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Axa results hit by UK life sale

Global insurer Axa reported a 24 percent year-on-year drop in net income to EUR2.7bn for 2010, due to a one-off EUR1.6bn loss on the sale of its UK life business.

Axa said that net income excluding this disposal was up 18 percent to EUR4.4bn.

The P&C division's underlying earnings were down 2 percent year-on-year to EUR1.7bn on a slight 0.2 points deterioration in its combined ratio to 99.1 percent.

In contrast to globally focused specialty P&C (re)insurers, Axa's catastrophe loss experience was better in 2010 than 2009, when it suffered from European winter losses.

However, adverse reserve developments added 2.2 points to the ratio.

P&C investment income was stable at EUR2.1bn, while revenues were up 1.3 percent to EUR27.4bn.

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