November 14, 2017 / 7:09 AM / a year ago

AXA confirms 2020 targets

PARIS, Nov 14 (Reuters) - French insurer AXA confirmed its key 2020 financial targets and said it would dedicate 200 million euros ($233.3 million) per year towards innovation that would come from its mergers and acquisitions budget.

The insurer has also extended a management shake-up under its new chief executive Thomas Buberl, which saw the departure of senior executives in a new organisational structure announced earlier on Monday.

“AXA is well on track to achieve its Ambition 2020 targets, and is taking important steps towards making the group simpler for all our stakeholders, and to foster growth,” AXA said in a statement as it held an investor presentation.

AXA aims to increase earnings per share by 3 to 7 percent a year over the 2016-2020 period, and its U.S. unit has also filed for an initial public offering (IPO).

$1 = 0.8572 euros Reporting by Maya Nikolaeva; Editing by Sudip Kar-Gupta

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