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AXA Insurance U.K. PLC Aug 03
Standard & Poors, Aug 2003
Abstract
The ratings on U.K.-based non-life insurance subgroup AXAI, which comprises the legal entities AXA Insurance U.K. PLC, AXA General Insurance Ltd., and AXA Direct Insurance Ltd., reflect the strategic importance to the AXA group (core subsidiaries are rated AA-/Stable/--), and strong stand-alone business position. These factors are partially offset by weakened (although good) capitalization and weak operating performance. Strategic importance to the AXA group. AXAI is part of the third-largest non-life insurance business in the AXA group, comprising 17% of non-life premiums written in 2002. Group support for AXAI was evidenced in 2001 by the provision of -150 million in a subordinated loan. Strong stand-alone business position. AXAI's business position remains strong based on its status as a top-five U.K....
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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