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Life insurance provider AXA announces job cuts

Some 350 people are to be made redundant by the protection giant AXA, whose products include life insurance policies.

The company has announced the job cuts in its UK life operations based in Basingstoke, Coventry and the Isle of Man in a bid to save £150 million following a revision of the previous target of £80 million.

Axa UK Group chief executive Nicolas Moreau explained that "the insurance business's focus on driving profitability is starting to show some positive signs in a number of sectors".

These include healthcare, which he said "is now performing strongly", as well as the life and savings operations, which "continue to execute successfully their strategy while reviewing their operations to reduce their cost base significantly".

The development highlights the volatile job market, which underscores the importance of consumers looking at ways of protecting their earnings.

Income protection insurance and accident, sickness and unemployment cover are some of the life insurance products that can be used to achieve this.

Taking out this cover is especially recommended for those with dependants because it guarantees a source of income until a new job comes along.

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