AXA boosts revenue in the UK - following significant price increases on commercial
AXA today revealed it put prices increases on UK commercial general insurance renewals by 5.1% in the past 12 months.
The increases on UK commercial, largely made up of broking business, is by far the most in its global business, with next biggest increase of 2.7% in Spain.
In personal lines, AXA pushed up rates 3.9% on its UK general insurance book compared to the first quarter last year.
Revenue increases
The rate increases helped AXA boost UK revenues 2%, and it was commercial motor which fuelled the growth.
AXA’s revenues jumped significantly in UK commercial motor, increasing 7% to €173m.
Commercial non-motor also increased a fair amount - up 5% to €214m.
“AXA has delivered a strong operating performance in the first quarter of 2018”, said deputy chief executive Gérald Harlin said.
“We are growing our topline, with a continued focus on profitability and shift towards preferred segments, in line with our Ambition 2020.”
AXA UK price increases
| Personal lines | Commercial lines (renewals only) | |
|---|---|---|
| 2018 Q1 v 2017 Q1 | 3.9% | 5.1% |
AXA revenue jumps
| AXA revenues in UK Q1 2018 v Q1 2017 | Gross revenue | Change |
|---|---|---|
| Personal motor | €301m | +2% |
| Non personal motor | €147 | -5% |
| Commercial motor | €173 | +7% |
| Commercial non motor | €214 | +5% |
| Total UK GI | €835 | +2% |
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