AXA halts decline as premium revenue up 3pc
Published 19/02/2010 | 07:40
FRENCH insurance giant AXA has arrested a decline in its Irish premiums, posting a 3pc increase for 2009 against a fall of 7pc recorded a year earlier.
The return to growth was revealed in yesterday's publication of full-year results, and leaves the island of Ireland business with annual revenues of €433m.
AXA is now Ireland's fifth-largest general insurer with a market share of 11pc and is believed to have edged out rival Quinn to become the country's second-largest motor insurer.
The French insurer attributed the improved performance to a "hardening" of the market coupled with "improved renewal retentions".
That improved profitability came despite AXA's heavy exposure to the household insurance market, which was battered by freak weather events in 2009.