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AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) of AXA and its main subsidiaries* from “aa-” to “aa” (Superior). Additionally, the agency has affirmed the Financial Strength Rating of “A+” (Superior) for the same entities. The outlook for both ratings remains stable.
The upgrade reflects the sustained improvement of AXA’s balance sheet in recent years, supported by prudent capital management and enhanced risk diversification.
AM Best also cited AXA’s strong operating performance as a key factor in its decision. The group reported a net result of 8.1 billion USD for the 2024 financial year, up from 7.4 billion USD in 2023.
* The subsidiaries included in the rating upgrade are:
- AXA XL Reinsurance Ltd
- AXA XL Insurance Company UK Limited
- AXA XL Insurance Company Americas
- 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.
