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AXA Insurance Ltd. Apr 04
Standard & Poors, April 2004
Abstract
Good competitive position; primarily focused on the motor market, but increasingly diversified income stream; Strong operating performance; exceptional results reported in 2003, strong results expected for 2004; and Strong capitalization. Business concentration risk to the Irish motor market. The ratings on Ireland-based AXA Insurance Ltd. (AXA Ireland) reflect the company's strong earnings and capitalization, coupled with markedly less uncertainty surrounding the claims environment in Ireland (specifically relating to bodily injury claims). The company's improving competitive position is supportive of the ratings, although its activities remain concentrated in the motor market. AXA Ireland has a good competitive position in the Irish non-life market. It is the third-largest non-life insurer, primarily focused in the motor segment, where it is the second largest...
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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