France-based global multiline insurer AXA group's risk-adjusted capital adequacy has improved faster than we expected over the past year due to more favorable investment markets, management actions, and earnings retention. We expect AXA's ongoing derisking actions and strong enterprise risk management to maintain capital adequacy in the 'A' range, and support a more resilient financial profile. We are therefore revising the anchor on the group and its core subsidiaries to 'a+' from 'a', and affirming the 'A+' ratings. The stable outlook reflects our view that AXA will maintain a stable financial risk profile, supported by strong enterprise risk management. On May 26, 2014, Standard&Poor's Ratings Services affirmed its 'A+' financial strength and issuer credit ratings on the core
