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Science & Environment

AXA weighs offloading $2 billion reinsurance arm to cut disaster risk – Reuters News Agency

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Business & FinanceEnvironment

11 July 2023, 3:24 pm 1 minute

Reuters exclusively reported that one of the world’s top insurers is considering a private sale or stock market listing of its property reinsurance business in a bid to cut its exposure to natural disasters like hurricanes.

Market Impact

AXA has been trying to reduce the exposure of its AXA XL property and casualty (P&C) division to make earnings more predictable. This has caused the reinsurance business to shrink, with revenues dropping by nearly a third last year to $3.2 billion, according to AXA’s 2022 accounts. Shares rose about 3% following the story, and JPMorgan analysts issued a note to clients on the back of it. AXA has a market cap of around EUR 70 bln.

Article Tags

Topics of Interest: Business & FinanceEnvironment

Type: Reuters Best

Sectors: Climate ChangeInsurance

Regions: Europe

Countries: France

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

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