Insight and Intelligence on the London & International Insurance Markets 18 Mar 2018
Shareholders 'blindsided' by Axa's 'about-turn' on strategy
- 13 March 2018
Shareholders feel "blindsided" by the abrupt change in Axa's strategy signalled by its $15.3bn purchase of XL Group, analysts have said.
Axa's share price fell by 9.7 percent to EUR22.62 on 5 March, the day the deal was announced. A week on and the shares have not recovered, closing on Monday (11 March) at EUR22.50, implying the company has been adversely re-rated.
Analysts told The Insurance Insider shareholders were shocked by Axa's plan to reposition itself towards P&C, as well...
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