AXA's new CEO bets on digital for growth

[PARIS] French insurer AXA's next chief executive, Thomas Buberl, plans to focus on developing its digital business rather than large acquisitions to drive growth, he told the Financial Times newspaper in an interview published on Tuesday.

Buberl was named deputy CEO of AXA on Monday and is due to take over from departing boss Henri de Castries on Sept 1.

"There is a question over whether we should increase the size of the franchise or should we put focus on transforming the business model for a digital future," the FT quoted Mr Buberl as saying. "I think that digital should be our focus."

This strategy will be vital in a world where AXA's competitors might be Google and Facebook, Mr Buberl told the FT.

As for acquisitions, Buberl was quoted as saying that AXA would in future be "more focused on transactions that are smaller".

REUTERS