AXA has reported that its motor and commercial revenue has fallen in the first half of 2005 in the UK and Ireland.
AXA said revenue (excluding AXA Direct, but including health) was up 1% (from £1.57bn in H1 2004 to £1.58bn in H1 2005) despite “the impact of a softening market in commercial”. AXA added retention remains strong.
In personal lines (which accounts for 48% of premiums) AXA reported that revenue was up 7% reflecting growth in property (up 15%) driven by new business deals in household and pet and a major new healthcare customer secured in H2 2004.
It added that it had also seen strong growth in the creditor account (up 25%) following new business acquisition in H2 2004, while personal motor (excluding direct) decreased by 6% following a fall in average premiums and lower volumes in Ireland.
In commercial lines, AXA said premiums were down 3% reflecting lower new business in liability (-9%) while property remains flat. It added that its health business was virtually unchanged with higher average premiums in both the large and small corporate sectors being partially offset by a competitive market.
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.
