Axa eyes cheap deals in emerging markets
Insurer reports 14% rise in net income and 13% jump in dividend for 2013
Henri de Castries, chief executive of Axa, speaks prior to the company’s 2013 results presentation at their Paris headquarters yesterday. Photograph: Reuters
French insurance group Axa is looking for more acquisitions in emerging markets, the company said, after posting a 14 per cent rise in full-year net income and lifting its dividend by 13 per cent.
Faced with low interest rates in the US and euro zone, Axa has sold some of its businesses in developed markets and spent €5 billion since 2010 on acquiring companies in the likes of China and Colombia.
Many investors have fled high-growth emerging markets since the US began tapering its bond-buying monetary stimulus towards the end of last year, sending emerging market currencies plummeting. AXA, however, views the currency turmoil as a buying opportunity.
Axa reported net income to €4.48 billion, against €4.06 billion in 2012. Net revenue was up 2 per cent at €91 billion. – (Reuters)