Personal motor surges but commercial non-motor slumps
AXA’s property/casualty revenues in the UK and Ireland for the first nine months of 2010 were €3.21bn, up 4.5% from €3.1bn in the same period of 2009.
Personal motor continues to perform well. Group revenues in personal motor increased 5%, which the French insurer said was mainly driven by a 35% increase in the UK. This was prompted by rate rises and the success of the Swiftcover and AXA-branded direct businesses.
However, declines in the UK and Ireland non-motor commercial lines revenues helped to subdue group-wide revenue growth. Group-wide non-motor commercial revenues were down 5%, which AXA attributed to a 13% slump in UK revenues in this line. This followed AXA’s exit from certain property accounts “in a very competitive environment”.
Motor commercial business in the UK fared better. Revenues were flat group-wide, but the UK and Ireland book grew by 7%.
AXA achieved property/casualty rate increases of 9.8% in the UK and Ireland personal lines, and 3.4% in commercial lines. Group-wide, rate increases were 3.4% for personal lines and 2% for commercial.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
