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AXA Insurance Ltd. Apr 03
Standard & Poors, April 2003
Abstract
The ratings on Republic of Ireland-based non-life insurer AXA Insurance Ltd. (AXA Ireland), a wholly owned subsidiary of the Paris-based global insurance group AXA (A/Stable/A-1; main operating entities are rated AA-/Stable/--), reflect the company's strong--albeit narrow--business position and good capitalization. These positive factors are partially offset by earnings, which have been weak historically, but recovered in 2002. Going forward, management's ability to prolong the earnings recovery and stabilize earnings will be a significant rating factor. Strong business position. AXA Ireland has a strong business position in the Irish non-life insurance market, where it is the second-largest company. The AXA brand achieves high recognition and the company is the leading direct non-life insurer, insuring almost one in three cars. Nevertheless, 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
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