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<strong>Annual</strong> Report <strong>2005</strong>Products or mandates are distributed eitherthrough the various distribution channels(Retail and Private Banking networks, PublicFinance customer base), through third partynetworks, or via its own pan-European salesforce. Over one third of the business <strong>com</strong>esfrom institutional mandates.<strong>Dexia</strong> Asset Management’s main objective isto keep delivering outstanding performancesin its product range (79% of <strong>Dexia</strong> AssetManagement’s products are in the first twoquartiles of sector peer group classification byStandard and Poor’s in the last three years),whilst achieving superior productivity (one ofthe best in Europe), through a strict controlof operating costs. <strong>Dexia</strong> Asset Managementwill continue to leverage on the Group’sdistribution networks, retail and privateclients, public finance institutions, and willcontinue successfully to develop its activitytowards institutional clients.• Insurance activities occupy an importantplace in <strong>Dexia</strong>’s business portfolio, withapproximately 7.5% contribution to totalrevenues (excluding the business of FSAand <strong>Dexia</strong> Sofaxis, which are <strong>report</strong>edseparately, within the Public/Project Financebusiness line, due to their specific nature).Insurance business is originated throughoutthe entire <strong>com</strong>mercial organization, butmostly in Personal Financial Services (72%of the total premium amount collected), andthe balance of premiums are collected amongthe institutional clients of the Public/ProjectFinance business line (17%), and from thirdparty networks which distribute the productsof <strong>Dexia</strong> among their own clients (11%); thislatter part of the <strong>com</strong>mercial production is<strong>report</strong>ed in the Investment Management andInsurance Services (IMIS) segment. IMIS isalso the business line where the operational(administration, back office, IT), financial,and statutory management of the insurance<strong>com</strong>pany units is conducted.Within <strong>Dexia</strong>, insurance activity is largelya life business (89% of the total premiumscollected in <strong>2005</strong>). Geographically,the majority of the premiums are collectedin Belgium (70%), and the balance <strong>com</strong>esessentially from France (essentially underthe brand of “<strong>Dexia</strong> Epargne Pension”),and Luxembourg (essentially via “<strong>Dexia</strong>Life & Pensions”).21
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