AXA climbs in the wake of Aegon

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(Boursier.com) — In a market that reduced its gains in the morning, AXA advance of 0.8% to 24.4 euros. The insurer is progressing in the wake of its Dutch counterpart Aegon, which soared 7.5% in Amsterdam after revising its forecasts upwards. If the group suffered a new net loss in the second quarter, it raised its forecasts for free cash flow and operating capital. The firm is now targeting free cash flow of at least 2.2 billion euros over the period 2021-2023 against a previous range of 1.4 to 1.6 billion euros. As for the generation of operating capital for 2022, it is now expected at 1.4 billion euros against 1.2 billion euros previously.

Aegon suffered a net loss of €348m in the quarter ended June, compared to net profit of €849m a year earlier, mainly due to one-time charges and non-economic loss on interest rate hedges in the USA.

The Dutch insurer’s underlying performance in the second quarter appeared robust with data beating expectations on a number of lines, Citi said. KBC, for its part, considers operating results and capital generation to be “very strong”, but somewhat overshadowed by one-off charges.


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