AXA UK has reported a 32% rise in earnings performance of £156m (£118m: 2005) for the first half 2006.
The insurer said both life and non-life operations contributing positively to this strongly improved result.
Total general and health insurance revenues increased by 8% in this period at £1.7bn. The company said property classes increases in both personal and commercial lines, up 18% and 10% in H1 2006 respectively, was led by growth in new partner deals.
Personal motor revenues in the UK increased by £30m, helped by "an updated pricing strategy". But creditor business declined by 20% to £73m.
In Ireland, revenues were down 1% at €254m reflecting lower average premiums in commercial motor. This was offset by increased new business from young drivers at higher average premiums along with stronger retention, AXA said.
The improvement in UK health revenues was up 8% at £476m with increased volumes across individual and group business both in the UK and from the UK expat market.
The general and health combined ratio continued the trend of improvement witnessed over recent years with an improvement of 0.6% to 96.7% for first half 2006.
Nicolas Moreau, incoming group chief executive of AXA UK, said: “I am delighted to be joining AXA UK at a time when we can announce these excellent results which have been achieved through the quality we have across our teams in the UK and Ireland. In order that we continue the momentum achieved over recent years, I am determined that we maintain our pricing discipline while we grow customer share in our chosen markets.
“I am confident that the investments we are making in re-engineering our businesses, along with the innovative enhancements we have introduced to our product range, will ensure that we continue to go from strength to strength. We have already announced significant developments to our wealth management proposition and with further innovation planned, I am confident this growth momentum will be maintained.”
