Axa UK reports growth across all business lines

growth-business

Figures follow an effort to streamline the provider’s operations in the UK and Ireland.

Axa has reported revenue growth across all segments of its UK and Ireland operations.

In a trading update published today (7 November), the provider revealed that the UK and Ireland business had generated revenue of €4,163m (£3,587m) for the first nine months of 2019.

This is an increase of 3% over the €4,027m reported for the same period in 2018.

Gérald Harlin, deputy CEO and group CFO of Axa commented: “Axa delivered another strong operating performance in the first nine months of 2019.

“Axa’s revenues grew overall by 5%, notably with a continued strong growth dynamic in P&C commercial lines and in health, and with all of Axa’s geographies contributing to this strong growth.”

At group level, gross revenue at the provider rose 5% from €75.8bn to €79.7bn.

Sectors
The trading update also reported revenue figures for the UK and Ireland in different lines of business:

  • Personal motor rose 7% to €1,000m.
  • Personal non-motor rose 2% to €448m.
  • Commercial motor rose 4% to €539m.
  • Commercial non-motor rose 3% to €701m.
  • Total property and casualty rose 4% to €2,689m.

For property and casualty, Axa revealed that premiums for customers in the UK and Ireland had increased 1.5% in personal lines and 2.3% in commercial lines.

The percentage for commercial lines was calculated on the basis of renewed policies.

Restructure
In April 2019, Claudio Gienal, CEO at Axa UK and Ireland, revealed that restructuring at the provider’s SME business would put jobs at risk.

This followed the announcement of two new SME trading centres in Ipswich and Bolton a month earlier, which placed the number of potential redundancies at 106.

Gienal assured commentators that the final number would be lower.

It soon followed that 125 claims staff were also facing possible redundancy as the insurer sought to further streamline its operations.

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