Report
Benoit Valleaux

AXA : Un bon RO malgré des éléments non récurrents

>Un RO meilleur que prévu malgré les cat nat du T4 - AXA a publié hier matin son RN 2018. Les revenus totaux du groupe se sont élevés à 102,9 Md€, en hausse de 4% en publié et à données comparables. Le résultat opérationnel du groupe 2018 a été de 6 182 M€ (+3% en publié, +6% à change constant), supérieur aux attentes (consensus de 5 901 M€, notre prévision de 5 925 M€), malgré une perte en provenance d’AXA XL plus importante que prévu (-233 M€ vs consensus à -10 M€) ...
Underlying
AXA
AXA

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Benoit Valleaux

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