AXA said its AXA Re subsidiary and US counterparts are the latest to receive subpoenas as part of the ongoing investigations into the use of finite reinsurance products.

The US Securities and Exchange Commission, the FBI, the US Department of Justice and the New York attorney general are among those that have subpoenaed the company.

In its annual report AXA said the probes focus mainly on reinsurance transactions with bond insurer MBIA which relate to the 1998 bankruptcy of US-based Allegheny Health, Education and Research Foundation.

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