Bloomberg News

Axa Gains in Paris Trading After Reiterating Earnings Target

October 05, 2011

Oct. 5 (Bloomberg) -- Axa SA, Europe’s second-biggest insurer, gained the most in 1 1/2 years in Paris trading after the company reiterated its earnings target and said the balance sheet remains solid.

Axa rose as much as 83 cents, or 9.3 percent, to 9.74 euros, its biggest intraday increase since May 2010 and was up 8.2 percent at 4:25 p.m. local time. That pares its decline this year to 23 percent and gives the firm a market value of 22.9 billion euros ($29.3 billion).

The insurer still expects 10 percent annual growth in operating earnings per share through 2015, the Paris-based company said today in a presentation on its website.

Axa’s “earnings generation capacity is diversified” and the “balance sheet is robust,” it said in the presentation. “We will continue to run our business with agility.”

--Editors: Jon Menon, Steve Bailey

To contact the reporter on this story: Stephen Taylor in Paris at staylor8@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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