Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on AXA SA. We currently have 9 research reports from 1 professional analysts.
|22Nov16 05:12||PRN||Trov, the world's first on-demand insurance for single items, launches in the UK|
|22Nov16 04:59||PRN||Trov, the world's first on-demand insurance for single items, launches in the UK|
|03Aug16 06:59||PRN||VIDEO: AXA - Half Year 2016 Earnings|
|03Aug16 06:59||PRN||VIDEO: AXA - Half Year 2016 Earnings|
Frequency of research reports
Research reports on
10 Nov 16
AXA posted 9M 16 total revenues of €75,652m, stable on a comparable basis (+9% reported). Life and Savings revenues decreased by 1% to €44,546m (-1% reported). New Business volume was steady at €4,771m. The Life and Savings NBV margin was also stable and stood at 38% and the NBV decreased by 1% to €1,824m. P&C revenues gained 2% to €25,357m (+3% on a comparable basis). Asset Management’s revenues declined by 6% to €2,727m, sanctioned by both AXA IM and AllianceBernstein. Average AuM was €1,052bn vs. €1,081bn. The solvency I ratio was 191%.
03 Aug 16
AXA posted H1 16 total revenues at €54,036m, up 0.2% on a comparable basis (-0.5% reported). Life and Savings revenues decreased by 2.1% to €31,040m (-2% reported). New Business Volume was down by 2.6% to €3,274m and net inflows amounted to +€4,300m. The Life and Savings NBV margin remained stable at 37% and the NBV decreased by 2.6% to €1,222m. P&C revenues gained 2.3% to €18,602m (+4% on a comparable basis). The combined ratio worsened by 1.3% to 98.2%. Asset Management revenues declined by 8% to €1,799m, impacted both by AXA IM and AllianceBernstein. Average AuM stood at €1,042bn vs. €1,086bn. Underlying earnings were down by 0.4% to €3,063m. Net Income was up by 4% to €3,207m (+4% comparable). Shareholders’ equity amounted to €74.1bn and the Solvency II ratio was 197%. Debt gearing stood at 28%. The adjusted ROE decreased by 1.4% to 14.6%.
Limited Brexit damage
29 Jun 16
As a major European insurer, AXA has a presence in the UK through AXA UK holdings. In 2015, the latter’s net income reached €8m with an underlying earnings of €-1m. This relatively weak contribution to the group’s earnings was behind the reassessment of its activities across the Channel. In recent months, AXA has decided to dispose of its UK Life & Savings business, other than the platform one. The weight of the UK in the group’s L&S sales was limited to 0.8% in Q1 16 (€147m). The French giant sold also its UK offshore investment bonds business (Axa Isle of Man) and its wrap platform business (Elevate) to Standard Life plc and entered into agreement with Phoenix Group Holdings for the disposal of its remaining UK L&S assets, namely its direct protection business (SunLife) and its traditional (non-platform) investment and pension business. These transactions will generate £632m but also an exceptional negative P&L impact of c. €0.4bn to be accounted for in FY 16 net income. At the same time, AXA UK P&C, Health and Asset Management operations are not included in the scope of the strategic review. In Q1 16, UK & Ireland contributed up to 10.4% of the group’s P&C revenues (£1,224m). The insurer has recently completed the acquisition of the private medical insurance business of Simplyhealth, allowing it to further strengthen its presence in the UK healthcare market. The UK is also a technologic hub for AXA to offer innovative solutions to high-growth markets. Recently, it has increased to 46% its participation in MicroEnsure, a UK-based leader in the mobile micro-insurance space serving over 20 million emerging customers through partnerships with mobile network operators, banks and micro-finance institutions in 17 countries across Asia and Africa.
The wind of change blowing over the French insurer
27 May 16
AXA has announced that it has entered into an agreement with Phoenix Group Holdings to sell its (non-platform) investment and pensions business and its direct protection business (“Sunlife”) in the UK. Completion of the transaction is subject to the customary closing conditions, including the receipt of the regulatory approvals, and is expected to occur in the H2 16. The overall consideration for the sale of the UK Life & Savings businesses, of the offshore investment bonds business based in the Isle of Man (announced on April 28th), and of the wrap platform Elevate (announced on May 4th) amounts to €832m. These transactions should generate an exceptional negative P&L impact of c.€400m booked in net income. In another matter, Jean-Laurent Granier, CEO of the Mediterranean and Latin America Region, Chairman and CEO of AXA Global P&C and a member of the Group Management Committee has decided to leave the Group. This decision will be effective as of June 30th, 2016. The French insurer announced a series of appointments to form a new management team, of which six new internally-appointed members.
04 May 16
AXA posted Q1 16 total revenues of €31,751m, up 1% on a comparable basis (+1% reported). Life and Savings revenues remained stable at €17,437m but New Business volume was up by 16% to €2,173m. The Life and Savings NBV margin lost 6% and stood at 29%. P&C revenues gained 2% to €11,681m (+3% on a comparable basis). Asset Management’s revenues declined by 8% to €883m (-9% on a comparable basis). Average AuM was €1,035bn vs. €1,066bn a year before. The solvency II ratio was 200%.
Strong enough to resist low interest rates
25 Feb 16
AXA posted FY 2015 total revenues at €98,534m, up 1% on a comparable basis (+7% on reported basis). Life and Savings revenues increased by 7% to €59,211m. New Business APE was up 5% to €7,376m and net inflows amounted to +€9,600m. Life and Savings' New Business Value margin reached 34% and the NBV increased by 2% to €2,490m. P&C revenues gained 6% to €31,265m. THe combined ratio stood at 96.2%. Asset Management's revenues grew by 1% to €3,822m, supported by AXA IM (+4% yoy to €1,242m). Average Assets under Management were €1,071bn vs. €925bn in 2014. Underlying earnings were up 10% to €5,574m. Net income was up 12% to €5,617m. Shareholders’ equity amounted to €68,475m and the Solvency II ratio was at 205%. Debt gearing decreased by 1% to 23%. Adjusted ROE reduced by 0.4% to 14.1%. A dividend of €1.10 per share (up 16% vs. FY14) will be proposed at the shareholders’ Annual General Meeting.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
N+1 Singer - Grainger - Final results in line, further progress on PRS investment pipeline
01 Dec 16
Grainger has reported FY16 final results this morning with key NNNAV and recurring PBT metrics in line with our forecasts. Sales performance and rental income growth was strong in H2, as previewed in the positive FY trading update driving our 19% PBT upgrade in early October (11/10). The PRS investment pipeline continues to grow now standing at £389m secured and £347m in legals as Grainger pursues an £850m investment target by 2020. A 3.05p final dividend is in line with the revised policy to distribute 50% net rental income. The shares continue to trade on a significant, and unwarranted, 20%+ discount to NNNAV. We reiterate our BUY recommendation.
Panmure Research - Electra Private Equity Flash 27-10-15
27 Oct 15
Electra Private Equity's portfolio is in good shape and looks set to continue performing over the next 12-24 months as the portfolio matures. Where visible, the valuations look sensible with scope to surprise on the upside. The principle change over this period is anticipation that the return will become more broadly driven as the returns from some of the recent value drivers (e.g. Holiday Parks, Axio, TOBC) normalise.Since the announcement of the early publication of Electra's results, the share price has responded strongly (+8.4%) with continued post publication momentum, leaving the fund trading on a 5.2% discountUpdating our models and forecasts for the results we have retained our Fiscal 2016 return forecast (c15% ROE) and discount target (12%) but increase our price target (which was undisturbed in our pre-results note, 20th October) to 3,864p (up 3.3% or 124p). Our new price target, inclusive of expected dividends, implies a 7% TSR. We change our rating from Buy (>10%TSR) to Hold (5-10% TSR).