Group 1 - BNP Paribas has completed the acquisition of AXA Investment Managers, creating a new asset management giant in Europe [1][3] - The integration of AXA IM will enhance BNP Paribas's asset management platform under its Investment, Savings, and Protection (IPS) division, positioning it as a leading player in the European market [3] - Post-acquisition, BNP Paribas will manage approximately €850 billion in assets related to insurance and pension funds, aiming to become a leader in the private market asset management sector [3] Group 2 - The acquisition is part of a broader trend in the global asset management industry, which is facing challenges such as declining profit margins and the need for significant technology investments [4][5] - Other notable mergers and acquisitions in the asset management sector include Generali and Natixis Investment Managers planning to form a new company managing €1.9 trillion in assets, and BlackRock's acquisition of GIP and HPS to enhance its capabilities in the private market [5] - The ongoing trend of consolidation in the asset management industry is expected to continue as firms seek to expand scale to increase revenue amidst a downward trend in fee rates [5]

【导读】法巴完成对安盛投资管理公司的收购，新巨头诞生！ 中国基金报记者 吴娟娟 7月1日，法国巴黎银行集团（BNP Paribas）旗下法国巴黎保险（BNP Paribas Cardif）宣布完成对安盛投资管理公司（AXA Investment Managers）的收购，并与安盛集团签署了长期合作协议，负责管理其部分资产。法国巴黎保险隶属法巴集团旗下的投资、储 蓄与保障业务板块(IPS)。 法巴集团的业务分为三大板块：企业及机构银行业务(CIB)、商业及个人银行服务(CPBS) 以及投资、储蓄与保障业务(IPS)。整合安盛投资 管理后的资产管理业务平台将被整合到IPS业务板块下。 此项交易于2024年8月1日宣布，完成收购后，法巴集团这一欧洲领先的银行集团亦成为欧洲屈指可数的资产管理巨头，总资产管理规模超 过1.5万亿欧元。对照知名投资杂志IPE发布的全球资产管理机构排名，法国巴黎保险集团或为欧洲第三（位于东方汇理资产管理和瑞银资 产管理之后）、法国第二大资产管理机构（位于东方汇理资产管理之后）。 编辑：杜妍 校对：纪元 制作：小茉 审核：陈思扬 版权声明 《中国基金报》对本平台所刊载的原创内容享有著作权，未 ...

Group 1 - The Hong Kong government has implemented the "2024 Company (Amendment) (No. 2) Ordinance," allowing companies to relocate their registration to Hong Kong, benefiting from transitional tax arrangements and elimination of double taxation [1][3] - AXA announced its relocation of AXA Insurance (Bermuda) Ltd. to Hong Kong, reflecting its commitment to local customers and support for Hong Kong as a leading international financial center [1][5] - Manulife Insurance plans to relocate to Hong Kong starting November, indicating confidence in Hong Kong's status as an international financial hub [1][5] Group 2 - The relocation mechanism is designed to reduce legal and operational costs for insurance companies looking to expand in Hong Kong and mainland China [2][3] - The new mechanism simplifies the process for foreign companies to move their registration to Hong Kong, allowing them to retain their corporate identity and avoid operational disruptions [4][5] - The international context, including the OECD's implementation of a global minimum tax rate, has pressured offshore entities to consider relocating to jurisdictions like Hong Kong [5][6] Group 3 - The relocation to Hong Kong is seen as a strategic move to access the mainland Chinese market and enhance operational efficiency [7] - The long-term insurance business in Hong Kong saw a new premium income of HKD 219.8 billion in 2024, with a 21.4% year-on-year increase, driven by contributions from mainland policyholders [7] - The demand for cross-border retirement financial services is growing, particularly among the aging population in the Greater Bay Area [7][8]

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 ...

Investment Rating - The report indicates a positive investment outlook for the insurance industry, with a 9% growth in brand value among the top 100 insurance brands in 2025, driven by improved underwriting results and higher investment returns [10][17]. Core Insights - The leading insurance brand, Ping An Insurance, maintains its title with a brand value of $33.6 billion, although this is nearly half of its peak value of $60.6 billion in 2020, reflecting the lasting impact of the COVID-19 pandemic and economic downturn [30][24]. - Allianz follows closely with a brand value of $26.7 billion, showing a 9% increase, and is noted for strong performance across all market segments [24][42]. - The report highlights the significant contribution of U.S. companies, which account for 25% of the total brand value of the top 100 insurance brands, marking a 12% increase from the previous year [18][11]. Summary by Sections Industry Overview - In 2025, the top 100 insurance companies saw a 9% increase in brand value, attributed to better underwriting results, rising interest rates, and increased profitability [17]. - The U.S. insurance market is experiencing a surge, particularly in high-risk areas, with homeowners' insurance premiums rising by 22% from 2020 to 2023, surpassing the national average increase of 13% [17][18]. - The report emphasizes the rising risks associated with climate change, with 18 weather-related incidents in the U.S. in 2022, each causing over $1 billion in losses [18][19]. Valuation Analysis - The top 10 insurance brands in 2025 all experienced brand value growth, with Ping An and Allianz leading the way [24][27]. - AXA's brand value increased by 20% to $19.8 billion, surpassing China Life Insurance, which grew by 5% to $18.3 billion [25]. - Generali Group and Allstate also saw significant growth, with brand values rising by 47% to $17 billion and 39% to $16 billion, respectively [26]. Brand Strength Analysis - PZU achieved a Brand Strength Index (BSI) score of 94.4, earning it an AAA+ rating, placing it among the world's most influential brands [47][50]. - Local brands tend to have a significant advantage in brand strength, as evidenced by the strong performance of brands operating primarily in single markets [48][52]. Sustainability Analysis - Sustainability is a key driver of customer choice and reputation in the insurance industry, influencing 6.7% of customer considerations [56]. - The report notes that major insurers are increasingly recognizing the overlap between governance and environmental sustainability, particularly in light of recent climate-related events [58][59]. Brand Focus - Allianz's brand value growth is attributed to improved operational profits and a strong presence in Europe, with high brand recognition among consumers [42][44]. - The report highlights the importance of employee engagement in enhancing brand recognition and aligning with brand values [68][71].

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 ...