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MarketScreener Homepage  >  Equities  >  Xetra  >  Allianz SE    ALV   DE0008404005

ALLIANZ SE

(ALV)
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France's AXA spurns EU regulators' plea to halt dividends

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06/03/2020 | 10:13am EDT
FILE PHOTO: Logo of AXA insurance is seen in Basel

By Sudip Kar-Gupta and Maya Nikolaeva

French insurer AXA said on Wednesday it would pay a 2019 dividend to shareholders, ignoring calls from EU regulators to pause the payments and conserve cash to better weather the coronavirus outbreak.

The European Union's umbrella body for regulators, EIOPA, has urged the temporary suspension of dividends, a move its head told Reuters was backed almost unanimously by the bloc's individual country watchdogs.

German insurer Allianz and Italian insurer Generali have also announced dividend payments in recent weeks, further eroding the standing of one of the EU authorities set up in the wake of the financial crash.

However, AXA said it would cut its dividend to 0.73 euros per share from a planned payout of 1.43 euros.

It did not immediately reply to a request for further comment.

French watchdog ACPR declined to comment on whether they supported Axa's decision.

AXA added it could consider proposing an additional fourth-quarter payout of up to 0.70 euros per share if financial market conditions improved.

The company said last month that the crisis would hit its 2020 earnings, adding it could face claims of about 500 million euros ($560 million) for event cancellations.

It suffered a fresh setback last month when a Paris court ruled that it should pay a restaurant owner two months of revenue losses caused by the pandemic.

AXA had argued its policy did not cover business disruption caused by the health crisis. The ruling prompted it to say that it would meet the bulk of business interruption claims from some restaurant owners in France.

Before Axa's decision, EIOPA Chairman Gabriel Bernardino told Reuters that there were "different views" on dividend restraint and that the final say was with national authorities.

"These are not normal circumstances," he said. "We are under unprecedented circumstances."

(Reporting by Sudip Kar-Gupta and Maya Nikolaeva; Writing by John O'Donnell; Editing by Clarence Fernandez, Himani Sarkar, Kirsten Donovan)

Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE -1.32% 180.56 Delayed Quote.-16.22%
ASSICURAZIONI GENERALI S.P.A. -1.62% 13.395 Delayed Quote.-25.99%
AXA -1.72% 17.916 Real-time Quote.-27.40%
THE NEW HOME COMPANY INC. -0.92% 3.24 Delayed Quote.-29.83%
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Financials
Sales 2020 143 B 161 B 161 B
Net income 2020 6 344 M 7 164 M 7 164 M
Net Debt 2020 20 915 M 23 618 M 23 618 M
P/E ratio 2020 11,5x
Yield 2020 5,36%
Capitalization 74 336 M 83 996 M 83 944 M
EV / Sales 2019
EV / Sales 2020 0,67x
Nbr of Employees 147 268
Free-Float 99,8%
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 204,72 €
Last Close Price 180,56 €
Spread / Highest target 42,9%
Spread / Average Target 13,4%
Spread / Lowest Target -8,62%
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NameTitle
Oliver Bäte Chief Executive Officer
Michael Diekmann Chairman-Supervisory Board
Christof Mascher Chief Operating Officer
Giulio Terzariol CFO, Head-Finance, Controlling & Risk
Gabriele Burkhardt-Berg Vice Chairman-Supervisory Board
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