AXA UK and Ireland half year results 2014

AXA Group this morning published its Half Year 2014 results. The key highlights from AXA UK and Ireland's contribution include:

Underlying earnings up 33 per cent to £118 million (H1 2013: £89 million)
General insurance revenues rose by 2 per cent to £2.0 billion
Disciplined underwriting contributed to an improved general insurance combined ratio of 98.2 per cent (H1 2013: 98.7 per cent) despite around 2 points of weather claim costs, an approximate total cost of £46 million (H1 2013: £nil)
Following the business improvement plan launched in 2012, the UK direct personal lines¹ business has returned to both growth (8 per cent increase in revenues to £0.2 billion) and underwriting profitability (combined ratio of 99.3 per cent²) in 2014
Commercial lines³, where the turn-around commenced in 2011, continues to deliver strong and profitable growth, growing revenues by 10 per cent to £0.6 billion, and delivering a 1.6 points improved combined ratio at 98.1 per cent²
IFA customer investments onto AXA Wealth’s Elevate wrap platform rose by eight per cent, contributing to a 31 per cent increase in funds managed on the platform to £8.4 billion (2013: £6.4 billion). Total funds under management at AXA Wealth rose by 10 per cent to £26.7 billion (2013: £24.3 billion)

I am very pleased that performance across the business continues to improve. During the past four years, the transformation of the UK and Ireland business has, through a resolute focus on responding to the needs of customers in each of our target markets, delivered both sustained growth and improved profitability. I remain confident that, despite very competitive market conditions, our businesses are well positioned for profitable growth.

Paul Evans, Group Chief Executive at AXA UK and Ireland

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About AXA UK

AXA Insurance UK plc registered in England and Wales under registered number 078950 and authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority under Financial Conduct Authority registration number 202312. Registered office is 20 Gracechurch Street, London, EC3V 0BG.

AXA UK is part of the AXA Group, a worldwide leader in insurance and asset management, with 147,000 employees serving 94 million clients in 50 countries. In 2023, IFRS revenues amounted to Euro 102.7 billion and underlying earnings to Euro 7.6 billion. AXA had Euro 844 billion in assets under management as of December 31, 2023.

In the UK & Ireland, AXA operates through a number of business units including: AXA Insurance, AXA Health and AXA Ireland. AXA UK & Ireland employs around 10,000 staff.

Important legal information and cautionary statements concering forward-looking statements

Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed or implied in such forward looking statements. Please refer to Part 5: “Risk Factors and Risk Management” of AXA’s Universal Registration Document 2022, for a description of certain important factors, risks and uncertainties that may affect AXA’s business and / or results of operations. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.

AXA UK and Ireland earnings rise by 33 per cent