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Axa set for move into protection

Axa has signalled its intention to break into the protection market with the appointment of Iain Mallon as head of protection marketing.

Mallon&#39s appointment was confirmed in a press release last week which said he will be responsible for “spearheading the development of Axa&#39s new protection business”.

Despite this, the company says it is only considering entering the market and that Mallon&#39s role will be to consider the possibilities available.

Axa has a limited presence in protection with its multi-plan, the whole-of-life combined critical illness and life offering, a product IFAs say has long ceased to be competitive. It also sells LTC insurance through subsidiary PPP Lifetime Care.

IFAs say Axa should just go out and buy an existing player such as Swiss Life, due to shut its doors this month unless it can find a buyer.

Axa marketing manager Liz Pritchard says: “We have not launched anything but Iain is looking into the development of a new protection proposition. I am not aware of any moves towards buying anyone.”

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