Fitch goes negative on outlook for Axa

Fitch Ratings has maintained Axa’s Insurer Financial Strength (IFS) rating at AA- but revised the outlook to negative from stable.

The move was declared for both parent company and all subsidiaries including Axa Insurance plc (UK).

The ratings agency said the revision of the outlook to negative reflected its concerns about the group's ability to improve profitability, notably in the context of low interest rates.

It noted that the management had taken action aimed at reducing exposure to financial market movements but considered this will take some time to achieve results in the context of the group's exposure to a sizeable