AXA: At first sight the 2020 plan looks solid

The new Ambition 2020 strategic plan due to be presented this morning seems to be solid and pretty much in line with expectations. The company aims to “focus” and “transform”, which are common goals by industry standards. The CAGR in underlying earnings per share is expected to run at  between 3% and 7% (mainly depending on interest rates), of which c. 8% self-helped (i.e. the negative impact of lower interest rates is estimated at between 1 and 5%), while cash flows/dividends remain key. Detailed presentation starting at 8am Paris time.

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