Axa SA reports overall revenue growth of 3%, gains in its Canadian P&C segment

Axa SA is reporting total revenue growth of 3% during the first nine months of 2010, including gains in its Canadian property and casualty segment.
Overall, Axa SA’s “property and casualty revenues increased by 0.7% to [EUR21.389 billion] as the 3.9% growth in individual lines (largely driven by a 3.4% average price increase) was partly offset by a 3.8% decrease in commercial lines, where the 2.0% average price increase was more than compensated notably by lower volumes from more selective underwriting and by reduced sum insured,” the company said in a press release.
In Canada, Axa reported property and casualty revenues of EUR1.095 billion (Cdn$2.7 billion) over the first nine months of 2010, up from EUR877 million ($Cdn1.2 billion) over the same period in 2009.
Axa SA reported its overall commercial motor revenues were stable due to increases in Canada (+7%), the United Kingdom and Ireland (+7%) and Mexico (+4%). Tariff increases in Spain, despite high competition, meant Spain’s results (-22%) offset these gains.