Trade AXA stock with binary options
Axa is an insurance group geared to individuals and businesses by responding to their needs for insurance, pensions, savings and handling inheritances. In some countries, AXA has banking operations and operates assistance businesses in more than 30 countries. Axa is one of the largest insurance companies in the world beside Ping An Insurance (China), China Life Insurance (China), and Allianz (Germany).
AXA Group’s history: Axa is the product of the merger of many insurance companies. Axa’s origins are rooted in l’Ancienne Mutuelle de Rouen that was a small French insurance company. This company was created during the 19th century and its original function was to insure agricultural risks in Normandy. Axa was built on the foundation of this mutual.
The mutual’s internationalization began in 1955 through an acquisition of a Quebec company called Provinces-Unies. In 1958, Claude Bébéar joined the Mutual and the company became the 24th largest French insurer. In 1975 the group accelerated its expansion by creating a reinsurance subsidiary in order to dominate the foreign markets.
AXA’s creation: In 1982, Mutuelles Unies purchased the Drouot Group, becoming the largest private insurance group in France. In 1985, Claude Bébéar made a decision to rename the group “Axa”.
International expansion: The AXA group pursued growth in France during the second half of the 1980s by purchasing many insurance companies such as the Compagnie du Midi. With this, Axa then became the second largest insurer in France, behind UAP. At the same time, through successive acquisitions of Drouot and AGP, Axa had gained subsidiaries in Europe.
However, the US is the largest worldwide insurance market. Following an unsuccessful attempt to purchase Farmers at the end of the 1980s, Axa benefitted from the 1991 demutualization of The Equitable Life Assurance Company, one of the leading life insurers in the US, to recapitalize and to purchase its shares.
Next, Axa pursued the Australian market by entering into the National Mutual Life Insurance Company in 1994. Axa recapitalized National Mutual and entered Australia, New Zealand and Hong Kong.
Key business figures: AXA has 102 million customers worldwide including 11 million in France; 270,000 employees, €91,249 billion* in turnover (as of December 31, 2013) and €4,482 billion in operating income (as of December 31, 2013).
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