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AXA Reports a Dusting of Positive Indicators for the First Nine Months of 2021

Analyst Note

| Henry Heathfield, CFA |

AXA has reported a dusting of positive indicators for the first nine months of 2021. Total revenue was up 7% to EUR 76.0 billion and that gain is spread across all four divisions. Life and savings, and asset management performed particularly strongly. The growth in property and casualty appears to have been driven by pricing. Group solvency looks strong at 214%. The board announced a EUR 1.7 billion buyback on Nov 5. We’ve incorporated this into our model but there is only a small impact. We raise our fair value estimate to EUR 29.7 as we include time value of money and 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 AXA, 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 and tilting the company's profits away from financial markets.

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