Resilient mid year financials for AXA

Core market performance drives resilient mid year financials for AXA

AXA Group this morning published its half year 2017 results, which are available at www.axa.com. AXA UK and Ireland announces a strong performance across its Commercial and Healthcare businesses.

3 August 2017

Posted in Financial results

Total P&C revenue growth of 5% to £2.4 billion
Commercial Lines business grew 7.5% to £690 million
Healthcare revenues up 6.7% to £885 million
Continued profitability with a COR of 97.7% (HY 2016: 98.2%)
Underlying earnings of £114m

AXA Group this morning published its half year 2017 results, which are available at www.axa.com. AXA UK and Ireland announces a strong performance across its Commercial and Healthcare businesses.

Amanda Blanc, Group CEO, AXA UK and Ireland commented:

“The results we are able to announce today are an excellent indication of the resilience of our business. Strong performances in our core markets combined with improved underwriting profitability points to a business that is not only capable of managing market challenges but can thrive despite them.

“We have performed particularly well in Commercial Lines and Healthcare in line with AXA Group’s strategic priorities. In Commercial, this has been driven by management of the discount rate impact, double digit growth in online SME and continued successful expansion into the Mid-Market space.

“In Healthcare, the growth in our wellness and prevention support has accelerated our transformation from a payer of bills to a healthcare partner for our customers. Increasingly customers are using digital tools to manage their health and AXA is leading this charge with services such as Doctor@Hand providing online GP consultation and delivery of pharmaceuticals direct to the member.

“In Personal Lines, we have seen a slower rate of growth but still managed to deliver respectable revenue growth of 1.3% to £814m as we focus on profitable business rather than volume in an incredibly competitive market.

“This focus allows us to not only thrive in the current market but to invest in the digital services and tools that will facilitate our transformation from a traditional insurer to an organisation that operates as a genuine partner to its customers.

“AXA in the UK and Ireland is delivering for customers and distribution partners and I am confident that we are well placed to continue to deliver profitable and responsible growth.”

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About AXA UK

AXA Insurance UK plc registered in England and Wales under registered number 078950 and authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the Financial Conduct Authority under Financial Conduct Authority registration number 202312. Registered office is 20 Gracechurch Street, London, EC3V 0BG.

AXA UK is part of the AXA Group, a worldwide leader in insurance and asset management, with 147,000 employees serving 94 million clients in 50 countries. In 2023, IFRS revenues amounted to Euro 102.7 billion and underlying earnings to Euro 7.6 billion. AXA had Euro 844 billion in assets under management as of December 31, 2023.

In the UK & Ireland, AXA operates through a number of business units including: AXA Insurance, AXA Health and AXA Ireland. AXA UK & Ireland employs around 10,000 staff.

Important legal information and cautionary statements concerning forward-looking statements

Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, expectations or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause AXA’s actual results to differ materially from those expressed or implied in such forward looking statements. Please refer to Part 5: “Risk Factors and Risk Management” of AXA’s Universal Registration Document 2022, for a description of certain important factors, risks and uncertainties that may affect AXA’s business and / or results of operations. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as required by applicable laws and regulations.