We Think AXA's 9-Month Result Shows Some Underlying Problems With Integrating XL Acquisition
AXA reported nine-month indicators for 2018, with a 2% increase in property and casualty commercial lines to EUR 12.4 billion, which is where we think the market is focused. The stock looks to us to be undervalued, trading at around 0.7 times book value, though we recognise there are some uncertainties surrounding the business. We maintain our EUR 26 fair value estimate and no-moat and stable moat trend ratings.The 1% rise in property and casualty revenue was mainly driven by a 2% increase in c...
AXA is a holding company. Through its subsidiaries, Co. is engaged in insurance and assets management. Co. operates primarily in Europe, North America, the Asia-Pacific Region and, to a lesser extent, in other regions including the Middle East, Africa, and Latin America. Co. has five operating business segments: Life & Savings, Property & Casualty, International Insurance, Asset Management, and Banking. In addition, various holding companies within the AXA Group conduct certain non-operating activities. As of Dec 31 2013, Co. had total assets of Euro757,143,000,000.
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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.
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