Business & FinanceEnvironment
11 July 2023, 3:24 pm 1 minute
Reuters exclusively reported that one of the world’s top insurers is considering a private sale or stock market listing of its property reinsurance business in a bid to cut its exposure to natural disasters like hurricanes.
Market Impact
AXA has been trying to reduce the exposure of its AXA XL property and casualty (P&C) division to make earnings more predictable. This has caused the reinsurance business to shrink, with revenues dropping by nearly a third last year to $3.2 billion, according to AXA’s 2022 accounts. Shares rose about 3% following the story, and JPMorgan analysts issued a note to clients on the back of it. AXA has a market cap of around EUR 70 bln.
Article Tags
Topics of Interest: Business & FinanceEnvironment
Type: Reuters Best
Sectors: Climate ChangeInsurance
Regions: Europe
Countries: France
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story