A.M. Best Affirms Ratings of AXA Financial, Inc. and Certain Subsidiaries

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best has affirmed the issuer credit rating (ICR) of “a-” and the issue ratings of AXA Financial, Inc. (AXA Financial) (New York, NY), as well as the financial strength rating (FSR) of A+ (Superior) and the ICR of “aa-” of its lead operating subsidiary, AXA Equitable Life Insurance Company (AXA Equitable) (New York, NY). The outlook for all ratings is stable, with the exception of the commercial paper, which does not have an outlook. (See below for a detailed listing of AXA Financial’s other subsidiaries and ratings).

The affirmation of the ratings of AXA Financial’s life subsidiaries reflects its position as a leading variable life and annuity writer and global asset manager. The ratings also reflect its strategic importance to the ultimate parent, AXA S.A. (AXA), a publicly traded, worldwide leader in financial protection and wealth management. The U.S. operations represent a considerable portion of AXA’s Life & Savings global assets and revenues. AXA Financial benefits from a diversified and productive distribution model, which includes a significant ownership of AllianceBernstein (AB), one of the largest publicly traded global investment management firms.

While risk-based capital is strong, AXA Financial remains exposed to equity market pressures on both sides of the balance sheet through its investment in AB and through its variable insurance products with guaranteed benefits, as well as to volatility in revenues from asset fees as a result of the changes in market values of its large separate account book of business and derivative activity. A.M. Best notes that the exposure from variable annuity guarantees is managed effectively through reinsurance and hedging programs, which have been developed over the past several years. In recent years, AXA Financial has developed and introduced new and innovative products with the objective of offering a more balanced and diversified product portfolio while reducing product design risk. Additionally, asset risk consists of a well-diversified portfolio of public and private fixed maturity bonds, commercial and agricultural mortgages and other loans, equity securities and other invested assets, which are considered well managed.

The FSR of A+ (Superior) and the ICR of “aa-” have been affirmed for AXA Equitable Life Insurance Company, a subsidiary of AXA Financial, Inc. The FSR of A (Excellent) and the ICR of “a+” have been affirmed for MONY Life Insurance Company of America, a subsidiary of AXA Financial, Inc. The FSR of A (Excellent) have been affirmed and the ICRs downgraded to “a” from “a+” for the following subsidiaries of AXA Financial, Inc.:

• AXA Equitable Life and Annuity Company
• U.S. Financial Life Insurance Company

The change in the ICR reflects the continued run-off nature of the closed blocks of business. The action taken is reflective of the forward looking view of both company’s importance and contribution to the overall group. The ratings outlook remains stable for both companies.

The FSR of B++ (Good) and the ICR of “bbb” have been affirmed for AXA Corporate Solutions Life Reinsurance.

The following issue ratings have been affirmed:

AXA Financial, Inc.—

-- “a-” on $350 million 7% senior unsecured debentures, due 2028

AXA Financial, Inc.—

-- “AMB-1” on its commercial paper program

AXA Equitable Life Insurance Company—

-- “a” on $200 million 7.7% surplus notes, due 2015

This press release relates to rating(s) that have been published on A.M. Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please visit A.M. Best’s Ratings & Criteria Center.

A.M. Best Company is the world's oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2015 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150828005713/en/

A.M. Best
Anthony McSwieney, 908-439-2200, ext. 5715
Senior Financial Analyst
[email protected]
or
Christopher Sharkey, 908-439-2200, ext. 5159
Manager, Public Relations
[email protected]
or
William Pargeans, 908-439-2200, ext. 5359
Assistant Vice President
[email protected]
or
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
[email protected]

Source: A.M. Best

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