AXA Launches Corporate Retirement Distribution Channel
NEW YORK, NY, January 14, 2008 - AXA Equitable Life Insurance Co. announced today that it has launched a new distribution channel, Corporate Markets, focused on providing retirement plan strategies and solutions for Fortune 1000 corporations and their employees. The announcement was made by Christopher "Kip" Condron, Chairman and Chief Executive Officer of AXA Equitable.
Corporate Markets is run by Executive Vice President Bill McDermott, who joined AXA Equitable in September after spending 11 years with Fidelity Investments. The channel provides employers with resources to help their employees at every stage of the retirement planning process - offering education, ongoing support and guaranteed income solutions to individuals as they accumulate retirement assets in their 401k plans, and transition to the distribution phase at retirement.
"AXA Equitable takes a comprehensive approach to addressing the retirement planning needs of our customers. The launch of this business complements our existing retail and wholesale distribution channels, and further positions AXA as a leading provider of retirement planning strategies, education, products and services for individuals, the financial services market, and now large corporations and their employees," said Mr. Condron.
"Retirement planning is no longer just for the 77 million baby boomers who will cross over from working to retired in the next 20 years," said Mr. McDermott. "Individuals are now preparing for retirement at an earlier age. With defined benefit plans becoming rare, the uncertainty about the future of Social Security, and increasing life expectancies accompanied by rising medical costs, people at all stages of the retirement planning process are concerned about their long term financial security."
Mr. McDermott continued, "Individuals are looking for guarantees - at each stage of the process. They also want education, service, and ongoing support, and they want it through their employers - that's what our Corporate Markets business provides."
Guarantees are based on the claims-paying ability of AXA Equitable Life Insurance Company, NY, NY. Securities are offered through an affiliate, AXA Advisors, LLC.
In business since 1859, AXA Equitable Life Insurance Company (formerly The Equitable Life Assurance Society of the United States) is a leading financial protection company and one of the nation's premier providers of life insurance, annuity and investment products and services. AXA Equitable's assets under management totaled $862.2 billion as of June 30, 2007. Its products and services are distributed to consumers through its retail distribution channel, AXA Advisors, LLC; to the financial services market through its wholesale distribution channel, AXA Distributors, LLC; and to corporations and their employees through its corporate distribution channel, Corporate Markets. AXA Equitable and AllianceBernstein, L.P. are affiliated companies. AllianceBernstein L.P. is one of the largest publicly traded global asset management firms in the world.
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