Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Axa Falls in Paris After Third-Quarter Asset-Management Outflows

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.

To contact the reporter on this story: Fabio Benedetti-Valentini in Paris at fabiobv@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net; Edward Evans at eevans3@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.