Axa XL Syndicate 2003 reports 134% combined ratio for 2020 Catrin Shi 31 March 2021 Twitter LinkedIn Email Show more sharing options Share Close extra sharing options Twitter LinkedIn Email Copy Link URLCopied! Print Axa XL’s flagship Syndicate 2003 reported a loss of £334mn ($459mn) for the year as its combined ratio deteriorated by 23.8 points to 133.8% on Covid-19 losses and adverse development on long-tail lines. To unlock this article Register for a free 14 day trial Already a subscriber? Login now