© Reuters. FILE PHOTO: The logo of French insurer Axa is seen outside a building in Montaigu, France, February 23, 2022. REUTERS/Stephane Mahe
PARIS (Reuters) – French insurer AXA has a relatively small corporate bond exposure to Silicon Valley Bank, group Deputy CEO Frederic de Courtois told a Morgan Stanley (NYSE:) investor conference this week.
“On direct impact, we have 66 million corporate bond exposure to SVB. I would qualify this as an immaterial impact for us. On regional banks of the size and the type of SVB, the lightly regulated regional banks, we have about 300 million exposure on corporate bonds,” he said.
The details of his March 15 presentation at the conference were made available on AXA’s website. Courtois did not specify to which currency he was referring, in his comments on AXA’s exposure.