Core market performance drives resilient mid year financials for AXA

AXA Group this morning published its half year 2017 results, which are available at www.axa.com. AXA UK and Ireland announces a strong performance across its Commercial and Healthcare businesses.

3 August 2017

Posted in Financial results

by Daniel O’Byrne (see media contact)

  • Total P&C revenue growth of 5% to £2.4 billion
  • Commercial Lines business grew 7.5% to £690 million
  • Healthcare revenues up 6.7% to £885 million
  • Continued profitability with a COR of 97.7% (HY 2016: 98.2%)
  • Underlying earnings of £114m

AXA Group this morning published its half year 2017 results, which are available at www.axa.com. AXA UK and Ireland announces a strong performance across its Commercial and Healthcare businesses.

Amanda Blanc, Group CEO, AXA UK and Ireland commented:

“The results we are able to announce today are an excellent indication of the resilience of our business. Strong performances in our core markets combined with improved underwriting profitability points to a business that is not only capable of managing market challenges but can thrive despite them.

“We have performed particularly well in Commercial Lines and Healthcare in line with AXA Group’s strategic priorities. In Commercial, this has been driven by management of the discount rate impact, double digit growth in online SME and continued successful expansion into the Mid-Market space.

“In Healthcare, the growth in our wellness and prevention support has accelerated our transformation from a payer of bills to a healthcare partner for our customers. Increasingly customers are using digital tools to manage their health and AXA is leading this charge with services such as Doctor@Hand providing online GP consultation and delivery of pharmaceuticals direct to the member.

“In Personal Lines, we have seen a slower rate of growth but still managed to deliver respectable revenue growth of 1.3% to £814m as we focus on profitable business rather than volume in an incredibly competitive market.

“This focus allows us to not only thrive in the current market but to invest in the digital services and tools that will facilitate our transformation from a traditional insurer to an organisation that operates as a genuine partner to its customers.

“AXA in the UK and Ireland is delivering for customers and distribution partners and I am confident that we are well placed to continue to deliver profitable and responsible growth.”