Axa has recorded a 5.1% increase in gross written premiums in property and casualty to Euro 12.5bn (£7.8bn) so far in 2002.

Overall the insurer recorded a 5.3% rise in consolidated revenues. The group said its improved performance was due to strong rate growth in Europe combined with improved underwriting.

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Commercial premiums increased by 24%. While motor premiums remained stable, property and liability increased by 26% and 40%, respectively.

In property, Axa implemented rate increases and gained a number of large new accounts "from competitors with capacity problems". In liability, Axa benefited from significant rate increases.

AXA CEO Henri de Castries said: "Revenue growth accelerated in the third quarter of 2002 in our major operations, demonstrating the underlying strength of our businesses.

"We expect to achieve our expected cost savings and improvement in our combined ratio in 2002."

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