Double-digit rate increases and increased volumes help motor, but commercial business down
AXA’s motor revenues rocketed 31% upwards in the first 2010 quarter, helped by double-digit rate increases and higher volumes from Swiftcover and AXA direct.
The growth compared to the same period last year was offset by a muted performance in commercial. Commercial motor revenues declined 4% and commercial non-motor fell 14%, as AXA scaled back business it deemed unprofitable.
Overall, UK general insurance business increased from £968m to £982m, a 1.4% increase. The global picture also showed a 1.4% rise, from 9.113bn to 9.243bn.
None of the results included underwriting performance data.
Chairman Henri de Castries said: “In property & casualty, price increases accelerated in the first quarter in most countries and we remain confident in our ability to pursue our repricing actions while exercising selective underwriting….. We have started to harvest the benefits of management actions implemented in 2009, and we should benefit from the expected gradual economic recovery.”
