GOV.UK
AXA XL INSURANCE COMPANY UK LIMITED
Company number: 05328622
Reporting period:
1 January 2022
to 30 June 2022
This report was filed on 27 July 2022
and approved by Mark Cummings
Payment statistics
Average time taken to pay invoices: 65 days
Invoices paid:
- within 30 days: 55%
- in 31 to 60 days: 24%
- in 61 days or more: 21%
Invoices due but not paid within agreed terms: 21 %
Payment terms
Shortest standard payment period
7 days
Longest standard payment period
60 days
Standard payment terms
The Company’s standard payment terms for qualifying contracts are payment within 45 days from the date of the invoice.
Were there any changes to the standard payment terms in the reporting period?
Yes –
The Company’s standard payment terms for qualifying contracts changed from payment within 30 days from the date of the invoice to 45 days from the date of the invoice.
Although there were changes to standard payment terms during the reporting period, all payment terms are agreed in the relevant qualifying contracts.
Were suppliers notified or consulted about these changes before they were made?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
All payment periods stated above run from the date of the invoice. Although there were changes to standard payment terms during the reporting period, all payment terms are agreed in the relevant qualifying contracts.
Dispute resolution process
Suppliers should communicate any disputes or concerns to the business contact in the first instance. If the issue cannot be resolved at this level within a reasonable period, the issue will be escalated to senior management of the Company who will negotiate in good faith to resolve the dispute. If the dispute remains unresolved, more formal dispute resolution procedures shall be considered in accordance with contractual terms and/or the applicable law.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.No
Does this business offer e-invoicing in relation to qualifying contracts? This is where suppliers can electronically submit and track invoices. It’s not just allowing suppliers to email them an invoice.
Yes
Does this business offer supply chain finance? This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No