National Mutual Life Association of Australasia Ltd. (The) Dec 04

Standard & Poors, December 2004

Abstract
Majority ownership by the AXA group Solid domestic business franchise Strong financial structure Competitive operating environment The ratings on life insurer The 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 group (principal operating entities rated AA-/Stable/-), along with AXA Australasia's solid business franchise in financial protection (risk insurance) and wealth management, and strong financial structure. Moderating factors include the competitive operating environment for the life insurance and wealth management sector, and the sector's vulnerability to changing investment market conditions. AXA Australasia's core status in the AXA group reflects the alignment of its local strategic direction of being a leader in...

Companies mentioned in this report are: National Mutual Life Association of Australasia Ltd. (The),AXA France IARD,AXA France Vie,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

National Mutual Life Association of Australasia Ltd. (The),AXA France IARD,AXA France Vie,AXA

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