AXA Intends to IPO its US Operations

AXA announced its intention to IPO its US operations in the first half of next year; a strategic decision to create additional financial flexibility that will accelerate AXA’s transformation. Recall: in the US, AXA is a life insurance and annuity company serving some 2.5 million customers, and owns an interest of approximately 64% in AB, a global asset manager with $498 billion in Assets under Management as of March 2017. Proceeds from the IPO will be used to fund acquisitions worldwide in growth areas such as health, protection and commercial property and casualty lines. Bottom Line: a “big surprise” according to Daniel Bischof, a Zurich-based analyst at Baader Helvea AG.