Axa Sa - AXAHY STOCK NEWS

AM Best has assigned a Financial Strength Rating of A+ (Superior) and a Long-Term Issuer Credit Rating of “aa-” (Superior) to AXA S.A. (AXAHY) and its subsidiary, AXA France Vie. The outlook for these ratings is stable. AXA's strength stems from a very strong balance sheet, strong operating performance, and effective enterprise risk management. The group reported a net income of EUR 7.3 billion in 2021, a significant increase from EUR 3.2 billion in 2020, reflecting improved technical results after the disruptions caused by COVID-19.

AM Best has downgraded the Financial Strength Rating (FSR) of Catlin Specialty Insurance Company from A+ (Superior) to A (Excellent) and the Long-Term Issuer Credit Rating (ICR) from aa- (Superior) to a (Excellent). Both ratings are now under review with negative implications following the announcement that Catlin will be acquired by North American Casualty Group (NAC). This acquisition is expected to close in the second quarter of 2022, pending regulatory approval. The downgrade reflects the loss of support from its parent company, AXA S.A., as NAC's ratings are also on negative outlook.

AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of 'bbb-' (Good) for AXA Mansard Insurance Plc in Nigeria, with a stable outlook. The ratings reflect a strong balance sheet strength, adequate operating performance, and proper enterprise risk management. However, AXA Mansard's risk-adjusted capitalisation is significantly affected by real estate holdings and high reinsurance dependence. In 2021, the company recorded a pre-tax profit of NGN 5.6 billion, a slight decline from the previous year.

AM Best has ranked AXA S.A. (symbol: AXAHY) as the 7th largest global insurer by net premiums written (NPW) with $60.7 billion in 2020, marking a prominent position in the insurance sector. In a separate ranking by non-banking assets, AXA S.A. secured the 2nd position with significant assets, demonstrating its robust financial standing. The report highlights a trend of growth among U.S. health insurers, particularly Centene Corporation, which experienced a 50% NPW increase year-over-year. The rankings were published in the Jan. 3, 2022 issue of BestWeek.

AM Best has revised the outlook for the Long-Term Issuer Credit Rating of Friday Health Plans of Colorado from positive to stable, affirming its Financial Strength Rating of C (Weak) and Long-Term ICR of 'ccc' (Weak). The outlook change is prompted by a deterioration of capital in Q3 2021 due to underwriting and net losses. Despite a reinsurance agreement with AXA S.A. providing some capital relief, the decline in capital is below projections, reflecting very weak balance sheet strength and marginal operating performance.

AM Best has affirmed AXA Global Re's Financial Strength Rating of A+ and Long-Term Issuer Credit Rating of 'aa-' with a stable outlook. These ratings reflect AGRe's adequate balance sheet strength, stable operating performance, and very strong enterprise risk management. Key highlights include a non-life combined ratio of 93.3% over five years and a stable net investment return of 1.4% in 2020. AGRe's strategic importance to AXA enhances its ratings, with expected prompt support from AXA during counterparty risks.

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-” (Superior) for AXA XL, a subsidiary of AXA S.A., with a stable outlook. The ratings reflect AXA XL’s very strong balance sheet, adequate operating performance, and favorable business profile. Operating performance has shown improvements in early 2021 after volatility due to increased catastrophe losses and COVID-19 impacts. AXA S.A. continues to provide strong support to AXA XL.