Axa aims to slash Euros 196m (£122m) of costs in the UK.
It announced the cuts as it revealed its profits had fallen by a half.
Cash earnings were Euros 1.2bn (£745m) in 2001 compared to Euros 2.3bn (£1.3bn) in 2000.
Cash earnings exclude exceptional items and goodwill.
The earnings results were in line with the company's December profit warning.
The UK, which generates 16% of the group's revenues, is being targeted for the largest cost cuts of all the global group's operations.
This is despite unit costs in the UK being cut by 13% last year through new IT, cuts which brought down the number of products to 40 from 67 and cuts in staff numbers.
The UK cuts will account for 28% of the group's overall aim to slice Euros 700m (£435m) off its costs.
Boss Henri de Castries said the UK restructuring programme was "going according to plan".
But Axa's property and casualty operations in the UK lost Euros 42m (£26m) last year, the worst performance of any of the group's property and casualty operations.
Overall, the group will find two thirds of its savings from life and savings and one third in its property and casualty operations.
The combined ratio for property and casualty business in the UK was 117.3%, an improvement on 2000¹s figure of 126.7%.
The combined ratio shows claims and costs as a percentage of premiums.
The figures for both years reflected boosts to reserves that are now complete.
The UK property and casualty loss ratio was 77.5%, an improvement on 2000's figure of 80%.
This reflected the cost of floods in 2000 and showed the effects of strict underwriting and rate increases in the motor book.
The ratio of reserves to earned premiums in the UK was 201%, the same level as in 2000.
Overall the group's profits were dented by its estimated $600m (£422m) bill from the 11 September attacks, the decline in stock markets and the global economic slowdown.
