AXA enjoys robust leading positions in many core insurance markets, supported by superior brand recognition and very wide business diversification. Despite a lower-than-expected 2020 net income, mostly due to COVID-19, we expect AXA will maintain very strong capitalization over 2020-2022. The group is still subject to earnings volatility due to its increased involvement in large commercial lines and reinsurance businesses but is less sensitive to financial market stress and has implemented its deleveraging plan in line with expectations. We are affirming our 'AA-' ratings on AXA's core subsidiaries. The stable outlook reflects our view that, over the next two years, AXA's profitability will recover, notably due to a material contribution from AXA-XL, and capital adequacy will remain very strong, according
