Axa UK has reported a 23% increase in underlying earnings to £266m, against 2004.
Axa said in General and Health Insurance, revenues increased by 1% to £3.1m in 2005.
Axa said this reflected in particular a strong performance in personal property (up 13%) and a growth in commercial property (up 2%), while revenues decreased in motor (down 5%) mainly in the competitive Irish market, and in casualty commercial classes (down 6%) due to a continued focus on profitability.
The company said UK health revenues grew strongly by 9% to £824m in 2005 due to new business gains, higher average premiums and the successful launch of new products.
General and Health Insurance underlying earnings increased by 33% to £273m. Axa said this was driven by a strong underwriting performance with a 1pt fall in the combined ratio to 96.3% explained by significant improvements in claims costs in UK General Insurance being partially offset by higher consolidated expenses as a result of changes in business mix.
Dennis Holt, AXA UK group chief executive said: “In 2005 we have reaped the benefits of investment in the restructure of our UK businesses, successfully growing market share through product enhancement and quality customer service.
“In 2006 we continue to focus on profitable growth. We shall also continue to deliver improved services that add value for customers by harnessing synergies across our businesses.”
