Axa boss quits for the Prudential

The chief executive of Axa is stepping down to join rival life assurance firm Prudential.

Mark Wood has been chief executive of the group for four years and will join Prudential on June 21.

In December, Mr Wood oversaw Axa's victory in a High Court battle to retain control of its £1.7bn orphan assets.

Due to the outcome the surplus funds which were accumulated more than 30 years ago will be used for future expansion rather than be distributed among policyholders.

Anthony Hamilton, Axa chairman, has wished Mr Wood well in his new position.

He says Mr Wood has overseen a period of change and expansion, including the integration of Axa Equity & Law into Sun Life and Prudential Holdings, as well as the acquisition of Guardian Royal Exchange.

He added: "I believe that Axa UK is better positioned than ever to implement our identified strategy for the years ahead."