AXA Sun Life

Type
Internal restructuring
Country
United Kingdom
Region
Location of affected unit(s)
Bristol, Coventry
Sector
Financial / Insurance/ Estate
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
65 - Insurance, reinsurance and pension funding, except compulsory social security
350 jobs
Number of planned job losses
Job loss
Announcement Date
16 March 2006
Employment effect (start)
Foreseen end date

Description

Insurance giant AXA Sun Life is to cut 350 jobs in a bid to reduce costs. The losses will be felt at Bristol and Coventry in its life insurance, pensions and investments arm. Chief executive Paul Evans said they were working closely with staff unions and hoped the majority of the jobs would go through voluntary redundancy. Despite new business increasing by 16% last year and investment in new technology, profits had remained 'flat', he said.

Citation

Eurofound (2006), AXA Sun Life, Internal restructuring in United Kingdom, factsheet number 63141, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63141.