• AXA UK & Ireland reports strong underlying earnings growth driven by Commercial and Healthcare

    August 2nd 2018. Posted in Group

    AXA Group, including the UK & Ireland, this morning published its half year 2018 results, which are available at www.axa.com. AXA UK & Ireland has recorded underlying earnings of £145m for the first half of 2018 – up 28% on the figure for 2017, while revenues are up 2% to £2.5bn (H1 2017: £2.4bn).

    • Underlying earnings up 28% to £145m
    • COR improves to 97.2% from 98.4%
    • Commercial and Healthcare, both key segments, grow 6% and 3% respectively

    AXA Group, including the UK & Ireland, this morning published its half year 2018 results, which are available at www.axa.com.

    AXA UK & Ireland has recorded underlying earnings of £145m for the first half of 2018 – up 28% on the figure for 2017, while revenues are up 2% to £2.5bn (H1 2017: £2.4bn).

    The results come on the back of a strong performance from AXA UK & Ireland’s Commercial and Healthcare lines – key strategic growth areas across the AXA Group.

    Key highlights:

    • UK & Ireland revenues up to £2.5bn (H1 2017: £2.4bn)
    • Underlying earnings up 28% to £145m (H1 2017: £113m)
    • UK & Ireland COR – 97.2% (H1 2017: 98.4%)
    • Personal lines revenues - £797m (H1 2017: £814m)
    • Commercial lines revenues - £730m (H1 2017: £690m)
    • Healthcare revenues - £908m (H1 2017: £885m)
    • Growth: UK and Ireland 2%, Commercial 6%, Healthcare 3%

    “Despite turbulent conditions, we have performed strongly during the first six months of 2018, with underlying earnings up by almost 30%. In addition, our revenue increased 2% year-on-year underpinned by strong growth in our Healthcare and Commercial lines - key areas of business for AXA across the world.

    “Our Commercial business experienced growth in Motor and Property aided by a robust performance by our revamped schemes proposition - where we partner with brokers to help them find and grow new areas of business. Our Commercial Direct SME business has also had a positive six months with the relaunch of our Business Guardian Angel service and our continued work on making insurance easier for micro SME customers.

    “While Healthcare increased its number of small corporate and personal customers, it has also continued to be one of the most innovative parts of our business, partnering with start-ups to develop new propositions. It has developed Realise in partnership with LiveSmart – which combines remote GP, home blood testing and coaching in one place - and has worked alongside Equipsme to launch an innovative affordable healthcare offer for small businesses. “Meanwhile, in Ireland, we passed one million customers and also introduced online farm insurance quotations– a first for the country.

    “The Personal lines market has been challenging in the first half of the year due to unfavourable weather coupled with the uncertainty surrounding the personal injury discount rate and consequent market contraction. However, AXA has one eye firmly on the future and our recent partnerships with Brolly, a digital personal insurance assistant, and By Miles, a new pay-as-you-drive telematics proposition are excellent examples of this.

    “Above all, we continue to improve profitability while seeking new and innovative ways to serve our policyholders to continue our journey from being a payer of claims to becoming true partners of our customers.” [Bertrand Poupart-Lafarge, CFO and Interim CEO, AXA UK and Ireland Group]

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    ABOUT THE AXA GROUP

    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.

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