Press Release - MARCH 07, 2018

A.M. Best Places Credit Ratings of Rated Subsidiaries of AXA S.A. Under Review With Developing Implications


CONTACTS:
 Alex Rafferty, ACA
Senior Financial Analyst
+44 20 7397 0285
alex.rafferty@ambest.com

Ghislain Le Cam, CFA, FRM
Director, Analytics
+44 20 7397 0268
ghislain.lecam@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jim Peavy
Director, Public Relations
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

FOR IMMEDIATE RELEASE

LONDON - MARCH 07, 2018
A.M. Best has placed under review with developing implications the Financial Strength Rating (FSR) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of rated subsidiaries of AXA S.A. (AXA) (Paris, France). Please see below for the detailed list of companies and Credit Ratings (ratings).

The rating actions follow AXA’s announcement on March 5, 2018, that the group has entered into an agreement to acquire 100% of XL Group Ltd (XL) [NYSE: XL], for a cash consideration of USD 15.3 billion (EUR 12.4 billion). The transaction is anticipated to close in the second half of 2018, and is subject to approval by XL shareholders and other customary closing conditions, including required regulatory approvals.

The ratings are expected to remain under review until the transaction closes, and A.M. Best has assessed the impact of the transaction on the credit fundamentals of the group and its rated subsidiaries. The under review status may be updated in the interim period if new facts and circumstances present themselves.

The FSR of A+ (Superior) and the Long-Term ICR of “aa-” have been placed under review with developing implications for the following subsidiary of AXA S.A.:


  • AXA Global Re

The FSR of A (Excellent) and the Long-Term ICRs of “a+” have been placed under review with developing implications for the following subsidiaries of AXA S.A.:


  • AXA Insurance Company

  • AXA Equitable Life Insurance Company

The FSR of A (Excellent) and the Long-Term ICRs of “a” have been placed under review with developing implications for the following subsidiaries of AXA S.A.:


  • MONY Life Insurance Company of America

  • US Financial Life Insurance Company

The FSR of A- (Excellent) and the Long-Term ICR of “a-” have been placed under review with developing implications for the following subsidiary of AXA S.A.:


  • AXA Equitable Life and Annuity Company

The FSR of B++ (Good) and the Long-Term ICR of “bbb” have been placed under review with developing implications for the following subsidiary of AXA S.A.:


  • AXA Corporate Solutions Brasil e América Latina Resseguros S.A.

The FSR of B+ (Good) and the Long-Term ICRs of “bbb-” have been placed under review with developing implications for the following subsidiaries of AXA S.A.:


  • AXA Mansard Insurance Plc

  • AXA Corporate Solutions Life Reinsurance

The Long-Term ICR of “bbb+” has been placed under review with developing implications for the following subsidiary of AXA S.A.:


  • AXA Financial, Inc.

The following Long-Term Issue Credit Rating has been placed under review with developing implications:

AXA Financial, Inc.

—“bbb+” on $350 million 7% senior unsecured debentures, due 2028

The following Short-Term Issue Credit Rating has been placed under review with developing implications:

AXA Financial, Inc.

—“AMB-2” on its commercial paper program

This press release relates to Credit Ratings that have been published on A.M. 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 A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source.


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