AXA : Net income marginally below, plan in line, increase in capital returns
>2023 underlying earnings were a shade below expectations - AXA reported its 2023 results yesterday. Revenues amounted to € 102.7bn (+1% reported, +3% l-f-l), in line with expectations. The group’s underlying earnings came to € 7,604m (+25% vs 2022 under IFRS 17), a whisker below expectations (-1.1% vs consensus, -0.6% vs our estimate). In P&C insurance, underlying earnings were € 5,012m, 2.5% above the consensus, despite a combined ratio that was not as good as expec...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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