Bulletin from Bordeaux: Axa targeting 96% COR

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Denis Duverne, deputy chief executive officer at Axa, has revealed that the insurer is looking to cut €1.5bn (£1.35bn) from its cost base by 2015 and targeting a group combined operating ratio (COR) of 96% or better in property and casualty (P&C) insurance.

He told a meeting of delegates in Bordeaux that efficiency savings of €1.1bn in all areas of business combined with reducing distribution expenses in property and casualty insurance by €400m would allow the company “to contain our cost base

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