AXA Luxembourg has published its annual results for 2015, reporting an operational profit of €16.1 million and net result of €17.8 million on a turnover of €231.7 million, despite a difficult economic environment in which most industries showed dynamic growth.
General Insurance
In general (non-life) insurance, premium income for 2015 was €105.5 million, and private insurance premiums reached €69 million (up 4.4%): Car insurance premiums rose 4.9% and the new OptiHome residential insurance launched during the year resulted in an increase of 4.1% in premiums. In commercial insurance, premium income totalled €35.2 million.
Although 2015 saw an upsurge of serious claims (i.e. above €150,000) in volume and amount, claims below €150,000 reduced. The net result from non-life activities thus amounted to €6 million, an increase compared to 2014.
Life Assurance
In life assurance, primiums amounted to €126 million of which 60% related to investment products and wealth management.
Traditional savings products grew - despite the decline in rates on 1st July 2015 at 0.75% - by 4.7% and pension products showed a growth of 5.3%. Concerning commercial insurance policies. AXA remains a major player on the market and posted a growth in domestic premiums of 1.4% to €48 million. Internationally, revenue increased slightly by 0.2% following the development of solutions offering retirement and pension coverage for mobile and expatriate employees of multinational companies based in Europe.
Net profit for the year was €5.5 million.
Corporate Social Responsibility
During 2015, AXA Luxembourg launched the AXA Drive mobile app, promoting safe driving, and also promoted awareness of cyber risks by publishing a first guide of good practice on good digital sense. A new insurance product launched last year covers attack on identity protection, e-reputation, as well as litigation related to e-commerce.
Also, supported by it semployees, the AXA Atout Coeur initiative supported 15 charity initiatives in 2015.
