French insurance group AXA aims to report a non-life combined ratio of 96% in 2015, according to its five-year strategic plan, released today.
The insurer is aiming for a current-year combined ratio (excluding the effects of reserve releases or strengthening from prior years) of 100% in 2011 and below 97% for 2015.
As part of this, AXA aims to reduce its “enlarged” expense ratio by 4 points, mainly by cutting €1bn (£872m) of costs in “mature markets”.
The €1bn cost cutting in the non-life business makes up two thirds of the group-wide ambition to shave €1.5bn from its cost base by 2013. It is aiming to cut €800m of costs by 2013.
AXA has also set a group -wide target of achieving 10% annual growth in earnings per share. by 2015.
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