Axa, the French insurance group, announced head office cost cuts and a management shake-up as it confirmed its financial targets at an investor day on Tuesday.
The company said it would cut head office costs by as much as 25% that it hopes will save about €300m a year.
Chief executive Thomas Buberl set out plans for growth in health, property and casualty insurance, and to concentrate its operations in key growth areas where it has scale and potential - concentrating on fewer countries.
“AXA is well on track to achieve its Ambition 2020 targets, and is taking important steps towards making the group simpler for all our stakeholders, and to foster growth,” Buberl said.
He added: “Our reliable and sustainable cash generation capacity supports our investment for growth and sustained attractive dividends.”