The new division AXA XL adopts AXA Group’s sustainability and climate strategyTwo months after the closing of the XL acquisition, the new division dedicated to large P&C Commercial Lines will implement AXA Group’s Corporate Responsibility policies, including those that relate to the fight against tobacco, climate change and controversial weapons.
As a result, AXA XL will no longer underwrite the construction and operations of coal plants, coal mines, oil sands extraction and pipelines as well as arctic drilling. Beyond climate policies, tobacco and “controversial weapons” business will also be restricted. This will represent over 100 million euros of gross written premiums. Moreover, the new division will apply AXA’s investment exclusions policy, constituting of 660 million euros in divestment.