A weakness in the UK property and casualty market was the 'fly in the ointment' for Axa which today posted otherwise encouraging results showing strong rises in both earnings and assets.
A weakness in the UK property and casualty market was the "fly in the ointment" for Axa, which today posted otherwise encouraging results showing strong rises in both earnings and assets.
Net cash earnings were up 33% to Euro 1.54bn (£963m) and total assets under management increased 6% to Euro 950bn (£593.75) in the six months to July 31.
In the UK, net cash earnings rose 20%, a rise attributed to increased ownership by Axa in Axa Sun Life.
But within property and casualty in the UK, net cash earnings fell just short of breaking even despite increasing by Euro 50m (£80m) and positive figures being returned in France, Germany, Belgium and elsewhere.
Axa said the increase was due to “strong rate increases, more aggressive cost management and the early benefits of stricter underwriting in the private motor business from the second half of 2000".
Axa chief executive Henri de Castries said: “Despite weaker global economies and equity markets, net cash earnings per share rose 16%, with three of our four major lines of business recording strong double-digit earnings growth.”
Moves to diversify the business taken last year had proved beneficial and well-timed to deliver strength in turbulent times.
De Castries continued: “September 11 events have added to this turbulence and the challenges that all companies, including Axa, must manage through.
“While uncertainty exists today, we believe our strategy is the right one an
