The board of AXA unit Axa España approved moving the headquarters of life insurance and pensions divisions Axa Vida and Axa Pensiones to Bilbao from Barcelona, Europa Press reported.

AXA España said the decision to move to Spain's Basque Country from Catalonia was motivated by the need to guarantee legal security and protect the interests of its clients, shareholders and employees amid the current Catalan independence movement, according to the Oct. 11 report. The AXA unit reportedly said the move will not affect its employees or product offerings.

Spanish insurance firm Grupo Catalana Occidente SA recently said it would transfer its registered office to Madrid from Catalonia.