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Daily Insurance Industry News
Sunday 21st of January 2018
June 24, 2010

Resolution to merge AXA acquisition with Friends

by Gill Montia

Story link: Resolution to merge AXA acquisition with Friends

Resolution to merge AXA acquisition with Friends

Resolution Ltd’s acquisition of AXA’s UK traditional life and pensions businesses, confirmed today, has raised fears of significant job cuts.

According to reports, Resolution expects to achieve cost savings of £75 million over four years by merging the businesses with Friends Provident, which it acquired last year.

So far, AXA has announced that 2,200 employees will be transferred to Resolution on completion of the transaction, which is expected to take place in the third quarter of 2010.

AXA staff located in Bristol, Coventry and Basingstoke could be affected.

Yesterday, AEGON warned of job losses at its UK life and pensions business, which employs around 2,400 in Edinburgh, 670 at Lytham St Annes and 630 in sales roles across the country.

The Dutch insurer, which owns Scottish Equitable, is undertaking a restructure aimed at achieving 25% cost savings in the UK by the end of 2011.

 

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