AXA's UK property & casualty operations have achieved a 3.3% surge in revenue to €1.9 billion (£1.3 billion) in the first half of 2003.
by Tristan O'Carroll
AXA's UK property & casualty (P&C) operations have achieved a 3.3% surge in revenue to €1.9 billion (£1.3 billion) in the first half of 2003.
The French insurer's half-yearly results were buoyed by rises in commercial premiums. AXA UK's commercial lines (non-motor) revenues increased 23%, owing to rate increases across the board and new account wins in property.
However its UK operations suffered a 24% decline in motor revenues.
The AXA Group posted a 6.7% drop in sales in the first half of the year, as the euro's rise against the dollar hurt overseas results.
Property & casualty revenues increased by 3.7% to €9.3 billion (£6.6 billion), as the group continued to expand its franchise in personal lines, while continuing to adjust commercial lines' profitability.
AXA chief executive officer, Henri de Castries said: "We are very pleased with the revenue data for the first half of this year, which is clearly illustrating the company's stated aim of growing the business profitably.
"Our property & casualty performance is clearly delivering on our improvement targets and the Group is on track to return AXA RE and AXA Corporate Solutions Insurance back to profit."
