Axa downgraded on risk management ‘shortcomings’
Standard & Poor's (S&P) has downgraded its insurer financial strength ratings, credit ratings and the core entities of global insurer Axa Group to AA- from AA. The new ratings have a stable outlook.
S&P also downgraded its enterprise risk management (ERM)
assessment of the group to "strong" from
"excellent".
It blamed the change on a delay in the completion of Axa's new
risk appetite framework relative to the agency's expectations,
and the fact that the financial crisis had highlighted some...
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