AXA posts ‘strong’ results

AXA UK & Ireland has posted ‘strong’ results claiming its strategy of ‘moving from payer to partner is delivering consistent growth and profitability despite volatile market’.

Overall, UK and Ireland revenues climbed from £4.39bn in 2016 to £4.53bn last year, with its combined operating ratio improving from 97.7% to 96.3%. Its underlying earnings dipped slightly from £263m during 2016 to £245m this time around.

Commenting on the results, Amanda Blanc, Group CEO, AXA UK & Ireland, said, ‘These are a really strong set of results which reaffirm the benefits of our commitment to a diversified book of business.

‘The industry was subjected to a host of external pressures in 2017, however these results show that AXA UK & Ireland is a business that can deliver stability and profitable growth within a volatile environment. Much of that is down to a consistency of approach with brokers and customers but also due to a model that accommodates a range of lifestyles, businesses and personal requirements.’

She continued, ‘It is clear that our strategy to shift from being a payer of claims to a partner to our customers is the right one and is paying dividends in growth, profitability and market reach. This is supported by our commitment to seek out the best disruptive partners to ensure we satisfy evolving and future customer demand.

‘We remain vigilant to the external pressures. The anticipated Ogden discount rate reforms have not yet made it through the Parliamentary process, GDPR has to be implemented and of course, there is little clarity on what Brexit will mean in reality.

‘The profitability that we continue to deliver with such consistency gives me the confidence that we have the right strategy, people and execution capability to bring a new kind of insurer to the market. One that plays a genuine role in the lives of all its customers.’