More British people are cancelling their health insurance cover, according to figures from an insurance provider.

Figures from the UK's second largest health insurance firm, AXA UK, has revealed that there has been a fall in the sale of domestic private medical insurance (PMI) with more Brits cancelling their health insurance cover.

AXA UK stated that despite a growing number of Brits cancelling their cover as a bid to save more during the financial downturn, the healthcare trading performance remains strong due to both direct and intermediated sales channels.

Nicolas Moreau, the group chief executive of AXA UK, said: "We are continuing to transform AXA UK to operate with increased efficiency and effectiveness and ensure that we come out of the market downturn fitter and stronger."

However, the insurance provider stated that over 300 jobs may need to be axed within its life insurance sector in order to streamline the business.

In a statement AXA said: "The life business is undertaking a strategic review of its operations which will result in the loss of around 350 roles subject to union consultation."

Moreau added: "The life and savings businesses continue to execute successfully their strategy while reviewing their operations to reduce their cost base significantly, which I acknowledge also involves making difficult decisions that impacts on employees."