Wednesday 17 January 2018

AXA halts decline as premium revenue up 3pc

Laura Noonan

Laura Noonan

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.

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