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AXA Insurance Ltd. Oct 05
Standard & Poors, Oct 2005
Abstract
Strong capitalization, even after payment of a very large extraordinary dividend. Good prospective operating performance. While results probably peaked in 2004, some deterioration has already been factored in. Good overall competitive position. AXA Insurance is primarily focused on the motor market, but is slowly diversifying its income stream. Exposure to highly competitive Republic of Ireland insurance market during period of claims instability. The ratings on Ireland-based AXA Insurance Ltd. (AXA Insurance) reflect the company's strong capitalization, even after payment of a very large extraordinary dividend; good prospective operating performance; and strong competitive position in the motor market in the Republic of Ireland. Nevertheless, it remains highly dependent on a single line of business, motor, which is volatile and until recently...
Companies mentioned in this report are: AXA Insurance Ltd.,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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