National Mutual Life Association of Australasia Ltd. (The) Jul 02

Standard & Poors, July 2002

Abstract
The ratings on National Mutual Life Association of Australasia Ltd. (trading as AXA Australia and AXA New Zealand, together AXA Australasia) reflect its core status in the France-based insurance group, AXA (principal operating entity rated AA/Negative/--), strong capitalization, solid business franchise, prudent asset composition, and strong financial flexibility. These strengths, however, are offset by the high level of competition in the Australasian life industry. AXA Australasia's core status in the AXA group is based on its role in AXA's global strategy to become a leader in the world's major economies, with a particular focus on life insurance and asset management. The company, in conjunction with sister companies such as AXA Australian Casualty& Life Ltd (AXA AC&L), has a solid business...

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

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