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Share Name | Share Symbol | Market | Type |
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Axa | EU:CS | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.44 | -1.38% | 31.43 | 31.31 | 31.60 | 32.00 | 30.50 | 32.00 | 5,611,738 | 16:40:00 |
By Matthew Dalton
PARIS--Insurance giant AXA on Tuesday released its strategic plan for the next four years, saying it will cut costs, expand in higher-growth countries and use digital technologies to offer more services to clients.
The announcement is part of a plan to boost growth after eight years in which record-low interest rates have weighed on the earnings of AXA and other insurers. The industry relies on bond yields to generate a large chunk of its profit from reinvesting huge stockpiles of cash.
The Paris-based company set out a number of metrics for the period through 2020. It aims to boost underlying earnings per share by 3%-7% each year through 2020, generate free cash of between EUR28 billion ($31.72 billion) and EUR32 billion and cuts costs by EUR2.1 billion.
The company is also pushing to use digital technologies to evolve from a business that merely accepts premiums and pays claims. AXA wants to use digital technologies help clients avoid health and other risks, and sell more services to them after a payment is made.
"It's still easier to buy a book from Amazon than insurance from AXA," said Emmanuel Touzeau, AXA's director of communication.
Write to Matthew Dalton at Matthew.Dalton@wsj.com
(END) Dow Jones Newswires
June 21, 2016 02:09 ET (06:09 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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