Insurer's commercial premiums slumped 14% in 2010
AXA Insurance is hoping that new UK commercial chief executive Amanda Blanc will help turn around the company’s fortunes in the commercial insurance market.
“Having Amanda on board with her strong underwriting and sales experience will clearly help in returning to profitability in that segment,” AXA's UK chief financial officer Jean Drouffe told Insurance Times today following the release of its 2010 results.
Blanc rejoined AXA on Monday (February 14) from broking powerhouse Towergate, where she was deputy chief executive.
Drouffe also suggested that Blanc’s combined insurance and broking experience could help AXA Insurance form stronger ties with its broking arm, Bluefin.
“We think she will be able to use all these assets that at the moment are a bit too independent from the rest and where we are missing some synergies,” he said.
AXA’s commercial lines premium revenue dropped 14% in 2010 to £770m. This was mainly driven by a 20% decline in the commercial property and liability book. The commercial motor book, meanwhile posted an increase in premium revenue of 10%.
AXA Insurance, which comprises the UK personal and commercial lines business but excludes the healthcare and Irish businesses, posted a combined ratio of just under 110% for 2010. Excluding winter freeze claims, the ratio would have been around 104%.
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