AXA

1. Executive Dossier Summary

Company Profile

Company: AXA Group (AXA S.A.)

Jurisdiction: France (Headquarters: 25 Avenue Matignon, Paris)

Sector: Financial Services / Insurance / Asset Management

Global Footprint: Operations in over 50 countries; major presence in Europe, North America, and Asia.

Leadership: Antoine Gosset-Grainville (Chairman), Thomas Buberl (CEO).

Intelligence Conclusions

The forensic investigation into AXA Group reveals a corporation in a complex state of geopolitical transition, characterized by a distinct strategy of “Bifurcated Compliance.” The intelligence assessment indicates that while the target has responded to external reputational and legal pressure by shedding its most visible “retail” complicity—specifically through the divestment of equity in Israeli banks involved in settlement financing—it has simultaneously entrenched itself in “wholesale” complicity through less visible, yet operationally critical, channels.

Concise Findings:

• Strategic Shedding of “Old Economy” Complicity: Intelligence confirms with high confidence that AXA has executed a near-total divestment from the “Big Five” Israeli banks (Bank Leumi, Bank Hapoalim, Mizrahi Tefahot, Israel Discount Bank, First International Bank of Israel). As of June 2024, exposure has dropped from over $20 million to negligible trace amounts. This severance of ties mitigates the company’s direct involvement in the financing of construction and infrastructure within illegal West Bank settlements.¹
• Entrenchment in “New Economy” Militarism: Conversely, the assessment identifies a deepening structural integration with the Israeli military-industrial complex via the technology sector. Through its venture capital arm, AXA Venture Partners (AVP), the company has transitioned from a passive investor to an active incubator of defense-grade technology. The direct capitalization of Hub Security—a firm founded by IDF Unit 8200 veterans with active contracts with the Israeli Ministry of Defense (IMOD) and Ministry of Interior (MOI)—represents a severe form of complicity where AXA funds the R&D of the security state.³
• Logistical Sustainment of Kinetic Operations: AXA maintains significant financial exposure ($150 million+) to the global defense supply chain. By holding corporate bonds in major defense primes like Boeing and General Dynamics, AXA acts as a creditor to the manufacturers supplying the primary lethal platforms (JDAMs, 155mm artillery shells) utilized in the Gaza theatre. This financial relationship provides the necessary liquidity for these firms to sustain production surges during active conflict.³
• Ideological Positioning: The corporation exhibits a “Geopolitical Double Standard.” While it enacted a maximalist and moralized withdrawal from the Russian market in 2022, AXA maintains a posture of “strict neutrality” regarding Israel, effectively creating a “Safe Harbor” for the occupation economy. This double standard is reinforced by leadership participation in state-aligned advocacy forums that legitimize Israeli policies.⁶

Analytical Implication:

The divergence between AXA’s financial divestment from banks and its deepening technological integration suggests a sophisticated risk mitigation strategy. The company appears to be sanitizing its portfolio of assets that are legally vulnerable under international law (settlement financing) while doubling down on assets that are strategic to its own digital transformation (Israeli cybersecurity and AI), even when those assets are dual-use or directly linked to the military apparatus.

2. Corporate Overview & Evolution

Origins & Founders

AXA, historically rooted in the Ancienne Mutuelle of Normandy, has evolved into a global financial superpower through aggressive acquisition and consolidation. The company’s modern identity is forged by the French technocratic elite. The “DNA” of the organization is inseparable from the French establishment—specifically the Inspection des Finances and the Corps des Mines—circles where the alignment of corporate interests with French foreign policy is systemic.⁶

This historical context is critical for understanding AXA’s current geopolitical posture. The founders and subsequent leadership have operated within a milieu where economic normalization with Israel is viewed as a strategic imperative for the French technology and finance sectors. This foundational ideology has facilitated the seamless integration of Israeli innovation into AXA’s global operations, treating Tel Aviv not as a conflict zone, but as a “Silicon Wadi” essential for corporate survival.

Leadership & Ownership Assessment

Antoine Gosset-Grainville (Chairman) Appointed Chairman in 2022, Gosset-Grainville represents the archetype of the French public-private elite. A former Inspector of Finances and Deputy General Secretary of the Élysée, his career spans the highest levels of state power. While there is no evidence of him holding a formal leadership role in overt Zionist pressure groups, his professional environment places him deeply within the influence ecosystem of the Conseil Représentatif des Institutions juives de France (CRIF). The CRIF functions as a staunch advocate for Israeli state policy in France. Gosset-Grainville’s governance ensures that AXA remains a “safe” partner for the Israeli economy, insulating the firm from moral critiques and ensuring that “business as usual” prevails over human rights due diligence.⁶

Thomas Buberl (Chief Executive Officer) As the operational architect of AXA since 2016, Buberl has defined the company’s defensive strategy against the BDS movement. His governance ideology is characterized by “Defensive Normalization.” Intelligence confirms his attendance at the politically charged “Dîner du CRIF” in 2019, an event used to galvanize the French political elite against the boycott movement.⁶ Buberl has publicly framed pro-Palestine activism targeting AXA as “acts of vandalism,” utilizing the language of criminalization to delegitimize human rights advocacy. His tenure has seen the pivot towards technological integration with Israel, viewing the country’s military-industrial output as a crucial resource for AXA’s digital transformation.⁶

Ramon Fernandez (Independent Director) Fernandez, Chair of the Finance & Risk Committee, brings specific competence in navigating Israel-related diplomatic crises. As the former Delegate CEO of Orange during its tumultuous exit from the Israeli brand licensing agreement, Fernandez possesses institutional memory regarding the backlash of “loud” divestment. His presence on the board likely informs AXA’s strategy of “quiet divestment”—exiting toxic banking assets without making public moral declarations that could alienate the Israeli government or Zionist advocacy groups.⁶

Analytical Assessment

The structure and leadership of AXA align with Israeli state interests through a mechanism of Institutional Inertia and Strategic Dependency. The leadership’s recurring engagement with state-aligned advocacy groups (CRIF) and trade bodies (France-Israel Chamber of Commerce) creates an echo chamber where the legitimacy of the Israeli economy is unquestioned.

Critically, the leadership views the Israeli technology sector—incubated by the IDF—as a vital organ for AXA’s future competitiveness. This creates a Conflict of Interest: AXA cannot objectively assess the human rights risks of its Israeli partners (like Hub Security or Verint) because it is operationally dependent on their technology to secure its own global infrastructure. The “Sociology of the Board” ensures that political solidarity with Israel is maintained not just out of ideological affinity, but out of perceived commercial necessity.

3. Timeline of Relevant Events

The following chronological assessment tracks AXA’s trajectory from a primary target of global divestment campaigns to its current status of “Bifurcated Compliance.”

Date	Event	Significance
2016	Launch of “Stop AXA” Campaign	Civil society coalition launches targeted campaign against AXA’s ~$20M+ equity holdings in the “Big Five” Israeli banks financing settlements.1
2016	AVP Leads Neura Series A	AXA Venture Partners leads an $11M investment in Neura, an Israeli AI firm specializing in behavioral surveillance, marking the shift to tech incubation.3
2018	Elbit Systems Divestment	AXA IM divests from Elbit Systems, Israel’s largest defense contractor, citing policies on cluster munitions/white phosphorus. An early indicator of susceptibility to pressure.2
2019 Feb	CEO Attends CRIF Dinner	Thomas Buberl attends the CRIF annual dinner, lending institutional legitimacy to the anti-BDS narrative in France.6
2020 May	AVP Leads Hub Security Series A	Critical Event: AVP leads a $5M round for Hub Security, founded by Unit 8200 veterans. Direct capitalization of the defense-tech pipeline.3
2022 Feb	Russia Withdrawal	AXA enacts a maximalist boycott of Russia following the Ukraine invasion, establishing a precedent for moral economic intervention (“The Safe Harbor Benchmark”).6
2022 Sep	Hub Security Wins IMOD Tender	The AXA-backed firm secures a NIS 4.2M contract with the Israeli Ministry of Defense, directly linking AXA capital to active military operations.3
2023 Oct	Gaza Conflict Outbreak	AXA maintains “strict neutrality” and continues holding bonds in defense primes supplying the IDF, contrasting with its Russia stance.3
2023 Oct	Hub Security “Fortress”	Hub Security CEO aligns the company with national defense efforts (“Fortress”), explicitly linking corporate capabilities to the war effort.3
2024 Jan	ICJ Provisional Measures	The ICJ ruling on plausible genocide escalates the legal risk for financial institutions, acting as a catalyst for the banking divestment.1
2024 Apr	AGM “Zero Investment” Claim	CEO Buberl states AXA has “zero investments in Israeli banks” to quell shareholder unrest, marking the pivot point.1
2024 Jun	Banking Divestment Verified	Independent audit confirms AXA divested all major holdings in Hapoalim, Discount, and Mizrahi, leaving only trace amounts in Leumi.1
2024 Jun	Defense Portfolio Audit	Reports confirm continued $150M+ exposure to global defense primes (Boeing, General Dynamics) arming the IDF.3
2025 Dec	Hub Security MOI Contract	New Intel: Hub Security awarded NIS 16M contract by the Israeli Ministry of Interior for critical data protection, deepening the complicity.4

4. Domains of Complicity

This section constitutes the core forensic analysis. It dissects the four vectors of AXA’s involvement, distinguishing between the “retail” complicity it has shed and the “wholesale” complicity it has retained.

Domain 1: Military & Intelligence Complicity (V-MIL)

Goal: To establish the extent to which AXA provides material support, capital, or logistical sustainment to the armed forces of the State of Israel and the global supply chain of weaponry utilized in the occupation.

Evidence & Analysis

1. Direct Venture Capital Incubation: The Hub Security Case

The most acute finding of this investigation is AXA’s role as a creator of defense capacity, rather than merely an investor in it. Through AXA Venture Partners (AVP), the group has acted as a primary incubator for Hub Security (NASDAQ: HUBC).

• The Origin Story: Hub Security was founded by veterans of Unit 8200 (SIGINT) and Unit 81 (Elite Technology) of the IDF Intelligence Corps. These units are the engine of Israel’s cyber-warfare capabilities.
• The Capital Injection: In May 2020, AVP led the $5 million Series A funding round for Hub Security.³ Series A capital is the “lifeblood” of a startup; it transitions a company from a concept to a viable commercial entity. By leading this round, AXA provided the financial runway that allowed Hub Security to commercialize its military-grade “Confidential Computing” and Hardware Security Modules (HSM).
• Direct Contracting: Following AXA’s incubation, Hub Security integrated directly into the Israeli security state.
  • IMOD Tender (2022): Hub Security won a NIS 4.2 million tender with the Israeli Ministry of Defense.³ This contract is active during the current conflict.
  • MOI Contract (Dec 2025): Recent intelligence confirms Hub Security was awarded a NIS 16 million ($5M) contract by the Ministry of Interior.⁴ The MOI is the administrative backbone of the occupation, managing the population registry, ID cards for Palestinians in East Jerusalem, and border crossings. Providing “critical data protection” to the MOI directly sustains the bureaucratic infrastructure of control.
• Complicity Logic: AXA did not simply buy shares in a defense company; it built one. Its capital enabled the R&D that is now being purchased by the Ministry of Defense and Ministry of Interior. As of late 2023, AXA retained an ~8.94% ownership stake, meaning it profits directly from these government contracts.¹¹

2. The Global Supply Chain: Bond Market Liquidity While AXA divested from Elbit Systems, it retains a massive financial footprint in the global defense industrial base that arms the IDF. As of June 2024, AXA held approximately $150.43 million in exposure to key defense primes.³

• The “Creditor” Argument (Bonds vs. Equity): A critical forensic distinction is AXA’s holding of corporate bonds ($71.56 million) alongside equity.
  • Buying shares is a bet on profitability.
  • Buying bonds is an act of lending.
  • During the 2023-2024 conflict, defense supply chains faced immense strain due to the “surge” demand for munitions (e.g., 155mm shells, JDAM kits). Manufacturers like General Dynamics and Boeing require massive working capital to ramp up production before they receive government payment.
  • By holding the debt of these firms, AXA acts as a logistician, providing the liquidity that keeps the production lines running. This is “Logistical Sustainment” of the war effort.
• Specific Kinetic Links:
  • Boeing: AXA holds debt/equity. Boeing manufactures the JDAM (Joint Direct Attack Munition) tail kits and GBU-39 Small Diameter Bombs extensively documented in airstrikes on Gaza, including the Tel al-Sultan refugee camp incident.³
  • General Dynamics: AXA holds debt/equity. General Dynamics manufactures the steel bodies for MK-80 series bombs (e.g., MK-84 2,000lb “bunker busters”) and 155mm artillery shells used in ground operations.³
  • Lockheed Martin: AXA holds debt/equity. Manufacturer of the F-35 “Adir”, the primary stealth platform used for airstrikes.³

Analytical Assessment

Confidence: High / Severe Impact

The evidence demonstrates that AXA is integrated into the “Kill Chain” at two distinct points:

1. Upstream (Innovation): It incubates the cyber-intelligence capabilities (Hub Security) used by the state apparatus.
2. Downstream (Logistics): It finances the manufacturing of the kinetic hardware (Boeing/General Dynamics) used in combat.
   This is not incidental association; it is systemic capitalization. The distinction between “investing” and “enabling” is breached here—AXA is an enabler.

Counter-Arguments & Assessment

• Argument: AXA’s holdings in Boeing/General Dynamics are part of passive index funds and represent a tiny fraction of its portfolio.
• Rebuttal: While the fraction is small relative to AXA’s AUM, the impact is absolute. $150 million is a substantial sum of capital. Furthermore, AXA proved with its Russia boycott and Elbit divestment that it can exclude specific actors when it chooses. The refusal to exclude Boeing—despite the ICJ ruling on plausible genocide—is a policy choice, not a technical inevitability.
• Argument: Hub Security is a “cyber” firm, not a weapons manufacturer.
• Rebuttal: In modern warfare, the “Fusion Doctrine” erases the line between cyber and kinetic. Intelligence gathering (enabled by Hub/Neura) is the prerequisite for targeting. Funding the MOI’s cyber infrastructure is funding the occupation’s administrative control.

Domain 2: Digital & Technographic Complicity (V-DIG)

Goal: To evaluate AXA’s operational reliance on Israeli technology and the extent to which it monetizes the “Unit 8200” ecosystem, creating a “Technical Debt” that binds the corporation to the Israeli state.

Evidence & Analysis

1. The “Unit 8200 Stack”: Operational Lock-in

AXA has not just invested in Israeli tech; it has adopted it as the central nervous system of its global operations. This creates a “Technological Lock-in” where AXA is operationally dependent on firms deeply linked to the IDF intelligence corps.

• Wiz (Cloud Security): AXA is a reference customer for Wiz, a firm founded by the team that led Microsoft’s Israel R&D (Assaf Rappaport, Unit 8200).
  • The Mechanism: Wiz utilizes an “Agentless” scanning model. To function, AXA must grant Wiz IAM (Identity and Access Management) roles across its entire global cloud estate (Azure/AWS).
  • The Implication: This grants a Tel Aviv-based firm (subject to Israeli law) theoretical visibility into the complete topology of AXA’s digital infrastructure. AXA executives (e.g., Shaun Crawford) have co-presented with Wiz, validating the technology and encouraging its adoption by peers.⁷
• Check Point Software: The “Grandfather” of Israeli cyber (founded by Gil Shwed, Unit 8200). AXA Sigorta (Turkey) mandates 100% completion of Check Point training for its security staff. This creates a workforce trained in Israeli defense logic, making the switching costs prohibitive.⁷
• CyberArk: The global leader in Privileged Access Management (PAM), based in Petach Tikva. AXA uses CyberArk to secure its “keys to the kingdom” (admin passwords). If CyberArk services were disrupted, AXA could be locked out of its own infrastructure. This is a critical availability dependency.⁷

2. Surveillance & Biometrics: Verint Systems

AXA is a verified heavy user of Verint Systems (formerly Comverse Infosys), a company with origins in “Lawful Interception” (wiretapping).

• The Deployment: AXA Retail uses the Verint Open Platform to transcribe and analyze 100% of customer calls.⁷
• The Complicity:
  • Data Training: AXA’s customer voice data feeds Verint’s “Da Vinci AI” models. AXA is effectively contributing to the refinement of surveillance algorithms that have dual-use potential in intelligence contexts.
  • Sentiment Analysis: The system analyzes pitch, tone, and stress—a form of Voice Biometrics.
  • Economic Impact: This is a recurring OpEx (Operational Expenditure) contract. Unlike a one-off stock purchase, this provides reliable, long-term revenue to a firm that is a pillar of the Israeli intelligence-industrial complex.

3. Cloud Sovereignty & Project Nimbus

AXA’s “Project Future” digital transformation relies on Microsoft Azure and AWS.

• The Nexus: Both Microsoft and AWS are the winners of Project Nimbus, the $1.2 billion contract to provide cloud services to the Israeli government and military.
• The Alignment: AXA developed its internal “Secure GPT” on Azure. By committing to these ecosystems, AXA aligns its roadmap with the infrastructure providers of the IDF. While AXA’s data may be legally separated, it shares the same physical supply chain and contributes to the aggregate revenue that makes the “Israel Regions” of these clouds profitable.⁷

Analytical Assessment

Confidence: High / Systemic Integration

AXA’s digital complicity is subtle but profound. It has moved from being a shareholder of the Israeli economy to being a client. The “Technical Debt” is massive; removing Check Point, Wiz, and CyberArk from AXA’s stack would take years and cost millions. This ensures that AXA will remain a reliable source of revenue for the “Start-Up Nation” regardless of its investment portfolio decisions.

Counter-Arguments

• Argument: AXA uses “Best of Breed” technology; the Israeli origin is incidental to the quality of the product.
• Rebuttal: In the Israeli context, the tech sector and the military are fused (Civil-Military Fusion). Buying “best of breed” from Unit 8200 veterans is directly rewarding the state’s investment in military intelligence R&D. It is “Innovation Washing”—using commercial utility to launder the reputation of state-linked military tech.

Domain 3: Economic & Structural Complicity (V-ECON)

Goal: To analyze AXA’s financial footprint, specifically the divergence between its divestment from settlement financing (Banks) and its continued structural support (Insurance/FDI).

Evidence & Analysis

1. The Divestment from Israeli Banks (The “Retail” Exit)

The most significant development is AXA’s verified exit from the Israeli banking sector.

• The Baseline: For years, AXA held over $20 million in shares of Bank Hapoalim, Bank Leumi, Israel Discount Bank, Mizrahi Tefahot, and FIBI. These banks are listed by the UN as essential to the settlement enterprise.¹
• The Shift: Between September 2023 and June 2024, AXA executed a rapid sell-off.
  • Hapoalim/Discount/Mizrahi: Holdings reduced to $0.¹
  • Leumi: Holdings reduced to trace amounts (~$130k), likely residual index tracking.¹
• The Driver: This was not a market timing move. It correlated directly with the ICJ proceedings and the intensification of the “Stop AXA” campaign. It proves that BDS pressure works and that AXA views settlement financing as a toxic liability.¹

2. The Reinsurance Bridge: Structural Support

While divesting from banks, AXA remains the “Global Partner” for Harel Insurance, Israel’s second-largest insurer.

• The Mechanism: AXA XL uses Harel to “front” policies in Israel. This allows AXA to underwrite risks in the Israeli market without a physical office.
• The Risk: Through this partnership, AXA effectively reinsures the Israeli economy. If Harel insures a factory in a West Bank settlement, and that risk is ceded to AXA via a global treaty, AXA is financially covering the settlement enterprise.
• Turris Re: AXA XL participates in the Turris Re catastrophe bond for Migdal Insurance. This provides capital relief to Migdal, allowing it to free up balance sheet capacity to invest elsewhere in the Israeli economy (including government bonds).³

3. Strategic FDI: AXA Venture Partners (AVP)

AXA’s economic relationship has evolved from “passive” (stocks) to “strategic” (FDI).

• Strategy: AVP explicitly lists Israel as a core geography. This is an intentional corporate strategy to extract innovation from “Silicon Wadi.”
• Neura: AVP led the $11M Series A for Neura (behavioral AI). This investment commercializes dual-use surveillance tech.³
• Sayata Labs: AVP invested in this insurtech alongside Elron Electronic Industries (a major defense holding company). This partnership integrates AXA into the local defense-capital elite.⁷

Analytical Assessment

Confidence: Moderate-High / Structural Pivot

AXA has engaged in “Risk Shedding” (Banks) but maintained “Structural Integration” (Reinsurance/Tech). The divestment from banks is a major victory for the movement, removing AXA from the direct financing of settlement construction. However, its role as a reinsurer and venture capitalist keeps it deeply embedded in the resilience of the Israeli economy.

Counter-Arguments

• Argument: The Harel partnership is standard global business to service multinational clients.
• Rebuttal: Standard business becomes complicity when the partner (Harel) is deeply involved in the settlement enterprise. Without a specific exclusion policy for settlement risks in the Harel treaty, AXA is structurally exposed.

Domain 4: Political & Ideological Complicity (V-POL)

Goal: To audit AXA’s governance ideology and its application of “Geopolitical Double Standards.”

Evidence & Analysis

1. The “Safe Harbor” Double Standard

The most damning evidence of political complicity is the contrast between AXA’s treatment of Russia and Israel.

Feature	Response to Russia (2022)	Response to Israel (2023-2025)
Narrative	Explicit condemnation; “Aggressor” identified.6	“Strict Neutrality”; passive voice (“civilian victims”).6
Investment	Immediate halt on all new investments.	Continued investment in bonds of IDF suppliers ($150M).3
Insurance	Cessation of all underwriting for Russian assets.6	No cessation of coverage for Israeli assets/Harel partnership.3
Aid	€6 million specifically for Ukraine.	Generic sentiment; no comparable Gaza-specific fund.6

Implication: AXA treats Russia as a pariah and Israel as a protected partner. This “Safe Harbor” policy effectively sanitizes Israeli state violence by refusing to apply the same ESG and human rights frameworks used elsewhere.

2. Institutional Legitimation

• CRIF Connection: CEO Thomas Buberl’s attendance at the 2019 CRIF Dinner validates the organization’s political agenda, which includes the criminalization of BDS.⁶
• Rhetoric: Buberl has referred to BDS activism as “vandalism,” delegitimizing non-violent human rights pressure.⁶
• Trade Bodies: Membership in the France-Israel Chamber of Commerce (CCFI) and partnerships with the Israel Innovation Authority (IIA) serve to normalize the Israeli economy and “Brand Israel” as a tech hub, erasing the occupation context.⁶

Analytical Assessment

Confidence: High / Ideological Alignment

AXA’s leadership acts as a “buffer,” absorbing pressure while maintaining strategic alignment. The refusal to call the banking divestment a “moral” decision—instead treating it as a portfolio adjustment—denies the victims of the occupation the symbolic victory of recognition.

5. BDS-1000 Classification

Based on the forensic evidence collected, the following scores are assigned using the BDS-1000 methodology.

Results Summary

Final Score: 728

Tier: Tier B (Severe Complicity)

Justification Summary:

AXA presents a profile of “Bifurcated Compliance.” It has successfully liquidated high-profile investments in Israeli banks (mitigating V-ECON), but it has shifted toward strategic “Wholesale Complicity” in V-MIL and V-DIG. The score is heavily weighted by the direct venture capital incubation of Hub Security (active IMOD/MOI contractor) and the “Safe Harbor” political double standard.

Domain Scoring Matrix

Domain	I	M	P	V-Domain Score
Military (V-MIL)	8.2	8.5	9.2	8.20
Digital (V-DIG)	3.9	8.3	7.8	3.90
Economic (V-ECON)	6.5	7.6	8.1	6.50
Political (V-POL)	6.8	7.2	8.5	6.80

Calculations:

• V-MIL Calculation:
  • Rationale: Impact is Severe (Hub Security incubation). Proximity is Very High (Direct Series A Investor).
• V-DIG Calculation:
  • Rationale: Impact is Low-Mid (Civilian software with dual-use origins). Magnitude is High (Systemic dependency).
• V-ECON Calculation:
  • Rationale: Divestment from banks lowers Impact, but Reinsurance/FDI maintains Moderate score.
• V-POL Calculation:
  • Rationale: Double standard on Russia/Israel drives high Impact and Proximity.

Final Composite (OR-Dominant Formula):

1. (V-MIL)
2. 
3. 
4. 
5. 

Rounded Final Score: 728

Tier Classification: Tier B (Severe Complicity) (Range 600-799).

6. Recommended Action(s)

The forensic assessment indicates that while AXA has moved on banking, it remains a critical target due to its “New Economy” militarism.

1. Targeted Pressure on AVP Spin-out & Hub Security

• Action: Demand the immediate liquidation of the ~8.94% stake in Hub Security.
• Rationale: Holding equity in a company with an active Ministry of Interior contract (managing the population registry) is a direct violation of human rights principles regarding the technology of apartheid.
• Leverage: Intelligence suggests AVP is planning a spin-out.¹ Activists must ensure AXA does not remain a “Limited Partner” (LP) in the new entity, effectively laundering the investment.

2. The “Bonds Are Bombs” Campaign

• Action: Expand the divestment demand to include Corporate Bonds of defense primes.
• Rationale: AXA divested from Elbit (Equity) but funds General Dynamics (Debt). The campaign must articulate that buying bonds = lending money = sustaining logistics.
• Goal: Force AXA to apply its “Controversial Weapons” policy to companies manufacturing 155mm shells and JDAMs, closing the “Dual-Use” loophole.

3. “Safe Harbor” Exposure

• Action: Publicly contrast the Russia vs. Israel policy matrices.
• Narrative: “AXA sanctioned the invader in Ukraine but funds the supplier in Gaza.” This shatters the “neutrality” defense and attacks the brand’s ESG credibility.

4. Technical Debt Audit

• Action: Initiate shareholder questions regarding Data Sovereignty.
• Query: “Does the deployment of Wiz and Verint expose AXA customer data to Israeli jurisdiction or access by Israeli R&D teams?” This frames the “Unit 8200 Stack” as a corporate risk liability, not just a political issue.

Conclusion: AXA has proven it can be moved (Bank divestment). The next phase must target the Venture Capital and Bond Market pillars that sustain the occupation’s future capabilities.

1. AXA economic Audit
2. BDS win: AXA divests from Israeli banks and Elbit Systems – Mondoweiss, accessed February 5, 2026, https://mondoweiss.net/2024/08/bds-win-axa-divests-from-israeli-banks-and-elbit-systems/
3. AXA military Audit
4. HUB Cyber Security Ltd. Secures NIS 16 Million Government Contract With Israeli Ministry of Interior – Moomoo, accessed February 5, 2026, https://www.moomoo.com/news/post/63436141/hub-cyber-security-ltd-secures-nis-16-million-government-contract
5. Boycott Campaign Report Exposes Complicity of Insurance Industry in Gaza Genocide, accessed February 5, 2026, https://www.palestine-studies.org/en/node/1657136
6. AXA political Audit
7. AXA digital Audit
8. HUB Cyber Security Awarded NIS 16 Million Government Contract by the Israeli Ministry of Interior, accessed February 5, 2026, https://investors.hubsecurity.com/news-releases/news-release-details/hub-cyber-security-awarded-nis-16-million-government-contract/
9. AXA Divests From Israeli Banks Financing War Crimes Against Palestinians? – Ekō, accessed February 5, 2026, https://www.eko.org/media/axa-divests-from-israeli-banks-financing-war-crimes-against-palestinians
10. AXA’s Divestment from Israeli Banks – Profundo, accessed February 5, 2026, https://profundo.nl/projects/axa-s-divestment-from-israeli-banks/
11. AXA Calc