Company reports risk management has helped its balances
AXA’s chief executive Henri de Castries will today tell an investor conference in Paris that the insurer “has a clear business model, a solid balance sheet and highly engaged teams, attentive to the needs of its clients around the world.”
“In this environment, we are particularly committed to protecting the interests of our shareholders and avoiding unwarranted dilution, while we intend to pursue the operational initiatives of our Ambition 2012 plan, to allow the Group to emerge better positioned from the crisis,” he will say.
AXA's board says that the current environment validates its long term choice The company says the risk management developed over the years, which covers every key business process from asset allocation to product development, mitigates violent market movements that have been affecting financial institutions.
AXA's 2008 underlying earnings are expected to reach €3.6bn to €4bn.
The company says: “AXA's balance sheet remains strong, with a solid regulatory solvency level (Solvency 1 ratio at circa 135% at the end of October 2008), giving the Group the capacity to absorb further market shocks.”
