Axa UK COR improves to 98.1% in 2013
Axa UK and Ireland general insurance business produced a sub 100% combined operating ratio (COR) in 2013 as revenues fell 1% to £3.7bn (2012: £3.8bn).
The GI COR improved 2.1 points to 98.1% and Axa added the decline in revenues was due to "pricing discipline in markets where premiums have fallen ahead of improved claims experience".
In particular the insurer said this was the case in home and motor.
Despite the improved COR the business was still behind the group average, with the overall global current year COR improving 1.1% to 97.8% and the all year COR at 96.6%, a positive 1.1% movement.
Revenues
In commercial lines, Axa UK & Ireland's
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