Global insurer AXA has decided to divest its tobacco industry assets, currently valued at approximately 1.8 billion euros. The company said it has taken this decision as a responsible health insurer. The company said its role as a health insurer is changing: prevention is becoming more important, with increased use of technology. It said it will sell its equity holdings in tobacco companies immediately, the current estimated value of which is approximately 0.2 billion euros. Alongside, it will stop all new investments in tobacco industry corporate bonds and run off its existing tobacco industry bond holdings, currently valued at approximately 1.6 billion euros. Thomas Buberl, deputy CEO and incoming CEO of AXA, said as an investor and a leading health insurer, the AXA Group wants to be part of the solution, and other hope is that others in the industry will do the same.
