AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa-” (Superior) of AXA S.A. (AXA) (France) and its rated subsidiaries. AXA is the main operating holding company of the AXA group and operates as the group’s internal reinsurer. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings.)

The ratings reflect AXA’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, very favourable business profile and very strong enterprise risk management.

AXA’s balance sheet strength is underpinned by its consolidated risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The assessment considers the group’s strong earnings generation and prudent capital management. Financial flexibility is considered to be excellent, demonstrated by its good access to capital markets. A partially offsetting factor in the assessment is AXA’s reliance on softer capital components to support its capital position, including hybrid debt and value of in-force life business.

AXA has a track record of strong operating performance, supported by its diversified earnings profile. In 2023, AXA reported a solid net income (including minority interest) of EUR 7.4 billion under IFRS 17, up from EUR 5.2 billion in 2022, restated under IFRS 17. Technical results remained strong through 2023, in both the property/casualty and the life/health segments, as well as for asset management services.

AXA is one of the world’s largest insurance groups, with significant diversification by line of business and geography, as well as leading positions in many developed and emerging markets. AXA offers a complete range of life, health and non-life insurance products. Its competitive position is supported by its scale and strong brand.

The FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) have been affirmed with stable outlooks for AXA S.A. and its following subsidiaries:

• AXA XL Reinsurance Ltd
• AXA XL Insurance Company UK Limited
• Catlin Insurance Company, Inc.
• Catlin Re Switzerland Ltd
• Greenwich Insurance Company
• Indian Harbor Insurance Company
• T.H.E. Insurance Company
• XL Bermuda Ltd
• XL Insurance America, Inc.
• XL Insurance Company SE
• XL Insurance Company of New York, Inc.
• XL Insurance Switzerland Ltd
• XL Specialty Insurance Company
• XL Re Europe SE
• XL Reinsurance America Inc.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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