Axa shares tick higher after deputy CEO notes 'immaterial impact' from SVB failure By Investing.com

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Axa shares tick higher after deputy CEO notes 'immaterial impact' from SVB failure

Stock Markets Mar 16, 2023 07:10AM ET

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Axa shares tick higher after deputy CEO notes 'immaterial impact' from SVB failure

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By Scott Kanowsky

Investing.com -- Shares in Axa SA (EPA:AXAF) climbed on Thursday after the French insurer's deputy chief executive officer told a Morgan Stanley investor conference this week that it had relatively limited corporate bond exposure to collapsed U.S. lender Silicon Valley Bank.

"On direct impact, we have 66 million corporate bond exposure to SVB [...] I would qualify this as an immaterial impact for us," Axa's Frédéric de Courtois said, although he did not specify which currency he was referring to.

He added that, in reference to regional banks of the size and the type of SVB, the Paris-based group has "about 300 million exposure on corporate bonds."

A recording of Courtois' March 15th presentation in London was made available on Axa's website.

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