Axa, the French insurance company, promoted the chief executive of its Swiss unit to the management board of the group. The insurance executive will take charge of the European business.
Antimo Perretta, 54, was appointed to the executive committee of Axa insurance company, where he will be responsible for the European unit. Perretta was chief executive officer at Axa Winterthur, a position that now has become vacant.
As head of Europe, Perretta also becomes chairman of Axa Winterthur, a position currently held by group CEO Thomas Buberl – a former Winterthur executive himself.
Importance of Winterthur
Perretta is due to take charge of his new duties in January 2018, according to a statement by the company today. Fabrizio Petrillo, head of property and casualty, will take over from Perretta on an interim basis.
Within the Axa group, Perretta will also remain responsible of the Swiss business, together with Belgium, Germany, Ireland, Italy, Spain and the U.K. He reports to Buberl.
The appointment makes evident how important the Swiss unit has become for the French insurance giant. Axa Winterthur has contributed substantially to the company’s profits during difficult years with tough competition.
End of a Proud Era
In Switzerland, the company has a premium volume of about 11 billion Swiss francs, and 4,000 employees.
Axa under the guidance of Buberln is readjusting its business, focusing on digitization and a reduction of operating costs. The CEO aims to save 2.1 billion euros a year by 2020. He also plans to spend as much as 1 billion euros on acquisitions a year.
In Switzerland, Perretta has lived up to expectations, lowering the headcount steadily while spending about 100 million francs a year on the digital transformation. Meanwhile, Axa has decided to away with the Winterthur, effectively ending a proud era of the Swiss financial services industry.
