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Axa

Axa has five distinct operating business segments: Life & Savings, Property & Casualty, International Insurance, Asset Management and Banking with the first two segments (Life and Non-Life) contributing 61% and 32% respectively of total revenues. On a geographical level, 81% of Axa's total revenues are derived from mature markets with only 8% from high growth markets. This ratio is expected to change as Axa seeks to reallocate capital from the mature markets to the high growth markets. (02 Nov 2017)

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QBE: 2019 Reinsurance Cuts Nat Cat Exposure

Worth Watching: 13 Dec 2018, 2:05 PM ET - QBE disclosed details around its 2019 reinsurance programme and provided a brief update around the status of its restructuring program. Building upon earlier comments at a conference (see QBE: Comments from Australasian Conference), QBE finally ..

2018 Euro IG Conference: Insurance

Transcript: 12 Dec 2018, 10:09 PM ET - We present a transcript of the European Insurance presentation given at the European IG & Crossover Annual conference on December 7, 2018.
Focused

Euro Financial Movers: Stressing The Positives

Euro Financial Movers: 02 Dec 2018, 10:07 PM ET - The Bank of England's stress test results, more money laundering problems for Danske Bank and Deutsche Bank, HSH Nordbank's Tier 1 termination, Axa's deleveraging, and the effect of S&P's rating methodology change on insurance hybrids.
Focused

Axa: Acquires Remaining Stake in Axa Tianping

Worth Watching: 26 Nov 2018, 1:32 PM ET - Axa announced on Monday that it had reached an agreement with the current domestic shareholders of Axa Tianping P&C to acquire the remaining 50% stake of the company which it does not currently own. The total consideration for the 50% stake wou ..

U.S. Insurance: $11+bn in Total GE Exposure

Sector Analysis: 26 Nov 2018, 5:14 AM ET - In this note we highlight U.S. insurer exposure to GE. AIG, State Farm, GE’s own insurance operation, Aegon, Lincoln Financial, Aflac, and Prudential are all in the top-10.

Euro Financial Movers: Gourd Times And Bad

Euro Financial Movers: 25 Nov 2018, 9:41 PM ET - It was a quiet week, with Thanksgiving in the US. Deutsche Bank got caught up in the Danske money-laundering scandal, and the BoE brought forward the UK stress test results. Capital optimisation remains at the top of Generali's agenda.

Euro Insurers: 3Q18 Earnings Snapshot

Sector Analysis: 22 Nov 2018, 10:05 PM ET - In this article, we provide a round up of the 3Q18 earnings of European insurers. We also look to highlight key issues and trends observed across the respective peer groups.

Transcript: How will IFRS 17 & 9 Affect Insurers?

Transcript: 20 Nov 2018, 9:16 PM ET - Together with our guest speaker, Mr Darrel Scott - IASB Board Member, we present the takeaways of IFRS 17 & 9 and discuss their consequences on the financial analysis of insurers. The audio link will allow you to listen the webinar.

U.S. P&C Insurance: 3Q18 Earnings Recap

Sector Analysis: 19 Nov 2018, 10:15 PM ET - We provide a recap of U.S. P&C Insurer third quarter earnings reports and highlight certain trends and topics that emerged.

Webinar: How will IFRS 17 & 9 Affect Insurers?

Announcement: 19 Nov 2018, 9:44 PM ET - CreditSights European insurance sector analysts, Philippe Picagne and Raymond Tam, and guest speaker Mr Darrel Scott, IASB Board Member, will be hosting a webinar on IFRS 17 & 9, today at 3pm GMT.

Euro Financial Movers: Brexit – Kind Of A Big Deal

Euro Financial Movers: 18 Nov 2018, 10:00 PM ET - The UK’s draft EU withdrawal agreement led to uncertainty and spread volatility, while the SRB’s position paper provided some post-Brexit MREL clarity. As IASB looks to defer IFRS 17 to 2022, Munich Re issued its first EUR Tier 2 since 2012

Ageas: 3Q18 From Luxembourg to India

Earnings Note: 14 Nov 2018, 10:23 PM ET - Ageas reported mixed 3Q18 as strong underwriting profitability was dampened by investment impairments. We do not believe Ageas’ acquisition of a 40% stake in an Indian Non-Life insurer will lead to business growth given the lack of control.

Euro Financial Movers: La Vida Loca

Euro Financial Movers: 11 Nov 2018, 10:18 PM ET - 3Q18 results continued, with the Italian banks resilient despite macro-economic pressure whilst the Spanish Supreme Court ruled in favour of banks on mortgage-related taxes. Nat cat claims do not seem to be a solvency issue for reinsurers.

U.S. Life Insurance: Application Activity Dips

Worth Watching: 08 Nov 2018, 11:55 AM ET - U.S. Life Insurance: The MIB Index estimates that individual life insurance application activity was down 2.8% in October 2018 as compared to the prior year period. In October 2018, application activity showed a divergence between the 0-44 age ..

Mapfre: 9M 18 F/X Headwinds

Worth Watching: 08 Nov 2018, 9:28 AM ET - Mapfre released relatively disappointing 9M18 earnings despite lower weather-related claims during the period compared with last year; the devaluation of major currencies where the insurer operates has had major impacts on the company's profita ..

Generali: 9M18 Strong Credit Fundamentals

Earnings Note: 08 Nov 2018, 4:43 AM ET - Generali disclosed strong 9M18 earnings, supporting our view that the insurer benefits from strong credit fundamentals. Our Underperform recommendation stems from continuing market volatility due to on-going political risks in Italy.
Focused

Axa: 9M18 Mixed Activity Indicators

Earnings Note: 06 Nov 2018, 10:08 PM ET - Axa released mixed activity indicators for the first nine months of 2018. XL was acquired on 12 September 2018 but will be fully consolidated from 1 October 2018. Nat cat claims are relatively minor at group level.

Euro Financial Movers: Stress Relief

Euro Financial Movers: 04 Nov 2018, 10:23 PM ET - The 2018 Stress Test results show EU banks to be more resilient than in previous exercises, whilst 3Q18 earnings continued. After the 3Q18 reinsurers' results, we are starting to see the impact of the recent nat cat events.

Euro Financial Movers: Earnings Glass Half Empty

Euro Financial Movers: 28 Oct 2018, 10:14 PM ET - 3Q18 earnings season kicked off with the Nordic banks affirming their positions on AML, while DB’s struggles continued, and we summarised Danske’s money-laundering woes. In insurance, we initiated coverage of Phoenix.
Focused

Global Insurance Rendez-Vous: Fiduciary Rule Redux

Global Insurance Rendez-Vous: 24 Oct 2018, 10:07 PM ET - The DOL and the SEC are revisiting the fiduciary rule in the near future. The initial version of the rule, produced under the Obama administration, caused significant headaches for insurers and a significant decline in annuity sales.

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