Axa UK announces board changes following sale of life business

Friday, June 25, 2010

Insurance giants Axa have announced a significant number of changes to their management structure, following their decision to sell their life and pensions division in the UK. The sale of the business to Resolution for 2.75bn has led to a major restructure of their top staff.

The most significant changes affect top management, including the CEO of Axa Life (Paul Evans), who will now become the UK deputy CEO. Axa Insurance’s current Finance Director Jean Drouffe will be moving to a position as group finance and risk director, and Ian Robinson who currently holds this position will be taking on a new position as Axa group global head of internal audit, based in Paris.

Mike Kellard has been announced as the new CEO of the Axa Wealth division, and will take up a seat on the UK board of the organisation.

Axa has issued a statement concerning the new structural changes: “Axa UK will retain and invest in Axa Wealth to achieve a leadership position for its wealth management business comprising its wrap platform, Architas Multi-Manager, Axa Wealth International and the Axa Winterthur pensions operations as well as its bancassurance business, the Sun Life Direct business and Bluefin Advisory Services. Together, these retained businesses will continue to employ around 3000 in total.

"Axa's other UK businesses - general insurance, healthcare and Bluefin which provides financial solutions and insurance to individuals and companies - are not part of the sale and will continue with their long term growth plans underlining Axa's commitment to the UK."

These changes are considered by industry experts to have been taken in order to assist the firm’s continued growth in wealth management services. Axa has a strong strategy for developing their UK business in line with the life industry’s ongoing changes.