Axa Insurance Australia is planning to transfer its remaining general insurance business to the French-owned Axa Corporate Solutions Assurance.

The local general insurer has not issued any new policies since 1999 in liability, property, engineering, home marine and motor.

In the six months to June 30 last year, there were 303 reported claims compared to 111 in the previous six-month period. Commercial vehicle claims accounted for 212 of the total number of claims. There were 26 large claims – those in excess of $250,000.

The capital base for Axa was $22.1 million at June 30 giving a solvency coverage ratio of 233%.

An independent actuarial report by Taylor Fry says the current solvency figure is well in excess of Axa’s target range of between $11.3 million and $14.2 million.

Actuary Win-Li Toh says the transfer will not have any material impact on Axa policyholders.

“While the solvency coverage reduces after the proposed transfer, we consider the liabilities to current and former policyholders of Axa and Corporate Solutions are expected to be well secured,” he said.

“We consider the benefit to Axa policyholders from the run-off claims having the security of ongoing and active management within Corporate Solutions outweigh the reduction in the solvency coverage.”

The Australian general insurer intends to apply to the Federal Court on June 18 for approval of the business transfer. If the proposal is approved, the amount being transferred will be $6.1 million, which will be used to cover Axa’s Australian liabilities.