(Bloomberg) -- Axa SA isconsidering cutting 650 jobs in Belgium over the next two years, asEurope’s second-largest insurer overhauls its range of productssold 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 wouldrepresent 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 thistransformation 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 someindividual life-coverage at the start of 2017 as it focuses onoffering pension insurance and property-and-casualty products. Thedivision will also invest 200 million euros ($223 million) overfive years in new technologies to improve services for clients andbrokers, it said.

Paris-based Axa has just completed a major management shake-up.Thomas Buberl, 43, officially became chief executive officer lastweek as Henri de Castries retired after 16 years at the helm.Buberl has announced goals to increase profitability through 2020by seeking 2.1 billion euros of cost cuts and growing digitalspending.

Related: Axa targets $2.4 billion cost custs by 2020, weighsacquisitions

Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.