French insurer Axa’s core capital ratio dropped a further two percentage points in Q2 to 180%, its lowest since the European Union-wide insurance regulatory framework came into force in 2016.

Over the first three months of the year, its Solvency II ratio fell 16pp, the most since Q3 2018. The decline was driven by a depletion of capital due to debt repayment and dividend accrual. Earnings added a single percentage point to the ratio over Q2, compared to five over Q1.

Its solvency position

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#### Derivatives

###### SEC’s Gensler takes aim at Bloomberg’s BSBY index

Credit sensitive SOFR alternative has “many of the same flaws as Libor”, regulator says