AM Best Affirms Credit Ratings of AXA S.A.

AMSTERDAM–(BUSINESS WIRE)–#insurance–AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings 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 list of companies).

The ratings reflect AXA’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, very favorable 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 the group’s 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. The group has produced a five-year weighted average return-on-equity ratio of 6.6% (2018-2022), as calculated by AM Best. Return metrics include the exceptional charges associated with the group’s restructuring in 2018. In 2022, AXA reported a solid net income of EUR 6.7 billion, down from EUR 7.3 billion in 2021, mainly impacted by a decline in value of invested assets from unfavourable market conditions. Technical results remained strong through 2022 in all lines of business.

AXA is one of the world’s largest insurance groups, with significant diversification by line of business and geography, and leading positions in many developed and emerging markets. The group offers a complete range of life, health and non-life insurance products, as well as asset management services. 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 the following subsidiaries:

AXA Insurance Company

AXA XL Reinsurance Ltd

AXA XL Resseguros S.A.

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

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


Morgane Hillebrandt

Senior Financial Analyst
+31 20 308 5422

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310

Dr. Mathilde Jakobsen
Senior Director, Analytics
+31 20 308 5427

Al Slavin
Senior Public Relations Specialist
+1 908 822 2318

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