(Boursier.com) — Axa dropped 0.7% to 27.55 euros after a final publication without any major surprises and mixed broker opinions against a backdrop of increasing natural disasters which are beginning to worry certain specialists. Intesa Sanpaolo thus began monitoring the insurer with a ‘hold’ opinion and a target price of 31 euros…
The group reported, for the period from January to September, a turnover up 2% on a comparable basis, to 78.8 billion euros. The 7% like-for-like increase in the general insurance business, which includes insurance of personal property such as cars and homes, as well as civil liability, supported the group’s performance.
Gross written premiums and other income for commercial insurance increased by 9%, with the group confirming that it is “on track to achieve its operating profit target of more than €7.5 billion in 2023”.
“Our model continues to generate a high level of capital. The Group’s Solvency II ratio stood at 230% at the end of September, and notably reflects our decision not to refinance more than one billion euros of subordinated debt”, indicated Alban De Mailly Nesle, financial director.
Barclays believes this is another “strong” set of results with a continuation of the strong trends seen in the first half across the board. Guidance for future earnings growth and shareholder distribution remains strong.
Oddo BHF also talks about results continuing from the first six months… The analyst reiterates his ‘outperform’ recommendation with a target of 37 euros. AXA still has a very solid balance sheet, with favorable prospects for operational profitability (selective growth, price and rate increases) and return of capital to shareholders (dividends and share buybacks), which are poorly valued at current prices. current…
©2023 Boursier.com