Insurance company will add 550 new jobs in Charlotte, NCAll Articles
French insurance company AXA plans to hire 550 new workers in Charlotte over the next five years, nearly doubling its local presence in the latest boost to the local financial sector.
The company plans to invest approximately $18m to expand its current location in University City’s Innovation Park in Charlotte, making it AXA’s largest location in the U.S. The U.S. Corporate Headquarters for the company will remain in New York City. AXA’s expansion is made possible in part by a state Job Development Investment Grant. Under the terms of the grant, the company is eligible to receive up to $11.8m in total tax reimbursements over 10 years. AXA must prove that the jobs have been created and meet other performance requirements in order to receive the total award.
AXA’s expansion is one of the larger jobs announcements in the Charlotte area lately, adding to a financial services scene that is best known for big banks such as Bank of America and Wells Fargo but also includes firms such as TIAA, LPL Financial and LendingTree.
AXA will bring a variety of jobs to Charlotte, including IT, finance, legal, accounting, customer service, HR and other functions that will support growth of the company’s business. Salaries will vary by position, but the annual payroll for the new jobs will exceed $60m. Mecklenburg County’s overall average wage is currently $62,741 per year.
In business since 1859, AXA provides life insurance, annuity and financial products and services. Globally, AXA has approximately 107 million clients in 64 countries. AXA currently employs about 575 people at its Charlotte operations center, primarily in life operations, customer service, new business, sales, marketing, training, human resources, underwriting, finance and technology. In 2013, it relocated operations from Ballantyne to Innovation Park in University City.
AXA’s state grant is contingent on incentives from Charlotte and Mecklenburg County. Local incentives are under consideration, but there has not been a public hearing scheduled yet to consider them, according to Kevin Dick, the city’s economic development director. By law, JDIG projects must result in a net revenue inflow to the state treasury over the life of the award. For projects in Mecklenburg and other Tier 3 counties, 25 percent of the eligible grant is directed to the state’s Industrial Development Fund – Utility Account to help finance economic infrastructure in rural counties. The AXA expansion could provide as much as $3.94m in new funds for the Utility Account to help rural areas.
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