AXA SA, founded in 1816 and headquartered in Paris, France, is one of the world’s largest insurance and asset management groups. The company provides property-casualty insurance, life and savings products, and health insurance across Europe, North America, Asia, and other markets. AXA’s proprietary investment portfolio is approximately $800 billion, managed primarily through AXA Investment Managers (AXA IM).
Investment Strategy
AXA’s proprietary portfolio is managed across its global insurance operations, with the core allocation in fixed income securities including European government bonds, investment-grade corporate bonds, covered bonds, and structured products. The portfolio reflects the company’s predominantly European insurance operations, with significant euro-denominated holdings.
AXA Investment Managers has served as the group’s primary asset management platform, managing both proprietary insurance assets and third-party institutional mandates. AXA IM has built one of the most significant alternatives platforms among European asset managers, particularly through AXA IM Alts, which manages over $190 billion in alternative investments.
In 2024, AXA announced the sale of AXA IM to BNP Paribas, a transaction that would reshape the company’s asset management relationships. Regardless of this transition, AXA’s insurance entities will continue to be among the largest institutional investors in Europe.
Private Markets Approach
AXA allocates approximately 13% of its proprietary portfolio to alternative investments, representing one of the most substantial alternatives programs among global insurers. The alternatives allocation spans real estate, infrastructure, private credit, and private equity.
Real estate is a core component, with AXA IM Alts managing one of the largest institutional real estate portfolios in Europe. Investments span office, logistics, residential, and healthcare properties across European markets and selectively in other regions. The general account holds both direct property investments and real estate debt positions.
Infrastructure has been a strategic priority, with AXA investing in essential infrastructure assets including renewable energy, transportation, telecommunications, and social infrastructure. AXA IM Alts’ infrastructure platform manages both equity and debt investments.
Private credit capabilities are extensive, encompassing direct lending, leveraged loans, structured finance, and insurance-linked securities. AXA has been a pioneer among European insurers in building direct lending capabilities to European mid-market companies.
The private equity allocation includes fund commitments with leading global buyout managers, growth equity investments, and impact-oriented venture strategies. AXA’s scale and long-standing presence in private markets make it one of the most important insurance company LPs for fund managers globally.
Frequently Asked Questions
How does AXA invest in alternatives?
AXA invests in alternatives primarily through AXA Investment Managers (AXA IM), its asset management subsidiary. AXA IM Alts is one of the largest alternatives platforms globally, managing investments in real estate, infrastructure, private credit, and private equity for AXA's general account and third-party clients.
What is AXA IM Alts?
AXA IM Alts is the alternatives investment platform within AXA Investment Managers, managing over $190 billion in real assets and alternative investments. The platform spans real estate, infrastructure, private credit (including direct lending and structured finance), and private equity, with operations across Europe, North America, and Asia.
Has AXA's asset management structure changed recently?
AXA announced the sale of AXA Investment Managers to BNP Paribas in 2024, a transaction expected to close in 2025. Fund managers should be aware that this transition may affect investment decision-making processes and mandate structures, though AXA will continue to be a major institutional investor through its insurance general accounts.
