Oct. 25 (Bloomberg) -- Axa SA, Europe’s second-largest insurer, fell in Paris trading after clients withdrew funds from its asset management units in the third-quarter.
Axa fell as much as 2.4 percent to 18.19 euros and traded down 2.1 percent at 18.25 euros by 12:41 p.m., the worst performer on the 30-member Bloomberg Europe 500 Insurance Index. Axa has risen 37 percent this year, valuing the insurer at about 43.7 billion euros ($60.3 billion).
AllianceBernstein Holding LP, Axa’s New York-based asset manager, yesterday reported $4.8 billion of third-quarter outflows. Axa IM, the insurer’s money-management unit based near Paris, had nine-month net flows of 7.5 billion euros, down from 10 billion euros in the six months through June.
“Outflows are a bit disappointing in the short-term,” said Francois Boissin, a Paris-based analyst at Exane BNP Paribas with an outperform rating on the stock.
Axa’s total nine-month sales rose about 2 percent to 69.5 billion euros, helped by life-and-savings premiums, the company said yesterday. That compares with the 70.5 billion-euro nine-month revenue estimate of Exane analysts.
Axa’s asset-management revenue rose 6 percent to 2.6 billion euros in the period through September, helped by higher management fees and increased real estate transactions at its Paris-based Axa IM unit, the insurer said.
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