|
|
 |
|
Viewing report
|
|
|
|
AXA Insurance Ltd. Dec 09
Standard & Poors, Dec 2009
Abstract
AXA ownership and one notch of implied group support. Revived operating performance. Group dividend policy, which leaves only marginal capital adequacy. Concentration in the very competitive Republic of Ireland motor insurance market. Pension fund deficit. The ratings on Irish non-life insurer AXA Insurance Ltd. (AXA Ireland) reflect the implicit benefits of being a member of the AXA Group (AXA; core entities are rated AA/Stable/--) and good, although fluctuating, operating performance. Although Standard & Poor's Ratings Services considers AXA Ireland not to be strategically important to AXA, we include one notch of implied group support in the ratings. Partially offsetting these strengths are marginal capital adequacy and the high degree of concentration in the very competitive Republic of Ireland motor insurance...
Companies mentioned in this report are: AXA Insurance Ltd.,AXA
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
|
|
|
|
