Axa profits double
INSURANCE giant AXA more than doubled earnings in its UK and Ireland arm last year, the group has revealed.The increase coincided with a global improvement for the company, with total adjusted earnings doubling to 2.
INSURANCE giant AXA more than doubled earnings in its UK and Ireland arm last year, the group has revealed.
The increase coincided with a global improvement for the company, with total adjusted earnings doubling to 2.9billion euros (about £2billion).
The improved earnings came at a time when AXA was investing heavily in its Ipswich operations, where it employs more than 1,000 people.
The company has begun a £12million redevelopment of Suffolk House in Civic Drive and its adjoining headquarters.
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When the work is completed it will vastly increase the amount of floor space occupied by the company on the site.
AXA Group chief executive Henri de Castries said: "AXA teams have built a unique platform in terms of scale and diversification and our 2004 results provide additional proof of the effectiveness of our organisation and strategy."
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In the UK and Ireland, adjusted earnings more than doubled from £110million in 2003 to £266million in 2004.
Total revenues were up five per cent in 2004 at £7.3 billion. AXA said all major classes of the business delivered an improved performance in 2004 following poor market conditions in recent years.
AXA UK group chief executive Dennis Holt said: "I am delighted to be able to report a particularly robust result for the UK and Ireland.
"Our businesses have built on the improvements delivered in 2003 and each now has the strength, momentum and focus to deliver sustainable results, and keep our business moving forward over the coming years.
"World stock markets have stabilised and begun to grow, and consumer confidence is returning which - if sustained - will bring about better prospects for our industry.
"AXA boasts an attractive franchise and a strong brand which leaves us well placed for 2005 and beyond."
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