Bulletin from Bordeaux: Axa targeting 96% COR
In his second report from Axa's media conference in Bordeaux, Emmanuel Kenning reveals the insurer's plans for broker commissions.
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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