AXAHY - AXA SA: A Conservative European Value Offering Generous Yield

• Property and liability insurers have broadly been well positioned to increase premiums in the midst of a low interest rate environment.
• Relative to both European and American peers, French insurer AXA SA is conservatively valued on a price to tangible book value basis.
• At current exchange rates, even after taxes and fees, it offers a well-covered dividend yielding over 5.5%.

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