European Union
Location of affected unit(s)
France, Italy, Germany, United Kingdom
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

711 jobs
Number of planned job losses
Job loss
Announcement Date
12 February 2019
Employment effect (start)
1 April 2019
Foreseen end date
31 December 2019


The Bermuda-based insurer and reinsurer Axa XL has announced a reorganisation plan that will lead to to cut 711 jobs in Europe. The job reductions, which represent 7.5% of the company’s global workforce of 9,500, come five months after the French insurance group Axa bought  XL Group. The reorganisation will affect the newly combined businesses in France, Italy, Germany and the United Kingdom, that will merge into one structure.

The company expects to cut 275 positions in the U.K., 222 in France, 140 in Germany, 41 in Italy and 33 in other European countries as part of the consolidation plan. The job cuts may include internal redeployments or voluntary departures. According to AXA XL (Press release), 'a draft plan for the division’s target operating model and organizational structure was presented to employee representatives in countries where formal consultations are applicable. This includes France, Italy, Germany and the UK. In addition to proposing a new target operating model and organisational structure, the plan proposes activities and synergies to support the division’s combined operations. It will be presented further on a country-by-country basis and discussed with social partners over the coming weeks'.



Eurofound (2019), AXA XL, Merger/Acquisition in European Union, factsheet number 96726, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/96726.