AXA chief executive Thomas Buberl has responded to reports of potential mergers between the insurance powerhouse and large industry rivals.
Speaking to German newspaper
Sueddeutsche Zeitung, Buberl quickly dismissed reports that AXA is in a possible takeover of Italian insurance giant Generali.
“That makes no sense at all,”
Reuters quoted Buberl as saying in a report.
The insurance boss said that acquiring major competitors would need too much capital and resources.
Buberl said this would keep AXA from taking on future rivals and industry disruptors such as Google, Apple and Facebook,
Reuters reported.
“We are big enough,” Buberl reportedly told
Sueddeutsche Zeitung.
Speculation about the AXA-Generali merger resurfaced in recent months. Like Buberl, Generali Philippe Donnet has refuted the reports.
“We do not intend to merge with anybody, we do not intend to merge with AXA,”
Reuters quoted Donnet as saying.
Analysts also previously told S&P Global Market Intelligence that a mega-merger will be a long shot, though it could benefit both AXA and Generali.
Andreas Schäfer, an insurance analyst at Bankhaus Lampe said an “intelligent” and “efficient” merger would be a “massive step forwards in reducing costs.”
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