Axa COR breaks 100% in UK & Ireland
Axa UK & Ireland has revealed that its combined operating ratio (COR) for 2012 deteriorated by 0.8% to break the 100% barrier, coming in at 100.2%.
The group has previously targeted a 96% COR or better by 2015.
The provider did not reveal a breakdown by personal lines or commercial and attributed the rising COR to the increased cost of flooding and other storm damage claims during 2012, "offsetting underlying improvements elsewhere".
In the 12-month period general insurance revenues increased by 2% to £3.8bn at the insurer with the broker channel performing best with a 5% growth in sales.
Growth
Axa highlighted that growth in sales of
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