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At Full Year AXA Announces Interesting Long-Tail Cover Agreement. With Excess it Seems Limited

Analyst Note

| Henry Heathfield, CFA |

AXA has reported results for full-year 2020 with a net income number of EUR 3,164 million. That is below our estimate of EUR 4,311 million for the full year. However, there is around EUR 1,531 million of coronavirus-related claims in here, which on a tax adjusted basis is EUR 1,194 million. AXA’s financial statements are still a bit of a mess currently and so while we may revise our EUR 25.5 fair value estimate, that won’t be until we’ve had a good look at the full financial statements that will be released with the annual report in mid-March. For the moment, we maintain our EUR 25.5 fair value estimate as well as our no moat rating. The Feb. 25 results come with the announcement of a EUR 1.43 dividend. That provides investors with a roughly 680-basis-point yield. The ex-date for this yield is May 7, with expected payment on May 11.

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Company Profile

Business Description

AXA is a multiline insurer that offers long-term savings and property and casualty insurance. Customers are both individual and commercial. The business operates in Europe, North America, and Asia.

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, 2020
Stock Type
Employees 120,869