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 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 reduc…
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