The Swiss unit of Axa increased its profit in 2019 as its main business expanded. The combined ratio dropped.
The Swiss business of Axa, based in Winterthur, is satisfied about the result in 2019, which it presented on Thursday (release in German). Net income rose 0.6 percent to 821 million Swiss francs ($836 million). The global company generated a profit of 3.86 billion euros (4.1 billion francs).
The property and casualty insurance volume increased 2.4 percent to 3.6 billion francs. The business with corporate clients grew above average at a rate of 4 percent.
Changes to Occupational Pensions Product
The company said that it managed to lower the combined ratio to 87.1 percent from 88.3 percent due to lower claims.
As the Swiss business changed the business with occupational pensions, premiums in this segment fell by two thirds to 2.1 billion francs. In the private pension provision business, the business volume was stable at 1.03 billion francs.
More Jobs Created
Axa said that the health care insurance launched in 2017 had been well received by the market and increased premiums three-fold to 18 million francs.
The growth of the company was reflected by a 2.1 percent increase in jobs at the firm. It has 4,110 full-time-equivalents in Switzerland (the Axa group has 171,000 members of staff).
