AXA Group
AXA is the holding company of the AXA Group, a global financial services provider.
The Company operates through five main business streams:
- Life & Savings,
- Property & Casualty,
- International Insurance,
- Asset Management,
- Banking.
The Life & Savings products are marketed in the UK under AXA Sun Life, and include term life, whole life, universal life, endowment, deferred annuities, immediate annuities and other investment-based products. The health products offered include critical illness and permanent health insurance products. Individual and group savings retirement products are also provided.
AXA Insurance's Property & Casualty stream is focused mainly on motor, home, property and general liability insurance for both personal and commercial customers, and includes the Swiftcover brand.
The International Insurance stream include insurance products that specifically relate to AXA Corporate Solutions Assurance.
The Asset Management segment includes diversified asset management, such as investment fund management.
The Banking stream includes banking activities conducted primarily in France and Belgium.
An additional Holding companies segment includes all non-operational activities
AXA also owns the insurance brokers Smart & Cook, Stuart Alexander and Layton Blackham.
Latest AXA News:
AXA resonds to Pitt Report
by Gill Montia
Story link: AXA resonds to Pitt Report
Following yesterday’s publication of the final report of the Pitt Review of last summer’s flooding, AXA has responded in the form of a statement from its claims director, David Williams.
Mr Williams said that the company welcomed the report and will be studying its practical recommendations aimed at preventing and mitigating the effects of flooding.
The review […]
AIRMIC negotiates “reservation of rights” protocol
by Gill Montia
Story link: AIRMIC negotiates “reservation of rights” protocol
The Association of Insurance and Risk Managers (AIRMIC), which represents the insurance buyers and risk managers of leading UK companies, is questioning the current use of “reservation of rights”, whereby a policyholder receives notice that the insurer may not accept liability for a claim.
The association is aware that some insurers make routine use of “reservation […]
AXA launches PMI policy for under 18s
by Gill Montia
Story link: AXA launches PMI policy for under 18s
AXA has launched a private medical insurance (PMI) policy designed for children.
The group’s First Healthcare plan provides cover for children and young people up to the age of 18.
Existing PMI family policies do cover children but this new policy is believed to be the first of its kind because the premium reflects the age group […]
Corporate PMI cover lacks clarity on cancer cover
by Gill Montia
Story link: Corporate PMI cover lacks clarity on cancer cover
Private medical insurance providers (PMI) have been criticised for being less than clear about the cover they provide for members of company health insurance schemes who develop cancer.
Employee benefit consultant Mercer and charity Cancerbackup, have examined the corporate medical insurance offered by 11 leading UK PMI providers for transparency and clarity in the terms they […]
AXA launches home insurance via Insurecom
by Gill Montia
Story link: AXA launches home insurance via Insurecom
AXA has announced that its ABC and Exclusive household insurance products are now available to customers of Insurecom, the software solutions firm.
Insurecom will host the products as Full Cycle EDI, which should give brokers a faster and easier method of managing their household insurance business with AXA.
ABC is a buildings and contents policy designed […]
Axa’s IFA Thinc subsidiary fined £900,000
by Gill Montia
Story link: Axa’s IFA Thinc subsidiary fined £900,000
Axa’s independent financial adviser subsidiary, Thinc Group, has been fined a colossal £900,000 by the Financial Services Authority (FSA) for serious failures in its sub-prime mortgage business.
The FSA found evidence of poor record-keeping and a number of other offences, including the failure to demonstrate why some customers were sold sub-prime mortgages.
The findings questioned whether the […]
AXA takes over at SBJ
by David Masters
Story link: AXA takes over at SBJ
AXA have reported that their attempt to purchase SBJ Group has been successful after their offer was accepted by 90% of the group’s shareholders.
The offer has been accepted unconditionally in every respect, but is being kept open for additional acceptances until further notice.
The FSA have approved the purchase, which means that AXA can now take […]
AXA acquires SBJ Group
by Gill Montia
Story link: AXA acquires SBJ Group
AXA is acquiring SBJ Group, a broker and risk management consultant that focuses on the mid-corporate market and recorded revenues of around £78.1 million in 2006.
The acquisition will enhance AXA’s UK advisory and broking operations, while giving the insurer a wider national presence and access to new market areas.
It will also expand AXA’s SME market […]
2007 a ’solid’ year for AXA
by David Masters
Story link: 2007 a ’solid’ year for AXA
French insurance group AXA have reported their results for 2007, with underlying earnings of €4,963 million (£3,788 million), an increase of 27%. Net income was up to €5,666 million, an increase of 11%, and adjusted earnings also rose to €6,138 million, an increase of 22%.
The company achieved strong growth in all segments, including 10% […]
MPs investigate reattribution of “orphan” funds
by Gill Montia
Story link: MPs investigate reattribution of “orphan” funds
A committee of MPs has today begun a major inquiry into the way in which insurance companies are reattributing their surplus with-profits funds.
The money, which is sometimes referred to as an “orphan” fund, or inherited estate, is defined by the Financial Services Authority (FSA) “as the excess of assets maintained within the long-term fund over […]
AXA restricts access to commercial property funds
by Gill Montia
Story link: AXA restricts access to commercial property funds
AXA is the latest insurance company to restrict redemptions from its Life Property and Pension Property funds.
Around 100,000 investors have been told that they will have to give up to six months’ notice to withdraw savings from the funds, which invest in commercial property.
Certain transactions will not be affected; these include regular withdrawals, death claims […]
AXA expands in Russia with RESO-Garantia acquisition
by Gill Montia
Story link: AXA expands in Russia with RESO-Garantia acquisition
AXA, the French insurance group, is acquiring a 36.7% share of RESO-Garantia, the Russian insurance company, for $1.16 billion.
The transaction is expected to complete during the first half of 2008 and to be earnings enhancing within three years.
RESO is Russia’s second-largest insurer, with a 7% share of the domestic market. The company employs around 6,000 […]
Axa pilot project aims to close protection gap
by Gill Montia
Story link: Axa pilot project aims to close protection gap
AXA has launched a new training project aimed at helping independent financial advisers (IFAs) sell protection insurance.
The insurer has joined forces with Chisenhale Consulting, the sales training and development firm, to run a pilot programme that comprises a number of modules promoting the importance of client discussions on protection cover.
Participating IFAs will have the opportunity […]
AXA Launches Small Professionals Lines
by Stewart Douglas
Story link: AXA Launches Small Professionals Lines
Insurer AXA has today announced the creation of two new types of insurance cover, targeted to those small businesses operating without their own premises, in a bid to capitalise on the growing small business market.
The two new product lines will be fully automated, and encompass over 450 different small business trades which the company is […]
Motor fleet insurance sold in online auction
by Gill Montia
Story link: Motor fleet insurance sold in online auction
Direct Fleet Insurance (DFI), a new online company providing commercial vehicle fleet insurance, has been launched.
The business model is based on the principle of the online auction in that a fleet operator or broker will submit details of the fleet, and insurers will then proceed to “bid” for the policy.
During the process both buyers and […]
AXA launches My Budget Day
by Gill Montia
Story link: AXA launches My Budget Day
AXA, the French-based insurance group, is urging UK employers to support their staff by helping them take control of their personal finances.
The insurer has designated November 21st as My Budget Day and will be allowing its 12,000 UK employees one hour of working time to focus on their personal money management.
The move has the […]
AXA lobbies on insurance fraud
by Gill Montia
Story link: AXA lobbies on insurance fraud
AXA is lobbying politicians to gain support for the insurance sector’s ongoing fight against fraud, by focusing police resources on the problem.
The insurance group is one of a number of interested parties to have taken part in fringe meetings held during the Labour and Conservative Party Conferences at the end of September.
AXA is arguing that […]
Axa increases with profits bonuses
by Gill Montia
Story link: Axa increases with profits bonuses
Axa is increasing bonuses on its long-term savings policies in response to a period of strong investment returns.
Improved returns allowed Axa to increase rates twice during 2006 and the trend is continuing with further increases in rates of regular and terminal bonuses, in 2007.
Regular bonuses paid on Axa’s with-profits policies will increase by up to […]
AXA and AIG acquisitions
by Gill Montia
Story link: AXA and AIG acquisitions
Details of two acquisitions have been announced so far this week: AXA UK has acquired The Davis Group and AIG Europe has acquired Direct Travel Insurance Services.
AXA’s purchase of The Davis Group will strengthened its commercial business, which specialises in insurance for small and medium sized enterprises (SMEs).
It follows the group’s acquisition of Smart & […]
NU and Axa UK results present mixed bag
by Gill Montia
Story link: NU and Axa UK results present mixed bag
Norwich Union (NU) recorded decreased operating profit of £269 million for its general insurance business, in the six months to the end of June.
The figure, which compares with £561 million in the first-half of 2006, resulted in a combined operating ratio for the group of 102%, compared with 92% in the first-half of 2006.
Net […]
