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March 1, 2023

Ukraine: update on our actions

AXA has condemned the invasion of Ukraine and its devastating human consequences since the beginning of the war. Our thoughts are with the Ukrainian people and all those affected by the ongoing attacks.

Since the start of Russia’s invasion of Ukraine, AXA has fully enforced all international sanctions. AXA has also stopped underwriting new insurance business (and stopped all renewals) with respect to Russian owned assets located in Russia. AXA has stopped underwriting new reinsurance (and stopped all reinsurance renewals) of Russian insurers. AXA has 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.  

As an organization with a tradition of human solidarity, AXA has also taken several initiatives to support the humanitarian crisis triggered by the war with the announcement in March 2022 of a €6 million donation to NGOs working in Ukraine and the neighboring countries to support civil populations and refugees.  

Out of the €6 million, a first donation of €1.5 million to UNICEF*, the United Nations Children’s Fund, present in Ukraine for 25 years to provide help to children notably in the fields of health, education and protection, was announced in March 2022. This donation supported the creation of temporary centers for refugees to notably provide basic care, psychological support, and information.  

As the situation in October 2022 demonstrated an ongoing conflict with no end in sight, AXA announced its support for UNHCR, the UN Refugee Agency with a €1 million donation (out of the €6 million budget committed in 2022), to help people inside Ukraine and in the neighboring countries. This donation has supported the UNHCR's financial assistance program as well as protection and shelter programs for populations stranded in the affected areas and unable to leave. In addition, €1 million was donated by the Mutuelles AXA to support NGOs (French Red Cross, Aide Médicale Ukraine, Habitat et Humanisme). 

In February 2023, AXA announced a donation of €1 million to UNHCR and €1 million to UNICEF (out of the €6 million committed in 2022). The harsh winter in Ukraine has led to new needs which donations will enable to cover like auxiliary heaters, warm clothes, and energy supplies for vulnerable children and their families as well as continuing needs of vital aid, shelter, and protection requirements. 

At the end of 2023, AXA renewed its support for the UNHCR, the UN Refugee Agency, with a donation of €500,000 to help rebuild bombed-out houses and set up collective accommodation centers in Ukraine.

Beyond the Groups commitments, other initiatives were carried out locally, and an internal fundraising campaign was launched, raising €73K to UNICEF thanks to the support of AXA employees.  

* UNICEF does not endorse any company, brands, product or service 

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