2005
(04/02/2005) AXA announces restructure
AXA Insurance has announced a restructure of its organisation to further put the customer and 'profitable' growth at the heart of our business. The business will now be divided into four core operational units:
Distribution - To help achieve its growth ambitions AXA has taken the decision to merge its personal and commercial lines distribution functions. Combining the two functions allows it to build upon and spread its strengths more widely across the combined distribution business. The new combined function will be headed up by Mark Cliff who will become distribution director.
Customer Operations - This function has been enhanced to ensure there is a common approach to how service strategy and standards for both personal and commercial customers are set and monitored. AXA will continue its drive to be easiest to do business with and provide efficient low cost service across the business. Andy Fairchild will remain as customer operations director.
Corporate Development - This function will focus on the growth of the business and will enable the organisation to become more innovative and customer focussed. The division will incorporate strategic marketing, strategic development and marketing support functions and is designed to ensure that customer needs are met. Paul Bridge will become the new corporate development director.
Underwriting - The underwriting function will now sit as a distinct and separate function. Over the past two years, AXA has broadened its product offer and this more focussed approach will put the organisation to better build upon its strengths across its existing portfolio and develop new lines. Roy Watkinson is acting as underwriting director on an interim basis.
Peter Hubbard, chief executive officer, AXA Insurance comments: “I believe these changes will put the customer and 'profitable' growth at the heart of our business and enable us to achieve greater focus and clarity of our position both in the market and with customers.” These new changes are effective from 4 February 2005. AXA will be making further announcements regarding the detail of this new structure over the coming weeks.
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About AXA
AXA is a worldwide leader in financial protection and wealth management, with major operations in Western Europe, North America and the Asia/Pacific area. AXA employs 117,000 staff and tied agents and, as of 30 June 2004, had €827 billion in assets under management. AXA reported total revenues for first half 2004 of €37 billion and underlying earnings of €1,436 million.
AXA ordinary shares are listed on the Paris Stock Exchange; AXA American Depositary Shares (ADSs) are listed on the NYSE under the ticker symbol AXA.