AXA boosts revenue in the UK - following significant price increases on commercial
AXA today revealed it put prices increases on UK commercial general insurance renewals by 5.1% in the past 12 months.
The increases on UK commercial, largely made up of broking business, is by far the most in its global business, with next biggest increase of 2.7% in Spain.
In personal lines, AXA pushed up rates 3.9% on its UK general insurance book compared to the first quarter last year.
The rate increases helped AXA boost UK revenues 2%, and it was commercial motor which fuelled the growth.
AXA’s revenues jumped significantly in UK commercial motor, increasing 7% to €173m.
Commercial non-motor also increased a fair amount - up 5% to €214m.
“AXA has delivered a strong operating performance in the first quarter of 2018”, said deputy chief executive Gérald Harlin said.
“We are growing our topline, with a continued focus on profitability and shift towards preferred segments, in line with our Ambition 2020.”
AXA UK price increases
|Personal lines||Commercial lines (renewals only)|
|2018 Q1 v 2017 Q1||3.9%||5.1%|
AXA revenue jumps
|AXA revenues in UK Q1 2018 v Q1 2017||Gross revenue||Change|
|Non personal motor||€147||-5%|
|Commercial non motor||€214||+5%|
|Total UK GI||€835||+2%|
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