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AXA Insurance Ltd. Jun 02
Standard & Poors, June 2002
Abstract
The ratings on Ireland-based non-life insurer AXA Insurance Ltd. (AXA Ireland), a wholly owned subsidiary of the Paris-based global insurance group AXA (whose main operating entities are rated AA/Negative/--), reflect the company's strong business position, good capitalization, and recent recovery in earnings. Nevertheless, these positive factors are partially offset by the current management team's relatively short track record in restructuring the company, and its unproven ability to prolong the company's recovery in operating performance and strengthen the capital base. AXA Ireland has a strong business position in the Irish non-life insurance market, where it is the second-largest company. Although only introduced in 1999, the AXA brand, which replaced the previously strong PMPA brand, achieves high recognition. The company's business position...
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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