Commercial non-motor fell 5% during the first nine months of the year
AXA’s UK commercial non-life book continues to be a drag on overall revenue growth at the French insurance group, according to performance indicators for the first nine months of 2010. However, the figures have remained static since the first half, which could indicate that the situation is improving.
AXA said commercial non-motor revenues fell 5% group-wide for the first nine months of the year. This was mainly due to a 13% decline in the UK following the exit from certain property accounts because of the competitive environment. AXA’s first-half 2010 results showed the same declines in commercial non-motor both group-wide and in the UK.
AXA’s UK personal lines motor book, on the other hand, continues to grow. Group-wide personal motor revenues were up 5% in the first nine months, mainly due to a 35% increase in the UK. AXA attributed the UK boost to strong tariff increases and higher volumes in its Swiftcover and AXA-branded direct businesses. AXA achieved property/casualty rate increases of 9.8% in the UK and Ireland personal lines, and 3.4% in commercial lines.
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