AXA (EPA:CS) - AXA has completed the acquisition of XL Group

Transparency directive : regulatory news

12/09/2018 14:50

Press release

Paris, September 12, 2018

                AXA has completed the acquisition of XL Group

      Creating the #1 global P&C commercial lines insurance platform

AXA today announced that it has completed the acquisition of XL Group Ltd, a
leading global Property & Casualty commercial lines insurer and reinsurer with
strong presence in North America, Lloyd's, Europe, and Asia-Pacific. The
completion of the transaction follows the fulfillment of customary closing
conditions, including approval by XL Group shareholders and obtention of all
necessary regulatory approvals.

XL Group, a premier specialty and large corporate P&C platform, complements and
diversifies AXA's existing commercial lines insurance portfolio, and its
reinsurance capabilities give AXA access to enhanced diversification and
alternative capital. The combination of AXA's and XL Group's existing positions
propels the Group to the #1 global position in P&C Commercial lines(1).

"The completion of this transaction marks a significant milestone in our
strategic ambition to further improve the balance between technical and
financial margin. This transaction accelerates our transformation, allowing us
to deliver enhanced solutions and services to a greater number of clients, and
provides opportunities for significant long-term value creation for our
stakeholders, with increased risk diversification, strong underwriting
discipline, higher cash remittance potential as well as reinforced growth
prospects."

"Today, as Greg Hendrick steps up to lead AXA XL as its CEO and joins AXA
Group's management committee, I would like to personally welcome him and all XL
Catlin colleagues to the AXA family. With the enthusiasm and shared vision of
AXA and XL Catlin teams, extensive preparatory work has already been conducted
to ensure a smooth integration(2) of our businesses within the AXA Group", said
Thomas Buberl, Chief Executive Officer of  AXA.

"This announcement marks the culmination of a great deal of work and vision. We
have our sights focused on success and together with AXA, our offering is truly
compelling: we have the right geographical footprint, expert teams, and a
culture that constantly strives for innovation. And innovate is what we will
continue to do, so that we can be the partner of choice for our clients today
and well into the future", said Greg Hendrick, Chief Executive Officer of AXA
XL(3).

(1) Including P&C Commercial Lines and Commercial Health for comparability
    purposes with peers.
(2) The integration project related to the activities of AXA Corporate
    Solutions, AXA Matrix, AXA Art and XL Catlin will be subject to legal and
    social validations prior to its implementation.
(3) The AXA XL division gathers the activities of AXA Corporate Solutions, AXA
    Matrix, AXA Art and XL Catlin.

In connection with the completion of the acquisition, XL Group's common shares
ceased trading prior to market opening today and will be delisted(4) from the
New York Stock Exchange and the Bermuda Stock Exchange.

ABOUT THE AXA GROUP

The AXA Group is a worldwide leader in insurance and asset management, with
160,000 employees serving 105 million clients in 62 countries. In 2017, IFRS
revenues amounted to Euro 98.5 billion and IFRS underlying earnings to Euro 6.0
billion. AXA had Euro 1,439 billion in assets under management as of December
31, 2017.
The AXA ordinary share is listed on compartment A of Euronext Paris under the
ticker symbol CS (ISN FR 0000120628 - Bloomberg: CS FP - Reuters: AXAF.PA).
AXA's American Depository Share is also quoted on the OTC QX platform under the
ticker symbol AXAHY.
The AXA Group is included in the main international SRI indexes, such as Dow
Jones Sustainability Index (DJSI) and FTSE4GOOD.
It is a founding member of the UN Environment Programme's Finance Initiative
(UNEP FI) Principles for Sustainable Insurance and a signatory of the UN
Principles for Responsible Investment.
This press release and the regulated information made public by AXA pursuant to
article L. 451-1-2 of the French Monetary and Financial Code and articles 222-1
et seq. of the Autorité des marchés financiers' General Regulation are
available on the AXA Group website (axa.com).

THIS PRESS RELEASE IS AVAILABLE ON THE AXA GROUP WEBSITE axa.com

FOR MORE INFORMATION:

Investor Relations:         +33.1.40.75.48.42
Andrew Wallace-Barnett:     +33.1.40.75.46.85
François Boissin:           +33.1.40.75.39.82
Aayush Poddar:              +33.1.40.75.59.17
Shantanu Priya:             +33.1.40.75.58.44
Mathias Schvallinger:       +33.1.40.75.39.20
Alix Sicaud:     +          +33.1.40.75.56.66

Individual Shareholder Relations:
                            +33.1.40.75.48.43

Media Relations:            +33.1.40.75.46.74
Julien Parot:               +33.1.40.75.59.80
Nicolas Feltrin:            +33.1.40.75.56.48
Shruti Dhanda:              +33.1.40.75.72.58
Farah El Mamoune:           +33.1.40.75.46.68

Corporate Responsibility strategy:
axa.com/en/about-us/strategy-commitments

SRI ratings:
axa.com/en/investor/sri-ratings-ethical-indexes

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING
FORWARD-LOOKING STATEMENTS

Certain statements contained herein may be forward-looking statements
including, but not limited to, statements that are predictions of or indicate
future events, trends, plans, expectations or objectives. Undue reliance should
not be placed on such statements because, by their nature, they are subject to
known and unknown risks and uncertainties and can be affected by other factors
that could cause AXA's actual results to differ materially from those expressed
or implied in the forward-looking statements. Please refer to Part 4 - "Risk
factors and risk management" of AXA's Registration Document for the year ended
December 31, 2017, for a description of certain important factors, risks and
uncertainties that may affect AXA's business and/or results of operations. AXA
undertakes no obligation to publicly update or revise any of these
forward-looking statements, whether to reflect new information, future events
or circumstances or otherwise, except as required by applicable laws and
regulations.

(4 )AXA also intends to delist XL Group's and its subsidiaries' outstanding
senior and subordinated notes from the New York Stock Exchange. Following the
closing of the merger and the delisting of XL Group's securities, AXA intends
to request that XL Group's reporting obligations under the Securities Exchange
Act of 1934 be suspended.

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Transparency directive : regulatory news

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