Fitch gives AA- IFSR to AXA Insurance

Fitch Ratings said it assigned AXA Insurance Pte Ltd. an AA- insurer financial strength rating.

The outlook is stable.

At the same time, the agency withdrew AXA Insurance Singapore Pte Ltd.'s insurer financial strength rating as the entity no longer exists.

AXA announced on Oct. 21 that it will merge AXA Insurance Singapore into AXA Life Insurance Singapore Pvt. Ltd. and rename AXA Life Insurance Singapore Pvt. Ltd. as AXA Insurance Pte Ltd. The effective date of this transaction was Jan. 1.

Fitch said the AA- insurer financial strength rating reflects its view of AXA Insurance's “core” status within the AXA group, notably supported by the latter's 100% ownership, continued strategic commitment to Asia and intragroup reinsurance agreements.

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