The UK advertising account, worth £22 million, will be handled by Grey Worldwide's Australian agency, which won Axa's ad account in that market last year.
Grey is said to have come up with a creative idea for Axa Australia that the insurance giant believes will work well in the UK, negating the need for a UK agency.
According to an Axa spokesman, the company feels it no longer needs a UK advertising agency.
JWT won the Axa account in 2003 in a shoot-out against DDB. TBWA\London, Publicis, BMP, WFCA Integrated and HHM were involved at an earlier stage.
The review was a winner-takes-all contest for the advertising for the company's three divisions Axa Sun Life, Axa PPP Healthcare and Axa Insurance.
JWT's last work for Axa includes sponsorship idents for an eight-month run of British drama on ITV3 as the French insurer aims to build on a successful 2004. Last year, Axa posted net profits of EUR13.7 billion.
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