S&P Affirms AXA Re ‘AA-” Ratings

October 18, 2005

Standard & Poor’s Ratings Services announced from its Paris Office that it has affirmed its “AA-” insurer financial strength ratings on French reinsurer AXA Re and its subsidiaries Compagnie Générale de Réassurance de Monte-Carlo, AXA Re Asia-Pacific Pte Ltd., and AXA Corporate Solutions Insurance Co. The outlook on all the entities is positive.

“The affirmation is based on an in-force parental guarantee provided by AXA France IARD (AA-/Positive),” said S&P. The rating agency added that the guarantee meets its operative criteria and is governed by French law.

“The guarantee ensures that claims made by AXA Re policyholders are paid. As long as this guarantee is in place, the ratings on AXA Re and its subsidiaries will move in tandem with those on AXA France IARD. The positive outlook on AXA Re and its subsidiaries reflects the outlook on their ultimate guarantor, AXA France IARD. The outlook on AXA France IARD is in turn supported by its core status in the AXA group (main French operating entities are rated AA-/Positive),” the announcement concluded.

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