and has not released details on fourth-quarter performance.

The company presents its financial statements in euros. The latest net results include a 6% decline in the value of the euro versus the dollar, a $497 million charge related to the Sept. 11 attacks, and a $681 million reduction in the estimated value of past acquisitions.

When expressed in euros, AXA’s net income fell to 520 million euros in 2001 on 75 billion euros in revenue, from 3.4 billion euros on 80 billion euros in 2000.

Euro operating earnings, which exclude both the currenency translation effects and the unuual charges, increased 28%, to 1.5 billion euros, AXA says.

The currency translations given here use an exchange rate of 1 euro=88.58 U.S. cents for the 2001 results, and an exchange rate of 1 euro=94.16 cents for the 2000 results, based on exchange-rate data from OANDA Corp., New York.

AXA sells life insurance, investment services and property-casualty insurance throughout the world, but its U.S. operations focus on life insurance and investment services.

The U.S. life and savings operations are reporting $459 million in net income for 2001 on $10 billion in revenue, compared with $351 million in net income on $12 billion in revenue for 2000.

AXA recently bought out minority shareholders in AXA Financial, a large U.S. investment unit. Contributions from AXA Financial are up because of the buyout, AXA says.

Excluding the effects of the buyout, U.S. life and savings cash earnings were actually down 33%, AXA says.

AXA attributed the decline to a decrease in fees and revenues from separate account assets; a decrease in investment yields on notes and bonds; and $101 million in costs related to layoffs of U.S. employees.