Axa's UK business has posted a 34.4% rise in property and casualty gross written premiums in the first quarter of 2003, despite suffering a 13% drop in motor revenues.
For the three months ended 31 March 2003, Axa's UK arm generated EUR 913m (£654m) on the property and casualty book. Axa revealed that this figure was boosted by EUR 246m (£176m) following the reclassification of UK Health from Life & Savings.
Axa blamed a 13% downturn in its personal lines motor revenues on "continued strict underwriting". On the non-motor side, Axa UK generated a 17% jump in activity, due to the acquisition of the Egg partnership.
Axa also boosted its performance on commercial lines in the first quarter by 34%. The insurer claimed this was due to "strong tariff increases".
AXA chief executive officer Henri de Castries said: "We are pleased with this first set of activity data, which bodes well for the future.
"Going into 2003, significant progress has been made in the Group's operating efficiency, as underlined by the accelerating growth achieved in AXA's key insurance operations and by the successful repositioning of AXA RE which should improve its profitability while reducing its risk exposure.
"Furthermore first quarter indications on our combined ratio, expense reduction program and life new business contribution are in line with our expectations or even better."
