Axa has landed the ACPR stamp to turn the holding company into a reinsurer.
During the presentation of its annual results, Axa announced its intention to transform its holding company into a reinsurer. “AXA SA is expected to become an insurer approved by the regulator and absorb the current internal insurance captives, Axa Global Re, in a merger framework”, then declares the insurer. This operation should allow the company to generate some 2 billion euros of additional cash by 2026.
“This initiative aims to improve the fungibility of capital as a whole as a whole, in line with our capital management policy.”explicitly then Alban Mailly de Nesle, chief financial officer of Axis.
The transaction must be completed by the end of the first half subject to obtaining regulatory clearance. And Axa has just won the ACPR. In a decision published in the Official Journal, the regulator agreed “The company called Axa to carry out operations in France” life and non-life reinsurance.