Business · Companies · 3 hrs ago
Santander receives €620 million refund from AXA in UK insurance dispute
Santander received about €620 million from AXA in a long-running insurance dispute in the United Kingdom.
The payment followed a UK appeals court ruling in September that favoured Santander, reversing an earlier decision that had led the bank to pay AXA.
The dispute began in 2017 over responsibility for compensation and costs tied to payment-protection insurance policies issued before 2005.
AXA has repaid part of the money, but the sides still disagree over other amounts owed to Santander.
AXA has asked for permission to appeal to the UK Supreme Court, and a decision on that request is expected in the final quarter of 2026.
The Supreme Court appeal could determine the next stage of the case if permission is granted.
Santander has received a provisional €618.9 million refund from AXA after a UK appeals court ruled in the bank’s favour in an insurance dispute.
The payment, made on 5 October, was 525 million pounds and returned money Santander had paid AXA after an earlier ruling.
The dispute concerns responsibility for compensation and costs linked to payment protection insurance policies issued before 2005.
AXA has asked for permission to appeal to the UK Supreme Court, with a decision on that request expected in the final quarter of 2026.
The refund does not include other amounts the sides dispute, which may be referred to a court if they cannot agree.
- Who
- Santander and AXA are the parties to the dispute.
- What
- AXA made Santander a provisional refund of 525 million pounds, or €618.9 million, after an appeals court ruled in the bank’s favour.
- When
- AXA made the payment on 5 October 2026.
- Where
- The dispute is being heard in the United Kingdom.
- Why
- The sides disagree over responsibility for compensation and related costs for payment protection insurance policies issued before 2005.
Santander
AXA
Responsibility for costs
Santander
Santander challenged an earlier ruling that had favoured AXA, and the UK Court of Appeal ruled in Santander’s favour.
AXA
AXA had initially won a UK commercial court ruling and has sought permission to appeal the appeals court decision to the Supreme Court.
Outstanding amounts
Santander
Santander says other amounts remain due, though their calculation is disputed.
AXA
AXA and Santander disagree over the calculation of those amounts.
Disagreements between Santander and AXA began over responsibility for compensation and costs linked to a portfolio of payment protection insurance policies.
The UK Commercial Court issued an initial ruling in favour of AXA, after which Santander paid the insurer.
The UK Court of Appeal ruled in favour of Santander on its appeal.
AXA made Santander a provisional payment of 525 million pounds.
AXA applied to the Court of Appeal for permission to appeal to the Supreme Court.
- Refund
- 525 million pounds (€618.9 million)
- Policies
- Payment protection insurance policies issued before 2005
- Dispute began
- 2017
- Santander’s earlier payments to AXA
- 677 million pounds (€810 million), including compensation and interest
- AXA appeal application
- 13 October 2026
What people are saying
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