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AXA Group May 10
Standard & Poors, May 2010
Abstract
Very strong competitive position. Positive management and corporate strategy. Strong enterprise risk management. Still relatively weak, albeit recovering, capitalization. The ratings on the core operating companies of France-based insurer AXA group (AXA), shown in table 5 at the end of this analysis, reflect Standard & Poor's Ratings Services' view of the group's very strong competitive position, positive management and strategy, and strong enterprise risk management (ERM). Financial flexibility and operating performance are, in our opinion, consistent with the current insurer financial strength rating on the group. Weighing on the group's overall credit strength, according to our criteria, is capitalization that we still view as a relative credit weakness, despite its recovery in recent months. We view AXA's competitive position as...
Companies mentioned in this report are: AXA France IARD,AXA Equitable Life Insurance Company,AXA Versicherungen AG,National Mutual Life Association of Australasia Ltd. (The),AllianceBernstein L.P.,AXA,U.S. Financial Life Insurance Co. (Unsolicited Ratings),AXA Seguros S.A. de C.V.,AXA Art Insurance Ltd. (Unsolicited Ratings),AXA Insurance Ltd.,AXA Assurances IARD Mutuelle (Unsolicited Ratings),AXA Seguros Generales (Unsolicited Ratings),AXA Life Insurance Co. Ltd.,DBV Deutsche Beamtenversicherung Lebensversicherung AG,Avanssur (Unsolicited Ratings),AXA Bank Europe S.A.
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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