AXA reported a 2.3% increase in revenues for the first quarter of 2004, up to €20bn on a comparable basis.
Without taking account for currency changes or scope, revenues were down 1.9% on the first quarter of 2003. AXA said this was mainly due to the strength of the Euro compared with other currencies.
Gross written premiums for property and casualty were €5.6bn, up 5.6% on the €5.3bn reported for the first quarter of 2003. Personal lines GWP grew 4% while commercial lines GWP grew 9%.
GWP for AXA’s UK property and casualty operations went up 8.3%, or 11.8% on an adjusted basis, from €913m for the first quarter of 2003 to €989m for the first quarter of 2004.
Revenues for international insurance declined 16.5%, or 7.3% on an adjusted basis for the first quarter, falling from €2.0bn in 2003 to €1.7bn for the first quarter of 2004.
AXA said the fall was due to the restructuring of AXA Re, which had been implemented since 2002, resulting in a 15% fall in reinsurance activities.
But AXA reported that revenues for its asset management activities had increased by 10.9%, or 25.5% on an adjusted basis, to €743m for the first quarter.
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.
