Axa results impacted by £115m weather losses
Axa UK reported revenues in general insurance of £1.86 bn for the first half of 2007, up 9% on the same period in 2006 (£1.71bn). However, its profit and combined operating ratio were impacted as a result of £115m weather losses.
In a statement Axa UK said: "Personal motor in the UK contributed to a £91m growth in personal lines revenue, helped by the Swiftcover acquisition in February 2007, and its positive growth as an independent franchise.
"Increased competition in commercial casualty has caused premium volumes to be lower than anticipated, however Axa remains committed to maintaining underwriting discipline and offering premium terms that are viable."
Growth in UK health revenues has been maintained with revenue up
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