Following a review of France-based AXA Group under our revised insurance criteria, we are affirming our 'A+' long-term ratings on the group's core subsidiaries and the 'A-/A-2' ratings on holding company AXA. The ratings reflect our view of the group's very strong business profile, built on a highly diversified, global, and multiline competitive position, and an only moderately strong financial risk profile, due to the relative weakness of capital adequacy compared with peers'. The stable outlook reflects our opinion that ongoing execution of strategic goals will likely strengthen the group's earnings retention and that its strong enterprise risk management will likely maintain risk exposures within tolerances, which should alleviate pressure on risk-adjusted capital adequacy over the next two years. On
