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Axa S.A. (styled as ''AXA'' or GIG in the Middle East) is a French multinational
insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
company. The head office is in the 8th arrondissement of
Paris Paris () is the capital and most populous city of France, with an estimated population of 2,165,423 residents in 2019 in an area of more than 105 km² (41 sq mi), making it the 30th most densely populated city in the world in 2020. S ...
, France. It also provides
investment management Investment management is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institut ...
and other
financial services Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...
. The Axa Group operates primarily in
Western Europe Western Europe is the western region of Europe. The region's countries and territories vary depending on context. The concept of "the West" appeared in Europe in juxtaposition to "the East" and originally applied to the ancient Mediterranean ...
, North America, the India Pacific region and the
Middle East The Middle East ( ar, الشرق الأوسط, ISO 233: ) is a geopolitical region commonly encompassing Arabian Peninsula, Arabia (including the Arabian Peninsula and Bahrain), Anatolia, Asia Minor (Asian part of Turkey except Hatay Pro ...
, with a presence also in Africa. Axa is a conglomerate of independently run businesses, operated according to the laws and regulations of many countries. It is a component of the Euro Stoxx 50
stock market index In finance, a stock index, or stock market index, is an index that measures a stock market, or a subset of the stock market, that helps investors compare current stock price levels with past prices to calculate market performance. Two of the ...
.


History

The company was founded in 1816 as Mutuelle de L'assurance contre L'incendie (the Ancienne Mutuelle). It acquired Compagnie Parisienne de Garantie in 1978 and became Mutuelles Unies. In 1982, it merged with the Drouot Group, owned by the
Hottinguer family Hottinger first appears in the annals of the town of Zöllikon, near Zurich, in 1362. The town had recently joined the Swiss Confederation, and was poised to become a thriving center for trade. In 1401, three members of the Hottinger family we ...
, becoming Mutuelles Unies/Drouot. The firm adopted the Axa name in 1985. Axa took over
The Equitable Equitable Holdings, Inc. (formerly The Equitable Life Assurance Society of the United States and AXA Equitable Life Insurance Company, and also known as The Equitable) is an American financial services and insurance company that was founded in ...
in 1991 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. In February 1999, Axa acquired
Guardian Royal Exchange Guardian Royal Exchange Assurance plc was a large British insurance company. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index. History The company was established through the merger of the Guardian Assuran ...
. In May 2000, it acquired all shares it did not already own in
Sun Life & Provincial Holdings Sun Life & Provincial Holdings plc was a large British insurance company. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index. It was acquired by French insurance company Axa Group in 1996. History The compan ...
. On 14 June 2006, Axa acquired
Winterthur Group Axa Winterthur is a multinational insurance company. The original company named Winterthur was founded in Winterthur, Switzerland, in 1875. From 1997 to June 2006, Winterthur was a Credit Suisse (CS) subsidiary. Now, Paris-based Axa Insurance has e ...
from
Credit Suisse Credit Suisse Group AG is a global investment bank and financial services firm founded and based in Switzerland. Headquartered in Zürich, it maintains offices in all major financial centers around the world and is one of the nine global " ...
for approximately €9 billion. As of 2011, Axa was the second most powerful
transnational corporation A transnational corporation is an enterprise that is involved with the international production of goods or services, foreign investments, or income and asset management in more than one country. It sets up factories in developing countries as land ...
in terms of corporate control over global financial stability. 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. On 12 September 2018 Axa acquired XL Group Ltd, a Bermuda-based property and casualty commercial lines insurer and reinsurer, for $15.3 billion. In October 2019, the company sold Axa Bank Belgium to
Crelan Crelan was introduced as the bank brand after the merger of ''Landbouwkrediet'' / ''Crédit Agricole'' and ''Centea''. It is a Belgian bank with roots in agriculture. It is part of Crelan Group, which was 50 percent owned by the Crédit Agricole ...
for €620 million (US$688.51 million).


The Axa name

Despite being written by the company in upper case, "AXA" is not an
acronym An acronym is a word or name formed from the initial components of a longer name or phrase. Acronyms are usually formed from the initial letters of words, as in ''NATO'' (''North Atlantic Treaty Organization''), but sometimes use syllables, as ...
, but was chosen because its name can be pronounced easily by people who speak any language. After acquiring the Drouot Group in 1982, chairman and CEO
Claude Bébéar Claude Bébéar (born 1935) is a French businessman. He is the former CEO of AXA. Biography Early life Claude Bébéar was born on 29 July 1935 in Issac, France. He graduated from the Lycée Saint-Louis and the École Polytechnique. He was tra ...
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 "elan" is the French word for a moose or elk. In 1985, Bébéar chose the name Axa.


Operations


United Kingdom

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 later rebranded as AXA - Global Healthcare on 1 January 2017. The company also owns the online insurer
Swiftcover Axa S.A. (styled as ''AXA'' or GIG in the Middle East) is a French multinational insurance company. The head office is in the 8th arrondissement of Paris, France. It also provides investment management and other financial services. The Ax ...
and fund manager Architas. In January 2007 Axa was reorganised into "strategic business units" aimed at competing within their specific markets. 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. In 2018, they became the 'Official Global Insurance' partner of
Premier League The Premier League (legal name: The Football Association Premier League Limited) is the highest level of the men's English football league system. Contested by 20 clubs, it operates on a system of promotion and relegation with the English Foo ...
team
Liverpool F.C. Liverpool Football Club is a professional football club based in Liverpool, England. The club competes in the Premier League, the top tier of English football. Founded in 1892, the club joined the Football League the following year and has p ...
and in 2019, began sponsoring the training kits of the team. In 2020, the partnership was cemented further in 2020, when they purchased the naming rights to the club's newly built training centre, which became officially known as 'The AXA Training Centre.'


Axa Sun Life

Axa Sun Life was created following the merger between Axa Equity & Law and Sun Life Assurance Society. In 2006 Winterthur Life in the UK was absorbed although Axa continues to use the Winterthur brand for high-net-worth wealth management business. The business units are: * Axa Wealth – This includes Axa and Winterthur's bonds and individual
pension A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments ...
s, Axa Distribution Services who offer the Elevate wrap platform and Architas. * Corporate Business – Axa and Winterthur's group pensions. Axa intends to create a market-leading group pension proposition using Winterthur's 'Embassy' IT platform. * Protection – This business aims to market Axa's Protection Account as Axa continues to build on its presence in this area with the intention of becoming a leading protection provider. * Traditional Business – Concentrating on policies which are still in force but no longer actively marketed. *
SunLife Sun Life Financial Inc. is a Canadian financial services company. It is primarily known as a life insurance company. Sun Life has a presence in investment management with over CAD$1.3 trillion in assets under management operating in a numbe ...
– This business focuses solely on selling protection & savings products directly to those in the UK. * Bancassurance – This business is responsible for an advisory and sales force that sell Axa's products and propositions. Axa sold Axa Sun Life Holdings to
Resolution Limited Friends Life Group Limited was a Guernsey-incorporated investment vehicle which had the stated intent of forcing Consolidation (business), consolidation in the British life insurance industry. It was listed on the London Stock Exchange and was ...
in autumn 2010, whilst retaining Axa Wealth (including Architas and the Elevate wrap platform),
SunLife Sun Life Financial Inc. is a Canadian financial services company. It is primarily known as a life insurance company. Sun Life has a presence in investment management with over CAD$1.3 trillion in assets under management operating in a numbe ...
and Bancassurance business units. Closure of the Bancassurance arm was announced in April 2013. In 2016, Axa Wealth was sold to the
Phoenix Group Phoenix Group Holdings plc (formerly Pearl Group plc) is a provider of insurance services based in London, England. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. History The company was founded in 1857 as ...
.


Axa Health

AXA Health sells
private medical insurance Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among ma ...
in the UK and was known as AXA PPP Healthcare until 2020. It was previously the London Association for Hospital Services, set up in 1938 as a private healthcare scheme for people of middle income in
London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...
. It was incorporated in 1940 with assistance from the
British Medical Association The British Medical Association (BMA) is a registered trade union for doctors in the United Kingdom. The association does not regulate or certify doctors, a responsibility which lies with the General Medical Council. The association's headquar ...
, the
King's Fund The King's Fund is an independent think tank, which is involved with work relating to the health system in England. It organises conferences and other events. Since 1997, they have jointly funded a yearly award system with GlaxoSmithKline. Th ...
, and the
medical royal colleges In the United Kingdom, some Commonwealth realms and Ireland, a medical royal college is a professional body in the form of a royal college responsible for the development of and training in one or more medical specialities. United Kingdom and Irel ...
.
Guardian Royal Exchange Assurance Guardian Royal Exchange Assurance plc was a large British insurance company. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index. History The company was established through the merger of the Guardian Assurance ...
bought it in 1998 for £435 million; a year later it was bought by
Sun Life & Provincial Holdings Sun Life & Provincial Holdings plc was a large British insurance company. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index. It was acquired by French insurance company Axa Group in 1996. History The compan ...
, an Axa subsidiary.


Axa Global Healthcare

Axa - Global Healthcare has previously been known as Axa PPP International, Axa Global Protect or Axa Healthcare Management. In 2017, the
subsidiary A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a s ...
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 needing
health insurance Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among ma ...
around the world. In 2018, Axa - Global Healthcare launched a Virtual Doctor service for its customers with outpatient cover and in 2020 offered it across all plans. Provided by
Teladoc Health Teladoc Health, Inc. is a multinational telemedicine and virtual healthcare company headquartered in the United States. Primary services include telehealth, medical opinions, AI and analytics, telehealth devices and licensable platform service ...
, 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 at
expatriates An expatriate (often shortened to expat) is a person who resides outside their native country. In common usage, the term often refers to educated professionals, skilled workers, or artists taking positions outside their home country, either ...
.


Axa Ireland

Axa established a presence in Ireland in 1999 when it bought British-based
Guardian Royal Exchange Guardian Royal Exchange Assurance plc was a large British insurance company. It was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index. History The company was established through the merger of the Guardian Assuran ...
, which had previously acquired PMPA. PMPA, Private Motorists Protection Association, was at the time one of Ireland's biggest insurance companies. It is the third-largest general insurer in the Republic of Ireland.


Canada

Axa Canada marketed insurance in
Quebec Quebec ( ; )According to the Canadian government, ''Québec'' (with the acute accent) is the official name in Canadian French and ''Quebec'' (without the accent) is the province's official name in Canadian English is one of the thirtee ...
,
Ontario Ontario ( ; ) is one of the thirteen provinces and territories of Canada.Ontario is located in the geographic eastern half of Canada, but it has historically and politically been considered to be part of Central Canada. Located in Central Ca ...
,
Western Canada Western Canada, also referred to as the Western provinces, Canadian West or the Western provinces of Canada, and commonly known within Canada as the West, is a Canadian region that includes the four western provinces just north of the Canada ...
and
Atlantic Canada Atlantic Canada, also called the Atlantic provinces (french: provinces de l'Atlantique), is the region of Eastern Canada comprising the provinces located on the Atlantic coast, excluding Quebec. The four provinces are New Brunswick, Newfoundlan ...
. In 2009 it had a total of approximately 2300 employees and 4000 brokers and advisors. The head office was in
Montreal Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...
, Quebec. In 2011 it was sold to
Intact Financial Intact Financial Corporation is a Canadian multinational property and casualty insurance company. Originally established in 1809 as the Halifax Fire Insurance Association, it was later acquired by Nationale-Nederlanden and from 1993 to 2009 was a ...
Corp. for C$2.6 billion.


United States

The American arm of Axa is ''Axa Financial, Inc.'', which is known mainly through its subsidiaries such as ''Axa Advisors'', ''Axa Network'', '' MONY'' (formerly
Mutual of New York The Mutual Life Insurance Company of New York (also known as Mutual of New York or MONY) was the oldest continuous writer of insurance policies in the United States. Incorporated in 1842, it was headquartered at 1740 Broadway, before becoming a wh ...
), ''US Financial Life'', and ''
AllianceBernstein AllianceBernstein Holding L.P. (AB) is a global asset management firm providing investment management and research services worldwide to institutional, high-net-worth and retail investors. AllianceBernstein's headquarters are located in Nashvill ...
''. The Equitable was acquired in 1991; the
Mutual Life Insurance Company of New York The Mutual Life Insurance Company of New York (also known as Mutual of New York or MONY) was the oldest continuous writer of insurance policies in the United States. Incorporated in 1842, it was headquartered at 1740 Broadway, before becoming a wh ...
(MONY) was acquired in 2004. On 15 December 2006 Axa Advisors entered into agreements with LPL (Linsco Private Ledger), the country's largest independent broker-dealer. LPL agreed to provide brokerage, clearing and custody services on a fully disclosed basis. The terms of the agreements are five years, subject to additional 24-month extensions. Services began in August 2007. Axa's US operations are incorporated in Delaware. In 2018, Axa spun off most of its US operations in an initial public offering. the resulting company was
Equitable Holdings Equitable Holdings, Inc. (formerly The Equitable Life Assurance Society of the United States and AXA Equitable Life Insurance Company, and also known as The Equitable) is an American financial services and insurance company that was founded in 1 ...
.


Persian Gulf and Middle East

Axa is present in
Gulf Cooperation Council The Cooperation Council for the Arab States of the Gulf ( ar, مجلس التعاون لدول العربية الخليج ), also known as the Gulf Cooperation Council (GCC; ar, مجلس التعاون الخليجي), is a regional, interg ...
(GCC) countries as Axa Insurance (Gulf) B.S.C. Present in the region for more than 60 years, Axa is the largest insurer in the GCC with branches across Bahrain, Oman, UAE and Turkey. In Saudi Arabia, Axa is known as Axa Cooperative Insurance. It offers insurance for individuals and businesses with Health, Motor, Home, Travel, Personal and Group Accident, Fire, Engineering, Life and various other products. Axa is present in Lebanon as Axa Middle East. In 2000, Axa Group acquired 51% of SLF's capital and the Nasnas & Hanemoglou's Group the remaining 49% to start the operations in the Middle East. Axa has also started operations in Egypt in the year 2015. However it rebranded as GIG in the Middle East.


Mexico

In July 2008, Axa acquired ING Insurance Mexico, offering essentially the same services that ING offered. Axa then sued an
ING Group The ING Group ( nl, ING Groep) is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale bankin ...
subsidiary over alleged misrepresentations in the $1.5 billion sale stating it suffered "tens (if not hundreds) of millions of dollars in damages."


Australia

In 1995 the Axa Group purchased a 51 per cent controlling interest in the Australian life insurer, National Mutual Life Association of Australia for NF4 billion, that was claimed at the time to contribute about 15 percent of the Axa Group's worldwide insurance-premium income. In 2011, MP Limitedand Axa SA agreed to acquire Axa Asia pacific, merging Australian operations under the AMP brand.


Africa

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. Axa Africa also has a role in the trades between Asia and some of African countries.


Kamet Ventures

In January 2016, Axa created Kamet Ventures, an insurtech incubator, to build disruptive businesses in insurance, healthcare and assistance space with an initial funding of €100 million. Some of Kamet's investments include insurance advice platform,
Anorak Technologies A parka or anorak is a type of coat with a hood, often lined with fur or faux fur. This kind of garment is a staple of Inuit clothing, traditionally made from caribou or seal skin, for hunting and kayaking in the frigid Arctic. Some Inuit ...
and elderly care platform, Birdie


Axa Investment Managers

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 Hong Kong & Macau

AXA Asia Pacific Holdings Limited acquired MLC (Hong Kong) Limited and re-branded it as AXA (Hong Kong) Life Insurance Company Limited in 2006.


Capital ownership

* United States 18.8% * France 16.5% * United Kingdom 10.5% * Axa employees 6.5% *
BNP Paribas BNP Paribas is a French international banking group, founded in 2000 from the merger between Banque Nationale de Paris (BNP, "National Bank of Paris") and Paribas, formerly known as the Banque de Paris et des Pays-Bas. The full name of the grou ...
5.4% * Edward L. Skyward 5.1% *
Sumitomo Mitsui is a Japanese multinational banking and financial services institution headquartered in Yurakucho, Chiyoda, Tokyo, Japan. The group operates in retail, corporate, and investment banking segment worldwide. It provides financial products and serv ...
4.0% *
Qatar Investment Authority The Qatar Investment Authority (QIA; ar, جهاز قطر للإستثمار) is Qatar's sovereign wealth fund. The QIA was founded by the State of Qatar in 2005 to strengthen the country's economy by diversifying into new asset classes. In 2021 ...
3.8% Capital ownership as of 31 December 2010


Headquarters

Axa headquarters is located in the
8th arrondissement of Paris The 8th arrondissement of Paris (''VIIIe arrondissement'') is one of the 20 arrondissements of the capital city of France. In spoken French, the arrondissement is colloquially referred to as ''le huitième'' ("the eighth"). The arrondissement, ...
. Axa, which already owned 23 Avenue Matignon, acquired the former Hotel de La Vaupalière, an 18th-century building, in the late 1990s. Architect
Ricardo Bofill Ricardo Bofill Leví (; 5 December 1939 – 14 January 2022) was a Spanish architect from Catalonia. He founded Ricardo Bofill Taller de Arquitectura in 1963 and developed it into a leading international architectural and urban design practice. ...
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.


Philanthropy

Besides its artistic and social philanthropic initiatives (Axa Heart in Action), Axa created the Axa Research Fund in 2008. Endowed with €100 million, it provides support for research focused on understanding and preventing the risks threatening the environment, human life and society. 256 basic-research projects were funded within three years, including 230 young researchers, PhDs or in postdoctoral year, working in laboratories all around the world. Axa also gathers every year the young fellows to meet a world-class researcher, exchange best practices and network. The Fund has also awarded eleven endowments for several million euros supporting research institutions of excellence (
HEC Paris HEC Paris (french: École des hautes études commerciales de Paris) is a business school, and one of the most prestigious and selective grandes écoles, located in Jouy-en-Josas, France. HEC offers Master in Management, MSc International Fi ...
,
National University of Singapore The National University of Singapore (NUS) is a national public research university in Singapore. Founded in 1905 as the Straits Settlements and Federated Malay States Government Medical School, NUS is the oldest autonomous university in the c ...
,
University of Bristol , mottoeng = earningpromotes one's innate power (from Horace, ''Ode 4.4'') , established = 1595 – Merchant Venturers School1876 – University College, Bristol1909 – received royal charter , type ...
,
London School of Economics , mottoeng = To understand the causes of things , established = , type = Public research university , endowment = £240.8 million (2021) , budget = £391.1 millio ...
,
Met Office The Meteorological Office, abbreviated as the Met Office, is the United Kingdom's national weather service. It is an executive agency and trading fund of the Department for Business, Energy and Industrial Strategy and is led by CEO Penelope E ...
, INSERM, IHES). These research and education chairs intend to attract the best scientists. For example, the Axa Polytechnique Chair in Cellular Cardiovascular Engineering, held by Abdul Barakat, aims to promote research on cardiovascular diseases, but also to train and develop young researchers through extended educational programs. After joining the Access to Medicine Foundation, Axa allocates a donation of 500,000 euros to the Foundation's activities relating to the prevention of infectious diseases and the response to pandemics such as COVID-19.


See also

*
Axa Investment Managers Axa Investment Managers (Axa IM) is a global investment management firm with offices in over 22 locations worldwide. As of 31 December 2021, it manages over €887 billion in assets on behalf of institutional and retail clients. It operates as th ...
* Ardian (formerly Axa Private Equity) *
European Financial Services Roundtable The European Financial Services Round Table (EFR) brings together chairmen and chief executives of leading European banks and insurance companies. The purpose of the EFR is to contribute to the European public policy debate on issues relating to fi ...


References


External links

* * {{DEFAULTSORT:Axa Financial services companies established in 1816 Insurance companies of France Companies based in Paris Companies listed on Euronext Paris French brands Multinational companies headquartered in France CAC 40 Companies in the Euro Stoxx 50 French companies established in 1816