The review, which is being handled by Creative Brief, encompasses all the financial-services group's brands, including Sun Life Direct.
Initially, the review will affect the creative, direct and digital and media buying accounts. AXA will then look at its PR, sponsorship and events business, as well as its strategic agency arrangements.
Team Saatchi, which is the incumbent on AXA's £15m UK ad account and picked up the business in May 2008, will not be affected by the review. AXA's media business is handled by MindShare; other agencies working with AXA include Bray Leino, McCann Erickson Bristol and WFCA.
An AXA spokeswoman said: 'AXA's cost base is under constant review, which is why we have taken firm action to manage the business effectively and efficiently.'
The review will take the rest of 2009 to complete with all appointments made by the fourth quarter of this financial year. In 2008 AXA UK spent £37m across all media, according to Nielsen.
Soon after the appointment of Team Saatchi to the AXA account, sister agency Saatchi & Saatchi parted company with Standard Life claiming it presented a conflict of interests. The £7m business was subsequently handed to VCCP.
In November, AXA launched an online campaign to support its annual 'My Budget Day'.
The initiative is intended to encourage people to spend an hour a month on financial planning.
A supporting campaign created by digital agency E3 featured a dedicated microsite.