Axa COR sneaks above 100%
Axa has revealed a combined operating ratio of 100.4% for UK property and casualty (P&C) business in the first six months of 2012, consistent with the 100% achieved in the same period of 2011.
Axa attributed the slight deterioration to the recent floods. which it estimated had added £36m in claims in June and July.
Revenues across P&C were up 5% with Axa Insurance commercial lines and personal intermediary reporting an 8% rise. Axa PPP also grew by 6%.
Overall, UK & Ireland P&C revenues increased 1% to £2bn which the insurer claimed reflected its actions to reduce the risk profile of its direct motor portfolio.
Underlying earnings for the first six months of 2012 were up 27% to £66m
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