AXA’s UK and Ireland general insurance business posted IFRS revenues of €916m in the first quarter of 2011, up 6% on the €862m it made in the same period last year.
The company put through general insurance rate increases of 10.4% in personal lines during the quarter and 2.2% in commercial lines, resulting in overall average rate increases across UK and Ireland general insurance of 6.8%.
The company also reported changes to its UK and Ireland general insurance business mix as rate increases and re-underwriting took hold.
Personal motor now makes up 16% of gross general insurance revenues, an increase of 13% over the same period last year, while the contribution of personal non-motor business to UK revenues fell 4% to 38%.
AXA attributed the decline in personal non-motor revenues to selective underwriting and lower sums insured, which more than offset rate increases.
Commercial motor’s contribution increased 21% to 8% of revenues, while commercial non-motor’s contribution increased by 2% to 40% of revenues.
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