International rating agency Fitch Ratings has affirmed the Insurer Financial Strength ratings of the major insurance entities of the AXA group at `AA'.
The Long-term and Short-term debt ratings of AXA are also affirmed at `A+' and `F1' respectively. Fitch has also affirmed the 'A+' Counterparty Risk and the `F1' Short-term debt ratings assigned to Alliance Capital Management LP.
The Outlook on the group's ratings remains Stable, it said.
Fitch said its decision reflects its view of Axa's position as one of the world's largest insurance providers.
The group's ratings are also based on the quality and conservatism of its management team, which is pursuing a consistent strategy and supports the group's robust financial profile.
Fitch expects the group to strengthen its business position in major markets and improve non-life underwriting quality and efficiency.
However, Fitch warned that unfavourable economic and market conditions may further impact capital adequacy as well as earnings and lead to substantial asset impairments.
This could negatively affect Fitch's opinion on the industry and on the group's financial strength, it said.
