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AXA SA CS Stock Quote

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AXA Continues Its Transformation While Facing Risks

Business Strategy and Outlook

| Henry Heathfield, CFA |

AXA’s takeover of XL changed the business from one fundamentally focused on life and savings, particularly in France and Europe, to a business with a much heavier exposure to non-life insurance in United States and large-scale commercial and specialist lines of insurance. While non-life insurance previously accounted for under half of new capital, this part of the business now takes over half of this metric. While protection and health maintain their current share of management focus and investment, there has been a small reduction in life and savings. AXA is being transformed into a business that relies more heavily on technical sources of profitability that are less dependent on the performance of financial markets.

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Business Description

AXA is one of the largest multiline insurance companies that we cover within European insurance. Since the company's takeover of XL Group, AXA has started to morph from a predominantly life and savings business with geographical operations primarily focused on its home market of France as well as Europe, into a company that has a heavier weighting to nonlife insurance, specifically larger commercial corporates. While insuring businesses is not something new to AXA, the XL Group acquisition did move the commercial portfolio from a small and medium enterprise orientation to capabilities that can handle much larger entities. Geographically this has also meant a shift to North American exposure and tilting the company's profits away from financial markets.

25, Avenue Matignon
Paris, 75008, France
T +33 140755700
Industry Insurance - Diversified
Most Recent Earnings Dec 31, 2007
Fiscal Year End Dec 31, 2022
Employees 110,477