Axa tackles equity risk

Axa fortified its Solvency II ratio by 16 basis points in the first quarter after cutting back on equity market risk and adding a new subordinated debt issue to its capital buffers.

The French insurer’s ratio, which reflects its ability to honour policyholder obligations under stress, stood at 221% at the end of March, its highest since Europe’s Solvency II regulatory regime came into effect in January 2016.

The insurer attributed its strengthened regulatory position in part to a clampdown on

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