Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

AXA's Progress Not Fully Reflected In The Shares

French multinational, multiline insurance company AXA SA (OTCQX:AXAHY) was badly dented during the credit crisis, particularly as the cost of hedging its large variable annuity exposure got so expensive. Not unlike MetLife (NYSE:MET), AXA has pursued a plan designed to increase the cash flow generated per dollar of revenue and underlying profit while shifting business toward more protection-oriented and less capital-intensive products. While AXA still has a lot of leverage, the shares appear undervalued on a long-term basis.

Another Play On Asia

Like MetLife, AXA has turned to Asia as a major driver for future growth. Relative to other larger European insurance companies like Allianz and Generali, not to mention U.S.-based MetLife, AXA generates a...

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