Personal motor surges but commercial non-motor slumps
AXA’s property/casualty revenues in the UK and Ireland for the first nine months of 2010 were €3.21bn, up 4.5% from €3.1bn in the same period of 2009.
Personal motor continues to perform well. Group revenues in personal motor increased 5%, which the French insurer said was mainly driven by a 35% increase in the UK. This was prompted by rate rises and the success of the Swiftcover and AXA-branded direct businesses.
However, declines in the UK and Ireland non-motor commercial lines revenues helped to subdue group-wide revenue growth. Group-wide non-motor commercial revenues were down 5%, which AXA attributed to a 13% slump in UK revenues in this line. This followed AXA’s exit from certain property accounts “in a very competitive environment”.
Motor commercial business in the UK fared better. Revenues were flat group-wide, but the UK and Ireland book grew by 7%.
AXA achieved property/casualty rate increases of 9.8% in the UK and Ireland personal lines, and 3.4% in commercial lines. Group-wide, rate increases were 3.4% for personal lines and 2% for commercial.
