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...
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