A.M. Best Co. has assigned an initial financial strength rating of A+ (Superior) to AXA Assurances Inc and AXA Assurances Agricoles Inc. Both companies are based in Montreal.

Also, A.M. Best has assigned a financial strength rating of A (Excellent) to AXA Pacific Insurance Co., based in Vancouver, AXA Insurance (Canada), based in London, Ont., Anglo Canada General Insurance Co., also based in London,and Insurance Corp. of Newfoundland Ltd., based in St. John’s.

AXA Assurances Inc. and AXA Assurances Agricoles Inc. are core property and casualty subsidiaries of AXA Canada Inc., the sixth largest general insurance company in Canada.

According to A.M. Best, the rating for these two companies reflects their excellent underwriting and operating results, strong market presence in Quebec and management’s conservative operating philosophy.

Partially offsetting these rating strengths are the companies’ higher than average expense structure and challenges to integrating their systems platforms across subsidiaries.

The rating for the other four subsidiaries considers their strategic geographic role within AXA Canada Inc.’s operations. A.M. Best says that the rating difference is attributable to mixed operating results in these subsidiaries along with continued competitive pressures in the Canadian marketplace which further challenges profitability.

AXA Pacific is used to service primarily the British Columbia and Alberta markets while Insurance Corporation of Newfoundland Limited concentrates on the Newfoundland region. AXA Insurance (Canada) writes predominantly in the Ontario market and Anglo Canada serves to reinsure a portion of this business.