Axa and Bluefin both report drop in revenue
Axa’s full year earnings for 2010 have plunged by £100m to £131m (2009: £235m) with Bluefin Insurance services also reporting a 3% drop in revenue to £112m.
The insurer blamed the winter freeze for the drop in earnings claiming it cost the business £118m, adding 3.3 percentage points to a total combined ratio of 105.3%.
UK Personal Insurance revenues rose by 17 % to £1.4bn, which Axa attributed principally to growth of the private motor account in the direct channel (+71%) – taking total property and casualty revenues to £3.6bn (+3%).
In a statement, Axa said that further personal insurance premium increases were likely in 2011 as the market
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