The transformation of Axa SA into an internal reinsurance company of the group leads to the closure of Axa Global Re.
The ACPR notes the complete lapse of the authorizations granted to Axa Global Re as of June 30, 2022, according to a decision published in the Official Journal of June 28. Axa Global Re is therefore closing shop after having transferred all its reinsurance activities to Axa SA. The merger between the captive reinsurance company and the holding company of the Axa group is therefore recorded.
As announced in the group’s annual results, Axa SA has become a reinsurance company with retroactive effect from January 1, 2022. The activities of Axa Global Re have therefore been gradually transferred to Axa SA. Before the transfer, Axa Global Re claimed 170 employees, 2.3 billion euros in turnover and 60 reinsured entities worldwide.
“This initiative aims to improve the fungibility of capital across the group, in line with our capital management policy. The group expects to obtain 2 billion euros of additional cash from this transformation by 2026 at the level of Axa SA, including an additional 1 billion euros by 2023, including an exceptional positive impact resulting from the merger of Axa SA with Axa Global Re, and an acceleration of cash flow“, specified the group in February.