AXA Reports Flat 1Q Results and Announces Intention to Partially IPO Its U.S. Operations
AXA reported pretty flat first-quarter results. Solvency II remains at the top end of the business' range at 196%. The surprise came in the announcement of the intention to partially IPO its U.S. operations along with its AllianceBernstein stake in the first half of 2018. While we understand the business' desire to focus its insurance operations outside the U.S. and establish more North America visibility, we think the decision to IPO AllianceBernstein deprives the group of a long-term opportuni...
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