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A.M. Best Places Credit Ratings of Rated Subsidiaries of AXA S.A. Under Review With Developing Implications

A.M. Best has placed under review with developing implications the Financial Strength Rating (FSR) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of rated subsidiaries of Axa (AXA) (Paris, France). Please see below for the detailed list of companies and Credit Ratings (ratings).

The rating actions follow AXA's announcement on March 5, 2018, that the group has entered into an agreement to acquire 100% of XL Group Ltd. (XL) [NYSE: XL], for a cash consideration of USD 15.3 billion (EUR 12.4 billion). The transaction is anticipated to close in the second half of 2018, and is subject to approval by XL shareholders and other customary closing conditions, including required regulatory approvals.

The ratings are expected to remain under review until the transaction closes, and A.M. Best has assessed the impact of the transaction on the credit fundamentals of the group and its rated subsidiaries. The under review status may be updated in the interim period if new facts and circumstances present themselves.