A.M. Best Affirms Credit Ratings of AXA Financial, Inc. and Certain Subsidiaries

Business Wire

OLDWICK, N.J.--(BUSINESS WIRE)-- A.M. Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” and the Long-Term Issue Rating (Long-Term IR) and the Short-Term Issue Rating (Short-Term IR) of AXA Financial, Inc. (AXA Financial) (headquartered in New York, NY), as well as the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICR of “aa-” of its lead operating subsidiary, AXA Equitable Life Insurance Company (AXA Equitable) (New York, NY). The outlook of these Credit Ratings is stable. (See below for a detailed listing of AXA Financial’s other subsidiaries and ratings).

The affirmation of the ratings of AXA Financial’s life subsidiaries reflects its position as a leading variable life and annuity writer and global asset manager. The ratings reflect the strategic importance of U.S. operations to the ultimate parent, AXA S.A. (AXA), a publicly traded, worldwide leader in financial protection and wealth management. AXA Financial benefits from a diversified and productive distribution model, which includes a significant ownership stake in AllianceBernstein (AB), a large publicly traded global investment management firm.

While the AXA Financial prudently manages to a high risk-based capital profile, it remains exposed to equity market pressures on both sides of the balance sheet. These pressures emanate from its investment in AB and through its variable insurance products with guaranteed benefits, as well as volatility in revenue from asset fees as a result of market value changes in its large separate account book of business and derivative activity. A.M. Best notes that the exposure from variable annuity guarantees is managed effectively through reinsurance and hedging programs. In recent years, AXA Financial has developed and introduced new and innovative products with the objective of offering a more balanced and diversified product portfolio while reducing product design risk. More recently the company is looking to expand their product offering with product solutions tailored to the employee benefits marketplace. Additionally, asset risk consists of a well-diversified portfolio of invested assets, which are considered well-managed.

The FSR of A (Excellent) and the Long-Term ICR of “a+” have been affirmed with a stable outlook for MONY Life Insurance Company of America (Phoenix, AZ), another subsidiary of AXA Financial, Inc.

The FSRs of A (Excellent) and the Long-Term ICRs of “a” have been affirmed with a stable outlook for the following subsidiaries of AXA Financial, Inc.:

AXA Equitable Life and Annuity Company
U.S. Financial Life Insurance Company

The FSR of B++ (Good) and the Long-Term ICR of “bbb” have been affirmed with a stable outlook for AXA Corporate Solutions Life Reinsurance (Delaware).

The following Long-Term IR has been affirmed:

AXA Financial, Inc.—
-- “a-” on $350 million 7% senior unsecured debentures, due 2028

The following Short-Term IR has been affirmed:

AXA Financial, Inc.—
-- “AMB-1” on its commercial paper program

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

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A.M. Best

Anthony McSwieney, +1-908-439-2200, ext. 5715

Senior Financial Analyst

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William Pargeans, +1-908-439-2200, ext. 5359

Assistant Vice President

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Christopher Sharkey, +1-908-439-2200, ext. 5159

Manager, Public Relations

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Jim Peavy, +1-908-439-2200, ext. 5644

Assistant Vice President, Public Relations

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