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AXAHY AXA SA (QX)

34.64
0.804 (2.38%)
06 May 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
AXA SA (QX) USOTC:AXAHY OTCMarkets Depository Receipt
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.804 2.38% 34.64 34.03 34.75 34.77 34.56 34.60 108,539 21:30:14

Axa France Enters Into Reinsurance Agreement for In-Force Savings Portfolio

20/12/2023 6:29pm

Dow Jones News


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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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