Axa UK reports earnings fall

Insurance giant Axa UK said today that underlying earnings fell 44% to £131m (€155.7m) in 2010 and warned that increases in personal insurance premiums are likely as the market seeks to restore profitability.

The business, which was restructured last year following the £2.75bn (€3.26bn) sale of its life insurance business to buy-out fund Resolution, says one in four families has an Axa product.