Axa UK profit hit after 29,000 flood claims

Insurance group Axa today said a £223m (€292m) hit from floods and storms in the UK last year knocked nearly a third off annual earnings at its UK general and health insurance arm.

The firm said 2007 underlying earnings at the division plummeted by £83m (€108.8m) to £263m (€344.5m) after it was besieged by claims relating to the adverse weather, including more than 29,000 claims from the June and July floods.