The insurer’s new strategic plan emphasizes the profitability of XL, the commercial insurance entity acquired at great expense in 2018. Now focusing on organic growth, AXA expects to achieve 500 million euros savings over the next three years.
AXA plays the card of continuity and sobriety. More than two years after the acquisition of XL for $ 15 billion and at the end of a year marked by the Covid-19 crisis, the French insurer unveiled on Tuesday a new three-year strategic plan in the line of the previous one, focusing on internal growth, profitability of non-life insurance activities, development in healthcare as well as savings of € 500 million.
“I want us to focus first on organic growth”, insisted the boss of AXA, Thomas Buberl, during an interview with “Echos”. By presenting its “Driving Progress 2023” plan, AXA endeavored to show investors that the health and economic crisis had not called its strategy into question. On the contrary. At a time when insurers are faced with persistently low interest rates, “We are much less exposed than before to financial risks”, emphasizes Thomas Buberl.