INDEX / DIRECTORY / AXA / V-ECON

AXA V-ECON

ECONOMIC AUDIT UPDATED 2026-06-11
V-ECON Score 4.74 /10 D AXA — BDS-1000 377
V-ECON 4.74

Evidence-only forensic audit. Scoring happens downstream — see the main dossier for the composite assessment.

V-ECON Audit: AXA Group

Audit Phase: V-ECON — Supply Chain & Economic Forensics Target Entity: AXA S.A. (Euronext: CS) Headquarters: Paris, France Audit Date: May 2026

Supply Chain & Sourcing Relationships

Direct Supplier Relationships

AXA is an insurance and asset management group with no operational involvement in the procurement, importation, or distribution of physical goods. No verified evidence of any commercial relationship with Israeli agricultural exporters — including Mehadrin, Hadiklaim, Galilee Export, or successor entities to Agrexco — has been identified in Israeli agricultural export databases, NGO supply chain investigations, or AXA’s own corporate disclosures 123. The Who Profits Research Center entry for AXA does not document any agricultural sourcing relationship 1.

No public evidence identified of AXA functioning as a buyer, importer, or supply chain participant for goods originating from Israel or the occupied territories.

Importer of Record Structure

AXA does not operate as an importer of physical goods under any documented corporate structure. No wholly-owned subsidiary or special-purpose import entity for goods originating from Israel or the occupied Palestinian territories has been identified in AXA’s group organisation charts or worldwide directory of operating companies 45.

No public evidence identified.

Seasonal Sourcing Patterns

No public evidence identified. The concept of seasonal sourcing is not applicable to AXA’s core business model of insurance underwriting, reinsurance, and asset management.

Third-Party & Indirect Sourcing

AXA’s exposure to Israel is financial in character — manifest through investment holdings, underwriting relationships, and insurance product distribution — rather than through physical goods procurement or any tier of a goods supply chain. No public evidence identified of indirect sourcing of settlement or Israeli-origin goods through third-party vendors, franchisees, or contracted supply partners.

The PAX June 2024 report “Companies Arming Israel and Their Financiers” 6 and DBIO 2024 7 address AXA IM’s financial relationships with defense suppliers and settlement-financing banks respectively; neither identifies AXA as a goods supply chain participant. AXA’s exposure in these reports is classified as financial/investment rather than sourcing or procurement. The Who Profits “Financing Land Grab” report 8 similarly addresses AXA’s financial nexus rather than any goods supply chain role.

Product Origin, Labeling & Regulatory Compliance

Settlement-Origin Products

AXA does not sell, distribute, or retail physical goods. It therefore incurs no labeling obligation under UK DEFRA guidance on goods produced in Israeli settlements, equivalent EU regulations, or comparable import-marking regimes. No public evidence identified of any AXA product line that would trigger settlement-origin disclosure requirements.

AXA does not appear in the OHCHR database of business enterprises involved in settlement activity 9, which primarily documents companies with direct operational, commercial, or real estate activity in settlements. Non-inclusion does not constitute a clean bill of health — the database is not exhaustive — but is consistent with the absence of any AXA goods supply chain with settlement-origin product exposure.

Labeling Compliance

No public evidence identified. Not applicable to AXA’s business model. AXA’s published responsible investment policies address financial instruments and exclusion criteria for controversial weapons 101112; they contain no provisions relating to physical goods labeling, as no such obligation exists for AXA’s operations.

Corporate Labeling Policy

AXA Investment Managers’ exclusion policy 1112 and broader responsible investment framework 1013 govern investment decisions relating to controversial weapons (including cluster munitions and anti-personnel mines) and other ESG exclusion criteria. These are financial governance instruments, not goods-labeling policies. AXA IM published an updated exclusion policy in 2024 12; based on available evidence, this update did not add Israeli sovereign bonds or Israeli financial institutions as categorical exclusions, and did not introduce a conflict-zone exclusion specific to Israel/Palestine — though a full primary document comparison against the 2023 version has not been completed and represents an identified evidence gap 12. No public evidence identified of any AXA corporate policy addressing the physical labeling or origin declaration of consumer goods.

Investment, Capital & Financial Exposure

Israeli Banking Sector Holdings

Historical baseline (pre-2020): AXA IM held equity positions across multiple Israeli financial institutions, including Bank Hapoalim, Bank Leumi, Israel Discount Bank (IDB), Mizrahi Tefahot, and First International Bank of Israel, held via AXA IM and AXA Equitable Holdings 1415.

2018–2019 partial divestment cycle: AXA executed partial divestments from Israeli bank holdings during this period. Critically, AXA fully divested its equity stake in Elbit Systems — Israel’s largest domestically-headquartered defense contractor — following sustained campaigning by the BDS Movement and IPSC Ireland 1617. This divestment is confirmed as completed and is not subject to reversal based on any available disclosure.

September 30, 2023 snapshot: AXA IM retained documented equity positions in Bank Hapoalim, Bank Leumi, and Israel Discount Bank. The aggregate estimated market value of these three holdings stood at approximately US $20.4 million, derived from Refinitiv/LSEG shareholding data compiled in the Ekō and Profundo financial research reports 1518. Holdings in Mizrahi Tefahot and First International Bank of Israel were not confirmed as of this date 15.

June 24, 2024 divestment: AXA IM’s holdings in Bank Hapoalim and Israel Discount Bank were reduced to zero 19201815. A residual position of approximately 16,000 shares in Bank Leumi, valued at approximately US $130,000, remained at this date. Profundo and Ekō attributed this residual to passive index-tracking tail positions rather than active strategic investment intent 192018.

DBIO 2024 citation: The “Don’t Buy Into Occupation” 2024 report (BankTrack / PAX / SOMO) explicitly names Bank Hapoalim, Bank Leumi, and IDB as settlement-financing institutions and lists AXA IM as a holder of equity in these institutions 7. The three banks are documented by Who Profits, DBIO 2024, and Al-Haq as providing financial services including mortgage lending and project finance to Israeli settlements in the West Bank and East Jerusalem 78. AXA IM’s equity holdings in these banks therefore constituted an indirect settlement financing nexus via portfolio investment through the date of divestment. This vector is substantially reduced post-June 2024, subject to the Bank Leumi residual.

DBIO 2025: Based on available evidence, the DBIO 2025 report reflects the substantially completed post-June 2024 divestment from Israeli banks and notes AXA’s reduction of banking sector exposure 21. Whether AXA remains cited in the 2025 edition for the Bank Leumi residual or other vectors (defense holdings, AXA XL underwriting) is not confirmed with certainty and requires primary document review 21.

Campaign assessment (2024): Ekō and IPSC Ireland characterised the June 2024 divestment milestone as a “near-complete” victory 2016. BDS Ireland publicly declared it a “huge victory” 16. BDS Movement campaign materials acknowledge the substantially completed divestment from the banking sector 1422.

Current status (as of early 2026): Whether the Bank Leumi residual position (~16,000 shares) has been fully wound down between H2 2024 and the present is not confirmed in publicly available sources. This represents a material intelligence gap requiring updated Refinitiv/LSEG shareholder data to resolve.

Defense Industrial Holdings

As of June 30, 2024, AXA IM held an aggregate estimated US $150.43 million in equity and debt instruments of multinational defense contractors whose weapons systems are documented as in use by the Israel Defense Forces 142324. This figure is sourced from Profundo financial research commissioned in connection with BDS Movement campaign activities 2425.

Confirmed named holdings include: Boeing, General Dynamics, Lockheed Martin, RTX (Raytheon Technologies), Northrop Grumman, BAE Systems, Rolls-Royce, and L3Harris Technologies 142324. These are equity and/or bond positions; the debt component is estimated at approximately US $71.56 million of the total, though individual instrument vintage and issuance dates are not disclosed in public-facing data — making it impossible to determine from available sources whether bond subscriptions predate or postdate October 7, 2023 24.

PAX June 2024 corroboration: The PAX report “Companies Arming Israel and Their Financiers” (June 2024) 6 independently identifies AXA IM in its financier matrix as a holder of shares and/or bonds in multiple companies on PAX’s list of 30 arms suppliers. The PAX report uses LSEG/Refinitiv shareholding data and Bloomberg bond data; its methodology is consistent with Profundo’s, and findings are corroborative in order of magnitude 625. Whether the PAX financier appendix identifies additional named defense companies beyond the eight already documented requires primary document review 6.

Post-ICJ Advisory Opinion (19 July 2024): The ICJ’s Advisory Opinion of 19 July 2024 found that Israel’s continued presence in the Occupied Palestinian Territory is unlawful and that third states and international organisations have obligations not to render aid or assistance in maintaining that unlawful presence 26. The Profundo data point is dated June 30, 2024 — immediately prior to the ICJ Advisory Opinion. No divestment of the defense portfolio has been announced post-July 19, 2024; holdings therefore appear to have continued post-ICJ Advisory Opinion without a documented policy change 14232522. No AXA Group announcement of a policy change in response to the ICC arrest warrants issued for Israeli Prime Minister Netanyahu and former Defense Minister Gallant on November 21, 2024 has been identified in available sources 2722.

Current status: No divestment announcement from AXA regarding this defense portfolio has been publicly documented as of the audit date. Holdings appear ongoing as of mid-2024 based on available evidence, with no confirmed change post-ICJ Advisory Opinion or post-ICC arrest warrants.

AXA’s exclusion policy 1112 prohibits investment in manufacturers of cluster munitions, anti-personnel mines, biological and chemical weapons, and nuclear weapons outside recognised nuclear-armed states, but does not categorically exclude conventional defense manufacturers such as those named above 101112.

Venture Capital & Israeli Technology Sector

AXA Venture Partners (AVP): AVP was established under AXA Group sponsorship as a dedicated venture capital fund manager. Israel is explicitly listed as one of AVP’s core operating geographies alongside Europe and North America 2829. AVP raised a US $150 million second Early Stage fund in 2021 28. AXA’s commitment to AVP as a limited partner investor is documented in trade press coverage 30.

Neura (Israeli AI/IoT, 2016): AXA Strategic Ventures — AVP’s predecessor entity — led an US $11 million Series A investment round in Neura, an Israeli AI and Internet of Things startup focused on behavioral prediction from connected device data, in 2016 3132. This is a pre-2020 historical data point. Whether AVP or AXA retains any residual equity stake in Neura — or whether Neura has since been acquired, wound down, or undergone an exit — is not confirmed in 2024–2025 public sources.

Co-investment relationships: AVP is documented as having co-invested alongside Liberty Israel Venture Fund and Pitango Venture Capital (Israeli VC) 28. Independent verification for these co-investments is sourced from Pitchbook/Crunchbase data; this claim is treated as medium confidence pending live confirmation.

AVP independence process (2024–2025): Trade press coverage from 2024 reports that AVP was pursuing management independence / a management buyout from AXA Group 33. Whether AXA S.A. retains limited partner (LP) interest in existing AVP fund vehicles after this spin-out process is not confirmed in public filings reviewed. This represents a material structural intelligence gap.

Israeli cybersecurity vertical: AVP lists cybersecurity as a focus investment sector. Specific Israeli cybersecurity portfolio companies beyond Neura are not confirmed by name in publicly available AVP disclosures; only general geographic and sectoral references are available 2829.

R&D & Innovation Infrastructure in Israel

No evidence of a permanent AXA-branded innovation lab or R&D centre physically located in Israel — comparable to documented AXA Labs facilities in Shanghai or San Francisco — has been identified in corporate filings, press releases, or the AXA worldwide directory 25. AXA’s technology scouting in Israel has operated through the asset-light AVP investment vehicle rather than dedicated physical infrastructure 322829. No public evidence identified of an AXA accelerator programme, technology partnership lab, or research facility situated in Israel or the occupied territories.

Sovereign & Corporate Bond Exposure

No public evidence identified of AXA IM holding Israeli sovereign bonds as a disclosed line item in any public reporting reviewed. AXA IM’s exclusion policy 1112 does not categorically exclude Israeli sovereign debt instruments. Whether AXA IM holds Israeli government bonds as portfolio positions in its fixed income funds cannot be confirmed or denied — AXA IM’s full fixed income portfolio is not publicly itemised at country-of-issuance level. Whether AXA IM holds Israeli corporate bonds outside the banking sector previously documented is similarly not confirmed in available public sources. Both represent identified evidence gaps.

Stewardship & Active Ownership

AXA IM publishes a Stewardship & Active Ownership Report covering its engagement and voting activities 13. Based on available evidence, no AXA IM stewardship engagement specifically targeting Israeli companies or operations in the occupied territories has been publicly documented as a named engagement case in the 2024 report 13. No public evidence identified of AXA IM filing shareholder resolutions or casting disclosed votes against the board of any Israeli company on Israel/Palestine-related grounds.

Operational Presence & Market Activity

Insurance Operations in Israel

AXA maintains a local insurance entity in Israel, listed in AXA’s worldwide directory of operating companies 5. The scope of this entity — including employee count, lines of business written, and gross written premium volume — is not granularly disclosed in English-language public sources or AXA’s consolidated annual reporting 2334. The entity is treated in AXA’s disclosed corporate geography as one of many local market operating companies without strategic narrative emphasis.

AXA XL (AXA’s global specialty lines, commercial, and reinsurance unit) is documented as operating in the Middle East region with Israel included in its geographic coverage footprint 353637. AXA XL’s product lines include marine cargo, property, liability, and specialty insurance. Al-Haq’s 2024 report 38 raises the question of whether AXA XL underwrites marine cargo insurance covering US-to-Israel arms shipments; however, no confirming or denying evidence is available in public sources for this specific claim. This remains an unresolved intelligence gap requiring Lloyd’s market records or AXA XL contract-level disclosures to resolve.

AXA Partners operates a global travel and medical assistance network. It is documented as providing travel assistance services and medical emergency cover for policyholders in Israel 394041. Whether AXA Partners’ provider network contracts extend to medical clinics located within West Bank settlements is not confirmed in public sources. Al-Haq (2024) identifies this as a structural risk vector for insurance companies operating in the region 38, but does not document specific AXA reimbursement contracts with settlement-located clinics. AXA Travel Insurance (US) provides travel insurance for Israel as a destination 40; whether coverage extends to travel within West Bank settlements is not documented in publicly available policy terms. Al-Haq’s report identifies travel insurance covering Israeli settlement tourism as a potential settlement-nexus vector for insurance companies 38; no confirmed AXA-specific settlement tourism insurance policy has been identified. These vectors remain unresolved intelligence gaps.

AXA Re and war-risk reinsurance: Whether AXA Re provides war-risk or property catastrophe reinsurance to Israeli domestic insurers (e.g., Harel Insurance, Migdal Insurance) is not publicly disclosed. No evidence confirming or denying such reinsurance treaty arrangements has been identified. No public evidence identified.

Post-ICJ Advisory Opinion operational continuity: AXA’s Israeli local entity continues operating as a local market insurer post-ICJ Advisory Opinion of July 19, 2024. AXA XL’s Middle East operations continue with Israel in geographic coverage 37. No withdrawal or restructuring has been announced 534.

Employment & Workforce Contribution

AXA’s global consolidated workforce stands at approximately 147,000 employees as of the 2024 Annual Report 234. The Israeli operating subsidiary’s headcount is not broken out in English-language consolidated disclosures. No public evidence identified of granular Israeli employment figures, local payroll contribution data, or disclosed tax contribution to the Israeli fiscal system.

Market Positioning & Strategic Characterisation

AXA does not characterise Israel as a “strategic growth market,” “regional hub,” or priority market in any English-language annual report, investor presentation, or press release reviewed 2334. Israel appears in AXA’s worldwide directory as a standard operating market without the strategic narrative emphasis accorded to AXA’s core geographies — France, the United States, Germany, Switzerland, Belgium, and Hong Kong 5. No public evidence identified of Israel-specific market strategy language in investor-facing materials.

No Israeli government body, industry association, or independent assessment has designated AXA as a “key employer,” “anchor institution,” or “strategic infrastructure provider” within any sector of the Israeli economy 5234. AXA’s Israeli operation is consistent with the profile of a standard local market insurer operating in one of many countries globally, without documented national economic significance in the Israeli context.

Corporate Structure & Foundational Ties

Founding & Incorporation History

AXA S.A. was founded in France. Its origins trace to Mutuelles Unies, a French mutual insurance group established in 1817. The group was restructured and rebranded as AXA in 1985 242. AXA has no Israeli founding origin, no Israeli-origin brand identity, and no acquisition history that roots the group structurally or culturally in Israel 2. No Israeli-origin entity forms any part of AXA’s documented corporate heritage.

Headquarters & Legal Domicile

AXA S.A. is legally domiciled and operationally headquartered in Paris, France 242. No dual headquarters arrangement or legacy domicile in Israel has been identified. AXA’s legal and regulatory home is France, subjecting the group to French corporate governance law and the Loi de Vigilance (French Duty of Vigilance Law, 2017), which imposes human rights and environmental due diligence obligations on large French companies and their supply chains 4344. AXA is subject to monitoring under this framework by civil society organisations including Sherpa and the Business & Human Rights Resource Centre 4344.

AXA’s published vigilance plans are included in its Universal Registration Documents 34. Whether AXA’s 2024 vigilance plan specifically addresses human rights risks arising from operations in or investments relating to Israel or the occupied territories is not confirmed in available sources and represents an identified evidence gap. The French “Duty of Vigilance” legal framework is under review for EU-level harmonisation via the EU Corporate Sustainability Due Diligence Directive (CS3D); AXA would be subject to CS3D requirements when transposed. No confirmed enforcement action or litigation under the Loi de Vigilance specifically targeting AXA’s Israeli nexus has been identified in available sources through April 2026 44.

Ownership Structure & Shareholder Base

AXA S.A. is a publicly listed company on Euronext Paris (ticker: CS) with no single controlling shareholder 24234. Major disclosed shareholders per the 2024 Universal Registration Document include BlackRock (~5–6%) and AXA Employee Shareholders (~5%), alongside various large institutional investors; no single shareholder meets or exceeds the 10% threshold 3445. The French state holds no documented golden share or special ownership interest in AXA S.A. 42. No Israeli government, Israeli state-affiliated entity, or Israeli-linked beneficial owner holds a disclosed ownership interest at or above the 5% French law disclosure threshold in AXA S.A. 34. Beneficial ownership below disclosure thresholds is not verifiable from public data.

State & Institutional Linkages

Controlling Principals

CEO — Thomas Buberl (since 2016): A German national with career background in consulting (McKinsey) and insurance (Zurich Financial Services, then AXA) 46. No documented personal investments in Israeli companies have been identified in public disclosures, shareholder registers, or press coverage 46. No documented family office with Israeli portfolio exposure has been identified. Confidence is medium: executive personal investment disclosures below statutory thresholds are not routinely public in France.

Chair — Denis Duverne (Chair of Board of Directors since 2016): A French national and career AXA executive (former Deputy CEO) 45. No documented personal investments in Israeli companies have been identified in public disclosures 45. Same threshold caveat applies.

Board of Directors (2024 composition): AXA’s 2024 Universal Registration Document discloses a board of approximately 14 members including independent directors, employee shareholder representatives, and employee representatives 4534. No board member with documented personal Israeli company investment or Israeli state affiliation has been identified in available sources 45.

Finding: No controlling principal of AXA S.A. has been identified in public records as holding material personal investments in Israeli companies that would trigger principal-level group attribution. An intelligence gap remains for below-threshold personal holdings not subject to public disclosure.

Structural Governance Features

No golden shares, super-voting founder shares, or charter restrictions tying AXA to Israeli state objectives have been identified in AXA’s articles of association or governance documentation 42. No public evidence identified of structural governance mechanisms linking AXA’s corporate mission or investment mandate to Israeli government policy.

Israeli-Nexus Floor assessment: AXA S.A. was not founded in Israel, is not headquartered or principally managed in Israel, has no documented Israeli tax residency at parent level, and is not beneficially owned or controlled by Israeli capital 2423445. Zero of four primary Israeli-Nexus Floor factors are present for the parent entity. The Israeli subsidiary is locally incorporated and tax-resident in Israel but does not constitute control of the parent group.

Authoritative list status: AXA S.A. is not listed in the OHCHR database of business enterprises involved in settlement activity 9 and is not on the Norway Government Pension Fund Global (NBIM) exclusion list as of the audit date 47. OHCHR non-inclusion does not constitute a clean-bill finding — the database is not exhaustive — and NBIM non-exclusion does not preclude campaign or civil-society designation.

Profit Repatriation & Economic Contribution

Revenue Attribution

AXA does not disclose Israel-specific revenue as a standalone geographic segment in its annual reports or Universal Registration Documents 2334. Israel’s premium income and fee revenue falls within aggregated “International” or broader regional reporting buckets that are not individually itemised at the single-country level in public disclosures reviewed. No public evidence identified of a disclosed Israel-specific revenue figure.

Profit Flows & Repatriation Direction

AXA S.A.’s group ownership structure directs consolidated global profits upward to the French-domiciled parent entity 24234. Where AXA’s Israeli operating subsidiary generates underwriting profit, dividends would flow upward to AXA S.A. in Paris in the standard subsidiary-to-parent repatriation direction — meaning profits are extracted from Israel to France, not directed into Israel from AXA’s global operations. No evidence identified of Israeli-domiciled beneficial ownership receiving profit flows from AXA’s non-Israeli global operations.

AXA IM manages approximately €850+ billion in assets under management as of 2024 34. Israeli-related holdings — the documented banking sector equity (substantially divested) and the defense contractor portfolio (~US $150.43 million as of June 30, 2024) — represent a small fraction of total AUM, but the latter is a material and named ongoing exposure generating management fee income for AXA IM from assets that include positions in IDF-weapons suppliers 142324625.

Economic Ecosystem Role

No public evidence identified of any Israeli government body, industry association, or independent assessment designating AXA as a “key employer,” “anchor institution,” or “strategic infrastructure provider” within any sector of the Israeli economy. AXA’s Israeli operation is consistent with the profile of a standard local market insurer operating in one of many countries globally, without documented national economic significance in the Israeli context 5234.

Tax Contribution

No public evidence identified of disclosed Israeli tax contribution, Israeli tax registration details at subsidiary level, or country-by-country reporting for Israel in AXA’s consolidated financial disclosures. Country-by-country tax reporting, where it exists in AXA’s filings, does not itemise Israel as a separate disclosure jurisdiction in publicly available materials reviewed 2334.

Financing the State — Financial Sector Assessment

AXA IM is an asset manager, not a primary dealer or investment bank with sovereign debt underwriting mandates. No public evidence identified of AXA IM underwriting or lead-arranging Israeli sovereign bond issuances. No evidence that AXA Group or any subsidiary distributes or sells Israel Bonds (Development Corporation for Israel) has been identified. Whether AXA IM’s fixed income funds hold Israeli government bonds as portfolio positions cannot be confirmed or denied from public data — AXA IM’s full fixed income portfolio is not publicly itemised at country-of-issuance level 34. AXA is not a commercial bank; no evidence of direct lending or trade finance facilities to Israeli defense companies or OHCHR-listed companies has been identified. No public evidence identified for these vectors.

End Notes

Footnotes

  1. https://whoprofits.org/companies/company/axa ↩ ↩2

  2. https://www.axa.com/en/investor/publications/annual-reports ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15 ↩16

  3. https://www.axa.com/en/investor/publications/annual-reports/2023-annual-report ↩ ↩2 ↩3 ↩4 ↩5

  4. https://www-axa-com.cdn.axa-contento-118412.eu/www-axa-com/c2369b5f-b7b3-48df-9f0e-fb65a9062977_axa_group_organization_charts_2024.pdf ↩

  5. https://www.axa.com/en/about-us/axa-worldwide ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  6. https://www.paxforpeace.nl/publications/all-publications/companies-arming-israel ↩ ↩2 ↩3 ↩4 ↩5

  7. https://www.dontbuyintooccupation.org/reports/2024 ↩ ↩2 ↩3

  8. https://whoprofits.org/reports/financing-land-grab ↩ ↩2

  9. https://www.ohchr.org/en/hr-bodies/hrc/sessions/database-business-enterprises ↩ ↩2

  10. https://www.axa-im.com/responsible-investing/our-policies ↩ ↩2 ↩3

  11. https://www.axa-im.com/sites/default/files/2023-10/AXA-IM-Exclusion-Policy.pdf ↩ ↩2 ↩3 ↩4 ↩5

  12. https://www.axa-im.com/sites/default/files/2024-AXA-IM-Exclusion-Policy.pdf ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  13. https://www.axa-im.com/responsible-investing ↩ ↩2 ↩3

  14. https://bdsmovement.net/axa-divest ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  15. https://aks3.eko.org/images/AXA_investments_Israeli_banks_report_2024.pdf ↩ ↩2 ↩3 ↩4

  16. https://www.ipsc.ie/bds/axawin ↩ ↩2 ↩3

  17. https://www.ipsc.ie/bds/axaelbit ↩

  18. https://profundo.nl/projects/axa-s-divestment-from-israeli-banks/ ↩ ↩2 ↩3

  19. https://www.insurancebusinessmag.com/uk/news/breaking-news/axa-alleged-to-have-divested-from-all-israeli-banks-502670.aspx ↩ ↩2

  20. https://actions.eko.org/a/axa-investments-in-israeli-banks-financing-war-crimes ↩ ↩2 ↩3

  21. https://www.dontbuyintooccupation.org/reports/2025 ↩ ↩2

  22. https://bdsmovement.net/axa-divest ↩ ↩2 ↩3

  23. https://bdsmovement.net/AXA-Bankrolling-Weapons-Manufacturers-Facilitating-Gaza-Genocide ↩ ↩2 ↩3 ↩4

  24. https://profundo.nl/projects/axa-bankrolling-weapons-manufacturers/ ↩ ↩2 ↩3 ↩4 ↩5

  25. https://profundo.nl/projects/axa-bankrolling-weapons-manufacturers/ ↩ ↩2 ↩3 ↩4

  26. https://www.icj-cij.org/case/163 ↩

  27. https://www.icc-cpi.int/news/situation-state-palestine-icc-pre-trial-chamber-i-rejects-state-israel-challenges-against ↩

  28. https://avpcap.com/wp-content/uploads/2021/04/AVP-ES-II-PR-Final.pdf ↩ ↩2 ↩3 ↩4 ↩5

  29. https://avpcap.com ↩ ↩2 ↩3

  30. https://www.venturecapitaljournal.com/meet-the-lp-avp-is-committed-to-emerging-managers/ ↩

  31. https://www.axa.com/en/press/press-releases/ventures-digital-investment ↩

  32. https://www.axa.com/en/news/axa-strategic-ventures-at-the-center-of-fintech-and-insurtech ↩ ↩2

  33. https://www.venturecapitaljournal.com/axa-venture-partners-independence/ ↩

  34. https://www.axa.com/en/investor/publications/annual-reports ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15 ↩16 ↩17

  35. https://axaxl.com/insurance/products ↩

  36. https://axaxl.com/en/about/worldwide/middle-east ↩

  37. https://axaxl.com/en/about/worldwide/middle-east ↩ ↩2

  38. https://www.alhaq.org/publications/26050.html ↩ ↩2 ↩3

  39. https://www.axapartners.com/en/solution/travel ↩

  40. https://www.axatravelinsurance.com/destination/middle_east/israel ↩ ↩2

  41. https://www.axapartners.com/en/solution/health ↩

  42. https://www.axa.com/en/investor/organization-charts ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  43. https://www.business-humanrights.org/en/companies/axa/ ↩ ↩2

  44. https://www.business-humanrights.org/en/companies/axa/ ↩ ↩2 ↩3

  45. https://www.axa.com/en/investor/publications/annual-reports ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  46. https://www.axa.com/en/about-us/executive-committee ↩ ↩2

  47. https://www.nbim.no/en/the-fund/responsible-investment/exclusion-and-observation/ ↩