AXA steps aside from Russia in actions update

New business and renewals halted, among measures

AXA steps aside from Russia in actions update

Insurance News

By Terry Gangcuangco

Paris-headquartered insurance group AXA, which “has condemned the invasion of Ukraine and its devastating human consequences since the beginning of the war,” is taking a number of steps in response to the attack.

In an actions update, the insurer stated: “Since the start of Russia’s invasion of Ukraine, AXA has fully enforced all international sanctions. We have also stopped underwriting new insurance business (and stopped all renewals) with respect to Russian-owned assets located in Russia. We have stopped underwriting new reinsurance (and stopped all reinsurance renewals) of Russian insurers.

“We have stopped all new investments in Russian assets. With respect to AXA’s minority financial investment in Reso Garantia, a Russian insurance company, AXA has no operational or management control over this company and has decided to remove its directors from the board.”

Additionally, AXA is backing pro-Ukraine efforts.

“As an organisation with a tradition of human solidarity,” it noted, “AXA has also taken several initiatives to support the humanitarian crisis triggered by the war: we have announced a donation of €6 million to NGOs working in Ukraine and the neighbouring countries to support civil populations and refugees.

“AXA Hearts in Action, AXA’s global philanthropic employee volunteering initiative, has initiated multiple local projects which will be supported by a Group donation. AXA is actively exploring how it can further help Ukrainian refugees.”

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