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
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