AXA General Insurance Hong Kong Ltd. Sep 04

Standard & Poors, September 2004

Abstract
The rating on AXA General Insurance Hong Kong Ltd. (AXA General Hong Kong) reflects a falling market share, a below market average underwriting performance, and increased exposure to equity investments. These factors are counterbalanced by an improvement in the company's capitalization. AXA General Hong Kong is a member of the French-based global insurance group, AXA and the eighth-largest general insurance company in Hong Kong. However, its market share fell to 2.7% in 2003 from 3.1% in 2002. The company's gross premiums written fell by 9% to Hong Kong dollar (HK$) 653 million in 2003 from HK$717 million in 2002, compared with industry average growth of 1.7% in the same period. The fall in gross premiums mainly reflects a fall in...

Companies mentioned in this report are: AXA General Insurance Hong Kong Ltd.,AllianceBernstein L.P.,AXA,AXA Belgium,AXA Assurances IARD Mutuelle (Unsolicited Ratings),AXA Aurora Iberica SA (Unsolicited Ratings),AXA Assurances Inc. (Unsolicited Ratings),AXA Assicurazioni SpA (Unsolicited Ratings)
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

AXA General Insurance Hong Kong Ltd.,AllianceBernstein L.P.,AXA,AXA Belgium,AXA Assurances IARD Mutuelle (Unsolicited Ratings),AXA Aurora Iberica SA (Unsolicited Ratings),AXA Assurances Inc. (Unsolicited Ratings),AXA Assicurazioni SpA (Unsolicited Ratings)

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