Axa has warned it expects losses from equity-linked insurance plans in the US of $270m (£170m).
Axa's statement was in response to speculation that it could be facing liabilities for U.S. account value guarantees.
Axa expressed concern that its reinsurance unit will be hit as its covers the risk of such guarantees for other US insurers.
In a statement to investors, the company revealed it may have to set aside $198m (£124m) to cover any shortfall in benefits.
The final losses and provisions will depend partly on the level of equity markets at the end of year.
