(CercleFinance.com) – The Axa group announces that its subsidiary AXA France Vie has concluded a reinsurance contract with AXA Réassurance Vie France (ARVF), a reinsurance company co-owned by AXA Assurances Vie Mutuelle and AXA Assurances IARD Mutuelle.
AXA specifies that the reinsurance treaty with ARVF will cover a total of 12 billion euros of savings reserves.
The operation should lead to a reduction in annual operating profit of around 50 million euros from 2024.
AXA intends to compensate for the reduction in operating profit resulting from this operation with a share buyback of approximately 0.5 billion euros which should be launched after the publication of the 2023 results as well as the new strategic plan.
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