AXA XL Reduces Workforce in Europe
AXA’s business insurance division will end 275 positions in the UK, 222 in France, 140 in Germany, 41 in Italy, and 33 more across the rest of Europe. The move is a step in the integration of XL Catlin, AXA Corporate Solutions, and other AXA entities into AXA XL.
In typical AXA fashion, the merger proceeds at high speed. The acquisition of XL Catlin was announced in March 2018, the new brand name in July and the deal was completed in September 2018.
Synergies from the merger in November 2018 were estimated by AXA to be close to EUR 500 million. Depending on the exact type of positions eliminated, the annual savings arising from the cuts in Europe can be estimated to be in the EUR 40-50 million a year range, still a long way from total expected synergies.