Equitable Life - Axa Unclaimed Life Insurance and Demutualization Compensation
In 1992 the Equitable Life Assurance Society of the United States demutualized and a new parent holding company, the Equitable Companies, was listed on the New York Stock Exchange. At that time France-based AXA Group became the owner of 49% of Equitable's common stock in exchange for a $1 billion investment to strengthen Equitable's surplus. In 1999, Equitable became AXA Financial.
Demutualization is the process of converting a mutual life insurance company, owned by its policyholders, to a publicly traded stock company owned by shareholders, pursuant to a plan of conversion approved by government regulators.
The amount paid to each policyholder is based on a number of factors, including length of time the policy has been in force, face value of the policy, and total premiums paid. For many policyholders, the windfall arising from demutualization can be substantial, but millions of missing policyholders and heirs aren't aware they are entitled to receive compensation.
Eligible policyholders and heirs became entitled to approximately $270 million in cash, stock and credits. In the first year after the initial public offering, the price of an Equitable common share increased 123%
Between one-quarter and one-half of all life insurance policies go unclaimed, because it is generally up to family members to notify the insurance company when a policyholder dies, and virtually no effort is made to find lost beneficiaries.
In addition, hundreds of thousands of missing policyholders aren't aware they are entitled to receive this demutualization compensation. Contact efforts were unsuccessful, due to name changes after marriage or divorce, unreported changes of address, expired postal forwarding orders and non-current beneficiary information.
By law, unclaimed policy benefits, including demutualization compensation, are remitted to the custody of a government trust account until claimants come forward. Last year government custodians collected $22.8 billion, of which less than $1 billion was claimed.
It is highly recommended that current and former policyholders and heirs - the majority of whom are unaware they're entitled to unclaimed policy benefits, stock & cash - initiate an Unclaimed Life Insurance Policy Search
|American Mutual Life / Amerus||Manufacturers Life / Manulife||Principal Mutual Life|
|Anthem WellPoint||Metropolitan Life / MetLife||Provident Mutual Life|
|Central Life Assurance||Mutual of New York / MONY||Prudential Life|
|Equitable / Axa||Mutual Service Life||Standard Insurance|
|General American Life||Nationwide / Allied Mutual||State Mutual / Allmerica|
|Indianapolis Life||Northwestern / ReliaStar||Sun Life / Clarica|
|John Hancock Mutual Life||Phoenix Home Life||Unum Mutual / Unum|