The AXA Group said a 7% increase in net earnings for 2003, up to €1.4bn, was supported by increased operating efficiency. Net income was up 6% to €1.0bn.
In the UK and Ireland, earnings were down £27m to £72m for 2003, compared with £99m for 2002.
The group said good progress had been achieved in its general insurance activities, with an improvement of £137m compared with its 2002 results.
Total revenue in the AXA UK property and casualty business increased from £2.8bn to £2.9bn during 2003, said the company. The combined ratio improved by 4.9 points throughout the year to 101.4%, from 105.4% in 2002.
It said strong growth was evident throughout its commercial portfolio, with revenue in the SME sector exceeding £1.1bn during 2003.
Revenue in the personal sector in the UK was stable, with a focus on intermediary and corporate partner distribution, added the group.
AXA UK group chief executive Dennis Holt, said: "We have largely completed the restructuring of our UK general insurance business, which is now trading profitable, while our health and Irish businesses continue to deliver strong performances."
