(News Bulletin 247) – AXA announced on Wednesday its intention to buy back a series of subordinated notes denominated in sterling which were supposed to mature in January 2054.
The insurance group specifies that it plans to launch a cash tender offer on its so-called ‘Tier 2’ subordinated bonds in the amount of 750 million pounds sterling with a fixed rate of 5.625%.
The offer is due to expire on April 26, unless extended or terminated early by AXA in its sole discretion.
The insurer explains that this operation is part of its active debt management policy, with the aim of optimizing its capital structure.
Ahead of the publication of its 1st quarter activity indicators, scheduled for Monday May 15, AXA also unveiled this morning the pro forma activity indicators for its 1st quarter 2022 following the adoption at the beginning of the year IFRS17 and IFRS9 accounting standards.
This new methodology shows only minor changes, since the total gross gross issued is only revised downwards from 31.3 to 31.2 billion euros with the new standards.
The value of new business remains unchanged at 700 million euros for the first quarter of 2022.
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