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 Headquarters at Hôtel de La Vaupalière,Paris | |
| Company type | Public |
|---|---|
| Euronext Paris: CS CAC 40 component | |
| Industry | Financial services |
| Founded | 1921; 104 years ago (1921)[1] |
| Headquarters | Hôtel de La Vaupalière, 25 Avenue Matignon, France |
Area served | Worldwide |
Key people | Thomas Buberl (CEO) Antoine Gosset-Grainville (chairman of the board) |
| Products | |
| Revenue |  €102.733 billion (2023)[2] |
| €6.34 billion (2023)[2] | |
| €7.37 billion (2023)[2] | |
| AUM | €945.50 billion (2023)[2] |
| Total assets | €644.44 billion (2023)[2] |
| Total equity | €52.39 billion (2023)[2] |
Number of employees | 113,696 (2023)[3] |
| Subsidiaries | Axa Bank Belgium Axa Investment Managers Axa XL |
| Website | www |
Axa S.A. is a Frenchmultinationalinsurance corporation headquartered in the8th arrondissement ofParis. It also providesinvestment management and otherfinancial services via its subsidiaries. As of 2024, it is the fourth largestfinancial services company by revenue in France, and the 8thlargest French company.[4]
The Axa Group operates primarily inWestern Europe, North America, the Indian Pacific region, and theMiddle East, with a presence in Africa as well. It is a component of theEuro Stoxx 50stock market index.[5] In 2023, the company was ranked 48th in theForbes Global 2000.[6]
Despite being written by the company in upper case, "AXA" is not anacronym. It was chosen because its name can be pronounced easily by people who speak any language. After acquiring the Drouot Group in 1982, chairman and CEOClaude Bébéar hired an outside consultant to conduct a computer-aided search for a new name. Bébéar wanted a short and snappy name to convey vitality and could be pronounced the same way in every language, consistent with the group's desire for an international presence. Initially, "Elan" was the top choice, but Canadian executives balked because "élan" is the French word for a moose or elk. In 1985, Bébéar chose the name Axa.[7]
The company was founded in 1816 as Mutuelle de l'Assurance contre l'Incendie (the Ancienne Mutuelle).[8] It acquired Compagnie Parisienne de Garantie in 1978 and became Mutuelles Unies.[9] In 1982, it merged with the Drouot Group, owned by theHottinguer family, becoming Mutuelles Unies/Drouot.
The firm adopted the Axa name in 1986.[9] Axa took overThe Equitable in 1991[9] and bought Union des Assurances de Paris (UAP), France's largest insurer, in 1996 to become Axa-UAP. It reverted to the name Axa in 1999.[10] In February 1999, Axa acquiredGuardian Royal Exchange.[11] In May 2000, it acquired all shares it did not already own inSun Life & Provincial Holdings.[12] On 14 June 2006, Axa acquiredWinterthur Group fromCredit Suisse for approximately €9 billion.[13] As of 2011, Axa was the second most powerfultransnational corporation in terms ofcorporate control overglobal financial stability.[14][15]
In May 2016, the firm announced that it would stop investing in tobacco shares and bonds and allow its portfolio of tobacco-related bonds to run off.[16] On 12 September 2018, Axa acquired XL Group Ltd., a Bermuda-based property and casualty commercial lines insurer and reinsurer, for $15.3 billion.[17] In October 2019, the company sold Axa Bank Belgium toCrelan for €620 million (US$688.51 million).[18][19]
In 2019, Axa partially disinvested from the Israeli arms groupElbit Systems following pressure from theBoycott, Divestment and Sanctions movement.[20] The move followed several years of campaigning by NGOs, including an April 2018 petition launched bySumOfUs that received 140,000 signatures, leading Axa to "quietly reduce" its investments in Elbit and Israeli banks.[20] Axa remains indirectly invested in Elbit and Israeli banks through a non-controlling interest in its former subsidiaryAlliance Bernstein.[20]
In 2023, Axa has increased investments in Israel as a shareholder in three Israeli banks known to support theIsraeli occupation of the West Bank:Bank Hapoalim (US$9.99M),Bank Leumi (US$6M), andIsrael Discount Bank (US$3.4M). By August 2024, however, AXA had completed a "full divestment" from all three banks, according an analysis by ethical-investing advocacy groupEkō.[21]
In February 2023, the company sold a 7.94% stake inBanca Monte dei Paschi di Siena (MPS) toinstitutional investors. The package included approximately 100,000,000 MPSshares at a price of €2.33 (US$2.50) per share, for a total transaction value of €233 million (US$250 million). Axa retained 0.0007% of the Italian bank's capital.[22]
Axa Investment Managers acquired France'sBry-sur-Marnefilm studio and the 12-hectare (30-acre) plot of land on which it is located for €150m in June 2023.[23]
Axa headquarters is located in the8th arrondissement of Paris.[24] Axa, which already owned 23 Avenue Matignon, acquired the former Hotel de La Vaupalière, an 18th-century building, in the late 1990s. ArchitectRicardo Bofill integrated the facade of the hotel with a modern glass building that covers the courtyard that the hotel also occupies. The complex serves as Axa's head office.[25]
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Revenue | 117,100 | 124,964 | 101,707 | 110,654 | 92,124 | 101,147 | 107,866 |
| Net income | 2,306 | 3,627 | 2,987 | 7,099 | 6,494 | 7,004 | 7,130 |
| Assets | 904,944 | 757,908 | 777,617 | 738,521 | 657,060 | 644,449 | 653,762 |
| Employees | 104,065 | 99,843 | 96,595 | 92,398 | 90,443 | 94,705 | 100,041 |
Axa trades in the United Kingdom as Axa UK, with subsidiaries including Axa Insurance, Axa Wealth and Axa Health. Axa PPP International was the trading name for Axa PPP healthcare's international health insurance division, which was later rebranded as Axa Global Healthcare on 1 January 2017. The company bought the online insurerSwiftcover, which was notorious for its controversialIggy Pop TV advertising campaign, which was subsequently banned for being misleading, on the grounds that Iggy Pop would not be eligible for cover as someone working in the entertainment industry.[27]
In September 2013, Axa Wealth was fined £1.8 million by the FCA for failing to ensure it gave suitable investment advice to its customers. The regulator says it found "serious defects" in the way Axa advisers in Clydesdale Bank, Yorkshire Bank and the West Bromwich Building Society advised customers on investments.[28]
In 2018, they became the 'Official Global Insurance' partner ofPremier League teamLiverpool F.C. and in 2019, began sponsoring the training kits of the team.[29] In 2020, the partnership was cemented further, when they purchased the naming rights to the club'snewly built training centre, which became officially known as 'The AXA Training Centre.'[30]
In 2016, Axa Wealth was sold to thePhoenix Group.[31]
Axa Health sellsprivate medical insurance in the UK and was known as Axa PPP Healthcare until 2020.[32] It was previously the London Association for Hospital Services, set up in 1938 as a private healthcare scheme for people of middle income inLondon.[33][34] It was incorporated in 1940 with assistance from theBritish Medical Association, theKing's Fund, and themedical royal colleges.[35]
Guardian Royal Exchange Assurance bought it in 1998 for £435 million; a year later it was bought bySun Life & Provincial Holdings, an Axa subsidiary.[36]
Axa Global Healthcare has previously been known as Axa PPP International, Axa Global Protect or Axa Healthcare Management. In 2017, thesubsidiary Axa Global Healthcare became an independent Managing General Agent, selling and administering international health insurance products. While Axa Health provides insurance across the UK, Axa - Global Healthcare caters to those needinghealth insurance around the world.[37]
In 2018, Axa Global Healthcare launched a Virtual Doctor service for its customers with outpatient cover and in 2020 offered it across all plans.[38] Provided byTeladoc Health, it offers anytime access to medical advice by phone or video by doctors located around the world who speak more than 15 languages and is targeted atexpatriates.[39]
Axa established a presence in Ireland in 1999 when it bought British-basedGuardian Royal Exchange,[40] which had previously acquired PMPA.[41] PMPA, Private Motorists Protection Association,[42] was at the time one of Ireland's biggest insurance companies. It is the third-largest general insurer in the Republic of Ireland.[41]
In August 2023, it was announced Axa had acquired theLittle Island, Cork-headquartered health insurance company,Laya Healthcare for €650 million.[43]
Axa Canada marketed insurance inQuebec,Ontario,Western Canada andAtlantic Canada. In 2009 it had a total of approximately 2300 employees and 4000 brokers and advisors. The head office was inMontreal, Quebec. In 2011 it was sold toIntact Financial Corp. for C$2.6 billion.[44]
The American arm of Axa isAxa Financial, Inc., which is known mainly through its subsidiaries such asAxa Advisors,Axa Network,MONY (formerlyMutual of New York),US Financial Life, andAllianceBernstein.[45] The Equitable was acquired in 1991; theMutual Life Insurance Company of New York (MONY) was acquired in 2004.[46][47]
Axa's US operations are incorporated in Delaware.[48]
In July 2008, Axa acquired ING Insurance Mexico, offering essentially the same services that ING offered. Axa then sued anING Group subsidiary over alleged misrepresentations in the $1.5 billion sale stating it suffered "tens (if not hundreds) of millions of dollars in damages."[49]
In 1995 the Axa Group purchased a 51 per cent controlling interest in Australian life insurer,National Mutual[50][51] It was rebranded Axa.[52][53] In March 2011, Axa agreed to merge its Australian operations withAMP under the AMP brand.[54][55][56]
In April 2016 Axa unveiled a partnership with Lloyd's of London insurer Chaucer Holdings to enter the growing market of speciality insurance in Africa. Axa Africa Specialty Risks helps to mitigate risks through its coverholder, Chaucer Syndicate 1084 and Axa Africa Specialty Risks 6130. Axa ASR focuses on specialty and corporate lines, with coverage and an on-the-ground presence across Africa. Axa and Lloyd's both have excellent international financial strength ratings (AA- by Fitch and A+ by Standard & Poor's). The lines of business include: Political Risk, Political Violence and Terrorism, Energy, Construction, Property, Liability, Marine and Aviation. Since 2014 Axa has made several acquisitions of other insurers in an attempt to expand. Axa already operates in Cameroon, Egypt, Gabon, Ivory Coast, Morocco, Nigeria, Senegal and Algeria.[57] Axa Africa also has a role in the trade between Asia and some African countries.[58]
In January 2016, Axa created Kamet Ventures, an insurtech incubator, to build disruptive businesses in the insurance, healthcare and assistance space with an initial funding of €100 million. Some of Kamet's investments include an insurance advice platform,Anorak Technologies and an elderly care platform, Birdie[59][60][61]
Axa Investment Managers (Axa IM), is a global investment —management firm with offices in over 22 locations worldwide. As of 31 December 2020, it manages over €858 billion in assets on behalf of institutional and retail clients. It operates as the investment arm for Axa.
Axa Asia Pacific Holdings Limited acquired MLC (Hong Kong) Limited and re-branded it as Axa (Hong Kong) Life Insurance Company Limited in 2006.[62]
In 2010, Axa sold a UK business unit calledSunLife toResolution Limited.[63]
In 2021, theGulf Insurance Group acquired Axa's holdings in the Gulf region, rebranding them as GIG in the Middle East.[64]
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