南方财经全媒体记者 孙诗卉 实习生 涂盛青 上海报道 近日，香港特区政府《2024 年公司 （修订）（第 2 号） 条例》正式生效并宣布开始接受公司迁册，根 据该制度，迁册公司将享有过渡性税务安排和消除双重课税等一系列税务优惠。 5月23日，法国保险巨头AXA安盛宣布将安盛保险（百慕大）有限公司注册地迁至香港并更名为安盛金 融保险（香港）有限公司，公司表示，作为首批迁册回港的保险公司之一，相关决定体现公司对区内客 户的承诺，并展现公司全力支持巩固香港作为国际领先金融中心的决心。 6月6日，宏利人寿保险宣布，经相关监管机构批准后，自今年11月起，宏利人寿保险将根据香港特别行 政区政府新引入的公司迁册制度，正式从百慕大迁册至香港。宏利人寿表示，这项策略决策反映了公司 对香港作为国际金融中心地位的坚定信心。 普华永道金融行业管理咨询合伙人周瑾对21世纪经济报道记者表示，对于保险企业而言，若其看好香港 以及内地的保险市场，希望通过迁册的方式以便更快速做好战略和业务布局，且过程中减少法律和运营 迁移的成本，可以充分利用此次的迁册机制来加速。同时，香港保监局亦会配套做好保险业务经营许可 的审批，以便合格的迁册企业可以尽快 ...

转自：新华财经 新华财经上海4月11日电（记者 王淑娟）在中国坚定不移扩大对外开放的政策引领下，法国安盛集团正 以更加坚定的步伐深耕中国本土市场，为上海国际金融中心建设贡献力量。记者获悉，近日，安盛集团 两位副首席执行官弗雷德里克·德·库尔图瓦 (Frederic de Courtois)与乔治·斯坦斯菲尔德 (George Stansfield) 联袂来沪访问，并在10日举行的"金融机构赋能上海国际金融中心建设"研讨会上传递信心：安盛集团将 更加坚定深耕中国市场的战略决心。 "扎根中国26年来，巨大的市场潜力、稳定的政策支持以及不断扩大的对外开放，让安盛集团深刻感受 到中国金融高质量开放所带来的前所未有的机遇。未来，安盛集团将通过工银安盛人寿、安盛天平、安 盛环球再保险等运营实体，继续坚定深耕中国市场。"安盛集团表示。 安盛集团表示，本着"相互信任、长期合作、互利互惠、共同增长"的原则，安盛与人保的合作模式还将 陆续在其他海外市场展开。通过资源共享、机遇传递和优势互补，双方将为以新能源汽车为代表的中资 企业出海提供"全周期风险管理方案"，支持中国制造的全球布局。 据悉，今年5月，安盛集团再保险业务团队将赴上 ...

Financial Data and Key Metrics - Total revenues increased by 7% in the first 9 months of 2024, driven by strong organic growth across all business lines [3] - P&C revenues grew by 7%, with Commercial and Personal lines both contributing equally [5] - Life & Health premiums increased by 7%, with capital-light G/A savings up 12% and Unit-Linked products up 14% [10] - Solvency II ratio stood at 221% at the end of September, down 6 points from the first half due to unfavorable market effects [13] Business Line Performance - P&C Commercial lines grew by 7%, driven by favorable pricing and higher volumes, particularly at AXA XL [5] - P&C Personal lines revenues increased by 6%, with motor up 5% and non-motor up 8% [8] - Life & Health new business PVEP and NBV increased by 16% and 6%, respectively, with NBV margin slightly down at 4.6 points [12] - Reinsurance revenues grew by 10%, supported by favorable pricing in Property and Casualty and higher volumes in Specialty and Property [8] Market Performance - Pricing trends varied by region, with North America property up 8%, international property up 5%, and U.S. Casualty up 9% [7] - In Europe, favorable pricing was observed at +4% in both France and Europe, with strong demand from SMEs and mid-market businesses [7] - Health premiums outside Europe grew by 13%, driven by strong performance in Mexico and Turkey [29] Strategic Direction and Industry Competition - The company is focused on executing its growth agenda, emphasizing technical and operational excellence, and maintaining a high level of capital strength [4] - Pricing remains favorable and is expected to be earned through next year, with inflation lower than expected, aligning with the company's plan [14] - The company is managing the underwriting cycle proactively, with selective growth and disciplined cycle management [6] Management Commentary on Operating Environment and Future Outlook - The environment remains supportive, with prices expected to remain favorable through next year, and inflation lower than anticipated [4] - The company is confident in achieving its margin improvement plan, particularly in Personal Lines, where a 1.7-point margin recovery was observed in 1H '24 [8] - The company expects to achieve underlying EPS growth in line with its 3-year plan target of 6% to 8% [15] Other Important Information - The combined impact of Hurricane Helene and Hurricane Milton was below €200 million pre-tax and net of reinsurance, reflecting reduced cat exposure and volatility [9] - The company maintains its annual nat cat budget of 4.5 points of combined ratio for the year [9] Q&A Session Summary Question: Nat cat exposure and new business margin [18] - The company confirmed it is on track with its 4.5% nat cat budget, including recent events in Europe [19] - New business margin decline was attributed to business mix and financial assumptions, with expectations of improvement in Q4 [20] Question: P&C margin improvement and Health growth [23] - The company is on track to deliver a 200 bps improvement in P&C combined ratio, with further improvements expected from expense management and underwriting [24] - Health growth outside Europe is driven by strong performance in Mexico and Turkey, with premiums in Mexico up 15% and Turkey nearly doubling [29] Question: P&C top-line growth and tax impact in France [31] - The company expects 4% to 5% top-line growth in P&C for 2025, driven by price increases and volume growth [32] - The impact of tax changes in France is expected to be limited, with France representing 25% of the company's business and profits [34] Question: Capital generation and EPS growth [37] - The company is on track to reach the upper end of its 25 to 30 points capital generation range [40] - Underlying EPS growth is expected to remain within the 6% to 8% range, with no significant upside anticipated [41] Question: Lapse experience and UK Health profitability [44] - Lapses have decreased in France and Italy, but remain high in Unit-Linked products in Italy [45] - The company is on track to restore profitability in UK Health by 2025 [42] Question: Nat cat losses and Solvency II reform [46] - The €200 million loss from hurricanes Helene and Milton reflects reduced exposure rather than reinsurance benefits [47] - Solvency II reform benefits are expected by the end of 2026, with limited impact on capital upstreaming [47] Question: Switzerland and North America Commercial lines [49] - Switzerland remains a profitable market with no need for remediation, while North America Commercial lines show favorable pricing trends, excluding Professional lines [50] Question: Discounting impact and casualty reserving [52] - A 25 bps decrease in interest rates would result in a €100 million impact on discount benefits [53] - The company is vigilant on casualty reserving but does not anticipate significant deterioration [53] Question: XL Reinsurance and third-party net inflows [59] - XL Reinsurance does not write Life & Health business [57] - Third-party net inflows in asset management were lower due to outflows and investor caution following the announcement of the AXA IM transaction [60]

Group 1 - Axa Sa (AXAHY) is currently outperforming its peers in the Finance group, with a year-to-date gain of 21.1% compared to the sector average of 17.3% [4] - The Zacks Rank for Axa Sa is 1 (Strong Buy), indicating strong analyst sentiment and an improving earnings outlook, with a 3.2% increase in the consensus estimate for full-year earnings over the past quarter [3] - Axa Sa belongs to the Insurance - Multi line industry, which has seen an average gain of 15.5% this year, further highlighting Axa Sa's strong performance within its industry [5] Group 2 - The Finance group, which includes Axa Sa, is currently ranked 4 within the Zacks Sector Rank, which evaluates 16 different sector groups [2] - Another stock in the Finance sector, Banco Comercial Portugues S.A. Unsponsored ADR (BPCGY), has also outperformed the sector with a year-to-date increase of 28.5% [4] - The Banks - Foreign industry, to which Banco Comercial Portugues S.A. belongs, is ranked 49 and has gained 15.7% this year, indicating varying performance levels within the Finance sector [6]

Core Viewpoint - Investors in the Insurance - Multi line sector should consider Axa Sa (AXAHY) and Oscar Health, Inc. (OSCR) for potential value opportunities [1] Valuation Metrics - Axa Sa has a Zacks Rank of 1 (Strong Buy), while Oscar Health, Inc. has a Zacks Rank of 3 (Hold), indicating a stronger earnings outlook for AXAHY [3] - Axa Sa's forward P/E ratio is 10.43, significantly lower than Oscar Health's forward P/E of 1,644.75, suggesting that AXAHY is more attractively priced [5] - The PEG ratio for Axa Sa is 1.22, while Oscar Health's PEG ratio is 43.44, further indicating that AXAHY is undervalued relative to its expected earnings growth [5] - Axa Sa has a P/B ratio of 1.61 compared to Oscar Health's P/B of 4.65, reinforcing the valuation advantage of AXAHY [6] - Based on various valuation metrics, Axa Sa holds a Value grade of B, while Oscar Health has a Value grade of C [6] Conclusion - Axa Sa has demonstrated stronger estimate revision activity and more attractive valuation metrics than Oscar Health, making it the preferred choice for value investors at this time [7]

Core Viewpoint - Axa Sa has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive earnings outlook that may lead to increased stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Institutional investors often rely on earnings estimates to determine a stock's fair value, influencing their buying and selling decisions [4]. Recent Performance and Projections - Axa is projected to earn $3.85 per share for the fiscal year ending December 2024, reflecting a year-over-year increase of 7.5% [8]. - Over the past three months, the Zacks Consensus Estimate for Axa has risen by 1.8%, indicating a positive trend in earnings estimates [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Axa's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].

The Finance group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Axa Sa (AXAHY) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's yearto-date performance to find out. Axa Sa is one of 859 companies in the Finance group. The Finance group currently sits at #3 within the Zacks Sector Rank. The Zacks Sector Rank con ...

| --- | --- | |-------|-------| | | | | | | IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS AND THE USE OF NON-GAAP FINANCIAL MEASURES GIE_AXA_Confidential Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives, and other information that is not historical information. Forward-looking statements are generally identif ...

Financial Data and Key Metrics - The company reported organic growth of 7% in the first half of 2024, the highest in many years [3] - Underlying earnings per share increased by 4%, and the return on equity stood at 16.6% [3] - The Solvency II ratio was strong at 227%, reflecting robust capital generation capacity [3] - Earnings for the first half reached €4.2 billion, with a 7% growth across all business lines and geographies [6] - The company expects underlying earnings per share growth for 2024 to be within the target range of 6% to 8% [8] Business Line Performance - P&C (Property & Casualty) revenues grew by 7%, driven by strong pricing dynamics in both Commercial and Retail lines [13] - Life & Health revenues also increased by 7%, with strong momentum in Employee Benefits and Savings businesses [14] - Asset Management revenues grew by 5%, supported by higher management and performance fees [14] - AXA XL, the company's commercial lines business, delivered a combined ratio of 87.7%, indicating strong technical profitability [16] - Retail P&C margins improved by 1.7 points, driven by significant price increases in the UK and Germany [17] Market Performance - Asia and emerging markets showed strong performance, with a 13% growth in revenues [14] - AXA XL also performed well, with a 7% growth in revenues [14] - The UK and Germany saw significant price increases in Retail P&C, with the UK increasing prices by 55% and Germany by 13% [17] - Spain also experienced positive pricing conditions, with an 11% increase in prices [17] Strategic Direction and Industry Competition - The company sold AXA Investment Managers to BNP for €5.4 billion, aiming to focus more on its core insurance business [4] - The proceeds from the sale will be used for share buybacks to offset earnings dilution, in line with the company's capital management policy [5] - The company acquired Nobis Group for €0.5 billion to expand its P&C operations in Italy [5] - The company is investing in technology and data to support long-term growth initiatives [7] - The company aims to maintain a diversified business model, with 50% B2C and 50% B2B, to deliver predictable earnings growth [8] Management Commentary on Operating Environment and Future Outlook - The company is confident in achieving its 2024 targets, with strong organic growth and margin improvements across all business lines [8] - The company expects further margin improvements in the second half of the year, particularly in Retail P&C and Health [18] - The company remains disciplined in capital management, with a focus on maintaining a strong balance sheet [22] - The company reaffirmed its financial targets, including an EPS growth of 6% to 8% and a return on equity between 14% to 16% [22] Other Important Information - The company completed a €1.8 billion share buyback program and plans to launch another €3.8 billion buyback following the sale of AXA IM [20] - The company's debt gearing stood at 22.1%, but it expects to return to 20% by the end of the year [36] - The company reported a normalized capital generation of 16 points, at the upper end of its target range [38] Q&A Session Summary Question: P/E for Nobis Acquisition - The company defended the 11x P/E multiple for the Nobis acquisition, stating it aligns with their strategy to strengthen market position in Italy [44] - The company will continue to look for M&A opportunities in core markets to maintain scale [45] Question: Non-Life Reserving and Debt Management - The company is comfortable with its Casualty reserves at AXA XL, with no changes in reserve levels despite market adjustments [49] - The company plans to keep its debt stack flat and may use cash from the AXA IM sale to reduce debt [51] Question: Financial Lines Business and Share Buyback Timeline - The Financial Lines business at AXA XL remains selective, with margins performing at expectations [58] - The €3.8 billion share buyback is expected to take 5 to 8 months to complete [60] Question: Cash Profile and AXA IM Sale - The company is confident in achieving its €21 billion cash target, driven by strong performance and capital optimization [64] - The sale of AXA IM is expected to have a neutral impact on solvency, with a net cash gain of €1.3 billion [95] Question: Investment Income and Combined Ratio - The company reported better-than-expected investment income, driven by higher reinvestment yields and inflation-linked investments [68] - The combined ratio improved by 140 basis points in the first half, with further margin improvements expected [70] Question: Trade-off Between Margin Expansion and Competitiveness - The company believes it has achieved a good trade-off between margins and volumes, with disciplined pricing across all markets [77] - In the UK, the company accepted a 30% volume reduction but increased prices by 55%, leading to improved profitability [78] Question: Strategic Decision to Sell AXA IM - The company decided to sell AXA IM outright to focus on its core insurance business and reduce financial risk [82] - The sale allows the company to access a broader range of investment products through the partnership with BNP [101] Question: Investment Spend and Innovation - The company plans to invest €1.6 billion over three years in technology and growth initiatives, with investments spread across all markets [104] - The company will provide more details on the annual spend versus capitalized investments in future updates [105]

BNP PARIBAS ENTERS INTO EXCLUSIVE NEGOTIATIONS WITH AXA FOR THE ACQUISITION OF AXA INVESTMENT MANAGERS AND A LONG-TERM PARTNERSHIP IN ASSET MANAGEMENT Press Release Paris, 1 August 2024 The BNP Paribas Group announces today that it has entered into exclusive negotiations with AXA to acquire 100% of AXA Investment Managers (AXA IM), representing close to €850bn1 assets under management, together with an agreement for a long-term partnership to manage a large part of AXA's assets. BNP Paribas Cardif, the insu ...