Axa won the ACPR stamp to transform the group holding company into a reinsurer.
During the presentation of its annual results Axa announced its intention to transform its holding company into a reinsurer. “It is planned that AXA SA will become a reinsurer approved by the regulator and absorb the current internal reinsurance captive, Axa Global Re, in the context of a merger”, then declared the insurer. This operation should allow the company to release some 2 billion euros in additional cash by 2026.
“This initiative aims to improve the fungibility of capital across the group, in line with our capital management policy”then explained Alban Mailly de Nesle, financial director of Axa.
The transaction should be finalized by the end of the first half, subject to obtaining regulatory approvals. And Axa has just won that of the ACPR. In a decision published in the Official Journal, the regulator approves “the company called Axa to carry out operations in France” life and non-life reinsurance.