AXAHY - AXA: Slight Outperformance, But Still A Hold After Q3

2025-11-03 17:47:53 ET

AXA ( AXAHY ) used to be one of my biggest insurance investments. I was going into AXA when the market seemed not to care for the company a single bit, and while the argument can be made that I exited too early (a common mistake on my part, I have to say, and one I am trying to address going forward), I will argue in this piece that if we look at the company's various results, valuation trends, and returns (especially gross of dividend payouts), my rating actually made sense. In the last few weeks, we've even seen what I believe to be the beginnings of valuation normalization for this company and other insurers. This is something I'm very glad to see, because it means that we'll likely be able to, in the future, invest in AXA at attractive valuations again....

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