Insurance giant AXA posted financial results today and here is a quick highlights summary:
Following the publication of the full year 2017 results for AXA Group (www.axa.com), AXA UK & Ireland announces another year of growth and improving profitability. In a year that posed many external challenges, AXA UK & Ireland has performed strongly in its preferred segments of Health and Commercial Lines.
Key highlights are as follows:
- UK & Ireland revenues – £4.53bn (2016: £4.39bn)
- UK & Ireland CY COR – 96.3% (2016: 97.7%)
- Underlying earnings – £245m (2016: £263m)
- Health revenues – £1.55bn (2016: £1.49bn), CY COR – 94.9% (2016: 95.7%)
- Commercial Lines revenues (General Insurance) – £1.34bn (2016: £1.26bn), CY COR – 97.7% (2016: 96.4%)
- Personal Lines revenues (General Insurance) – £1.64bn (2016: £1.64bn), CY COR – 96.3% (2016: 100.4%)
- Growth: UK & Ireland – +3%, Commercial +6%, Health +4%
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.
“We have grown in Commercial Lines by continuing to build our SME book, by making further inroads into the Mid-Market space and by launching a new schemes proposition. In Health, subscriber numbers grew across all segments (including UK individual) through a focus on our core proposition and continuous innovation in the products and services we provide.
“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.”
AXA Investment Management Results:
AXA IM saw solid growth of +14 per cent on a reported basis in underlying earnings at €257 million and robust third-party net new money inflows of €9.3 billion.
Assets under management (AUM) at the end of December 2017 were €746 billion, up 4 per cent or €29 billion compared with 2016.
Revenues were €1,284 million, up 6 per cent, or €77 million compared with 2016, due to higher average assets and an enhanced product mix.
The continued robust inflows from the unit-linked business with the AXA Group also helped to reinforce partnerships with global distributors and resulted in further success with third-party insurers.
“2017 was a particularly strong year for us in terms of successes for our institutional business, leveraging our close relationship and the work we do for the AXA Group, while we also made advances in the retail space. In 2018, we will continue to focus on our strengths to accelerate our development through continued product innovation to match the evolving needs of our clients. Our expertise and capabilities as an active manager provide us with a crucial advantage in navigating today’s challenging markets and capturing the evolving opportunities driven by global megatrends.”commented Andrea Rossi, CEO of AXA IM.