S&P Affirms Ratings on AXA Run-off Units; Removed from CreditWatch

September 28, 2004

Standard & Poor’s Ratings Services announced that it has affirmed its “BBB” long-term counterparty credit and insurer financial strength ratings on U.S.-based AXA Corporate Solutions Life Reinsurance Co., U.S.-based AXA Corporate Solutions Reinsurance Co., and AXA Global Risks (U.K.) Ltd. with a stable outlook.

Standard & Poor’s Ratings Services announced that it has affirmed its “BBB” long-term counterparty credit and insurer financial strength ratings on U.S.-based AXA Corporate Solutions Life Reinsurance Co., U.S.-based AXA Corporate Solutions Reinsurance Co., and AXA Global Risks (U.K.) Ltd. with a stable outlook.

Concurrent with the affirmation S&P announced that it has removed the ratings from CreditWatch, where they were originally placed on Feb. 20, 2004, and has subsequently withdrawn them at the request AXA management. Consequently, they are no longer subject to surveillance by S&P.

“Each of the three companies has ceased underwriting new business, and Standard & Poor’s expects an orderly run-off based on the companies’ own financial strength and the AXA group’s intentions,” the announcement continued. “AXA Corporate Solutions Life Reinsurance Co. previously wrote asset-backed reinsurance, predominantly guaranteed minimum death benefit and guaranteed minimum income benefit risks. AXA Corporate Solutions Reinsurance Co. previously wrote small lines on large U.S. commercial risks, often from subsidiaries of European groups. AXA Global Risks (U.K.) Ltd. previously wrote large commercial risks.”

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