Since the start of Russia’s invasion of Ukraine, global insurer AXA has fully enforced all international sanctions, having stopped underwriting new insurance business, as well as all renewals, with respect to Russian owned assets located in Russia.
The insurer has also 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.
AXA has also taken several initiatives to support the humanitarian crisis triggered by the war, with a donation of €6 million to NGOs working in Ukraine and the neighbouring countries to support civil populations and refugees.
AXA’s global philanthropic employee volunteering initiative, AXA Hearts in Action, has initiated multiple local projects which will be supported by a Group donation.
The insurer has announced it is actively exploring how it can further help Ukrainian refugees.