Research Update: AXA Group's Core Subsidaries Affirmed At 'AA-'; Outlook Stable

AXA enjoys robust leading positions in many core insurance markets, supported by superior brand recognition and very wide business and product diversification. Operating profitability is also resilient. The group still relies on potentially volatile soft forms of capital but is less sensitive to market stress as the deleveraging plan implemented since its acquisition of XL Insurance group is progressing well. We are affirming our 'AA-' ratings on AXA's core subsidiaries. The outlook is stable because we project that AXA and XL's combined profitability will continue to strengthen in line with the latter's integration. On March 16, 2020, S&P Global Ratings affirmed its 'AA-' long-term insurer financial strength and issuer credit ratings on the core subsidiaries of France-domiciled AXA group (see

...- AXA enjoys robust leading positions in many core insurance markets, supported by superior brand recognition and very wide business and product diversification. Operating profitability is also resilient. - The group still relies on potentially volatile soft forms of capital but is less sensitive to market stress as the deleveraging plan implemented since its acquisition of XL Insurance group is progressing well. - We are affirming our '##-' ratings on AXA's core subsidiaries. - The outlook is stable because we project that AXA and XL's combined profitability will continue to strengthen in line with the latter's integration....

Research Update