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Axa results show strong life and savings growth

Axa’s 2007 first half results show that life and savings APE business is up 26 per cent on a like for like basis, from £438m to £553m, compared to the same period in 2006.

The figures, which show a total APE life and savings increase of 69 per cent from £327m to £553m, take account of the wealth management, corporate and protection business units and include appropriate figures for Winterthur.

New business value increased by 51 per cent, from pre-tax figures of £51m to £77m, in the first half of this year.

The provider says that excluding Thinc Group underlying earnings grew 76 per cent, from £55m to £97m, helped by growth in fees and revenue, one-off tax benefits and improved with profit bonus payments.

UK health revenues increased 13 per cent to £537m for the first half of 2007 compared to £476m in the same period in 2006.

Total general and health insurance underlying earnings decreased 33 per cent from £124m in the first half of 2006 to £83m in the first half of 2007 which the provider puts down to the storms in January and flooding in June, which cost a combined £115m.

Axa group chief executive Nicolas Moreau says: “It is very pleasing to be able to announce a set of results which show strong growth as well as an improved level of underlying earnings despite the destructive floods that we have seen during June. Our efforts are now focused on helping those customers who have been badly affected by these floods and by the more recent devastation seen in parts of the West Country.

“We have made good progress with our aspiration of becoming the trusted market leader, an objective I am absolutely committed to delivering. Over recent months we have moved the business forward very strongly as evidenced by our deliberate move into the distribution sector with acquisitions in the general, life and health sectors.”

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