Higher interest rates have lowered the value of AXA's investments, weakening its capital buffers, both in the shareholder and policyholder accounts. We view positively AXA's forecast growth of its underlying earnings to above €7.5 billion in 2023. We also view the weakness as temporary as AXA will benefit from a recovery in bond values over time. We affirmed our 'AA-' ratings on AXA's main operating subsidiaries. The stable outlooks reflect our view that, over the next two years, the AXA group will maintain strong earnings and recover a very strong capital adequacy, according to our capital model, by 2025. On July 20, 2023, S&P Global Ratings affirmed its 'AA-' long-term insurer financial strength and issuer credit ratings on the core
