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    CS   FR0000120628

AXA

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Real-time Euronext Paris  -  11:35:08 2023-02-01 am EST
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Irish Central Bank fines subsidiary of France's AXA over breaches

12/09/2022 | 08:08am EST
FILE PHOTO: Man walks past the Central Bank of Ireland in Dublin

DUBLIN (Reuters) - The Irish Central Bank has fined a subsidiary of French insurer AXA 3.6 million euros ($3.8 million) for failures in corporate governance and risk management and the handling of conflicts of interest, it said on Friday.

The bank said subsidiary AXA Life Europe DAC "did not put in place an effective process to identify, manage, monitor and report the risks" arising from approximately 30,000 policies issued in Germany under the TwinStar brand.

It also found the subsidiary failed to establish effective conflict of interest policies and procedures and that it failed to conduct an adequate assessment of potential conflicts of interest in 2018.

The subsidiary has admitted the three breaches, the central bank said in a statement. AXA did not immediately respond to an emailed request for comment.

An initial fine of 5.2 million was reduced by 30% under an early settlement discount scheme, said the bank, which supervises the insurance sector.

($1 = 0.9473 euros)

(Writing by Conor Humphries; Editing by Chizu Nomiyama)


ę Reuters 2022
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Analyst Recommendations on AXA
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Financials
Sales 2022 103 B 112 B 112 B
Net income 2022 7 355 M 8 030 M 8 030 M
Net Debt 2022 19 103 M 20 857 M 20 857 M
P/E ratio 2022 9,27x
Yield 2022 5,78%
Capitalization 68 285 M 74 555 M 74 555 M
EV / Sales 2022 0,85x
EV / Sales 2023 0,82x
Nbr of Employees 106 128
Free-Float 79,4%
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Mean consensus BUY
Number of Analysts 19
Last Close Price 28,61 €
Average target price 32,28 €
Spread / Average Target 12,8%
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Managers and Directors
Thomas Buberl Chief Executive Officer & Director
Albam de Mailly Nesle Chief Financial & Investment Officer
Antoine Gosset-Grainville Chairman
Alexander Vollert Group Chief Operating Officer
Andrew Wallace-Barnett Group Chief Compliance Officer
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