(AOF) – Axa and Athora have mutually agreed to terminate the sale agreement relating to a run-off life and retirement insurance portfolio of Axa Germany, as initially communicated on July 14, 2022. French insurer will therefore keep this portfolio, “which is well capitalized and benefits from a good asset-liability match, as well as the related result”. This termination should not have any impact on the financial objectives communicated by the group as part of its new strategic plan, “Unlock the Future”.
At the same time, the Axa group also announced that its subsidiary AXA Life Europe has concluded a reinsurance contract with New Reinsurance Company3 which covers reserves of “variable annuities” products for an amount of approximately 3 billion euros. The transaction will lead to a reduction in annual operating profit of approximately 20 million euros from 2024. AXA intends to offset the reduction in operating profit resulting from this transaction through a share buyback of approximately 0,000,000 euros. 2 billion euros which should be closed by the end of the year. The transaction, taking into account the impact of the share buyback, should have an impact of approximately -1 point on the Solvency II ratio of the AXA group.
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