AXA UK has reported underlying earnings of £118m for the first half of 2005, a rise of 19% on the same period in 2004.

However, total revenues in the UK and Ireland were flat at £1.56bn for the first half of 2005. The insurer said that this reflected rate softening in UK commercial lines and adverse developments in motor lines in Ireland being offset by strong growth in UK personal lines (up by 9%) with property up by 16% and creditor up 24%.

AXA said that UK health revenues also improved by 8% through the transfer of a major portfolio in the second half of 2004 and the successful launch of lower premium products designed to appeal to a wider market segment.

The combined ratio has been maintained at 97.3% for the first half of 2005 (97.5% for the first half of 2004).

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