Axa UK and Ireland’s revenue increases by 5% across first nine months of 2022

Axa UK and Ireland’s gross revenues increased by 5% to €4,431m (£3,820m) in the first nine months of 2022, the group’s latest trading statement – published yesterday (2 November 2022) – revealed.

To compare, the insurer’s gross revenue for the first nine months of last year reached €4,140m (£3,569m).

Axa UK and Ireland’s total gross revenue for its property and casualty (P&C) division, furthermore, increased by 3% to €2,835m (£2,444m).

The firm’s UK and Ireland’s gross revenue for personal motor rose 5% to €1,098m (£946.6m).

Personal non-motor gross revenue, meanwhile, dropped by 9% to €395m (£341m).

Commercial motor revenue remained unchanged at €457m (£394m), whereas commercial non-motor increased by 10% to €886m (£763m).

Insurance Times has contacted Axa UK and Ireland for comment.

Strategy confidence

Across the whole group, Axa’s gross revenues increased by 2% to €78.4m (£67.6m) – up from €76m (£65.5m) for the first nine months of 2021.

Axa group chief financial officer Alban de Mailly Nesle said that the firm’s “robust balance sheet puts us in a strong position against the current macroeconomic backdrop, with the Solvency II ratio at 225% and a very high-quality asset mix benefitting from a prudent allocation over the years”.

He continued: “We remain confident in our strategy, focused on developing in technical lines in our core markets, including through selective acquisitions such as recently in Spain.

“I would like to thank all our colleagues, agents and partners for their commitment and support in achieving these results, as well as our clients for their continued trust.”

Financial comparisons from Axa’s financial report are were based on change via a comparable basis.

• Insurance Times has converted euro amounts into pounds using an exchange rate of £1 = €1.16 EUR, which was correct as of 1 November 2022.

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