• AXA UK & Ireland secures growth and improving profitability in 2017

    February 22nd 2018. Posted in Group

    Strategy of moving from payer to partner delivers consistent growth and profitability despite volatile market.

    Following the publication of the full year 2017 results for AXA Group (www.axa.com), AXA UK & Ireland announces another year of growth and improving profitability.

    In a year that posed many external challenges, AXA UK & Ireland has performed strongly in its preferred segments of Health and Commercial Lines.

    Key highlights are as follows:

    • UK & Ireland revenues - £4.53bn (2016: £4.39bn)
    • UK & Ireland CY COR – 96.3% (2016: 97.7%)
    • Underlying earnings - £245m (2016: £263m)
    • Health revenues - £1.55bn (2016: £1.49bn), CY COR – 94.9% (2016: 95.7%)
    • Commercial Lines revenues (General Insurance) - £1.34bn (2016: £1.26bn), CY COR – 97.7% (2016: 96.4%)
    • Personal Lines revenues (General Insurance) - £1.64bn (2016: £1.64bn), CY COR – 96.3% (2016: 100.4%)
    • Growth: UK & Ireland – +3%, Commercial +6%, Health +4%

    Commenting on the results, Amanda Blanc, Group CEO, AXA UK & Ireland, said: “These are a really strong set of results which reaffirm the benefits of our commitment to a diversified book of business.

    “The industry was subjected to a host of external pressures in 2017, however these results show that AXA UK & Ireland is a business that can deliver stability and profitable growth within a volatile environment. Much of that is down to a consistency of approach with brokers and customers but also due to a model that accommodates a range of lifestyles, businesses and personal requirements.

    “We have grown in Commercial Lines by continuing to build our SME book, by making further inroads into the Mid-Market space and by launching a new schemes proposition. In Health, subscriber numbers grew across all segments (including UK individual) through a focus on our core proposition and continuous innovation in the products and services we provide.

    “It is clear that our strategy to shift from being a payer of claims to a partner to our customers is the right one and is paying dividends in growth, profitability and market reach. This is supported by our commitment to seek out the best disruptive partners to ensure we satisfy evolving and future customer demand.

    “We remain vigilant to the external pressures. The anticipated Ogden discount rate reforms have not yet made it through the Parliamentary process, GDPR has to be implemented and of course, there is little clarity on what Brexit will mean in reality.

    “The profitability that we continue to deliver with such consistency gives me the confidence that we have the right strategy, people and execution capability to bring a new kind of insurer to the market. One that plays a genuine role in the lives of all its customers.”

    Media Contacts 
    Legal Notes 

    The AXA Group is a worldwide leader in insurance and asset management, with 165,000 employees serving 105 million clients in 64 countries. In 2017, IFRS revenues amounted to Euro 98,5 billion and IFRS underlying earnings to Euro 6.0 billion. AXA had Euro 1,439 billion in assets under management as of December 31, 2017. In the UK & Ireland, AXA operates through a number of business units including: AXA Insurance, AXA PPP healthcare and AXA Ireland. AXA UK & Ireland employs around 10,000 staff. The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY. The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.


    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 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 actual results and AXA’s plans and objectives to differ materially from those expressed or implied in the forward looking statements. Please refer to Part 4 - “Risk factors and risk management” of AXA’s Document de Référence (Annual Report) for the year ended December 31, 2016, 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.