(Bloomberg) -- Axa SA Chairman and Chief Executive OfficerHenri de Castries is leaving earlier than expected,handing over the post of CEO to Thomas Buberl as France’s largest insurersplits its top jobs.

De Castries, 61, will retire at the start of September, ending16 years at the helm of Axa, the Paris-based insurer said in astatement on Monday. Denis Duverne, currently deputy CEO, will bechairman. De Castries’s mandate was scheduled to last until2018.

Axa has grown into one of the world’s largest insurancecompanies under de Castries, building on its operations in Franceto the U.S. and Japan to expand in emerging markets such as China,Nigeria and Colombia. Axa’s net income rose 12% to 5.62 billioneuros ($6.3 billion) in 2015 and the company said it met itsfive-year financial goals and will present a new strategic plan inJune.

Axa has declined about 15% in Paris trading this year, thefourth-worst performance on the 36-member Stoxx Europe 600Insurance Index. The stock was little changed at 21.54 euros as of9:37 a.m.

De Castries is the front-runner to succeed Douglas Flint aschairman of HSBC Holdings Plc, TheSunday Times reported, without saying where it got the information.HSBC appointed De Castries as a non-executive director in November.The bank plans to nominate a successor next year for Flint.

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