Axa UK life new business volumes fall 5 per cent

7 November 2008 11:13 am

The insurer said the fall was the result of lower sales in life insurance bonds as a result of Capital Gains Tax changes as well as the fact it had previously benefited from the one-off impact of A-day pensions changes.

International life and savings new business volumes were down 7 per cent over the first nine months to £4.1bn, while property and casualty revenues were up 3 per cent to £16bn.

International asset management revenues were down 7 per cent at £2.42bn

The group’s solvency I ratio stood at around 135 per cent at the end of October.

Axa management board chairman Henri de Castries says: “We reiterate out: “We reiterate our confidence in the AXA Group's ability to withstand the current financial crisis thanks to its strong underlying profitability and cash flows, its diversification across business lines and geographies, its financial strength and the confidence of its customers, distributors and employees.

“We expect to come out of the current turmoil stronger and better positioned.”

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