French insurance group Axa has reported a 150% increase in net profits for last year.
Net profit came in at €2.5 billion, in line with expectations, compared with €1 billion in 2003.
A group statement quoted chief executive officer Henri de Castries as saying: '2004 has been a very good year, with all businesses performing well and now on a path towards profitable growth.'
The company did not give a breakdown for its Irish business, but said competitiveness in motor insurance had significantly increased, leading to a fall in average premiums.
