|
|
 |
|
Viewing report
|
|
|
|
AXA Group Apr 04
Standard & Poors, April 2004
Abstract
Extremely strong competitive position; Strong and improving earnings; and Very strong capitalization. High--albeit decreasing--leverage; and Significant level of intangibles on the balance sheet. The ratings on the AXA group's core insurance operating companies (see Table 6) reflect the group's extremely strong competitive position, strong and improving earnings, and very strong capitalization. Furthermore, Standard & Poor's views AXA's management team as a positive factor for the ratings. Offsetting these strengths, however, are AXA's high--albeit decreasing--leverage and the significant level of intangibles on the balance sheet. AXA has an unrivalled global competitive position in insurance and asset management (-71.6 billion in revenues in 2003), with significant operations in leading markets including France, the U.S., the U.K., Germany, Japan, Belgium, Australia, and New...
Companies mentioned in this report are: AXA France IARD,AXA
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
|
|
|
|
