The AXA group benefits from its leading position in many core insurance markets, supported by superior brand recognition and very wide business and product diversification. The group enjoys robust and resilient profitability. At the same time, the group relies on potentially volatile soft forms of capital and is sensitive to market stress in the deleveraging phase since its acquisition of XL Insurance group (XL). We are affirming our 'AA-' ratings on the AXA group's core subsidiaries. The outlook is stable because we project that AXA and XL's combined profitability will continue to strengthen in line with the smooth integration of XL. On July 24, 2019, S&P Global Ratings affirmed its 'AA-' long-term insurer financial strength and issuer credit ratings on
