Mortgage Industry News

← Back

Axa looks to expand in southern Europe

Date: Mon, 19 Jan 04 Analysis

Analysts have predicted that the French insurer, Axa, is about to start purchasing European life insurers and money managers to widen its geographic reach.

Once the group completes its $1.5 billion buy-out of US insurer MONY, industry insiders believe it will attempt further acquisitions in regions where it is currently under-represented.

The acquisition will make Axa the US market leader in the provision of variable life insurance and the number four provider of variable annuities.

Andrew Goodwin from Commerzbank told Reuters that Europe's largest insurer by sales will look to boost operations in southern Europe after the deal.

"There are areas they would like to build up in southern Europe like Italy and Spain, where they are relatively weak," he said. "They are always looking for opportunities in those markets."

Mr Goodwin added that Axa is looking to consolidate its Japanese interests rather than expand them further.

© 1998-2005 DeHavilland Information Services plc. All rights reserved.

Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.