Recapitalization of AXA XL

AXA XLAXA plans to recapitalize its subsidiary expert in property and casualty insurance for large corporations, AXA XL, one billion EUR (1.16 billion USD). This decision should be made by late 2020.

The transaction will compensate the losses related to natural disasters estimated at 300 million EUR (350.8 million USD) in H2 2020.

AXA XL has also been impacted by the Covid-19 crisis. In the first half of 2020, the division recorded an operating loss of 843 million EUR (948.1 million USD). During the first half of 2020, AXA XL was weakened by event cancellation, business interruption and long liquidation lines.

Read also | AXA: turnover decrease as at 30 September 2020

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