equity research axaf pa outperform v price 27 feb 04 18 48 eu march 2004 europe france multi line insurance market weight axa is the predator back we believe conditions are changing and should see a return of corporate activity has shown that it able to weather storms without compromising its operational performance investors feel more confident supporting value franchise enhancing deals proposed by companies such as which well positioned have good track record after three years cost cutting significant creation may come from organic growth smart investment guarantees new name game guaranteed minimum death benefit income become an important competitive factor passive capital protection provided currently in offers poor deal customers our view provide sophisticated risk management techniques previously available at level only rating maintained reiterate raise share target 21 for disclosure information relating firm s banking relationships if any with mentioned
