Axa Re has positive 2005 despite €572m cat losses
French reinsurer Axa Re Group has recorded consolidated net income of €44m despite a record number of major losses cost it €572m and pushed the combined ratio to 114.8% from 100.9% a year earlier.
On a comparative basis, the group, which is now subject of a bid from reinsurance fund veterans Stone Point Capital, said that the net cost of major losses in 2004 amounted to €256m after reinsurance
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