(Boursier.com) — AXA regains another 1% to 33.80 euros this Friday after its recent quarterly publication. The insurer reported growth in revenue of 6%, on a like-for-like basis, to 33.97 billion euros, driven by the growth in premiums in commercial property and casualty insurance, its flagship activity. Gross written premiums and other income thus amounted to €34 billion, compared to €31.8 billion a year ago. Axa’s solvency ratio, a key measure of its financial health, stood at 229% at the end of March, two percentage points higher than at the end of 2023.
Asked about the impact of the collapse of the Francis Scott Key Bridge in Baltimore, Chief Financial Officer Alban de Mailly Nesle said he expected the impact before tax and after reinsurance would not exceed 0.1 billion euros, based on a total impact of 1.5 billion euros for industry…
AXA also announced an agreement with Athora to terminate the sale agreement relating to a run-off life and retirement insurance portfolio from AXA Germany, as initially communicated on July 14, 2022. AXA will therefore retain this portfolio, which is well capitalized and benefits from a good asset-liability match, as well as the related result. This termination should not have any impact on the financial objectives communicated by the Group as part of its new strategic plan, “Unlock the Future”.
Among the latest broker opinions, BNP Paribas Exane remains ‘outperform’ on the insurer, with a price target of 38 euros. Also ‘outperforming’ on the record, Oddo BHF estimated that the sharp price increases in personal property insurance and cleaning in the UK augured an improvement in the normalized combined ratio and reinforce the financial objectives of the group’s new strategic plan, which remains “very poorly valued” (PE 25 of 8.5x).
The stock has gained more than 7% this week and has climbed 13% since the start of the year…
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