DUBLIN: Underlying earnings for 2014 came in at £250 million, up from £178m the previous year, helped by a 3% increase in general insurance revenues to £3.8 billion, from £3.7b in 2013.
The growth in revenue was led by commercial lines and UK direct motor insurance, both up 8% year-on-year, and heathcare, which was 5% up.
Underwriting profitability from UK & Ireland operations also improved significantly with the ombined operating ratio (the ratio of expenses to premium income) improving by 1.8 of a point to 97.1%, from 98.9% the previous year. The group added that its UK life and savings business, including AXA Wealth and SunLife, moved sharply into profitability thanks to cost savings combined with an 11% increase in AXA Wealth funds under mangement to £28.2bn.
French-owned AXA, which has a major office in Civic Drive, Ipswich, also said it was committing 20m euros (around £14.7m) to provide start up finance, primarily to British entrepreneurs developing innovative ideas of benefit to the future of the insurance, healthcare and financial technology industries.
