Europe’s second-biggest insurer is facing the need for radical change, but it is a hard time to do it
By PAUL J. DAVIES
High risks should bring high rewards. Europe’s second biggest insurer, Axa, is beginning a radical and risky overhaul of its business model and staff under a new, little-known chief executive, Thomas Buberl.
But the challenges for the industry are reflected in the fact that Axa’s new strategic plan has lower earnings-growth and return targets than its last one.
The industry may have little choice but to try to change how it…