Axa targeting €2.1bn cost cuts by 2020 in global overhaul plan

Axa, France’s largest insurer, plans to increase profitability through 2020 by seeking €2.1bn of cost cuts and growing digital investments to tap rising demand for policies protecting savings and health. The firm may also seek acquisitions to boost growth.

Axa is targeting an adjusted return on equity, a key measure of profitability, of 12%-14% between this year and 2020, the Paris-based company said in a statement yesterday.

Underlying earnings per share are expected to rise 3%-7% annually over the period, the insurer said.