AXA S.A.

This report does not constitute a rating action. Overview Key strengths Key risks Leading market position in global commercial and personal property/casualty (P/C) across key European markets and Hong Kong, bolstered by significant brand recognition. Sluggish growth of the life contractual service margin (CSM) could result in subdued capital generation. Broad diversification of business and product lines. Susceptible to impairments on real estate and private equity investments resulting from unsupportive market developments. Strong and resilient profitability with a return on equity consistently close to 15%. Relatively high target shareholder remuneration. AXA Group is one of the largest global multiline insurers (GMIs), distinguished by its diverse geographical footprint and product lines. Business and earnings diversification continues to set AXA Group apart

...S&P Global Ratings expects AXA Group to maintain its extremely strong competitive position in its core markets. AXA Group is one of the largest global multiline insurers (GMIs), distinguished by its diverse geographical footprint and product lines. Business and earnings diversification continues to set AXA Group apart from other GMIs, with its profile most resembling those of peers Allianz and Zurich Insurance Group, in our view. AXA Group's strong financial risk profile reflects its resilient profit generation capacity and its capital-light growth strategy, which we anticipate will further strengthen capital adequacy. For year-end 2024, capital adequacy ratio remained above the 99.95% confidence level, and we expect it to remain at that level for our forecast period, supported by resilient operating...

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