AXA S.A. receives regulatory approval to operate as a licensed reinsurer

Δευτέρα, 16 Μαΐου 2022 13:43
AXA S.A. receives regulatory approval to operate as a licensed reinsurer

AXA announced that AXA S.A., the holding company of AXA Group, has obtained its reinsurance license from the Autorité de contrôle prudentiel et de résolution (ACPR – the French Prudential Supervision and Resolution Authority)* , in the context of the previously announced transformation of AXA S.A. into AXA Group’ s internal reinsurer.

The transformation of AXA S.A .into the Group’s internal reinsurer aims to enhance capital fungibility across AXA Group** , in line with AXA’s capital management policy.

The transformation will be complete following the merger*** of AXA S.A. and its captive reinsurer, AXA Global Re, currently expected at the end of June 2022.

*The grant of AXA S.A.’s reinsurance license follows shareholder approval relating to the necessary changes to AXA S.A.’s bylaws at its Annual Shareholders’ Meeting held on April 28, 2022.
**AXA S.A. intends to reinsure part of its European P&C carriers through annually renewable quota share reinsurance treaties.
***Such merger is subject to customary regulatory approvals.

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