AXA’s incoming group chief executive Thomas Buberl is due today to present his five-year plan to cut costs and boost growth, according to the Financial Times.
Buberl (pictured), who starts his new job at the French-based insurer in September, will present his plan ahead of an AXA investor day, due to be held in Paris tomorrow. His impending arrival has already resulted in a significant shakeup of AXA senior management.
His plan is likely to be an evolution of AXA’s most recent five-year project, Ambition 2015, which focused on growth, costs and cash generation, the FT said. When set out in 2011, Ambition 2015 aimed for 10% annual earnings growth. That target was later cut to 5%-10%, and the company achieved growth of 6.5%. The group also fell short of its €1bn target for underlying earnings from emerging markets, last year achieving only €517m.
“I expect continuity with the previous strategy,” Natixis analyst Benoit Valleaux told the FT, “but with an acceleration of the digital transformation.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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