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4-Traders Homepage  >  Equities  >  Euronext Paris  >  Axa    CS   FR0000120628

AXA (CS)
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Axa : French Insurer AXA Files For IPO of U.S. Unit

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11/14/2017 | 01:13am CEST
By Maria Armental 

French insurance company AXA SA has filed preliminary documents for an initial public offering of its U.S. life-insurance operations.

The insurance group, which would keep the sale proceeds and retain control of the company, has said the listing would give more flexibility to its U.S. arm, which includes AXA Equitable Holdings Inc. and a majority stake in fund manager AllianceBernstein Holding LP.

Following the planned IPO, the portion of the AllianceBernstein business not controlled by AXA would remain a separate publicly traded entity.

The Wall Street Journal reported in May that AXA was interested in pursuing an IPO for its U.S. arm.

The decision comes as profitability in the industry has been hurt by low interest rates following the financial crisis.

AXA Equitable Holdings, filed Monday with the Securities and Exchange Commission, said it planned to raise up to $100 million in its IPO. However the $100 million figure is often used as a placeholder to determine filing fees and is often changed. The filing didn't contain information on which exchange shares would trade.

AXA Equitable Holdings on Monday said it earned a profit of $265 million in the first six months of 2017, down from $1.66 billion from the comparable 2016 period. Excluding investment gains and losses and other items, operating earnings stood at $641 million as of June 30, up from $523 million in the year-ago period.

Revenue fell 15% to $7.02 billion.

The company would have a book value -- or assets minus liabilities -- of roughly $14.87 billion, according to the filing.

AXA Equitable Holdings is one of America's oldest life insurers, founded in 1859 in New York, and was long known as Equitable Life Assurance Society of the U.S. AXA acquired it in 1992.

AXA's move follows MetLife Inc.'s spinoff of its insurance operation.

Manulife Financial Corp. is also considering a spinoff or IPO of the Boston-based John Hancock Financial Services unit.

Write to Maria Armental at [email protected]

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Financials (€)
Sales 2018 101 B
EBIT 2018 8 209 M
Net income 2018 6 122 M
Debt 2018 -
Yield 2018 6,41%
P/E ratio 2018 8,09
P/E ratio 2019 7,57
Capi. / Sales 2018 0,50x
Capi. / Sales 2019 0,48x
Capitalization 50 720 M
Chart AXA
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Technical analysis trends AXA
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 26,8 €
Spread / Average Target 29%
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Managers
NameTitle
Thomas Buberl Chief Executive Officer & Director
Denis Pierre Marie Duverne Chairman
Astrid Stange Chief Operating Officer
Gérald Harlin Group Chief Financial Officer
François Martineau Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
AXA-16.11%59 434
PRUDENTIAL-6.06%61 043
METLIFE-13.45%44 900
PRUDENTIAL FINANCIAL-17.16%40 194
MANULIFE FINANCIAL CORP.-8.43%35 661
AFLAC-1.89%33 204