AXA launches single GI business
The new business will include commercial lines, personal lines intermediary and personal direct and partnerships.
Paul Evans, AXA UK & Ireland group chief executive, said: “The UK general insurance business units within AXA Insurance have benefitted from strong individual leadership to overcome the strategic and operational challenges evident at the beginning of the decade.
“With these businesses now delivering strong revenue growth and profitability, their claims teams were integrated at the end of 2014, and it is now felt that a fully integrated general insurance operation will provide the strongest platform to support our growth plans.
“Integration planning for the new UK general insurance organisation, which will retain a customer and channel focus, will be completed during the second half of 2015, and the new business, AXA Insurance, will become operational on 1 January 2016.
“The combined business will be led by Amanda Blanc who will confirm the executive leadership team for AXA Insurance by the middle of August.”
The announcement came as the group published its half year 2015 results showing that underlying earnings were up 27% to £150m from £118m in the first half of 2014.
General Insurance and healthcare revenues rose by 5% to £2.1bn while underwriting profitability from general insurance and healthcare activities improved 1.2 pts to 97%.