AXA is considering unifying all its UK operations into one financial reporting structure, it is understood.
Sources said that AXA Group UK chief executive Dennis Holt is keen to bring the UK's three brands under one central board.
The plan would see AXA Insurance, AXA Sun Life and AXA PPP Healthcare all report together. AXA Ireland already reports to the group board. One centralised financial system has been mooted for all three entities.
Sources suggested the plan was in its infancy and could be years away from implementation.
The news came as motor revenues continued to drag down AXA's UK numbers in 2003 as the revenuest fell by 25%. Growth of 3.6% on a comparable basis in the year hid larger growth rates in personal lines non-motor and commercial.
The group reported that UK motor revenues were down because of "sustained strict underwriting" as well as a loss of exclusivity in its partnership with the RAC.
UK commercial lines non-motor revenues increased by 17% as a result of rate increases and new accounts being won in the SME property sector.
Revenue figures released by the group this week, all on a comparable basis, show UK personal non-motor up by 10%, commercial motor up by 2% and other lines stable.
The fall in personal motor revenues left the sector accounting for 10% of AXA's UK property and casualty revenues. This made it the third largest line of business behind commercial non-motor (34%) and personal non-motor (24%). Commercial motor accounted for 6%.
