UK/Ipswich: Insurance giant AXA sees UK & Ireland earnings rise
PUBLISHED: 06:00 02 August 2014
Global insurance giant AXA Group saw earnings from its UK and Ireland arm rise by a third in the first half of the year.
The firm, which employs more than 1000 employees at its Ipswich offices, is celebrating an underlying earnings increase of 33% from £89milllion in the first half of last year, compared to £118m in the same period in 2014.
General insurance revenues rose by 2% to £2billion.
Its Ipswich site is involved in a range of its products from motor and household insurance, cover for businesses and technical support for AXA offices in the UK and beyond.
UK & Ireland group chief executive Paul Evans said he was “very pleased” with the performance.
“During the past four years, the transformation of the UK and Ireland business has, through a resolute focus on responding to the needs of customers in each of our target markets, delivered both sustained growth and improved profitability. I remain confident that, despite very competitive market conditions, our businesses are well positioned for profitable growth,” he said.
Following a business improvement plan launched in 2012, its UK direct personal lines business has returned to both growth, with an eight per cent increase in revenues to £0.2 bn.
AXA chairman and chief executive Henri de Castries said: “This half year is another stepping stone to achieving Ambition AXA. The effective implementation of our strategy has delivered strong earnings growth, the highest first half underlying earnings in the company’s history.”