Morningstar | AXAHY Updated Star Rating from 03 May 2019
AXA reported activity indicators for the first quarter of 2019. There are some mixed numbers in here, but we think they generally show a strengthening business. Having rolled our model for 2018, we increase our fair value estimate from EUR 26.0 to EUR 29.0 per share. We maintain our no-moat rating.Gross revenue across the group was up 270 basis points on a comparable basis and this has been backed by growth in property and casualty, and specialty insurance. Property cat lines volumes were lower in reinsurance but this, temporarily, is no bad thing, in our opinion. Asia looks good with a 600 basis points of growth in Hong Kong.
In terms of profitability indicators, new business margins in France have improved by 50 basis points. Though Asia was considerably lower. Likely a result of volume and softening economics. For AXA XL, price increases on insurance renewals came in at over 300 basis points. 1.5% for reinsurance. Pricing momentum is building.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.