AXA -- Moody's: Solvency II and M&A drive European Insurance deleveraging trend to taper off

London, 27 October 2015 -- According to Moody's Investors Service, financial leverage for the European (re)insurance sector decreased once again in 2014 as a number of the largest groups continued to reduce outstanding debt and/or reported an increase in shareholders' equity. In 2015 the deleveraging trend of the sector already started to slow as a number of European insurers issued hybrid debt, in some case above their refinancing needs. With financial leverage now at the lowest level since the 2008-09 financial crisis, the rating agency expects that this deleveraging trend will taper off and potentially reverse over the next two years.

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