In our view, France-based global multiline insurer AXA group's continued shift toward insurance products with less investment risks and more cautiously managed capital buffers, will help improve its risk profile. As a result, we expect the group to manage its capital adequacy above our 'A' capital adequacy benchmark over the next two years, leading us to raise our assessment of its financial risk profile to "strong." We are therefore revising our outlook to positive and affirming our 'A+' ratings on the core insurance operating entities of AXA group. The positive outlook indicates that we could raise the ratings over the next 24 months if AXA group continues to improve the strength and resilience of its balance sheet. On Oct. 15,
