AXA : H1 2020 underlying earnings heavily impacted by COVID-19, but valuation remains attractive
>Decline in revenues during the lockdown period - AXA is due to report its H1 2020 earnings on Thursday, 6 August before the market open. Note that the earnings will be marked by changes of scope, notably the sale of AXA Equitable Holding (AEH) in the US, and to a lesser extent the integration of Tian Ping in China. We are forecasting revenues down by 6.7% to € 54.1bn vs H1 2019, ahead of the consensus of € 52.6bn, i.e. revenues of € 22.4bn (-2.6%) in Q2 alone. We are...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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