Axa is to restructure its UK life and pension business radically in a move that separate all its sales and marketing functions across product lines.
The move follows a business review after Axa’s acquisition of Winterthur in June. The combined business will be split into divisions to deal with specific product lines, including wealth management, corporate business, protection, wrap and advisory services business.
The two brands are being retained, with Axa as the mass-market brand and Winterthur building on its high-net-worth business. Axa has not ruled out job cuts, after slashing 200 insurance roles in July, but says it may bring in some high-profile people to head some of the divisions.
Winterthur chief executive Mike Kellard stays in his current role and will also take charge of Axa Life’s wealth management business, individual pension and investment and international business. Kellard will also be building a new fund management proposition in a bid to raise Axa’s profile among IFAs.
Axa Life chief executive Paul Evans says: “This is primarily about refocusing our business. We think this new structure will give us an edge that maybe we do not have at the moment. The market will change more in the next five years than it ever has done before. These changes have been made in part as a response to what is happening in the market at the moment.”
The changes will take place from January 1 next year but Evans stresses there will be no changes to the Thinc Group.