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Economic Moat

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Capital Allocation

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AXA Posts Decent Q1; We Increase FVE and Believe Shares Are Undervalued

Analyst Note

| Henry Heathfield, CFA |

AXA released first-quarter results May 4 that look OK to decent. We have rolled our model to incorporate full-year 2020 results, and on the back of this, we are raising our fair value estimate to EUR 28.50 per share from EUR 25.50. We maintain our no-moat rating.

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Company Profile

Business Description

AXA is one of the largest multiline insurance companies that we cover within European insurance. Since the company's takeover of XL Group, AXA has started to morph from a predominantly life and savings business with geographical operations primarily focused on its home market of France, as well as Europe, into a company that has a heavier weighting to nonlife insurance, specifically larger commercial corporates. While insuring businesses is not something new to this enterprise, the XL Group acquisition did move the commercial portfolio from a small and medium enterprise orientation, to capabilities that can handle much larger entities. Geographically, this has also meant a shift to North American exposure. This has tilted the company's profit reliance away from financial markets.

Contact
25, Avenue Matignon
Paris, 75008, France
T +33 140755700
Sector Financial Services
Industry Insurance - Diversified
Most Recent Earnings Dec 31, 2007
Fiscal Year End Dec 31, 2021
Stock Type
Employees 114,625

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