Life Insurance Giants AXA have Pledged to Remain in UK Market

Resolution will now be taking control over AXA’s pensions, protection operations, and savings plans. They then plan to merge with company Friends Provident. This means jobs are on the line for many people working for any of these companies.

Resolution is trying to make £75 million annual savings this year and when the two companies combine this should be possible. Giving them about 40 percent of savings from sales and marketing.Job losses are targeted to the customer service departments, IT and facilities, and back office activities.

Few of the 2,800 employees of Friends Provident will be making the transfer to Resolution. Friends Provident also has a large amount of home workers who support the sales activity.

Paul Evans the chief exec of AXA Life will remain the UK deputy chief after the deal told the press: “Group chief executive Henri de Castries has reaffirmed his commitment to the AXA Wealth business.”

“The group remains committed to AXA Insurance and AXA PPP healthcare.”Evans also said that a percentage of the profits from the sale will be reinvested into AXA’s remaining UK businesses.  This will include Atlantic Quay in Glasgow which employs 300 staff members.

Asked about potential job losses, a spokesman for Friends Provident said: “It is too early to say what the impact might be on jobs. There are synergies to be drawn out but they are not all through jobs.”

John Tiner, chief executive of Resolution, said: “We see a strong pipeline of potential further consolidation steps which will help complete the company’s UK life project.”

“Could be bad news for some AXA employees who could be facing job loss”