PARIS (Reuters) French insurer AXA <AXAF.PA> is restructuring its Swiss business in a move that would hit its results in the short term, but is expected to give it more financial flexibility ahead of the $15 billion (10.59 billion pounds) acquisition of XL Group <XL.N>.
AXA, Europes second-biggest insurer by market value behind Allianz <ALVG.DE>, said it would make its Swiss Group Life insurance unit a semi-autonomous business focusing on small-to-medium sized enterprises (SMEs).
In addition to a 400 million Swiss francs ($419 million) hit to first-half earnings, AXA also said the new structure would result in a temporary reduction in its underlying earnings of around 20 million euros from 2019.
However, the ch…
Read the full article at: http://www.euronews.com/2018/04/10/insurer-axa-to-restructure-swiss-unit-ahead-of-landmark-deals