We had positive discussions with the first two

Many said that Solvency II would change the economic model of insurers and weigh on their ability to invest in the long term. That ends the fifth impact study (QIS 5), in which about 70 of the market has participated and whose results will be published in March, the social risk inherent to the new prudential rules in the sector is for the first time singled out. In an interview with the "Echos", Daniel Vaulot, Secretary (CFDT), the European Committee of the Group AXA (CEG), expressed its concerns about employment and calls European politicians to have slight hand in the voting of the measures of the directive, intended to come into force on 1 January 2013.

Why EMC for AXA is interested now the Solvency II directive and its consequences

When the project was presented to us for the first time, in 2008, I must confess that it is passed a little above the head. In fact, we started to realize the potential impact of this reform through the assignment by AXA, this summer, the bulk of his life to the United Kingdom activity. We realized that there was a real problem and that we had not taken the folder social measurement. The variable of adjustment of Solvency II will be employment: we cannot accept it. Our duty is to measure the whole of the social consequences. The issue of employment is at the heart of the interventions of the delegates of all the countries represented in our proceedings.

Why make the connection between an assignment and the prudential insurance reform

The United Kingdom, which is a little of the group test lab, has led several reorganizations in recent years, with consequences on employment. This is part of conventional operations of the life of a company. But the surrender to the British Resolution, announced in June is anything other than of simple rationalization. We looked on what appears to be a strategic change of the group, which has always been pretty direct with us on the selected directions. So far, the objective was to be among the leaders of the markets where it is present. Today, the focus is on emerging countries, more pronounced way than before. Our belief is that all this is related to Solvency II, even if it has not been tells us officially. What direction said us, it could not remain inert to a reform that is likely to significantly increase capital requirements. In fact, all entities currently pass through the cost of their own funds. We launched a trial balloon to the European Commission and are 2,300 employees who expense.

What do you do

The EMC of AXA made contact with four of our MEPs - Pervenche Berès (PS), Jean-Paul Gauzès (UMP), Sylvie Goulard (Modem) and Patrick Canfin (Greens) - to raise awareness of the potential impact of Solvency II on employment. We had positive discussions with the first two. At the same time via the UNI Europa Finance Union, we have been invited to participate in meetings with the General Directorate of the domestic markets of the European Commission. The Commissioners were careful when we issued our fears about Solvency II. We are also taking place with the Social Development Agency (SDA), affiliate European Confederation of trade unions, which is the link between the Commission, members of Parliament and trade unions.

What is your goal

If the European insurers stall of life insurance in Europe to invest in Asia or in emerging countries, this will have consequences on employment. We hope therefore that European politicians shifting their position. Should the level of own funds to be calibrated to the time so customers can ensure without fear, while allowing European companies to conduct their fighting internationally by being sufficiently reasonable to ensure the protection of the employment in Europe. In short, we hope that they do "received too much calling the shots" when they will vote the measures of the directive, also to avoid any risk of distortion of competition to the benefit of the non-European insurers. In AXA, we ask an employment management and careers (GPEC) at the European level, to have guarantees about employment at this level.

Don't you be afraid to be instrumentalized by insurance groups, which tend to evoke Solvency II for any decision to increase tariffs, rationalization of cost or arbitration of assets

We do not have the feeling, in the present case, that AXA need to hide behind a tree to defend its strategy, which is the subject at each meeting of our instance of heated debate. It will not be able us be accused of not having sought to move the lines.