In a statement released by the firm today, Axa Insurance chief executive Philippe Maso said a reduction in roles was needed to ensure that the firm was in the best shape possible moving forward.
Of the job cuts, no more than half will be redundancies in the UK. Axa Insurance says is has attempted to reduce the impact on employees by focusing the role reduction on natural attrition and where possible offering redeployment opportunities.
Maso said: “Over the last year I have communicated a lot about my strategic priorities and my intention to review our business activities to focus on customer-centricity, ownership and profitability.
“Today, I am announcing important changes in our business which are a necessary step towards profitability. We must ensure we are growing the right areas of our business. To do this, we must move away from unsuccessful and unprofitable product lines and ensure our operating model is right.”