1203 GMT - AXA still has strong valuation upsides, even after outperforming the sector in 2022, JPMorgan analysts say in a note. The insurer was supported by better performance and lower underwriting volatility at its U.S. subsidiary AXA XL last year, and there looks to have been substantial derisking there as relatively flat revenue compares with double-digit pricing rises at its property & casualty segment, the analyst say. With a buoyant pricing environment, there should be more margin improvements at XL in 2023, they add. The analysts forecast a EUR500 million buyback in 2023, but they say there remains further capital-return potential, supported by a stronger capital position than peers such as Allianz. JPM raises its target price on AXA stock to EUR34 from EUR32, with an overweight rating. (edward.frankl@dowjones.com)
(END) Dow Jones Newswires
January 13, 2023 07:11 ET (12:11 GMT)
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