One thing that has not changed in twenty years, however, is AXA’s strategy: stay focused on one core business; see the inevitable globalization as an opportunity; gain strength in the domestic market —in our case, France— before setting out to conquer international markets; go after leadership in each new market; take the time to understand and respect cultural differences; “think global but act local,” while building synergies between subsidiaries; put the accent on operational excellence; believe that the value of an organization depends on its people and motivate employees by ensuring that their interests coincide with those of the organization; develop a shared corporate culture based on a common set of values.