AXAHY - AXA: Executing Well And Undervalued

2024-05-15 14:03:51 ET

Summary

• French composite insurer AXA has delivered respectable returns over the past decade, underpinned by a sound strategy of repositioning its business away from capital-heavy savings products.
• Despite some weakness in personal lines, AXA's Property & Casualty business continues to display solid underwriting earnings, ultimately supporting healthy group-wide profitability.
• Management's attractive capital returns policy is commensurate with the company's growth profile, and this can support solid shareholder returns from here.

The stock of French composite insurer AXA ( AXAHY ) ( AXAHF ) has been a solid performer over the past decade, comfortably outpacing the wider European financial space ( EUFN ) with a ~155% total return (~10% annualized) in that time....

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