AXA is a holding company. Through its subsidiaries, Co. is engaged in insurance and assets management. Co. operates primarily in Europe, North America, the Asia-Pacific Region and, to a lesser extent, in other regions including the Middle East, Africa, and Latin America. Co. has five operating business segments: Life & Savings, Property & Casualty, International Insurance, Asset Management, and Banking. In addition, various holding companies within the AXA Group conduct certain non-operating activities. As of Dec 31 2013, Co. had total assets of Euro757,143,000,000.
  • TickerCS
  • ISINFR0000120628
  • ExchangeEuronext Paris
  • SectorNonlife Insurance
  • CountryFrance

Analysts

Stephen Ellis

AXA Reports Steady First Half

AXA reported steady net income of EUR 3.2 billion and a decline in return on equity to 14.6%. We are maintaining our fair value estimate of EUR 24 per share and no-moat rating because we do not see a material change in the business strategy. In life and savings, the new business value margin was stable at 37% and average premium earned declined 2% as higher Chinese New Year sales of single premium and whole life savings products were offset by lower sales in Switzerland and France. Overall, AXA ...

Carine Maciol

AXA : Dans la continuité …

>Forces / Opportunités - - Une couverture géographique remarquable, avec un recentrage réussi sur les marchés émergents, en particulier en Asie, qui permettent à AXA de profiter des changements des besoins (dépendance) et d’une croissance plus dynamique que dans ses marchés matures. - Un mix d’activités dominé par le segment Vie Epargne Retraite, avec un repositionnement réussi sur les produits à forte composante technique (Santé, Prévoyance, Retraite), mieux margés. - Un changement de management en 2016 réussi, qui s’est passé dans la continuité, Thomas Buberl étant dans le groupe depuis 2012...

Carine Maciol

AXA : No change in trend…

>Publication date 26/04/2017 13:15 - Writing date 20/04/2017 - - Shareholders - Voting rights - Stake - Mutuelles AXA - 23.93% - 14.13% - Employees - 7.40% - 5.70% - Free float - 68.47% - 79.92% - - Secondary market spreads - Issuer - Rating - Maturity - Cou-pon - Price - ASW - Yield - Tier 1 - - - - AXA - BBB - PNC17 - 6.211 - 103 - 40 - 0.1 - Perp Tier 2 - AXA - BBB+ - PNC24 - 3.941 - 103 - 306 - 3.5 - AXA - BBB+ - PNC25 - 3.875 - 102 - 305 - 3.6 - Allianz - A+ - PNC 24 - 3.375 - 105 - 233 - 2.7 - CNP - BBB+ - PNC24 - 4.000 - 102 - 322 - 3.6 - Scor - A - PNC25 - 3.875 - 104 - 278 - 3....

Carine Maciol

AXA : Une transformation réussie

>Forces / Opportunités - - Une couverture géographique remarquable, avec un recentrage en cours sur 16 marchés : dans 10 pays, la priorité est donnée à la relance de la croissance organique (avec une priorité en santé, protection, assurance dommages entreprise) tandis que 6 autres (Brésil, Chine, Indonésie, Mexique, Philippines et Thaïlande) ont été sélectionnés en raison de leur potentiel de croissance. L'activité dans les 26 autres pays (représentant environ 6% des ...

Carine Maciol

AXA : Successful transformation

>Strengths/Opportunities - - Remarkable geographical coverage, with an ongoing refocusing on 16 markets: in 10 countries, the priority is to boost organic growth (with a focus on health, protection and commercial P&C insurance), while six other countries (Brazil, China, Indonesia, Mexico, Philippines and Thailand) have been selected because of their growth potential. The group's businesses in 26 other countries, representing approximately 6% of earnings, are currently...

Carine Maciol

AXA : Test it_be

>Titre 1 : style titre paragraphe - Texte au style texte paragraphe, la hauteur de la cellule est fixe, ne pas la modifier, ne pas fusionner les cellules de texte et de titreTitre 2 : style titre paragraphe - Texte au style texte paragraphe, la hauteur de la cellule est fixe, ne pas la modifier, ne pas fusionner les cellules de texte et de titreTitre 3 : style titre paragraphe - Texte au style texte paragraphe, la hauteur de la cellul...

Stephen Ellis

AXA Reports Steady First Half

AXA reported steady net income of EUR 3.2 billion and a decline in return on equity to 14.6%. We are maintaining our fair value estimate of EUR 24 per share and no-moat rating because we do not see a material change in the business strategy. In life and savings, the new business value margin was stable at 37% and average premium earned declined 2% as higher Chinese New Year sales of single premium and whole life savings products were offset by lower sales in Switzerland and France. Overall, AXA ...

Stephen Ellis

AXA Reports Unsurprising Nine-Month 2016 Results

On Nov. 4, AXA reported third-quarter and nine-month earnings with no surprises. We plan to maintain our EUR 24 fair value estimate and no-moat rating. The life and savings business reported flat new business value and margin at EUR 1,824 million and 38%, respectively. Premium also showed no change from prior year. The composition of premium and new business value continues to be driven geographically by the business' push into emerging markets, with mature markets draining the top line by 4%. W...

Stephen Ellis

We Believe Current Bid Speculation Surrounding Generali Is Unlikely

There has been a lot of speculation in the media over the past few days surrounding a potential bid for Generali Assicurazioni; during this time, Generali shares have rallied 13%. In defence against a potential bid from Intesa Sanpaolo in a possible combination with Allianz, Generali has bought 3.01% of Intesa shares in a move that protects it from a bid approach under cross-holding rules. At present, we believe a successful takeover approach is unlikely, and we therefore maintain our fair value...

Stephen Ellis

AXA Reports Mediocre Set of Full-Year Results

AXA reported a mediocre set of full-year financial results. Net income was ahead of our expectations at EUR 5.7 billion. AXA continues its Ambition 2020 plan, a transition to a general account capital-light savings business, winding down the traditional general account individual savings business, which carries more significant guarantees. Net flows are following this higher-margin, less capital-intensive business strategy, but we are not yet seeing this in profitability. We plan to maintain our...

Stephen Ellis

Intesa Sanpaolo Ends Speculation of a Bid for Generali

Intesa has announced that, having reviewed Generali, it was unable to identify opportunities for synergies to grow in insurance, asset management, and private banking. Generali had made clear from the outset that any approach from Intesa Sanpaolo would be hostile. We maintain our no-moat rating and EUR 15.00 per share fair value estimate for Generali, as we noted earlier that this combination was unlikely. We believed the bid speculation that occurred around Jan. 24 was unlikely to proceed. At t...

1 director sold

A director at Axa sold 1,518 shares at 23.300EUR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members alo...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Anis Zgaya
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Eric Beaudet
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard, CFA
  • Olivier Lebrun
  • Pierre Tegner
  • Steven Gould
  • Sven Edelfelt
  • Valentin Pernet
  • Vincent Maulay
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/07/2018

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Anis Zgaya
  • Benoit Valleaux
  • Bruno Cavalier
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Eric Beaudet
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard, CFA
  • Olivier Lebrun
  • Pierre Tegner
  • Steven Gould
  • Sven Edelfelt
  • Valentin Pernet
  • Vincent Maulay
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/30/2018

...

Ahmed Ben Salem ...
  • Alex Koagne
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 31/10/2018

...

Ahmed Ben Salem ...
  • Alex Koagne
  • Alexandre Iatrides
  • Antoine Boivin-Champeaux
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe Chaput
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Johanna Jourdain
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/31/2018

...

Baptiste Lebacq ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Jean Sassus
  • Louis Boujard
  • Matthias Desmarais
  • Olivier Lebrun
  • Philippe Ourpatian
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/11/2018

L’économie italienne avait ralenti au premier semestre. Elle a stagné au T3. En octobre, certains indicateurs laissent craindre une rechute en récession. Depuis six mois, la situation se dégrade au plan politique (relations Rome-Bruxelles) et financier (hausse de la prime de risque). Le renchérissement des coûts de financement risque d’évincer la demande privée. La relance budgétaire aggrave donc les problèmes au lieu de les résoudre. Pour lever le climat d’attentisme, il est urgent d...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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MarketLine Department

Swiss Life Holding Ltd - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Swiss Life Holding Ltd - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Marketline's Swiss Life Holding Ltd Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Swiss Life Holding Ltd since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and...

MarketLine Department

MetLife, Inc. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

MetLife, Inc. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments Marketline's MetLife, Inc. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by MetLife, Inc. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity ...

MarketLine Department

QBE Insurance Group Limited - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's QBE Insurance Group Limited Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by QBE Insurance Group Limited since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competi...

MarketLine Department

Zurich Insurance Group Ltd - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Zurich Insurance Group Ltd Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Zurich Insurance Group Ltd since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competiti...

MarketLine Department

CNP Assurances SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's CNP Assurances SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by CNP Assurances SA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key...

Charles Pinel

Etude de l'AG du 26/04/2017

Après 27 ans dans le groupe, dont près de 17 à sa tête, Henri de Castries, Président-Directeur général d’AXA, a quitté la société le 1er septembre 2016. Les fonctions de Président du Conseil d’administration et de Directeur général sont dorénavant séparés avec Denis Duverne, jusqu'alors Directeur général délégué, en qualité de Président non-exécutif du Conseil d’administration et Thomas Buberl en qualité de Directeur général d’AXA. Cette modification correspond à une amélioration notable de la gouvernance du groupe.Norbert Dentressangle, qui était vice-Président et administrateur référent, a q...

Charles Pinel

Etude de l'AG du 26/04/2017

After 27 years in the Group, and close to 17 years as CEO, Henri de Castries, Chairman and CEO of AXA, has announced his decision to retire and to step down from the Board of Directors on September 1st, 2016. The Board of Directors decided to separate the functions of Chairman of the Board of Directors and Chief Executive Officer with Denis Duverne as Non-Executive Chairman of the Board of Directors and Thomas Buberl as Chief Executive Officer.Norbert Dentressangle resigned as Vice-Chairman – Senior Independent Director. The Board of Directors decided to appoint Jean-Martin Folz, a Board membe...

Charles Pinel

Proxy Report - 25/04/2018

Quatre résolutions permettent aux actionnaires de se prononcer sur les rémunérations de Denis Duverne, Président du conseil d'AXA, et de Thomas Buberl, Directeur général. Bien que la transparence soit satisfaisante, les montants sont très élevés, dépassant le seuil de 240 SMICs recommandé par Proxinvest pour Thomas Buberl, et les propositions ne seront pas soutenues (résolutions 4 à 7). Il est également proposé d'approuver la mise en place d'indemnités de départ en faveur de Thomas Buberl. Elles semblent là encore trop généreuses pour être soutenues (résolution 9). Le conseil verra les arrivé...

Charles Pinel

Proxy Report - 25/04/2018

Remuneration (resolutions 4 to 7 and 9):Although the transparency of the remuneration is satisfactory, amounts are very high for Thomas Buberl, CEO, as well as Denis Duverne, Chairman of the Board. The severance benefit of the CEO is also too generous. Board members (resolutions 10 to 14):Given the separation of function between Chairman of the Board of directors and CEO, we recommend that shareholders approve the re-elections of Denis Duverne and Thomas Buberl. Patricia Barbizet and Rachel Duan are proposed in order to replace Isabelle Kocher and Suet Fern Lee, who decided to retire from th...

Axa – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Valérie GASTALDY

Medium term view - AXA : Prices are breaking above the moving average, it is a sign of strength.

In our previous medium term analysis (24/05/2016), we were bullish. We remain bullish with a target at 24,82 € and an invalidation level at 18,26 €. The bullish trend resumes after the consolidation. Arguments : - The support has been reached, it causes the bounce. - Prices...

Valérie GASTALDY

Analyse moyen terme - AXA : Les prix dépassent la moyenne mobile, c'est un signal de force.

Lors de notre dernière analyse moyen terme (24/05/2016), nous avions opté pour un avis haussier. Nous restons haussier avec un objectif à 24,82 € et un niveau d'invalidation à 18,26 €. La tendance haussière reprend après la consolidation. Arguments : - Le support est atteint,...

Matthieu DRIOL

Short term view - AXA : The support has been reached, it causes the bounce.

In our previous short term analysis (13/10/2016), we were neutral. We remain neutral. We are waiting for a better opportunity to turn positive. Arguments : - The support has been reached, it causes the bounce.

Matthieu DRIOL

Analyse court terme - AXA : Le support est atteint, il cause le rebond.

Lors de notre dernière analyse court terme (13/10/2016), nous avions opté pour un avis neutre. Nous restons neutre. Nous attendons une meilleure opportunité pour adopter un avis positif. Arguments : - Le support est atteint, il cause le rebond.

Valérie GASTALDY

Medium term view - AXA : The trend became bullish

The resistance has been passed, the trend becomes positive as we now have a succession of ascending peaks and troughs.The next target is at €24.669. The invalidation level is below €18.600.

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