AXA Equitable CEO: No Fresh Capital Needs For Rest 2009, 2010
05 Août 2009 - 12:20PM
Dow Jones News
AXA Equitable doesn't anticipate any fresh need for capital
injections this year or in 2010, its chief executive said
Wednesday.
AXA Equitable CEO Christopher Condron told an analyst meeting
that the U.S. arm of French insurance giant AXA SA's(AXA) capital
ratios are stabilizing, after the substantial drop in the value of
the company's holding in U.S. investment manager AllianceBernstein
required a capital injection from its parent to cover a $3 billion
balance-sheet hole.
Condron said AXA Equitable has re-allocated some
AllianceBernstein stock throughout the AXA group and instituted a
protection program to cover the market equity decline. He added
that AllianceBernstein's share price has stabilized.
Company Web site: www.axa.com
-By A.H. Mooradian, Dow Jones Newswires; +33 1 4017 1740,
art.mooradian@dowjones.com