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350 Jobs set to go in Axa shake-up

Axa is undertaking a strategic review of its life and savings business which will result in around 350 jobs being cut.

In its interim results released last week, Axa UK earnings rose by 2 per cent from £183m in the first half of 2008 to £186m in the same period this year.

But the firm said that it would be looking to increase efficiency to ensure it comes out of the economic downturn in a stronger position and would review the life business, resulting in job losses.

UK life and savings underlying earnings increased by 75 per cent from £72m to £126m.

Global underlying earnings for the insurance giant were down by 26 per cent to £1.8bn.

Axa UK group chief executive Nicolas Moreau says: “Life and savings businesses continue to review their operations to reduce costs. I acknowledge that this involves making difficult decisions that have an impact on employees.”

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