French insurer AXA SA's (CS.FR) chief executive said Tuesday there's no reason to be worried about the solvency of European states.

Taking into account the EUR750 billion rescue mechanism put in place by the European Union and the International Monetary Fund, "we don't think there's reason to be worried," De Castries said at a breakfast meeting with reporters.

AXA SA isn't in a situation where it needs to suddenly sell assets due to market pressures, he said.

De Castries said he is confident of reaching a deal to buy out the minorities of its Asian subsidiary, AXA Asia Pacific Holdings Ltd (AXA.AU).

The French insurer's current bidding partner for AXA Asia Pacific, National Australia Bank Ltd (NAB.AU) has a reasonable chance of reaching a deal with the Australian competition regulator, De Castries said.

He added that NAB isn't the sole party interested in teaming up with AXA SA to bid for AXA Asia Pacific.

-By Jethro Mullen, Dow Jones Newswires; 33 1 4017 1738; jethro.mullen@dowjones.com
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