AXA improves P&C business in H1

AXA reported a better underwriting profitability in its property/casualty (P&C) business in the first six months of 2017.

The current year P&C combined ratio improved to 96.9 percent in the first six months of 2017 compared to 98.4 percent in the same period a year ago, reflecting lower nat cat losses and attritional losses. Total underlying earnings in the P&C unit grew 6 percent to €1.35 billion in the first half of 2017.

“We made substantial progress in improving our technical profitability in property & casualty,” said Thomas Buberl, CEO of AXA.

“We continued to implement our efficiency strategy across the Group and are well on track to achieve our cost savings target.”

Overall, net income grew 2 percent year on year to €3.27 billion in the first half of 2017. Total revenues rose 0.5 percent to €54.28 billion over the period.

Get the days re/insurance news -  Sign up to our free daily email newsletters

Today’s stories

LV= in advanced talks with Allianz over general insurance stake sale

AIG benefits from improved consumer business in Q2

Lemonade expands insurance offering to New Jersey

Liberty taps AXA Art exec to launch new business in Netherlands

XL Catlin bolsters aviation unit with key hires from AIG, Charles Taylor

Beazley names engineering portfolio leader in US

JLT Specialty makes key hire from Aon for US operations

RenRe appoints independent directors to board following departure

Crawford & Company adds M&A specialist to board of directors

Don't miss our insurtech email newsletter - sign up today