Leading position in many core markets supported by superior brand recognition. Very wide business and product diversification. Robust and resilient profitability. Reliance on potentially volatile soft forms of capital. Sensitivity to market stress in the deleveraging phase post-XL acquisition. S&P Global Ratings' 'AA-' issuer credit ratings on the core operating subsidiaries of AXA Group reflect the group's prominent business positions across significant insurance markets (France, the U.S., Germany, the U.K., Switzerland, Belgium, and Japan) and lines of business (property and casualty [P&C], health, life, asset management). AXA's operating profitability metrics in recent years demonstrate the group's competitive advantage due to its size, business and geographic diversification, brand recognition, and capacity to gradually shift its business mix away from financial market-sensitive
