First-Half 2017: AXA Continues With Life and Savings Rotation and U.S. IPO Footing
AXA reported a 1% increase in net income for first-half 2017 to EUR 3.3 billion, slightly ahead of our expectations. This was driven by a mix of core and noncore improvements, and is essentially a standard set of results, with little in the way of colour or changes within the business. We therefore maintain our EUR 28.50 fair value estimate and no-moat rating.Since January, the business has gone through a series of transactions that have included the sale of U.K. property and casualty, a small ...
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