WE WILL BOOST EARNINGS AND CUT DEBT, SAYS DE CASTRIES

French insurer AXA is looking for a 10% growth rate in earnings per share by 2015, achieving an adjusted return on equity of 15% and a debt gearing level of 25%, down from 28% at the end of 2010. The latter has, in a sense, been achieved at a stroke through the sale of Axa's Canadian business, announced last night (see accompanying story). At an investor conference today Axa will reiterate its intention, announced late last year, of finding €1.5bn in pre-tax savings by 2015, mainly in mature markets. The company is aiming for €24bn of operating free cash flow from 2011 to 2015, with €11bn of that coming from the life side. It said that by 2013 it would have achieved €800m of these savings. In net asset management Axa is targeting 4% to 5% net new money flows each year from 2012 to 2015.