Research Update: Global Multiline Insurer AXA Group's Entities Affirmed At 'AA-' On Strong Earnings; Outlook Remains Stable

AXA group's strong earnings rebound in 2021 reflects the absence of pandemic-related claims, recovery of property and casualty commercial lines at AXA XL, and robust underwriting performance across the group. We expect AXA will maintain solid operating performance, with capital adequacy remaining above our 'AA' level in 2022-2023. We affirmed our 'AA-' ratings on AXA's main operating subsidiaries. The stable outlook reflects our view that, over the next two years, AXA group will maintain strong earnings, with a material contribution from AXA-XL, and very strong capital adequacy, according to our capital model. We expect to resolve our CreditWatch positive on AXA SA in the next three months once the company receives approval from its shareholders and a reinsurance license, which

...- AXA group's strong earnings rebound in 2021 reflects the absence of pandemic-related claims, recovery of property and casualty commercial lines at AXA XL, and robust underwriting performance across the group. - We expect AXA will maintain solid operating performance, with capital adequacy remaining above our '##' level in 2022-2023. - We affirmed our '##-' ratings on AXA's main operating subsidiaries. - The stable outlook reflects our view that, over the next two years, AXA group will maintain strong earnings, with a material contribution from AXA-XL, and very strong capital adequacy, according to our capital model. - We expect to resolve our CreditWatch positive on AXA SA in the next three months once the company receives approval from its shareholders and a reinsurance license, which could result in an upgrade of up to two notches....

Research Update