A particularly strong showing from AXA UK's Life & Savings business helped the group to weather the fall out from the June floods.
In the UK & Ireland, underlying earnings for the group were £160m for H1 2007, 3% ahead of H1 2006 levels at £156m. This was despite a total General and Health insurance underlying earnings decrease from £124m in H1 2006 to £83m in H1 2007 (excluding the earnings of general insurance brokers). The drop was a result of two adverse weather events; storms in January and flooding in June (combined total £115m before tax). AXA estimates the cost of the July floods is approximately £120m (before tax). However, AXA UK’s Life & Savings business, including the wealth management, corporate and pr...
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