On Thursday, June 23, the United Kingdom voted to leave the EU. As this situation is without precedent, global markets reacted strongly. The pound fell sharply against most other currencies and all the European stock markets were affected.
To reassure and stabilize markets, the Bank of England and the European Central Bank were immediately mobilized; they implemented measures to support the vote and provide liquidity to markets. During the last week of June, central banks stated they are confident that the European financial system is in a position to weather these market turbulences.
What does this mean for you?
It is still too early to assess the aftermath of the vote. We are likely to see significant uncertainty in the market that could result in short-term instability.
But these events have little impact on the strength of AXA in the US and, in particular, our ability to help you and your family address and work toward your financial security. We do not believe the anticipated market reaction will have an adverse effect on our core business and our four-year strategic outlook.
Of course, during times of uncertainty, it’s only natural for you to have questions. We recommend, however, that you carefully consider any decision to shift your long-term approach to retirement savings and life insurance. If you’d like help adjusting your plan or confirming that it’s still right for you, your financial professional is ready to help.
In the coming days, we will continue to monitor the situation in the UK and we will adapt our position as needed.
Thank you for your continued trust in AXA to help you achieve your financial goals.
IMPORTANT -- forward-looking statements herein include, but are not limited to, predictions of or indications future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. Investments are subject to market risk, will fluctuate, and may lose value. Special risks are associated with foreign investing including currency fluctuations, economic instability and political developments. This general information material is not intended, and should not be relied upon, as investment or financial advice and does not constitute a recommendation.
AXA (referred to here also as AXA in the U.S.) is the brand name of AXA Equitable Financial Services, LLC and its family of companies, including AXA Equitable Life Insurance Company (NY, NY), MONY Life Insurance Company of America (AZ stock company, administrative office: NY, NY), AXA Advisors, LLC and AXA Distributors, LLC (members FINRA, SIPC). AXA Group refers to AXA S.A., a French holding company for a group of international insurance and financial services companies, including AXA Equitable Financial Services, LLC. The obligations of AXA Equitable Life Insurance Company and MONY Life Insurance Company of America are backed solely by their claims-paying ability