AXA SA

CS: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€16.00	Vyrbg	Qcylsktxh

AXA Continues To Reduce Aviation Cover

Henry Heathfield

Feb 7, 2023

AXA continues to reduce its exposure to aviation cover with the ongoing war in Ukraine. This adds pressure to, and further tightens, the aviation market as commercial insurers have incurred heavy losses. We maintain our EUR 29.80 fair value estimate and no moat rating.

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