Axa loses 18% of GWP in commercial as GI UK results falter
Axa has seen another drop in profitability in its UK GI business in the first half of 2010.
Underlying earnings for general insurance and healthcare in UK and Ireland decreased by 18% to £63m in the first half compared to £77m in 2009. Axa blamed severe weather events in January, an increase in reinsurance costs and a lower investment return. However, Axa cited improving underwriting returns after implementing rate increases, including 7% in commercial motor. In household, rates have increased by 7% for products sold through brokers.
Revenues in Axa's GI business increased 1% to £1
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