Bloomberg News

Axa Falls in Paris After Third-Quarter Asset-Management Outflows

October 25, 2013

Axa SA (CS:US), Europe’s second-largest insurer, fell in Paris trading after clients withdrew funds from its asset management units in the third-quarter.

Axa fell as much as 2.4 percent to 18.19 euros and traded down 2.1 percent at 18.25 euros by 12:41 p.m., the worst performer on the 30-member Bloomberg Europe 500 Insurance Index. Axa has risen 37 percent this year, valuing the insurer at about 43.7 billion euros ($60.3 billion).

AllianceBernstein Holding LP (AB:US), Axa’s New York-based asset manager, yesterday reported $4.8 billion of third-quarter outflows. Axa IM, the insurer’s money-management unit based near Paris, had nine-month net flows of 7.5 billion euros, down from 10 billion euros in the six months through June.

“Outflows are a bit disappointing in the short-term,” said Francois Boissin, a Paris-based analyst at Exane BNP Paribas with an outperform rating on the stock.

Axa’s total nine-month sales rose about 2 percent to 69.5 billion euros, helped by life-and-savings premiums, the company said yesterday. That compares with the 70.5 billion-euro nine-month revenue estimate of Exane analysts.

Axa’s asset-management revenue rose 6 percent to 2.6 billion euros in the period through September, helped by higher management fees and increased real estate transactions at its Paris-based Axa IM unit, the insurer said.

To contact the reporter on this story: Fabio Benedetti-Valentini in Paris at fabiobv@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net; Edward Evans at eevans3@bloomberg.net


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Companies Mentioned

  • CS
    (Credit Suisse Group AG)
    • $28.76 USD
    • 0.28
    • 0.97%
  • AB
    (AllianceBernstein Holding LP)
    • $27.49 USD
    • 0.19
    • 0.69%
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