AXA posts healthy earnings report

AXA UK and Ireland insurance has posted markedly improved earnings reports for the first half of 2013.

Total Wealth sales increased by 68 per cent to £2.5 billion and the number of assets it owns rose by 21 per cent to £24.3 billion. This shows just how well the company is doing, despite headwinds in the global economy – including the slow recovery of eurozone countries.

Overall earnings were improved by 33 per cent over the first half of 2012 to £89 million.

Commenting on these results, Paul Evans, UK and Ireland AXA group director and chief executive, said: “I am very pleased with the results that we have reported for the first half of this year, particularly given the challenging economic conditions and extremely competitive markets within which our businesses operate.”

However, property and casualty insurance revenues remain completely flat at £2 billion, with disciplined underwriting delivering an improvement helping to keep earnings steady.

Mr Evans added that in 2010 AXA launched a new business model to reposition its market proposition and these changes are starting to pay dividends now.

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