By Helena Smolak

Axa subsidiary Axa France Vie entered into a reinsurance agreement with Axa Reassurance Vie France.

The French insurer said Wednesday that the agreement covers 12 billion euros ($13.18 billion) in savings reserves, including EUR10 billion of traditional general-account savings.

The transaction is expected to have a positive impact of two points on the group's Solvency II ratio as of Dec. 31, 2023, despite a reduction in underlying earnings of about EUR50 million from 2024. To offset this reduction, the insurer intends to launch a share buyback plan worth some EUR500 million, it said.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

December 20, 2023 13:14 ET (18:14 GMT)

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