AXA XL, a division of French insurance giant AXA, will cut nearly 711 jobs from its European businesses as part of its restricting effort.
The latest job cut follows AXA’s acquisition of Bermuda-based property and casualty commercial lines re/insurer XL Group in September last year. AXA paid around $15.3bn for XL Group.
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As per the plan, AXA XL will merge AXA Corporate Solutions, AXA Matrix, AXA Art and XL Catlin, to become a united AXA XL division.
AXA XL jobs at risk
The planned cuts are expected to affect about 7.5% of AXA XL’s workforce of 9500 employees across the globe.
The company said that it will provide support to affected staff including internal redeployments or voluntary departures.
AXA Group chief integration officer DoinaPalici-Chehab said: “Consistent with AXA’s long-term responsible employer strategy, AXA XL is committed to supporting its employees through the change period, and every effort will be made to assist them.”
AXA XL said that after completion of the acquisition, several teams have already started working together.
In Europe, AXA XL started transferring staff into a single company in February and also commenced plans for merging certain legal entities.
AXA XL CEO Greg Hendrick said: “This is a very important next step for AXA XL in its journey to become a united division. This proposed target operating model and organisational structure will help us to deliver the best services to our customers and provide them with the innovative solutions they need to succeed.”
Now, AXA XL is moving to complete the next phase of integration, which will include a new target operating model and organisational structure.
Additionally, it will cover proposes activities and synergies to support the division’s combined operations.
The plan, which will be presented further on a country-by-country basis, will be implemented following discussions with social partners.
