Economic Audit: AXA

Supply Chain & Sourcing Relationships

AXA operates as a multinational insurance and financial-services group rather than a retailer, food distributor, or agricultural importer, and no direct commercial relationship with Israeli agricultural aggregators or exporters such as Mehadrin, Hadiklaim, Galilee Export, or Agrexco successors has been identified across the NGO investigative record, campaign research, and company-profile sources reviewed for this audit ¹²³.

No public evidence identified of seasonal produce-sourcing patterns involving AXA, consistent with the company’s business model as an insurer rather than a handler of physical goods.

No public evidence identified of third-party or indirect Israeli-origin product sourcing reaching AXA through supply-chain intermediaries, distributors, or private-label arrangements, since AXA does not sell physical consumer goods.

Product Origin, Labeling & Regulatory Compliance

As an insurance and asset-management group rather than a goods retailer, AXA is not a natural subject of country-of-origin labeling or customs classification regimes, and No public evidence identified of AXA being named in DEFRA or customs country-of-origin investigations concerning settlement-produced goods. No public evidence identified of a stated AXA corporate policy specifically addressing the labeling or sourcing of goods originating in occupied territories.

AXA does maintain a public “controversial weapons” exclusion policy, in place since 2008, covering anti-personnel landmines, cluster munitions, depleted uranium, and chemical, biological and nuclear weapons ⁴⁵. An October 2024 investigation by Ekō and the American Friends Service Committee alleged that AXA’s $134.91 million in holdings across 13 companies producing depleted uranium, white phosphorus, or nuclear-related components breaches AXA’s own stated controversial-weapons exclusion policy ²³.

Investment, Capital & Financial Exposure

Israeli Bank Holdings (Divested)

A 2016 campaign, “Stop AXA Assistance to Israeli Apartheid,” documented AXA equity and bond holdings in Bank Hapoalim, Bank Leumi, and Mizrahi Tefahot, and, via subsidiaries, in all five major Israeli banks including First International Bank of Israel and Israel Discount Bank ¹⁶⁷. AXA began partial divestment from Elbit Systems in December 2018 and March 2019 ¹⁸, and by the end of 2019 had sold its entire Elbit Systems shareholding ¹⁸³. Research published in June 2020 found AXA’s direct Israeli-bank holdings had grown from $2.3 million (July 2019) to approximately $7 million, while AXA Equitable Holdings’ complicit holdings rose from $90 million to $157 million year-over-year ⁹. By August 2022, AXA held $15.6 million across Bank Hapoalim, Bank Leumi, Israel Discount Bank and Mizrahi Tefahot, up from $6 million in May 2021 ¹⁰. By the end of 2022, AXA had divested from Bank Mizrahi Tefahot and First International Bank of Israel ⁸³. As of 30 September 2023, AXA still held more than 2.5 million shares (approximately $20 million) in its three remaining bank positions - Bank Hapoalim, Israel Discount Bank and Bank Leumi ⁸¹¹¹². On 23 April 2024, CEO Thomas Buberl told AXA’s Paris annual general meeting that AXA had “zero investments in Israeli banks, direct or indirect” ¹³¹. AXA completed divestment from its three remaining Israeli bank holdings on 24 June 2024 ⁸¹¹, and by August 2024 campaigners confirmed AXA’s full divestment from all major Israeli banks and from Elbit Systems, with no evidence of reinvestment identified in subsequent reporting ¹¹⁴. In May 2024, campaigners separately protested AXA XL specifically in Bermuda over its Israel-linked investments ¹³.

AXA Equitable Holdings (Former US Subsidiary)

Around 2020, AXA held approximately 9.03% of Equitable Holdings (formerly AXA Equitable), with two senior AXA officers on its board, while Equitable Holdings’ own holdings in complicit Israeli banks and Elbit Systems reached $157 million ⁹¹. AXA fully divested its majority stake in Equitable Holdings via a 13 November 2019 sale of 144 million shares for approximately $3.1 billion (€2.9 billion) in net proceeds, retaining only a residual stake of roughly 0.07% by 2021 ¹⁵¹.

Current Weapons-Manufacturer Holdings

As of 30 June 2024, AXA held $150.43 million ($78.87 million in shares and $71.56 million in bonds) across 11 international arms companies supplying Israel, including Rolls-Royce, GE Aerospace, Honeywell, Textron, Boeing, Lockheed Martin, General Dynamics, Northrop Grumman, RTX, L3Harris and BAE Systems ²¹⁶³. Ekō and AFSC characterize this exposure as continuing, since the named firms are said to have supplied weapons documented in incidents including strikes at Tel al-Sultan on 26 May 2024 and Al-Mawasi on 10 September 2024 ². A March 2025 report states AXA holds ties to 13 companies supplying Israel, citing $173.62 million across 14 weapons manufacturers and $134.91 million in 13 companies producing “controversial” weapons, figures presented comparatively against Aviva, Zurich, RSA-Intact and AIG ¹⁷. NGO reporting through March–April 2025, including an April 2025 shareholder confrontation over arms-related investments at AXA’s annual general meeting, indicates this exposure continued past both the July 2024 ICJ advisory opinion and the November 2024 ICC arrest warrants ²¹⁷¹⁸. AFSC Investigate states AXA Investment Managers had invested more than $177 million in 12 weapons manufacturers on the BDS divestment list - BAE Systems, Boeing, Caterpillar, General Dynamics, Honeywell, L3Harris, Leonardo, Lockheed Martin, Northrop Grumman, Oshkosh, Rolls-Royce and Textron - while noting this data was compiled prior to BNP Paribas’s July 2025 acquisition of AXA Investment Managers, and asserting that AXA retains control over asset-allocation decisions despite that acquisition ³.

Don’t Buy Into Occupation (DBIO) Coalition Rankings

Research covering January 2019–August 2022 ranked AXA 24th among the top 100 European investors in Israeli settlements, holding $957 million across Caterpillar, Volvo Group, IBM, Siemens, Puma, Airbnb and Alstom, in addition to the Israeli bank holdings documented above ¹⁰. The DBIO 2024 report, covering January 2021–August 2024, found 822 European financial institutions provided $211 billion in lending and underwriting and held $182 billion in shares and bonds across 58 settlement-linked companies, with AXA ranked 22nd among the top 100 European investors at approximately $1.449 billion in total investment ¹⁹²⁰. The DBIO “V” report, published November 2025, expanded scope following the ICJ’s July 2024 advisory opinion and found European institutions collectively held more than $1,503 billion in shares and bonds (January 2023–August 2025) and provided more than $310 billion in loans and underwriting; an AXA-specific figure or ranking for this edition could not be confirmed from the sources reviewed ²¹²².

Venture & Innovation Investments (Israeli Technology)

AXA Strategic Ventures led an $11 million Series A investment, alongside Pitango Venture Capital, Liberty Israel Venture Fund and Lenovo, in Neura, a Tel Aviv-based IoT and machine-learning startup, announced in 2016 ²³²⁴. AXA’s innovation arm was an early insurance partner of Sayata Labs, a Tel Aviv cyber-risk-assessment insurtech whose $6.5 million seed round in March 2019 was led by Elron, an Israeli venture capital firm, with AXA described as a commercial and technology partner rather than an investor of record in that round ²⁵. These are minority or partnership-level relationships; No public evidence identified of AXA acquiring or holding a controlling stake in any Israeli operating company.

Other Portfolio Exposure

No public evidence identified of AXA or AXA Investment Managers holding Israeli sovereign “war bonds” specifically. A February 2025 investigation into underwriters of Israeli war-bond issuances between October 2023 and January 2025 (totaling $19.4 billion) names Goldman Sachs, Bank of America, Deutsche Bank, BNP Paribas, Citi, Barclays and JPMorgan Chase as underwriters and identifies PIMCO, an Allianz subsidiary, as the largest private investor at approximately $1 billion, without naming AXA as an underwriter or major investor ²⁶.

Additional Exposure Areas Reviewed (No Confirmed Findings)

No public evidence identified of AXA or AXA XL reinsurance treaties with Israeli primary insurers such as Migdal, Clal, Harel, or Menora Mivtachim. No public evidence identified confirming AXA XL underwriting of Israeli state, military, or settlement-related political-violence or war-risk insurance, despite AXA XL’s general “War, Terrorism and Political Violence” product line. No public evidence identified of AXA involvement as seller, underwriter, or purchaser of Israel Bonds (Development Corporation for Israel). No public evidence identified linking AXA travel insurance or AXA Assistance products to insurance coverage for Airbnb or Booking.com settlement listings.

UN Special Rapporteur Findings

The UN Special Rapporteur’s report “From Economy of Occupation to Economy of Genocide” (A/HRC/59/23, dated 30 June/2 July 2025) names AXA directly, alongside Allianz, as a global insurer investing heavily in companies involved in the occupation and genocide while also providing insurance services said to “de-risk” the operational environment for other companies ²⁷²⁸. Secondary reporting on the same UN report states AXA “still invests at least $4.09 billion” in tracked companies named in the report, compared with $7.3 billion for Allianz; this figure and the underlying paragraph are sourced to secondary summaries of the UN report rather than independently confirmed against the primary document text ²⁹²⁸.

Operational Presence & Market Activity

AXA’s own investor materials organize its global operations into hubs spanning France, Europe (Switzerland, Germany, Belgium, UK, Ireland, Spain, Italy), AXA XL, Asia (Japan, Hong Kong, Thailand, Indonesia, China, Philippines, South Korea) and Africa/EME-LATAM, alongside AXA Investment Managers; Israel is not listed among AXA’s operating countries or markets in the Universal Registration Document materials reviewed ³⁰.

No public evidence identified of AXA XL maintaining an office or branch in Israel. No public evidence identified of AXA workforce, tax registration, or regulatory status in Israel. No public evidence identified of AXA characterizing Israel as an export market, growth market, or regional hub in its annual reports or investor materials, consistent with the absence of a listed direct operating presence there.

In September 2024, UK parliamentarians Lord Walney and Lord Austin publicly criticized AXA’s divestment from Israeli banks as an alleged “silent boycott” of Israel, with Lord Austin stating he would write to AXA’s chairman and Lord Walney warning that “acceding quietly to the boycott demands of militant activists” invites further pressure; AXA’s stated position, per CEO Buberl, was that the company “does not have any investments in Israeli banks…targeted by boycott calls” and does not take geopolitical positions ¹².

Belgian campaigners specifically petitioned AXA Belgium to divest from an Israeli arms company and Israeli banks, indicating that country-level subsidiaries have been individually targeted by the same reputational pressure documented at the group level ³¹.

Corporate Structure & Foundational Ties

AXA’s predecessor was founded in 1816 in Rouen, France, as a mutual fire-insurance company (later “Ancienne Mutuelle”), and was renamed AXA in 1985 under Claude Bébéar; AXA was not founded in Israel and has no Israeli-origin operations or brand identity ³². AXA S.A. is domiciled and headquartered in Paris, France, and No public evidence identified of any dual or legacy Israeli headquarters.

No public evidence identified of French state ownership, a golden share, or government-appointed board members at AXA; AXA’s founding mutual entities - AXA Assurances IARD Mutuelle (12.60% of capital / 20.77% of voting rights) and AXA Assurances Vie Mutuelle (3.04% / 5.01%) - retain governance influence as private mutuals rather than state bodies ³³. AXA’s governance operates on a one-share-one-vote basis with double voting rights for shares held two years or more, with no golden shares, and is regulated by the French Prudential Supervision and Resolution Authority (ACPR); No public evidence identified of any governance mechanism structurally tying AXA to the Israeli state or its policy objectives ³³.

No public evidence identified of AXA acquiring or holding a controlling stake in any Israeli operating company - manufacturer, consumer brand, pharmaceutical or biotech firm, cyber/technology company, food producer, or infrastructure firm; the Neura and Sayata Labs relationships were minority venture investments or commercial partnerships rather than acquisitions or controlling stakes ²³²⁴²⁵.

CEO Thomas Buberl (in role since September 2016) and Chairman Antoine Gosset-Grainville (reappointed for a new term at the April 2025 shareholders’ meeting) were reviewed for personal or family-office Israel-linked or defense-industry ties; No public evidence identified of such ties ³⁴³⁵. Board composition following the April 2025 shareholders’ meeting includes a 14-member board with newly appointed director Guillaume Faury of Airbus; No public evidence identified of individual board members’ defense-industry or settlement-linked ties beyond their disclosed corporate roles ³⁴³⁵.

AXA completed the sale of AXA Investment Managers to BNP Paribas Cardif on 1 July 2025, with BNP Paribas Cardif confirming completion of the acquisition the same day ³⁶³⁷.

No public evidence identified of AXA operating, selling, listing, sourcing, or distributing directly in or to West Bank, East Jerusalem, or Golan Heights settlements, or of any named licensee, franchisee, subsidiary, or private-label brand doing so on AXA’s behalf; the settlement nexus documented in the record is exclusively financial, via equity and bond holdings in Israeli banks that themselves service settlements ¹¹⁰. AXA’s own 2017 public statement asserted that “AXA is not present and does not do business in the settlements” ³⁸. A November 2020 investigative report separately linked AXA to Israeli settlements in the Palestinian territories and to an Israeli arms manufacturer, consistent with the bank and Elbit Systems holdings documented above ³⁹.

AXA itself is not listed as an entity name on the OHCHR’s database of business enterprises operating in connection with Israeli settlements (158 enterprises as of the 2025 update); the enterprises named there in connection with AXA are third-party Israeli banks AXA formerly held shares in, rather than AXA directly ⁴⁰⁴¹.

Profit Repatriation & Economic Contribution

No public evidence identified of AXA disclosing Israel-market-specific revenue, consistent with AXA having no direct Israeli operating presence. No public evidence identified of any profit-repatriation flows between AXA and Israel in either direction, since AXA has no Israeli-domiciled ownership structure or Israeli operating subsidiary from which profits would flow outward, and no evidence of Israeli capital flowing into AXA. No public evidence identified of any Israeli governmental or industry-body assessment characterizing AXA’s role within the Israeli economy, again consistent with the absence of direct Israeli operations.

AXA maintains sponsorship and brand-visibility ties relevant to reputational economic contribution: AXA is a “Premium Partner” sponsor of Liverpool FC, and campaign reporting - including a War on Want report and a 2026 follow-up analysis - ranks Liverpool atop a “Premier League table of complicity” based on sponsor ties including AXA, driving Change.org petition campaigns urging AXA to end its Israel-linked investments ⁴²⁴³⁴⁴.

End Notes