AXA to Transform Its Swiss Group Life Business by End of 2018
10 Avril 2018 - 08:11AM
Dow Jones News
By Marc Bisbal Arias
AXA SA (CS.FR) said Tuesday that it will transform its Swiss
group life business to a semi-autonomous model from a full-value
insurance model by the end of the year.
The French insurer said that a semi-autonomous model involves
contracts covering death and disability benefits, as well as
administration services. Contracts under the full-value insurance
model also cover guaranteed savings and annuity benefits, it
said.
Under the new model, AXA will cover death and disability
provisions and administration services, but the company's main
occupational benefits foundations will be responsible for asset
allocation and investment returns to policyholders.
"In the prevailing environment, this re-orientation should
enable us to offer our Swiss SME clients more attractive
occupational benefits solutions creating prospects of higher
pensions on retirement, at lower costs," AXA's Chief Executive in
Europe Antimo Perretta said.
As part of the transformation, AXA will transfer most of its
in-force general account reserves of about 31 billion Swiss francs
($32.3 billion), backing pre-retirement savings benefits in its
group-life portfolio to the foundations.
The portfolio transfer will cause a one-time negative impact in
net income of about CHF400 million in the first half of 2018, the
insurer said.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
(END) Dow Jones Newswires
April 10, 2018 01:56 ET (05:56 GMT)
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