French insurance company AXA SA (CS.FR) said Wednesday its solvency ratios, a measure of its financial strength, were significantly higher at the end of February than at the end of 2011.
Chief Executive Henri de Castries said AXA estimates AXA's solvency I ratio was above 200% on Feb. 29, up from 188% at the end of 2011. The level of ratio is close to historical highs, de Castries said, according to the slides of a presentation made available on the company's website.
The economic solvency ratio for AXA stood at about 160% on Feb 29, up from 148% at the end of 2011, he added. The level of economic solvency ratio is comfortable, he added.
Last month, AXA pledged to strengthen its balance sheet and boosts cash flow in currently difficult markets, after posting sharply higher full-year earnings at EUR4.32 billion that were nonetheless below market expectations.
-By Inti Landauro, Dow Jones Newswires; +33 1 4017 1740; [email protected]