AXA Corporate Solutions, the specialised lines insurer within the AXA Group, showed a 8.2% growth in turnover in 2008.
AXA Corporate Solutions, the specialised lines insurer within the AXA Group, showed a 8.2% growth in turnover in 2008, reaching euros1.954bn, while underlying earnings were up by 16.8% at euros113m. The company says that, despite a tumultuous year in global economic and financial terms, most of the company"s lines of business remained steady compared with 2007. In particular, marine enjoyed significant growth (+14%) due to a high volume of new business both in hull and cargo insurance, and has now advanced from 18% to 21% of the company"s total turnover.
Patrick de La Morinerie, deputy chief executive of AXA Corporate Solutions and responsible for marine and aviation operations, said: ?We continue to strengthen our position in areas like marine, particularly in the Far East and emerging markets like India and the Emirates. The dramatic downturn in the shipping industry is affecting all marine insurers, whether hull, cargo or liability, and extremely difficult and challenging trading conditions lie ahead.?
?However,? he added, ?by expanding our range of insurance products, retaining dedicated and very experienced staff and offering ever higher levels of service to clients, we will be in a strong position to take advantage of opportunities when markets return to a more even keel.
AXA Corporate Solutions is one of the world"s top players in marine insurance and leads some 60% of the lines it writes. It covers approximately 25% of the world merchant fleet.
Broadly, in 2008, 25% of its marine business came from French clients, and 75% from the rest of the world. Major renewals of programmes were secured at the beginning of this year, Mr de La Morinerie reported - a very satisfactory outcome in view of the current situation.