AXA XL has drafted a plan for the future target operating model and organisational structure of the business, which includes the potential reduction of 711 positions in Europe.
The plan, which has been presented to representatives in France, Italy, Germany and the UK, forms part of the process to unite AXA XL’s constituent units into a single division.
This will involve the integration of AXA Corporate Solutions, AXA Matrix, AXA Art and XL Catlin.
The proposed job cuts would affect approximately 7.5% of AXA XL’s global workforce of 9500 employees, although the company explained that supporting measures will be put in place for affected staff, which may include internal redeployments or voluntary departures.
“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,” commented Doina Palici-Chehab, Chief Integration Officer of AXA Group.
Several teams have already begun working together following the completion of AXA’s acquisition of XL Group in September 2018, and AXA XL has recently begun transferring employees in Europe into a single employing company, as well as commencing plans for merging certain legal entities.
The new draft plan also proposes activities and synergies to support the division’s combined operations, and will be presented further on a country-by-country basis and discussed with social partners over the coming weeks.
“This is a very important next step for AXA XL in its journey to become a united division,” said Greg Hendrick, Chief Executive Officer (CEO) of AXA XL.
“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,” he added.
