AXA SA (ENXTPA:CS) is looking for acquisitions. Thomas Buberl, CEO, said, "For us, this plan relies very much on organic growth, Will, and this is the main focus. If we do spot M&A opportunities like we did in the past, when you think about Prima, when you think about Laya, when you think about Crédit Mutuel in Spain, we will certainly look at it, but it needs to fit into the concept of the book value development.
And so if we happen to find acquisition targets that have multiples that are a little bit higher, there needs to be synergies that justify it. So, and again, I want to stress what I said in my beginning, the discipline that we have put in place over many years now will remain in place. We have not fought for it for something very hard to give it up as of tomorrow.
When it comes to margin discipline, when it comes to capital allocation discipline, we will remain the way we did before".
