Axa CEO to consider implications of consolidation talks elsewhere; may look at asset management firms - report
04 AUG 2017
Axa [EPA:CS] chief executive Thomas Buberl has said he will consider the implications for the French insurance company of mergers and acquisitions in the sector, The Times reported.
The newspaper quoted Buberl, who said “everybody” is in talks with “everybody else” and that he needs to consider the implications of those talks for Axa.
The newspaper noted Axa might look to acquire asset management firms, but did not attribute the information to a source. Asset management businesses are attractive to insurers as they do not require the same amount of capital than other businesses, the item said.
Axa owns asset management firm Framlington, the report noted. Axa manages EUR 747bn (USD 887bn) of assets, including close to 70% of the French insurer’s primary life insurance fund, according to the newspaper.
Axa’s market capitalisation stood at EUR 61.09bn at the close of trading in Paris on Thursday, 3 August.