Axa on Wednesday announced the launch of a new larger-than-expected share buyback program after reporting net profit up 3% in the first half, the rise in non-life insurance revenue and health insurance that compensated for the impact of the war in Ukraine.
The number two insurance company in Europe, after the German Allianz, indicates that it will buy back its own shares for a maximum amount of one billion euros.
On the stock market, investors welcomed the announcement of the new share buyback, as did the results for the half-year.
Axa shares gain 4.8027% to 23.24 euros and sign one of the strongest increases in the CAC 40 index
„We are pleasantly surprised today, not only by the launch of a new buyback (of shares), but also by its size”, underline the analysts of Jefferies in a note.