Axa UK & Ireland reports improved half-year P&C COR
Axa UK & Ireland has delivered an improved combined operating ratio of 98.7% in property and casualty business for the first six months of 2013.
The insurer attributed the change to "disciplined underwriting" as revenues in this sector remained flat at £2bn.
Axa stated that it had seen strong growth of 11% in UK commercial lines and that higher volumes, along with rating action and efficiency improvements, had restored underwriting profitability.
This, together with the benefit of more benign weather conditions than seen last year, contributed to the 2.3-point COR improvement from the 101% delivered in the first half of 2012, Axa
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