Axa has seen its share price fall by 14% today after Standard & Poor's cut its rating for the insurer.
The firm reported its underlying earnings were down 19% in 2008 due to falling investment markets and poor sales figures.
Fears have been raised that the firm will need to raise capital, leading to S&P cutting its outlook from 'stable' to 'negative', while Société Généralé lowered its price target on the shares.
S&P says the firm will find it difficult to restore its historic levels of earnings and capital adequacy in current market conditions.
Contact: John Bakie, Tel: 020 7484 9805, e-mail: [email protected]IFAonline
What made financial headlines over the weekend?
Caring for children and elderly relatives
Similar to June 2007
Square Mile’s series of informal interviews
Fine reduced to £60,000