Ratings agency Fitch has revised its outlook on Axa's AA- insurer financial strength rating from stable to negative citing concerns about the group's ability to improve its profitability.
In its affirmation of the rating the agency said it was concerned the insurer would struggle to offset the impact of the current low interest rate environment, adding that it believed Axa's 29 percent debt leverage was outside of its criteria guidelines.
"Over the past four years, Axa's operating profitability has recovered...
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