AXA announces its intention to IPO its US operations

10 May 2017 —
The listing of the US operations would bring significant additional financial flexibility for AXA, benefiting from supportive macroeconomic conditions in the US, and create an option to further reduce AXA's exposure to financial risks while further strengthening its economic capital position.

To enhance the capitalization of the US operations ahead of the IPO, about USD 1.0 billion of outstanding debt owed by AXA US to AXA Group will be converted into equity.

The proceeds of the transaction would be reinvested in the Group's priority lines of business, including Health, Capital-light Savings, Protection and P&C commercial lines, in line with the Ambition 2020 strategy, and/or potentially returned to shareholders depending on acquisition opportunities and market conditions.

The AXA Group reaffirms the following key financial objectives for 2015-2020: Underlying earnings per share CAGR of 3%-7%, Solvency II ratio target range of 170%-230%, cumulative cash remitted to Group holding company of Euro 24-27 billion, and adjusted Return on Equity of 12%-14%. Read the full story AXA announces its intention to IPO its US operations
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