Axa Ireland said yesterday it would maintain a freeze on recruitment but there would be no job losses in the Republic, following a major profit warning by its parent company in France.

The world's largest insurer said it expected net cash earnings to drop to €1.2 billion (£0.95 billion), well below forecasts and indicating a second half loss.

Axa announced it was cutting 525 jobs in the United States and that a hiring freeze would bring total job reductions to 670.