AXA Insurance has confirmed that jobs are safe in Maidstone following its decision to axe 700 staff nationwide. The company is slashing its workforce by around a fifth over the next three years to make it more competitive.

It called the reorganisation "essential and unavoidable". Most of the jobs will go in Cardiff and Colchester. In a news release, the company said: "The job losses are not likely to affect Maidstone."

AXAI employs 21 staff in its commercial underwriting branch in Sittingbourne Road, Maidstone. Chief executive Peter Hubbard said: "What is driving this is the need to streamline our business as much as possible and cut out unnecessary costs. These changes should ensure AXAI has the right resources in all the right places - so customers can quickly and efficiently get exactly what they need."

AXA said it would be investing £100 million in the business over the next three years in a bid to achieve sales revenue growth of 30 per cent. Mr Hubbard said: "This strategy and the major investment supporting it should safeguard jobs for our people in the future by ensuring that AXAI becomes an even stronger player in an increasingly competitive marketplace."

AXA is one of the world's biggest insurers employing 140,000 staff worldwide. It also owns Sun Life and PPP Healthcare in Tunbridge Wells.