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...
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