Axa issues bond programme linked to mortality rates

Axa Group has set up a €1 billion shelf programme to transfer mortality risk to the capital markets via special-purpose vehicle Osiris Capital. Axa is the first primary insurer to put in place such a risk management tool and the first to transfer a sub-investment grade mortality risk layer to the capital markets.

Axa has placed a range of notes indexed to mortality levels in France (60% of the combined index), Japan (25%) and the US (15%), for a total amount of €345 million. This first offering

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