AXA
French insurance giant with $150-176M invested in weapons manufacturers supplying Israel, despite divesting from Israeli banks after sustained activist pressure. Maintains investment exposure to defence contractors documented in Gaza operations.
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Material Risk Framing
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AXA's ESG commitments create significant hypocrisy gap: claims responsible investment while holding $150-176M in weapons manufacturers supplying Israel. Prior activist campaigns successfully forced divestment from Israeli banks.
Investments in weapons manufacturers create exposure to divestment campaigns targeting institutional investors. Pension funds and ethical investors may withdraw from AXA funds over complicity concerns.
Exposure under French Loi de Vigilance (Duty of Vigilance Law) which requires due diligence on human rights impacts. Similar companies have faced legal challenges under this legislation.
Sustained activist pressure at AGMs and through petition campaigns disrupts shareholder relations and corporate governance processes.
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Comparison Legend
Strategic Analysis
In-depth assessment of the company's position, vulnerabilities, and recommended approaches for effective engagement.
High severity, high vulnerability — campaigns with the best chance of making an impact
Learn about our methodology — companies are categorised based on severity (harm potential) vs strategic vulnerability (campaign leverage).
Why do these scores change?
Unlike static boycott lists, our targeting model is dynamic. This company's position on the matrix is re-evaluated continually as we verify new contracts, divestments, or policy changes. Your reporting directly impacts this score.
AXA represents a proven-vulnerable institutional target with demonstrated susceptibility to sustained activist pressure. The company's successful divestment from Israeli banks and Elbit Systems between 2018-2024 validates the BDS campaign model, while its continued $150-176M investments in weapons manufacturers supplying Israel creates a clear "hypocrisy gap" for engagement.
Key Leverage Points
- Proven Vulnerability: AXA divested from Israeli banks and Elbit Systems under pressure, demonstrating that sustained campaigns achieve results with this target.
- ESG Hypocrisy Gap: Claims responsible investment policy while holding $150-176M in weapons manufacturers (BAE, Boeing, Lockheed Martin) creates inconsistency that undermines credibility.
- French Duty of Vigilance Law: Subject to Loi de Vigilance requiring human rights due diligence, providing legal leverage for compliance demands.
- Shareholder Activism: April 2025 AGM confrontation demonstrates ongoing pressure through formal governance channels.
Evidence Summary
Research by Eko and Profundo (October 2024) documents AXA's $150.43M investments in 11 weapons manufacturers supplying Israel, including BAE Systems, Boeing, Lockheed Martin, Northrop Grumman, and RTX (Raytheon). BAE Systems has held active military export licenses to Israel since 2021 and produces the M109 howitzer capable of firing white phosphorus rounds. Boeing supplies Joint Direct Attack Munitions (JDAMs) repeatedly used in Gaza operations. The February 2025 "Boycott Bloody Insurance" report found AXA's weapons manufacturer holdings had increased to $176.7M.
Despite divesting from Israeli banks and Elbit Systems, AXA maintains substantial exposure to Israel's military operations through these supply chain investments. The "Don't Buy Into Occupation" database ranks AXA 22nd among top 100 European investors in Israeli settlement enterprise, with total exposure of $1.449B across companies involved in illegal settlements.
Engagement Strategy
Focus messaging on the ESG inconsistency: AXA divested from Israeli banks but retains weapons manufacturers with identical complicity. Target institutional shareholders, pension fund clients, and ESG-focused investors with evidence that AXA's responsible investment claims are undermined by these holdings. Leverage the French Duty of Vigilance Law framework to frame divestment demands in legal compliance terms. Continue AGM interventions and petition campaigns that proved successful in achieving prior divestments. The April 2025 AGM confrontation provides a template for sustained shareholder engagement.
Evidence & Sources
Verified sources including NGO reports, regulatory filings, and primary documents. Use these to substantiate your correspondence.
Shareholders challenged AXA executives at April 2025 AGM over investments in arms manufacturers accused of supplying weapons used in Israeli operations.
Open sourceFound AXA holds $176.7M in arms companies supplying Israel, contributing to $1.7B total from major insurers including Allianz, Aviva, and Zurich.
Open sourceResearch by Eko and Profundo found AXA holds $150.43M in shares and bonds across 11 weapons manufacturers supplying Israel, including BAE Systems, Boeing, Lockheed Martin, and RTX.
Open sourceDBIO ranks AXA 22nd among top 100 European investors in Israeli settlement enterprise with $1.449B invested in companies involved in settlements.
Open sourceAfter years of campaigning, AXA sold $20.4M in Israeli bank shares (Bank Hapoalim, Bank Leumi, Israel Discount Bank) between September 2023 and June 2024, proving vulnerability to sustained pressure.
Open sourceUpdates & Milestones
- Shareholder confrontation at AGM
Shareholders challenge AXA executives over arms manufacturer investments at Paris AGM.
- Arms investments exposed
Eko/Profundo report reveals AXA holds $150M in 11 weapons manufacturers supplying Israel.
- Israeli bank divestment complete
AXA sells remaining shares in Bank Hapoalim, Bank Leumi, and Israel Discount Bank.
- CEO acknowledges zero Israeli bank holdings
At AGM, AXA CEO confirms company has 'zero' direct or indirect investments in Israeli banks.
- Still holds major Israeli bank shares
Eko research shows AXA still holds $20M+ in three Israeli banks despite ESG commitments.
- Divests from two Israeli banks
AXA divests from Bank Mizrahi-Tefahot and First International Bank of Israel.
- Full Elbit divestment completed
AXA completes full divestment from Elbit Systems, Israel's largest military contractor.
- Partial Elbit divestment begins
AXA begins divesting from Elbit Systems following sustained BDS campaign pressure.