Winterthur rated AA following integration with AXA
Fitch Ratings has upgraded all Winterthur ratings to AA following its integration with AXA, which acquired the business last year.
Fitch said the integration was a major step to reinforce AXA's leading position in several key western European markets, and to boost its expansion in markets in central Europe and Asia.
Fitch also affirmed AXA's ratings, which include a AA in the UK, stating that the group benefits from excellent geographic diversification amd key competitive advantages in both product lines and distribution. It also noted a positive view of AXA's recent investment in emerging insurance markets such as the Ukraine and Russia, and praised the group's management team and robust finances.
