AXA To Focus On Emerging Markets, Protection & Health Operations
16 Novembre 2010 - 10:22AM
Dow Jones News
French insurer AXA SA (CS.FR) Tuesday said it plans to pump more
investment into its emerging markets operations and specific
businesses, such as protection and health, as it adapts its
business model to promote earnings growth beyond the financial
crisis.
The company said ahead of its investor day Tuesday it want to
increase its focus on free cash-flow generation.
"This, together with an increased focus on improving the
business efficiency of our operations, should allow us to gain
flexibility and contribute to fund our investments for our future
growth," Chief Executive Henri de Castries said in a statement.
The Paris-based insurer said it expects to present details of
its Ambition AXA strategic plans in the first half of 2011.
Among the targets AXA has set for its businesses, it expects to
increase the share of protection and health new business by five
points by 2015, while it is targeting a combined ratio, which
measures the percentage of premiums an insurer has to pay out in
claims and expenses, at 100% in 2011 for its non-life business.
It also expects average targeted price increases for its
non-life products of around 3% next year.
AXA has repeatedly said it is keen to expand in emerging markets
in Asia in order to grow its business.
On Monday, the French insurer teamed up with Australian wealth
manager AMP Ltd (AMP.AU) to launch a fresh $13.1 billion bid for
AXA Asia Pacific Holdings Ltd. (AXA.AU) in a move that would allow
AXA to exit the Australian market and focus on its plan to grow in
Asia.
AXA will pay around EUR1.8 billion in cash under terms of the
deal, which is expected to increase earnings-per-share in 2011.
AXA Asia Pacific said Tuesday that five of its six independent
directors have decided to recommend the bid from AXA and AMP Ltd.
in the absence of a superior offer and subject to an independent
assessment. But one of the directors is seeking further information
before deciding whether to back the proposal, the company said.
In a move to further its ambitions in the Chinese life assurance
market, AXA last month formed an alliance with Industrial &
Commercial Bank of China Ltd (1398.HK). The Chinese lender paid
around CNY1.2 billion ($179.10 million) for a 60% stake in
AXA-Minmetals Assurance Co., an insurance joint venture between AXA
and China Minmetals Corp.
At 0832 GMT, AXA shares were down 1.2%, or EUR0.16, lower at
EUR13.38, underperforming the CAC-40 index.
-By Elena Berton, Dow Jones Newswires; +33 1 40 17 17 65;
elena.berton@dowjones.com
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