AXA’s Blanc warns of brokered personal lines pressure

AXA UK and Ireland chief executive Amanda Blanc has highlighted brokered personal lines as a pressure point in her company’s first-half results.

Blanc said in a statement accompanying the results that although AXA UK and Ireland’s underwriting profitability was improving overall, the company was facing “some strong headwinds”, including deteriorating investment returns and rising claims costs across all motor classes.

She described the brokered personal lines market as a “stand out point of pressure”.

She said: “Profitability in this sector, particularly motor, remains challenging and stands in stark contrast to the performance of our direct motor book which continues to go from strength to strength.”