AXA launches €1.7 billion share buyback program

The French multinational insurance firm AXA launches €1.7 billion share buyback program In addition to €1.7 billion share buy-back program announced, The company intends to launch a further share buy-back program in 2022 for up to Euro 0.5 billion to neutralise earnings dilution from disposals announced after December 1, 2020*, as communicated during AXA’s Investor Day on December 1, 2020.

The €1.7 billion share buy-back program is expected to begin on or about November 8, 2021, and to be completed by the end of April 2022. AXA will buy back its own shares in accordance with the terms of its share repurchase program which has been authorised by the General Shareholders’ Meeting of April 29, 2021.

The firm intends to cancel all repurchased shares. In the event that one or several banks are mandated to carry out the share buy-back program(s) referred to above, further details will be communicated at the appropriate time.

The Chief Executive Officer of AXA, Thomas Buberl said:

“The share buy-back program announced today reflects the strength of AXA’s balance sheet, and demonstrates the Group’s financial discipline. It is also a reflection of the confidence we have in our business profile, strategy and prospects.”

The Chief Financial Officer of AXA, Alban de Mailly Nesle said:

“AXA continued to deliver an excellent performance in the first nine months of 2021. Revenues increased overall by 7%, with all business lines and geographies contributing to this strong growth.

“In Life & Savings, revenues grew by 12% with continued focus on a high quality business mix. Growth dynamics remained strong in P&C Commercial lines, up 7%, benefiting from a favorable pricing environment, notably at AXA XL. In Asset Management, AXA IM had another very good quarter in both Core and Alts, and grew revenues by 17% in the first nine months.”