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Axa Germany breaks habit of weak growth.
(From Lloyds List)
Byline: Herbert Fromme in Cologne
COLOGNE-based Axa Germany group has overcome its notorious weakness in growth, and has presented high increases in new business for 2003 and the first quarter of this year.
The insurance group's results also showed considerable improvement. However, the company still has to reduce the burdens left over from the stock market crisis.
Without [euro]350m ($427m) in fresh capital, which the Paris-based parent company transferred in the form of a subordinated loan at the end of 2003, Axa Germany would not have met the European Union group solvency requirements, admitted chief executive Claus-Michael Dill.
However, this made no difference to his satisfaction about business growth, clear cost reductions and the increase in profits. 'The net combined ratio fell 10.5 percentage points to 95.2%,' said Dr Dill. 'We are now reaping the results of our work over the ...
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