Canada helps increase AXA’s P&C revenue

Good business in Canada helped to increase AXA’s 2005 property and casualty revenues by 3%, AXA CEO Henri de Castries recently reported on the company’s Web site.
“Property and casualty revenues increased by 3%, to EUR18.8 million, mainly driven by France and Southern Europe,” de Castries reported. “Growth slightly accelerated in [the fourth quarter of 2005], benefiting from good momentum in personal lines and support from Canada as well as markets such as Turkey, Hong Kong and Singapore.”
De Castries noted further that: “product launches in Asia and Europe, distribution initiatives in the US and Japan, and improved quality of service and innovation across the board, notably in asset management, are at the core of our very solid 2005 performance.”
AXA’s international insurance revenues increased by 10% to EUR3.8 million. The 17% increase at AXA RE was due to the non-recurrence of certain 2004 negative premium adjustments, increased reinstatement premiums linked to 2005 natural catastrophe events and selected development in lines with favorable pricing conditions. AXA Corporate Solutions Assurance was up 5%, driven by marine and aviation.
“We are broadly on track with our long-term activity objectives in 2005 and are seeing promising signs in all of our key markets that our 2012 ambition initiatives are gaining traction,” de Castries said.