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  • January 2023
  • Case
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Thomas Buberl: Refounding AXA

By: Hubert Joly, Mihir Desai and Amram Migdal
  • Format:Print
  • | Language:English
  • | Pages:21
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Abstract

In 2022, AXA and its CEO Thomas Buberl faced new types of challenges, including systemic risks such as climate change, geopolitical instability, public health crises, and social tensions caused by economic risks. AXA was one of the world’s largest insurers. Since becoming CEO in 2016, Buberl had led a transformation to rebalance its portfolio toward property and casualty (P&C) insurance, reducing its exposure to financial-market risk. At a September 2022 Management Committee offsite, Buberl focused management’s attention on AXA’s “S” strategy—i.e., its social and societal role.

The case includes a history of AXA’s growth and transformation prior to and under Buberl’s leadership, including its adoption of the purpose: “to act for human progress by protecting what matters” and the vision “to transform AXA’s value proposition ‘from payer to partner.’” Also covered are AXA’s green business strategy to mitigate and adapt to the risks posed by climate change, new innovations, such as data platforms in commercial and health insurance, and AXA’s attempts to extend coverage to customers in emerging markets and low-income customers in developed markets.

Keywords

Change; Change Management; Transformation; Transition; Trends; Environmental Management; Climate Change; Ethics; Values and Beliefs; Finance; Insurance; Management; Management Succession; Risk Management; Organizations; Corporate Social Responsibility and Impact; Mission and Purpose; Organizational Change and Adaptation; Planning; Strategic Planning; Risk and Uncertainty; Society; Human Needs; Social Issues; Strategy; Adaptation; Business Strategy; Corporate Strategy; Insurance Industry; Europe; France; Paris

Citation

Joly, Hubert, Mihir Desai, and Amram Migdal. "Thomas Buberl: Refounding AXA." Harvard Business School Case 523-059, January 2023.
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About The Authors

Hubert Joly

General Management
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Mihir A. Desai

Finance
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  • Lessons from the Magnificent Seven and Other Remarkable High Growth Companies By: Hubert Joly and Kayti Stanley
  • Jamie Dimon’s 2024 Letter to JP Morgan’s Shareholders and the Role of Business in Society By: Hubert Joly
  • Living up to Purpose and Performance at Parker Hannifin By: Hubert Joly, Alicia Dadlani and Martha Hostetter
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