Axa France Enters Into Reinsurance Agreement for In-Force Savings Portfolio
December 20 2023 - 1:29PM
Dow Jones News
By Helena Smolak
Axa subsidiary Axa France Vie entered into a reinsurance
agreement with Axa Reassurance Vie France.
The French insurer said Wednesday that the agreement covers 12
billion euros ($13.18 billion) in savings reserves, including EUR10
billion of traditional general-account savings.
The transaction is expected to have a positive impact of two
points on the group's Solvency II ratio as of Dec. 31, 2023,
despite a reduction in underlying earnings of about EUR50 million
from 2024. To offset this reduction, the insurer intends to launch
a share buyback plan worth some EUR500 million, it said.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
December 20, 2023 13:14 ET (18:14 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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