Axa UK's GI earnings tumble

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The insurer said that the result was “significantly impacted by the economic climate but also by large exceptional items including severe weather events and commercial losses in GI of £157m, offset by a contribution from the internal restructuring of annuity liabilities in the life business of £106m.

These factors increased the GI and healthcare combined ratio from 99% in 2008 to 102.2% in 2009.

In the UK and Ireland as a whole underlying earnings decreased by 18% from £288m in 2008 to £235m in

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