Axa cuts earnings forecasts; shares fall over 11%
Axa, the French insurance giant, has cuts its earnings outlook and has admitted that its plans for 2012 to be "obsolete" in an investor meeting today, sending shares down nearly 11%.
The French insurer said it expects €3.6 - 4bn of earnings in the full year of 2008, reflecting lower assets fees and 'deferred acquisition cost unlocking'.
At 10.06am Axa shares were off €1.54, or over
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