AM Best Assigns Credit Ratings to AXA S.A. and AXA France Vie

AMSTERDAM–(BUSINESS WIRE)–AM Best has assigned a Financial Strength Rating of A+ (Superior) and Long-Term Issuer Credit Ratings of “aa-” (Superior) to AXA S.A. (AXA) (France) and its subsidiary, AXA France Vie (France). The outlook assigned to these Credit Ratings (ratings) is stable. AXA S.A. is the main operating holding company of the AXA group and operates as the group’s internal reinsurer following the receipt of its reinsurance license from its regulator (ACPR, Autorité de Contrôle Prudentiel et de Résolution) on May 10, 2022, and its merger with AXA Global Re on June 30, 2022. AM Best has withdrawn its ratings of AXA Global Re following the merger.

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.

The ratings of AXA France Vie reflects the entity’s strategic importance to the AXA group as its main carrier for life and health business in France.

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 6.2% (2017-2021), as calculated by AM Best. Return metrics include the exceptional charges associated with the group’s restructuring in 2018. In 2021, AXA reported a solid net income of EUR 7.3 billion, from EUR 3.2 billion in 2020. The improvement was driven by improving technical results, with 2020 results depressed by the effects of the COVID-19 pandemic on non-life lines.

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.

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 © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


Pierre Tournier, FSA, CFA, CERA
Associate Director, Analytics
+31 20 308 5423

Morgane Hillebrandt
Financial Analyst
+31 20 308 5422

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

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159

Jeff Mango
Managing Director,
Strategy & Communications
+1 908 439 2200, ext. 5204

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