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Financial Results

AXA reports its results on a half yearly and yearly basis.

2011 Half Year Financial results announced on Thursday 4 August 2011.

AXA UK interim results: strong growth and improved profitability

Highlights

June 2011 interim results demonstrate that the strategic review implemented in the second half of 2010 to focus on wealth management, healthcare and general insurance is on track to deliver strong, profitable growth
In the first six months of 2011, UK Direct Personal Insurance revenues[i] rose 22%, taking total UK & Ireland Property & Casualty (P&C) revenues to £2 billion (+4%)
Net new money[ii] invested with AXA Wealth increased 18% to £1.1 billion, increasing funds under management by 5% to £18.9 billion
The total P&C current year combined ratio[iii] improved 2.1 points to 100.0% 2011 Underlying earnings improved significantly to £69 million (June 2010 comparable scope: £13 million[iv])
AXA Wealth agreed a seven year partnership with Co-operative Bank to provide financial advice and Wealth solutions to the bank’s 5 million retail banking customers across its branch network. Alongside its existing partnerships with Yorkshire and Clydesdale Banks, AXA Wealth now has exclusive distribution to 7.7 million bank customers with 500 branch based advisers
AXA became the first – and so far only – insurer to unilaterally ban referral fees, highlighting the need for legislation to curtail market practices which fuel the ‘compensation culture’ and consequential increases in motor premium.

¹Gross written premium
²Net new money is the net of premiums received less surrenders and claims paid ³Current year combined ratio excludes any prior year reserve development
⁴June 2010 underlying earnings have been restated to remove earnings from the sold AXA Life operations.

A company's past performance is not a guide to how it will perform in the future.