AXA : H1 hit by the crisis, but the stock’s valuation remains highly attractive
>Good resilience of premiums given the context - AXA released its H1 2020 net income yesterday morning. Group revenues came in at € 52.4bn in H1 (-10% on a reported basis, +2% l-f-l), close to the consensus, with: 1/ robust growth in health insurance (+9% l-f-l), 2/ a moderate decline in P&C insurance (-1% year-on-year, of which -8% in Q2) while some lines were impacted by the economic crisis (and by solidarity measures), 3/ a more marked decline in life insurance pr...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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