19/02/2009

A message to customers - clients, distributors and partners from AXA UK CEO Nicolas Moreau on AXA's financial strength

Today AXA UK and AXA Group announced its full year results for 2008 and I wanted to take the opportunity to update you on our financial strength.

Clearly, we have been impacted by the economic downturn but our performance demonstrates our resilience in a very testing market as well as our ability to offer you our customers, clients and intermediaries the service and the financial security that they are looking for in the economic turmoil.

AXA UK is well capitalised, has a solid balance sheet and has robust risk management processes in place to ensure that we remain financially strong.

We are a long-term business and so we focus on what we do well – life and pensions, wealth management, protection, health and general insurance.

In AXA Group, we have a strong parent. Our global business is able to withstand the current financial crisis due to its resilient underlying profitability, positive net income, conservative balance sheet with high quality investment assets, strong liquidity position and diversification across business lines and geographies.

AXA Group’s Solvency I ratio is 127% and 145% for Solvency II ratio and therefore the company has significant excess capital to protect the company and customers.  AXA Group is well rated for financial strength - AA rated by Standard & Poor’s, Aa3 by Moody’s and AA by Fitch. 

Despite the deteriorating economic outlook throughout 2008, enhancing customer service in the UK and Ireland remained at the heart of our strategic development.

I am determined to continue with investments across our business to bring about further change particularly in service improvements while at the same time maintaining our competitive position.

I firmly believe that we have the products, services and solutions to meet your investment or protection needs during these turbulent times. We want to stand firm with you and assure you that we are listening to your needs.

In this crisis we have demonstrated that AXA UK’s business model is sound and that we are financially resilient so looking ahead we remain focused on two things.

First, on you our customer. 

And second, on delivering our strategy – and thereby to maximise the full potential of our operating companies while maintaining our financial strength.

Together, I believe that these things will put us on a firm footing for when the market begins to recover.

Nicolas Moreau
Group CEO, AXA UK & Ireland