AXA announced that Claude Bébéar, its founder and honorary chairman, has passed away at the age of 90.
In less than one generation, Claude Bébéar transformed “a small mutual insurance company in Normandy into a global insurance giant,” said Antoine Gosset-Grainville, chairman of the Board of Directors of AXA, commenting on Bébéar’s legacy.
Bébéar entered the insurance industry in 1958 with Anciennes Mutuelles d’Assurance group in Rouen, France. He worked his way through various divisions of the company until 1975 when he became CEO. That same year, he created the Ancienne Mutuelle de Réassurance: AMré, which became AXA RE.
In 1978, the Anciennes Mutuelles became Mutuelles Unies, while Mutuelle Parisienne de Garantie, a property/casualty insurance company on the verge of bankruptcy, joined the group.
In 1985, the name AXA was created and Bébéar relinquished operational management of the insurance companies to become chairman and CEO of the group.
After a series of property/casualty and life insurance acquisitions, AXA became the second largest French insurance group by 1988 and went on to grow internationally in the 1990s. In November 1996, UAP joined the ranks of AXA Group – a merger that doubled its size in France and created a sizable presence in Great Britain, Belgium and Germany.
In May 2000, Bébéar handed over the chairmanship of the AXA Management Board to Henri de Castries and became chairman of the Supervisory Board. At that time, AXA had revenues of €80 billion and 50 million customers, served by 140,000 employees worldwide.
“AXA is one of the world’s largest insurance groups, with significant diversification by line of business and geography, and leading positions in many developed and emerging markets,” said AM Best in an October 9 ratings announcement.
AXA was ranked the sixth largest insurer globally in terms of assets in 2023, the latest figures available from AM Best.
Bébéar had been honorary chairman of AXA since April 22, 2008 and was also honorary chairman since 2015 of the Institut Montaigne, an independent political think tank, which he founded and chaired.
Bébéar was born on July 29, 1935. Before joining the industry, he was a graduate of the Ecole Polytechnique (class of 1955) and the Paris Institute of Actuaries.
AXA said Bébéar’s funeral will be private. However, his family will soon share, in coordination with AXA and the Institut Montaigne, their wishes for those who would like to send messages or pay tribute to the memory of Bébéar.
AXA executives, past and present commented on Bébéar’s legacy:
Antoine Gosset-Grainville, chairman of the Board of Directors of AXA, said: “It is with deep emotion that we have learned of the passing of Claude Bébéar. Vision, boldness, service, Claude Bébéar embodied all the qualities of an exceptional entrepreneur. His spirit of conquest has been the driver of one of the greatest economic successes of the past 50 years, transforming, in less than one generation, a small mutual insurance company from Normandy into a global insurance giant. The Board of Directors, the Management Committee, employees, agents, and all those who participated in the AXA adventure join me in offering our most sincere condolences to his children and loved ones.”
Thomas Buberl, chief executive officer of AXA: “This is a very sad day for AXA. On behalf of all our employees, I would like to pay tribute to the memory of Claude Bébéar and express our heartfelt gratitude once again for all that he has accomplished. Beyond the group’s extraordinary economic success, Claude proved to be a pioneer and visionary in his ability to create a unique culture, based on a strong entrepreneurial spirit and an acute awareness of the company’s role in society. Today, this culture continues to permeate our organization and inspire our employees and agents on a daily basis throughout the world. It is what makes AXA a group with a unique identity.”
Henri de Castries, chairman & chief executive officer of AXA (2000-2016): “With the passing of Claude Bébéar, an important page in the history of French capitalism is turning. He was a trailblazer and visionary leader, but also a generous and demanding mentor for several generations of executives. France has lost an emblematic figure, a pioneer who embodied what companies are about in the 21st century, by combining global ambition and support of local communities. All those who had the chance to work alongside him are and will remain deeply marked by his legacy.”
Photograph: AXA branding. Photo credit: Marco Bertorello/AFP/Getty Images
Topics AXA XL
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