AXA UK and Ireland earnings rise by 33 per cent

1 August 2014

Posted in Financial results

by Jennifer Chilcott (see media contact)

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)
Headshot of Paul Evans, AXA UK and Ireland Group Chief Executive

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