(Bloomberg) -- Axa SA is considering cutting 650 jobs in Belgium over the next two years, as Europe’s second-largest insurer overhauls its range of products sold in the country.
Axa Belgium has presented the plan to unions Monday, Jef Van In, head of the unit, said in a statement Monday. The reductions would represent 15 percent of its insurance employees in the country, where it also operates a banking network.
“Axa Belgium is solid today, and we need to carry out this transformation to remain so,” Van In said in the statement.
|Investing $223M in new technologies
As part of the plan, Axa’s Belgian unit will stop selling some individual life-coverage at the start of 2017 as it focuses on offering pension insurance and property-and-casualty products. The division will also invest 200 million euros ($223 million) over five years in new technologies to improve services for clients and brokers, it said.
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