The Tunbridge Wells-based agency is now in final contract negotiations after Euro was informed that it had not won the business earlier this week.
The appointment ends a six-month review process that was handled by Creative Brief and led by David Halston, Axa's head of advertising and sponsorship.
TBWA\London and VCCP made the original shortlist of four, but were knocked out of the contest last month.
WFCA will now be briefed with creating a new brand identity for the financial company's investment products, which include life-cover, insurance, pensions, healthcare and protection.
In September last year, the company concluded a pitch for its media business by splitting its planning and buying accounts between MPG and MindShare. The pitch had also included Carat and OMD Connect, the incumbent.
A spokesman for the French financial services company denied that a decision had been made and said that the position on the pitch was unchanged from a week ago.