0601 GMT - AXA's recent share-price fall is overdone and offers an opportunity, Berenberg says in a research note after concerns about France's budgetary constraints sank the stocks of companies exposed to the country's government bonds. The insurer's balance-sheet exposure to French government bonds is just 13% of its overall government bond exposure, which is relatively limited, analyst Michael Huttner writes. AXA also has very limited sensitivity to Eurozone sovereign spreads and limited exposure to a potential French corporate-tax increase because only a quarter of its earnings--and an even lower proportion of its taxable income--relate to its operations in its home country. "With its strong solvency and broad geographic diversification, it is well-placed to face any challenges," he notes. Shares are down 6.3% in the week to date. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

August 29, 2025 02:01 ET (06:01 GMT)

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