Direct motor business falls 3% after a decline in UK sales
AXA’s UK and Ireland non-life operations increased personal lines rates 4.9% in the first nine months of 2012.
The company also revealed in its nine-month interim update that it had put up UK and Ireland commercial rates 4% for renewal business over the same period.
UK and Ireland non-life business generated €3.15bn (£2.54bn) of revenues in the first nine months of 2012, up 5% on the €2.82bn it brought in over the same period last year. AXA’s total non-life revenues increased 4% to €22.2bn (first nine months of 2011: €21bn).
Direct non-life business revenues remained flat at €1.6bn. Direct personal motor revenues fell 3%, which AXA said was mainly driven by lower sales in the UK due to portfolio cleansing in the first quarter of 2012.
Personal non-motor revenues increased by 5%, driven by a 6% increase in UK and Ireland business. Direct personal lines non-motor business revenues increased 19%.
Commercial motor business revenues increased 10%, mainly driven by a 23% revenue rise in Mexico and a 14% increase in the UK.
Commercial non-motor revenues were up 3%, driven by 7% growth in UK and Ireland business.
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