Internal restructuring
Location of affected unit(s)
Financial Services
Financial And Insurance Activities
Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security
65 - Insurance, reinsurance and pension funding, except compulsory social security

105 jobs
Number of planned job losses
Job loss
Announcement Date
6 March 2023
Employment effect (start)
24 March 2023
Foreseen end date
31 December 2023


Axa Seguros insurance company has proposed a labour force adjustment plan (ERE) for 179 employees in Spain, representing 8% of the total Spanish workforce. The 30-day consultation period started on 21 February 2023 and will run until 23 March 2023. 

During the first meetings, the insurer has explained its proposal, based on the outsourcing of part of its activity in the existing company premises located in Seville, Palma de Mallorca, Tenerife, Cornella, Vigo, Madrid, Bilbao and Valencia. The company stresses that the adjustment plan is applied for organisational rather than economic reasons

Trade unions have underlined the importance of guaranteeing the voluntary nature of the adjustment plan. Also, trade unions have asked the company for a list of people who may leave the company and called for "more clarity" in order to guarantee a final agreement.

Updated (16th March 2023):

AXA and the unions have reached an agreement on conditions for closing the labour force adjustment plan (ERE). According to this agreement, the insurer did present its latest proposal with 105 early retirements, relocations and paid terminations. The proposal foresees different redundancy conditions for workers depending on their age and the number of seniority years in the company. Also, the agreement includes specific additional payments for those workers who may opt voluntarily for redundancy



Eurofound (2023), AXA Seguros, Internal restructuring in Spain, factsheet number 108611, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/108611.