AXA Insurance UK arm to cut 560 jobs

LONDON, June 11 (Reuters) - AXA Insurance, the UK arm of French insurer AXA (AXAF.PA), said it will cut 560 jobs over the next few months, up to half of which will be in the UK.

The insurer said on Thursday it had carried out a business review to streamline its operations.

"We must ensure we are growing the right areas of our business. To do this, we must move away from unsuccessful and unprofitable product lines and ensure our operating model is right," AXA Insurance Chief Executive Philippe Maso said in a statement.

Last month, the company's parent AXA posted a 2 percent fall in first quarter revenue but said it expected to have the flexibility to face the global recession. [ID:nL632361]. (Reporting by Rosalba O'Brien, editing by Leslie Gevirtz)