Axa SA ADRAXA

Stock Research and Analysis

by Alan Rambaldini

Through a combination of acquisitions and internal growth, French firm AXA has become one of the largest financial services firms in the world. It markets life and property-casualty insurance and asset-management products to consumers and companies Read more

Bulls Say

AXA Financial Advisors is a topnotch distribution franchise, helping AXA to sell multiple products per customer.

AXA capitalizes on its global presence by leveraging its product design across various regions. Its unit-linked products, which boast higher margins, account for more than half of new sales.

With nearly EUR 1 trillion in assets under management, AXA is one of the world's largest asset managers and has plenty of diverse investment options to offer clients, helping to attract and retain their business. Read more

Bears Say

Many of AXA's life insurance products include guaranteed equity returns. If equity markets decline or are flat for an extended period, the firm's claim payments could inflate, despite hedging efforts.

AXA has set aside reserves of nearly EUR 1.2 billion for asbestos and environmental claims, but the ultimate cost is highly uncertain and could be much higher.

Management at AXA has demonstrated an acquisitive bent. The firm is only one bad acquisition away from large unforeseen losses. Read more

Strategy

AXA strives to be a worldwide leader in insurance and asset management. The firm leverages its ability to operate in diverse markets by deploying products and capabilities developed in one market across Read more

Management

We were pleased to see that chairman of the management board Henri de Castries once again waived his stock option grant for 2008 as the company's results were not to his satisfaction. We are also pleased with compensation guidelines at the firm, as Read more

Profile

Financial services group AXA is a diversified giant. Its operating businesses include life and savings products, which account for half of its earnings, property-casualty Read more

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