AXA Group this morning published its Half Year 2014 results. The key highlights from AXA UK and Ireland's contribution include:
- Underlying earnings up 33 per cent to £118 million (H1 2013: £89 million)
- General insurance revenues rose by 2 per cent to £2.0 billion
- Disciplined underwriting contributed to an improved general insurance combined ratio of 98.2 per cent (H1 2013: 98.7 per cent) despite around 2 points of weather claim costs, an approximate total cost of £46 million (H1 2013: £nil)
- Following the business improvement plan launched in 2012, the UK direct personal lines1 business has returned to both growth (8 per cent increase in revenues to £0.2 billion) and underwriting profitability (combined ratio of 99.3 per cent2) in 2014
- Commercial lines3, where the turn-around commenced in 2011, continues to deliver strong and profitable growth, growing revenues by 10 per cent to £0.6 billion, and delivering a 1.6 points improved combined ratio at 98.1 per cent2
- IFA customer investments onto AXA Wealth’s Elevate wrap platform rose by eight per cent, contributing to a 31 per cent increase in funds managed on the platform to £8.4 billion (2013: £6.4 billion). Total funds under management at AXA Wealth rose by 10 per cent to £26.7 billion (2013: £24.3 billion)