AXA XL to cut 711 jobs in Europe as it begins major restructuring

Re/insurer AXA XL will slash 711 jobs from its European businesses as part of a major restructuring plan following its integration with the  XL Group.

After the closing of the acquisition last September, AXA XL began transferring employees in Europe into a single employing company at the beginning of February. It also commenced plans for merging certain legal entities including AXA Corporate Solutions, AXA Matrix, AXA Art and XL Catlin.

The company said the integration has seen "tangible business wins as a result of going to market with a stronger proposition".

The re/insurer now seeks to implement the next phase of integration in order to redefine what it calls its working processes.

This could mean a potential reduction of 711 positions in Europe (including France, Italy, Germany and the UK), out of a total workforce of 9,500 employees globally. The re/insurer said it will put supporting measures in place and may include internal redeployments or voluntary departures, depending on local social requirements or practices.

As part of its plan, the company is combining divisions that were previously separate. In addition to proposing a new target operating model and organisational structure, the plan proposes “activities and synergies” to support the division’s combined operations.

“This is a very important next step for AXA XL in its journey to become a united division," said AXA XL CEO Greg Hendrick. "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.”

Doina Palici-Chehab, chief integration officer of AXA Group, added: “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.”

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