Report: AXA Profiting Off Genocide

A new investigation has uncovered that French Insurer AXA has at least $150 million of investments in eleven weapons manufacturers linked to Israel’s ongoing genocide in Gaza.

The research also revealed evidence of investments in companies producing controversial weapons, including depleted uranium, directly in breach of AXA’s policies.

The report was co-authored by the corporate accountability group, Ekō and the American Friends Service Committee (AFSC), and based on research by AFSC, Ekō, and data commissioned by the “Stop AXA Assistance against Israeli Apartheid” coalition to Profundo.

Click here to read the report "AXA: Profiting Off Genocide".

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In addition, the research reveals that AXA holds substantial investments in at least 14 weapons manufacturers, amounting to a total of $173.62 million.

Thirteen of these weapons manufacturers are involved in producing controversial weapons. AXA has $134.91 million invested in companies that produce depleted uranium, nuclear arms, and white phosphorus.

The report also provides a detailed analysis of the potential legal liabilities under international law, including exposure to prosecution for facilitating war crimes, genocide, and violations of human rights principles outlined by the UN Global Compact and OECD Guidelines. According to a recent-published expert legal opinion commissioned by Palestinian human rights organisation Al Haq and the Centre for Research on Multinational Corporations (SOMO), not only could AXA be held criminally liable for violating international law but its board members, managers, and employees might also be held liable.

Click here to read the report "AXA: Profiting Off Genocide".

This report highlights a concerning pattern in AXA’s investment practices. In August 2024, Ekō’s report, ‘AXA: Investments In Israeli Banks Financing War Crimes’ revealed that AXA divested from Israeli banks financing illegal settlements on stolen Palestinian land and weapon manufacturer Elbit Systems due to public pressure. After an initial denial, AXA came to acknowledge the banks’ involvement in controversial areas and cited international standards like the UN database of “all business enterprises involved in [..] Israeli settlements [..]” as a reason for divesting. However, as was the case with Elbit in 2019, AXA has failed to take timely corrective action concerning companies involved in severe human rights violations, including potential war crimes, genocide and controversial weapons production, despite ample evidence and opportunity. This inconsistent approach raises serious questions about AXA’s commitment to its own ethical investment policies and adherence to international law.

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