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Fitch Rates AXA Insurance Singapore at ‘AA-’ Reflecting AXA’s Financial Strength and Competitiveness

July 1, 2014 |

AXA Insurance Singapore Pte Ltd is pleased to confirm the assignment of an 'AA-' Insurer Financial Strength (IFS) rating, outlook stable, by global rating agency Fitch Ratings.

In its report, Fitch said that the rating on AXA Insurance Singapore, which is the same rating awarded to the AXA Group, reflected “Fitch’s view of AXA Insurance Singapore's 'Core' status within the AXA Group, notably supported by its 100% ownership and intra-group reinsurance agreements.” In addition, the Fitch report revealed that, “Fitch views the company as being both profitable (reflected in its 97% average net combined ratio over five years) and strongly capitalised (185% of the local capital requirement at end-2013).” AXA Insurance Singapore’s investment policy is also kept highly conservative, with focus centering mainly on highly rated fixed income instrument and cash.

According to Fitch Rating’s website, an 'AA-' IFS Rating denotes a very low expectation of ceased or interrupted payments. It indicates very strong capacity to meet policyholder and contract obligations. This capacity is not significantly vulnerable to foreseeable events. Additional information on Fitch Rating and AXA Insurance Singapore could be found at www.fitchratings.com and www.axa.com.sg respectively.

About AXA in Singapore
With presence as early as 1969, AXA operates in both entities of Life Insurance and General Insurance in Singapore. AXA offers a wide range of products, catering to the needs of individuals and companies.
AXA Insurance is the No. 2 general insurer in Singapore. It ranks No. 1 in Health, No. 2 in Marine Cargo and Motor insurance in the Singapore general insurance market.

About AXA Asia
AXA Asia is a market leading insurance player offering a differentiated composite proposition in Life and General Insurance with operational presence in Hong Kong, Singapore, Indonesia, China, India, Malaysia, the Philippines, and Thailand. AXA Asia is part of the AXA Group, headquartered in Paris and a worldwide leader in insurance and asset management with a presence in 56 countries. AXA Asia is committed to creating a sustainable, long-term business for our employees, customers and shareholders.

The AXA Group is a worldwide leader in insurance and asset management, with 157,000 employees serving 102 million clients in 56 countries. In 2013, IFRS revenues amounted to Euro 91.2 billion and IFRS underlying earnings to Euro 4.7 billion. AXA had Euro 1,113 billion in assets under management as of December 31, 2013.
The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.

The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD.
It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.

Asia PR Werkz
Tel: +65 6536 6881
86A Amoy Street
Singapore 069905

Ms Jamie Tan
HP: +65 9488 0992
Email: jamie@asiaprwerkz.com

Ms Avelyn Ng
HP: +65 9672 2261
Email: avelyn@asiaprwerkz.com


Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Please refer to the section “Cautionary statements” in page 2 of AXA’s Document de Référence for the year ended December 31, 2011, for a description of certain important factors, risks and uncertainties that may affect AXA’s business. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise.