AXA : 2021 underlying earnings slightly higher than expected, solid balance sheet
>Revenue growth in 2021 - AXA reported its 2021 earnings yesterday morning. Revenues were € 99.9bn (+3% reported, +6% l-f-l), marginally beating forecasts (consensus € 99.5bn, ODDO BHF € 99.7bn). On a like-for-like basis, we note growth in revenues of: 1/ 3% in P&C insurance (with +5% in commercial lines), 2/ 5% in health insurance, 3/ 9% in life insurance, driven by a strong increase in sales of unit-linked products in France and strong growth in Japan and Hong Kong...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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