AXA reported a 2.3% increase in revenues for the first quarter of 2004, up to €20bn on a comparable basis.
Without taking account for currency changes or scope, revenues were down 1.9% on the first quarter of 2003. AXA said this was mainly due to the strength of the Euro compared with other currencies.
Gross written premiums for property and casualty were €5.6bn, up 5.6% on the €5.3bn reported for the first quarter of 2003. Personal lines GWP grew 4% while commercial lines GWP grew 9%.
GWP for AXA’s UK property and casualty operations went up 8.3%, or 11.8% on an adjusted basis, from €913m for the first quarter of 2003 to €989m for the first quarter of 2004.
Revenues for international insurance declined 16.5%, or 7.3% on an adjusted basis for the first quarter, falling from €2.0bn in 2003 to €1.7bn for the first quarter of 2004.
AXA said the fall was due to the restructuring of AXA Re, which had been implemented since 2002, resulting in a 15% fall in reinsurance activities.
But AXA reported that revenues for its asset management activities had increased by 10.9%, or 25.5% on an adjusted basis, to €743m for the first quarter.
