French insurer Axa is restructuring its Swiss business in the face of low interest rates and tougher regulation in the country.
The Swiss unit, Axa said, will be revamped so it can hold less capital and adopt a riskier investment strategy that would enable it to offer clients better deals.
The group explained:
Ongoing low interest rates in recent years and strong regulatory requirements in Switzerland have resulted in full-value insurance becoming increasingly lower value for money for corporate clients and their employees.
It added the restructure would help it escape a situation where the Swiss requirement for life insurers to main…
Read the full article at: https://www.ft.com/content/39ccc766-3c87-11e8-b9f9-de94fa33a81e