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The company’s 9M23 update was generally in line with expectations, featuring top-line growth in the P&C sector, encompassing both the commercial and personal lines. However, challenges remain on the horizon, particularly concerning lapses in Italy and the high frequency of health claims. Although in our first take we had indicated a lack of insight into Nat Cat losses, the management has since discussed the issue during the conference call, leading us to anticipate a more substantial impact fro
Companies: Axa (CS:EPA)AXA SA (CS:PAR)
AlphaValue
AXA’s reported results were in line with the market’s expectations, featuring strong growth in the P&C segment. This growth was primarily fuelled by the sustained strength in pricing, particularly in commercial lines (on a comparable basis), where pricing adjustments occur more swiftly compared to personal lines. Nevertheless, the L&H continued to face challenges. Specifically, the Health segment experienced adverse impacts due to the termination of two major contracts, alongside a rise in the
Axa’s 2Q 23 delivered mixed results, with the consensus still in the process of fully understanding the impacts of the new IFRS 17. A solid performance for P&C, maintaining the positive momentum observed in previous quarters driven by strong pricing and high discounting benefit. Difficult results for the Life & Health businesses. Finally, Axa boasts a robust balance sheet, enabling the potential for increased investor returns and the future pursuit of bolt-on acquisitions.
Axa’s 1Q 23 trading update was in line with expectations although the moving parts were slightly different. The firm also provided clarification on its underlying earnings’ targets for FY 23 under IFRS 17. The figures were reassuring although we buy less and less the neutral speech with regard to rates pressure on Life commercial momentum. Nevertheless, while we see little momentum for insurers over the next few quarters, Axa remains an exception, mainly underpinned by the very resilient P&C
Although this was only an “indicators” release, AXA’s results presentation and management call underpinned significant optimism about the outlook, we believe. Pricing was attractive while the reduction in NatCat exposure appeared to be effective. Solvency saw only a modest decrease and, in line with our comment back in May 2022, additional capital distributions to shareholders could well be on the cards.
Axa released strong H1 22 results, with most of the lines beating expectations. The strong solvency position coupled with the outlook enabled the company to announce a €1bn share buy-back program. Signs of confidence.
Axa’s Q1 22 release yielded mixed feelings. While revenues beat consensus’ estimates, Axa is too big to dance between the raindrops of the global macro-economic context. The group’s refocusing could impact growth in premiums and, in times when inflation is striking, the group’s profitability could be hurt even more.
Axa’s full year release yields mixed feelings. On the one hand, the announced distributions via an unexpected share buy-back (although quite small), coupled with a higher dividend than expected, is satisfying. Furthermore, the group has shown a strong, stable, and sustainable growth. On the other hand, XL, which was according to us the source of all attentions, disappointed us.
Activity continuing as planned, still supported by positive price pressure. Strong capital position resulting, in part, from the partial dividend distribution last year expanded by a €750m share buy-back programme.
Axa has delivered a very strong set of H1 21 results. It looks to us as if the French insurer has fully recovered from the COVID-19 crisis, with small risk of a relapse, with Axa XL delivering what the market was expecting and (finally) propelling the P&C business as it should. The overall dynamics in the insurance industry looks favourable to believe in a bright outlook for the biggest French insurer.
Axa’s Q1 2021 results and earnings’ call confirm our previous comments: 2021 is about restructuring towards its core markets while recovering from the COVID-19 crisis. Hence, as sharply and thoroughly led as the French insurer is, its results do not come as a surprise and are fully in line with what we all expect.
AXA posted FY 2020 total revenues of €96,723m, down 1% on a comparable basis (down 7% on a reported basis). Underlying earnings dropped by 34% to €4,264m. Net income stood at €3,164m, down 18% yoy. The Solvency II ratio was 200%. A dividend of €1.43 per share will be proposed at the shareholders’ AGM. The bill for COVID-19 remained stable at €1.5bn with no significant impact from new Coronavirus outbreaks. Our model will be adjusted up.
Since his arrival, Thomas Buberl has been injecting new blood into Axa’s management. The possible arrival of Ramon Fernandez, as a member of the Board of Directors, would be good news. The quest for a new Chairman is a more complicated task.
AXA reported an 8% decline in its 9M revenues to €73,385m. The business mix continued to follow the projected trend, with lower G/A Savings (-23% to €6,782m) and higher Health (+4% to €757m) and Protection (+2% to €11,405m) sales. AXA XL’s revenues were up 1% to €13,960m while the management is taking action to enhance profitability and will inject €1bn into its capital. The Solvency II ratio was 180% and COVD-19 related claims were reaffirmed at €1.5bn.
Companies: AXA SA
AXA’s underlying earnings stood at €1,885m, -48% yoy. The impact of COVID-19 on profits was in line with the previously published guidance, at €1.5bn. Commercial lines, notably AXA XL, released a loss of €843m. The group’s net income stood at €1,429m, -39% yoy. The Solvency II ratio was 180%. No dividend to distribute in Q4 20 and the two strategic targets, relative to underlying earnings per share and adjusted ROE, were withdrawn. Our model will be refined.
Research Tree provides access to ongoing research coverage, media content and regulatory news on AXA SA. We currently have 40 research reports from 6 professional analysts.
Companies: Plus500 Ltd.
Liberum
Tatton, the leading on-platform discretionary fund manager (DFM) and IFA support services Group has released a trading update ahead of its results to 31 March 2024, due on 18 June 2024.
Companies: Tatton Asset Management Plc
Zeus Capital
The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no
Companies: AEIT ROOF DGI9 INPP GSF SEIT USFP HICL ORIT BSIF TRIG NESF SEQI HEIT GRP GCP FSFL 3IN AERI PINT RNEW BBGI GSEO DORE TENT GRID CORD HGEN AEET
Hardman & Co
Ondo InsurTech has released a brief post-YE update revealing its good progress continued through 2H24 and consequently FY24 will be in line with market expectations.
Companies: Ondo Insur Tech PLC
Dowgate Capital
BRWM’s managers: we see all the classic signs of high commodity prices...
Companies: Blackrock World Mining Trust PLC
Kepler | Trust Intelligence
The refinancing of a £135m revolving credit facility and the extension of a similar £70m facility gives NESF firepower as development opportunities for new solar are especially attractive thanks to lower module prices in Europe. They give the fund key financial flexibility at a critical time as it pursues its capital recycling programme.
Companies: NextEnergy Solar Fund Ltd
Longspur Clean Energy
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol
Companies: NBPE ICGT ARBB RECI CLIG HAT AVO VTA APAX
Companies: UTL ASC DNLM BWNG MONY DFS BOO
Shore Capital
Companies: M Winkworth plc
Vp’s full year update highlights sector-leading results, once again benefiting from the diversity of its end markets and the quality of its specialist businesses. With results expected to be broadly in line with expectations, we trim our FY24 PBT forecast by c.5% to £39.0m, a shade below the FY23 outturn (£40.2m). We consider this an impressively resilient performance set against a mixed market backdrop. Under new leadership, a strategic refresh is underway and management is confident in long
Companies: Vp plc
Equity Development
16th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for
Companies: IP BILN SAR GATC ASTO PHE SHOE CCS IP CUSN
Hybridan
NextEnergy Solar Fund (NESF) is almost 10 years old. Since launch, it has built a £1.2bn, 933MW portfolio of 100 operating solar assets, powering the equivalent of over 330,000 homes, declared dividends totalling £333m, and avoided the emission of about 2.2 Mt CO2e. NESF is on track to pay 8.35p in dividends, with forecast dividend cover of about 1.3x. Share price weakness that has afflicted the whole sector means that dividend translates to a yield of 11.1%, one of the highest in its sector, a
QuotedData
JGC’s fundamental story continues to show resilience, but the discount remains wide…
Companies: Jupiter Green Investment Trust PLC
AUM jumped £3.8bn or +30% in FY24, reaching £16.6bn on 31 Mar 24, 12% above our previous forecast of £14.7bn. Including 50%-owned 8AM Global, Assets Under Influence hit £17.6bn. Investment performance provided a tailwind, adding £1.5bn to AUM. But our key takeaway from Tatton’s hugely impressive last few years, is that it has designed and implemented a superior offering in platform-MPS with net flows consistently far higher than peers. That leadership looks even more pronounced in H2-24 with net
Lowland Investment Company’s (LWI’s) unconstrained, multi-cap investment policy differentiates it from most peers in the AIC UK Equity Income sector. It offers investors broad market exposure, outside of the large, traditional ‘income stocks’ at a 13% discount to NAV. The underperformance of small- and mid-cap companies versus larger peers has slowed and a turnaround would be very positive for LWI. Portfolio returns are already benefiting from acquisition activity, spurred by low valuations, and
Companies: Lowland Investment Co PLC
Edison
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