Axa UK's GI earnings tumble
Axa's total general insurance (GI) and health underlying earnings in the UK and Ireland have fallen 63% to £90m in 2009, compared to £244m in 2008.
The insurer said that the result was “significantly impacted by the economic climate but also by large exceptional items including severe weather events and commercial losses in GI of £157m, offset by a contribution from the internal restructuring of annuity liabilities in the life business of £106m.
These factors increased the GI and healthcare combined ratio from 99% in 2008 to 102.2% in 2009.
In the UK and Ireland as a whole underlying earnings decreased by 18% from £288m in 2008 to £235m in
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