French insurer, AXA Group, has posted a 10% rise in its underlying earnings for 2002.
Cost cutting and stricter underwriting pratices helped lower AXA UK's property and casualty combined ratio by 2.4% to 107%.
The group's underlying earnings were €1.69bn (£1.15m), compared with €1.53bn (£1.04bn) the previous year.
AXA UK's property and casualty businesses reported an 8% increase in revenue to €4.4bn (£3bn), fuelled in part by UK commercial rates.
Though AXA UK reported that UK commercial lines volume growth was particularly strong in Irish motor and UK commercial property, it admitted that these businesses reported an underlying loss of €3m (£2.04m).
UK group chief executive Dennis Holt said: "During 2002, we have made progress in difficult market conditions - conditions we expect to continue throughout 2003.
"Our ambition is for AXA in the UK to become the most efficient provider whilst delivering remarkable customer service."
