Global Campaign

AXA Divest


French multinational insurance giant AXA invests nearly $6M in four Israeli banks (Bank Hapoalim, Bank Leumi, Bank Mizrahi-Tefahot and Israeli Discount Bank). Because all four of these banks finance Israel’s illegal settlements, they are named in the UN database of companies that are complicit in Israel’s illegal settlement enterprise.

Since the launch of the Stop AXA Assistance to Israeli Apartheid Campaign, AXA has taken different steps. 

First, in December 2018, AXA had its subsidiary AXA Investment Managers (IM) divest from Elbit Systems, a leading Israeli arms manufacturer involved in Israeli war crimes against Palestinians. 

Secondly, over the last eighteen months, AXA reduced its share in AXA Equitable Holdings, a company directly invested in Elbit Systems and four complicit Israeli banks, from 64% to 9%. In January 2020, moreover, Equitable Holdings (EH) dropped the AXA brand from its name. 

Finally, in June 2020, the Stop AXA Assistance to Israeli Apartheid Coalition learnt that AXA had tripled its investments in the three complicit Israeli banks reaching nearly $7M. AXA remains, thus, complicit in Israeli apartheid and colonisation of Palestinian land. 



Why campaign against AXA?

Israel is only able to maintain its regime of occupation, colonisation and apartheid over the Palestinian people because of international complicity. Corporations play a key role in this. An insurance company should protect lives, not destroy them. AXA’s investment of nearly $7M in three top Israeli banks that finance Israel’s illegal settlements makes it complicit in grave violations of international law. 

Although AXA is a signatory of the UN Global Compact, it doesn’t comply with its principles. Israeli banks help create, sustain and grow illegal Israeli settlements, considered war crimes under international law. The French insurer promotes its ethical guidelines, while violating them by investing in Israeli banks that finance  the illegal settlements. AXA has a global responsible investment policy, including “sector guidelines” addressing “controversial weapons” and countries that pose a “political risk”. One would think that Israel’s apartheid and theft of Palestinian land  would fit the criteria. 

Find out more

AXA has a “Group Policy on Controversial Weapons” which says that it has taken steps to terminate business ties with manufacturers of cluster bombs, cluster munitions, chemical and biological weapons and makers of their  components. Elbit Systems makes cluster bombs and has supplied the Israeli army with white phosphorus, which it used illegally against Palestinian civilians in Gaza, killing and injuring hundreds. AXA IM, AXA’s fully owned subsidiary, divested from Elbit Systems.

But despite its responsible investment policy, AXA is still has an investment of over $1.2M to Elbit Systems through its affiliate AXA Equitable Holdings.  

Elbit Systems also produces 85% of the “killer drones” used by the Israeli military against Palestinians. The company supplies surveillance technologies and electronic equipment for the Apartheid Wall in the occupied West Bank, which was deemed illegal by the International Court of Justice in 2004. Elbit Systems uses its sales to the Israeli army to market its weapons for export as “combat-proven” – which simply means used against Palestinians. Israel’s security forces have used weapons made by Elbit Systems for brutal and illegal violence against Palestinian civilians, including extrajudicial executions, attacks on unarmed protesters, house demolitions using armoured equipment, mass arrests, in addition to the military blockade and large-scale bombings of the Gaza Strip in 2009, 2012 and 2014.

AXA invests over $90M  in the top five Israeli banks: Bank Hapoalim, Bank Leumi, Mizrahi Tefahot, First International Bank of Israel and Israel Discount Bank. Reports by Human Rights Watch and other human rights groups have confirmed that all Israeli banks are involved in the Israeli settlement industry. They provide special loans for companies, government and individual projects in the Occupied Palestinian Territory (OPT). The five Israeli banks in which AXA is a shareholder are no exception. For example, Bank Hapoalim, one of Israel’s largest banks finances the construction of housing projects in illegal Israeli settlements in the OPT. It also acts as a guarantor and provides loans to major contractors and construction companies that build in the OPT.

The bank is a guarantor of state loans to the companies that built the Jerusalem Light Rail, an illegal project that is designed to connect settlements together in  illegally occupied East Jerusalem. The bank also provides mortgages to homebuyers and financial services to local authorities in illegal Israeli settlements. Bank Hapoalim also discriminates against Palestinian citizens of Israel, refusing to transfer accounts of Palestinian citizens to branches located in what they consider “Jewish populated areas”. The other banks have similar discriminatory practices against Palestinians and are also part of the backbone of the Israeli settlement enterprise.




January: A huge demonstration in front of the Bundestag in Berlin, to protest the Bundestag’s repressive anti-BDS measures, highlighted the demand for AXA to divest.

February: Public release of the UN database of companies complicit in Israel’s illegal settlements: All the Israeli banks which AXA invests in are listed in the UN database.

May: The Coalition Stop AXA Assistance to Israeli Apartheid learned that AXA has tripled its investment in three complicit Israeli banks (Israel Discount Bank, Bank Leumi and Mizrahi Tefahot Bank), despite its divestment from a fourth Israeli bank, Bank Hapoalim. AXA still maintains a 9.03% stake in Equitable Holdings, which has dramatically increased its own investments in five banks (the three mentioned above and Bank Hapoalim and First International Bank of Israel) and in Elbit Systems. 

June: Prior to AXA’s shareholders’ meeting nearly 5,000 people sent emails to AXA CEOs all over Europe, calling on them to completely divest from the complicit Israeli banks and Equitable Holdings. More than a dozen human rights defenders from five countries shared videos calling for AXA to divest, including the artist Code Rouge, the Jurist Ghislain Poissonier and Annette Groth, former MP of DIE LINKE (Germany). Protests were held in Madrid, Brussels, Antwerp and Berlin


April: The Coalition Stop AXA Assistance to Israeli Apartheid protest outside of AXA’s Annual General Meeting. 

July: SumOfUs asks AXA about its investments in the Israeli banks and Elbit Systems. After “careful examination [we] concluded that these companies did not fall within the exclusion framework of [our] responsible investment policy”.  SumOfUs publishes report “AXA: Financing War Crimes” proving that AXA’s investments in Israeli banks and Elbit Systems is over $91 M.

August: Over 25,000 people join action to demand AXA end its complicity with Israeli apartheid. 

November: The second global AXA Day of Action included mobilizations all around the world, on the same day as the UN International Day of Solidarity with the Palestinian People and the 4th global climate strike


February: Tens of cities across Europe participate in day of action

May: Over 140,000 people sign petition organised by SumOfUs calling on AXA to divest. 

June: Launch of the international Coalition Stop AXA Assistance with Israeli Apartheid

December: AXA IM divests from Elbit Systems. The fully-owned AXA subsidiary divests from Elbit shortly after Elbit acquired IMI Systems, a large cluster-bomb manufacturer.  Tens of cities participate in a national week of action in France


April: Activists protest at AXA’s Annual General Meeting.


August: French campaigners asked about AXA’s investments and activities in Elbit Systems. Alice Steenland, AXA’s head of Corporate Responsibility, replied that AXA did an evaluation and found that “Elbit Systems doesn’t make controversial weapons”. This answer is not accurate since many reports document Elbit’s supply of white phosphorus used during Israel’s attacks on Gaza civilians in 2009.

Take Action

AXA relies on its good image and its contracts with public organisations, civil society bodies and private businesses. Effective grassroots campaigning can pressure AXA to end its complicity in violations of Palestinian human rights.

  •   Ask AXA to divest from companies violating Palestinian rights!
  • Get your organization or union to join the international coalition “Stop AXA Assistance to Israeli apartheid.” Email [email protected]
  • Organise a protest outside an AXA office or store and post your picture online with the slogans “Not #ProudToBeAXA” or “#KnowYouCan divest from Israeli Apartheid”.
  •   If you want to cancel your insurance policy with AXA due to its investments in Israeli apartheid, please let us know.

   For more information contact: Alys Samson Estapé, BNC Europe coordinator - [email protected]