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Rating Action:

Moody's affirms AXA's A2 senior debt rating and changes outlook to stable

09 May 2014

Paris, May 09, 2014 -- Moody's Investors Service has today affirmed AXA's A2 senior unsecured debt rating and A3/A3(hyb) subordinated debt ratings, as well as the Aa3 insurance financial strength (IFS) ratings of AXA's main operating subsidiaries. The rating agency has also changed the outlook to stable from negative on all ratings.

A list of all affected ratings is available at the end of this press release.

RATINGS RATIONALE

Moody's affirmation of AXA's debt ratings reflects the group's strong business profile combined with improvements in its financial profile in the last two years. The change in outlook to stable from negative reflects Moody's expectation that (1) AXA's actions in the last five years, including the de-risking of the new business in life insurance, the improvement in the P&C profitability and the group's continued asset liability management discipline, will continue to support a strong level of underlying earnings; and (2) the global macroeconomic environment will continue to improve. Nonetheless, given AXA's higher financial leverage and lower capitalisation compared with those of Aa-rated peers, Moody's considers AXA to be relatively weakly positioned within its rating category.

Moody's says that AXA's leading positions in many insurance markets globally, its diversified distribution capabilities and its diversified sources of earnings have enabled the group to report good profitability with a low level of volatility in the last five years. In 2013, AXA reported a growth in underlying earnings of 14% (to €4.7 billion from €4.2 billion reported in 2012) and a growth in net income of 10% (to €4.5 billion from €4.1 billion reported in 2012). These improvements in profitability strengthened the group's balance sheet.

Nevertheless, AXA's financial profile, particularly capitalisation, financial leverage (32% at year-end 2013 according to Moody's calculations, down from 34% in 2012) and earnings coverage (4.7x in 2013 according to Moody's calculation, up from 4.0x in 2012), will likely remain at the lower-end of or below Moody's usual expectations for a group whose main insurance operating subsidiaries have Aa3 IFS ratings. In addition, as a result of multiple acquisitions, Moody's views AXA's capital quality as of relatively lower quality (goodwill represented 28% of the group's reported shareholders' equity as of end-2013) compared to Aa-peers.

Moody's views AXA's underlying profitability as a core credit strength, and anticipates that AXA will continue to maintain a good level of underlying profitability. Moody's believes that the following factors support AXA's near-term profitability: (1) continued tariff adjustments in the main P&C markets where the group operates; (2) its strategy of reallocating capital to products with higher margins or that are less sensitive to financial-markets movements (e.g., unit-linked, protection and health); and (3) the de-risking of its life business in the US. Furthermore, the group's disciplined asset liability management, as well as the spread between its investments yield (3.7% in 2013 in the life segment) and the average guaranteed rate on life policies (2.2%), provides AXA with a strong ability to reduce credited rates to policyholders and therefore to limit the negative impact of low interest rates on its earnings. A gradual recovery in the global macroeconomic environment and a gradual increase in interest rates will also likely support AXA's profitability, although to a limited extent.

RATINGS OF SUBSIDIARIES

The affirmation of the Aa3 IFS ratings of AXA's main subsidiaries in France (AXA France Vie and AXA France IARD), Switzerland (AXA Versicherungen AG), the US (AXA Equitable Life Insurance Company), Germany (DBV-Deutsche Beamten-Versicherung AG, AXA Lebensversicherung AG, AXA Versicherung AG and AXA Krankenversicherung AG), Belgium (AXA Belgium) and the UK (AXA Insurance UK plc) mirrors the rating action on the holding's debt ratings. The ratings of most of these entities benefit from one or two notches of implicit support, reflecting their strong contribution to AXA's revenues and profits and their strategic relevance to the group.

Moody's has affirmed the IFS rating of MONY Life Insurance Company of America (MLOA), a US subsidiary, at A1 with a stable outlook. The rating agency downgraded this rating by one notch on 2 October 2013 after AXA sold part of its business in the US and coinsured certain in-force business of MLOA to an operating subsidiary of Protective Life Corporation (Baa2 stable).

Moody's has also affirmed the IFS rating of AXA Insurance Ltd, AXA's Irish subsidiary, at A2 with a stable outlook. AXA Insurance Ltd's IFS rating remains constrained at the level of Ireland's country ceiling.

Finally, Moody's has affirmed the A2 deposit rating of AXA Bank Europe, and changed the outlook to stable from negative, in line with that of the AXA group. This rating incorporates a four-notch uplift from its baa3 standalone baseline credit assessment.

WHAT COULD CHANGE THE RATINGS

Downward pressure on the ratings could result from (1) a sustainable reduction in profitability, prompting also a reduction in the earnings coverage ratio; (2) weakened solvency or financial leverage position; and/or (3) a deterioration in asset quality.

Upward pressure on the ratings is less likely in the short term given the positioning of AXA's ratings within their category. In the long term, however, upward pressure on the ratings could result from (1) a sustained improvement in the group's capitalisation level and quality; (2) a sustainable reduction in financial leverage to below 30%; and (3) an improvement in earnings coverage to the 8x-12x range.

LIST OF AFFECTED RATINGS

The following ratings have been affirmed and the outlook changed to stable from negative:

AXA -- senior unsecured debt rating at A2;

AXA -- subordinated debt rating at A3/A3(hyb);

AXA -- junior subordinated debt rating at A3(hyb)/Baa1(hyb);

AXA France IARD -- insurance financial strength rating at Aa3;

AXA France Vie -- insurance financial strength rating at Aa3;

AXA Versicherungen AG -- insurance financial strength rating at Aa3;

DBV-Deutsche Beamten-Versicherung AG -- insurance financial strength rating at Aa3;

AXA Lebensversicherung AG -- insurance financial strength rating at Aa3;

AXA Versicherung AG -- insurance financial strength rating at Aa3;

AXA Krankenversicherung AG -- insurance financial strength rating at Aa3;

AXA Belgium -- insurance financial strength rating at Aa3;

AXA Insurance UK plc -- insurance financial strength rating at Aa3;

Guardian Royal Exchange plc -- backed senior unsecured debt rating at A2;

AXA Financial, Inc. -- senior unsecured debt rating at A2;

AXA Equitable Life Insurance Company -- insurance financial strength rating at Aa3;

AXA Equitable Life Insurance Company -- surplus notes rating at A2(hyb);

MONY Life Insurance Company of America -- insurance financial strength rating at A1;

AXA Bank Europe -- bank deposit rating at A2.

The following rating has been affirmed with a stable outlook:

AXA Insurance Ltd -- insurance financial strength rating at A2.

The following ratings have been affirmed:

AXA -- provisional senior unsecured MTN rating at (P)A2;

AXA -- provisional subordinated MTN rating at (P)A3;

AXA -- provisional junior subordinated MTN rating at (P)A3;

AXA -- commercial paper at P-1;

AXA Financial, Inc. -- provisional senior unsecured shelf rating at (P)A2;

AXA Financial, Inc. -- provisional subordinated shelf rating at (P)A3;

AXA Financial, Inc. -- provisional junior subordinated shelf rating at (P)A3;

AXA Financial, Inc. -- backed commercial paper at P-1;

AXA Financial Capital Trust I -- backed preference shares shelf rating at (P)A3;

AXA Financial Capital Trust II -- backed preference shares shelf rating at (P)A3;

AXA Financial Capital Trust III -- backed preference shares shelf rating at (P)A3;

AXA Financial Capital Trust IV -- backed preference shares shelf (P)A3.

PRINCIPAL METHODOLOGIES

The principal methodologies used in rating AXA, AXA France IARD, AXA France Vie, AXA Versicherungen AG, AXA Lebensversicherung AG, AXA Versicherung AG, AXA Krankenversicherung AG, DBV-Deutsche Beamten-Versicherung AG and AXA Belgium were Global Life Insurers published in December 2013, and Global Property and Casualty Insurers published in December 2013. The principal methodology used in rating AXA Insurance Ltd, Guardian Royal Exchange plc and AXA Insurance UK plc was Global Property and Casualty Insurers published in December 2013. The principal methodology used in rating AXA Financial, Inc., AXA Equitable Life Insurance Company and MONY Life Insurance Company of America was Global Life Insurers published in December 2013. The principal methodology used in rating AXA Bank Europe was Global Banks published in May 2013. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The ratings of rated entity Guardian Royal Exchange plc was initiated by Moody's and was not requested by this rated entities.

Rated entity Guardian Royal Exchange plc or its agent(s) participated in the rating process. This rated entity or its agent(s), if any, provided Moody's - access to the books, records and other relevant internal documents of the rated entity.

The person who approved AXA Financial, Inc., AXA Equitable Life Insurance Company, AXA Financial Capital Trust I, II,III and IV and MONY Life Insurance Company credit ratings is Robert Riegel, Managing Director, Insurance, JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454

The person who approved AXA, AXA France IARD, AXA France Vie, AXA Versicherungen AG, DBV-Deutsche Beamten-Versicherung AG, AXA Lebensversicherung AG, AXA Versicherung AG, AXA Krankenversicherung AG, AXA Belgium, AXA Insurance UK plc, Guardian Royal Exchange plc, and AXA Insurance Ltd credit ratings is Simon Harris, Managing Director, Insurance, JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454

The person who approved AXA Bank Europe credit rating is Carola Schuler, Managing Director, Banking, JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Benjamin Serra
Vice President - Senior Analyst
Financial Institutions Group
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Simon Harris
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's affirms AXA's A2 senior debt rating and changes outlook to stable
No Related Data.
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