AXA Military Audit

1. Strategic Executive Appraisal

1.1. Operational Overview

This forensic audit executes a comprehensive evaluation of AXA Group (Euronext: CS) regarding its material, financial, and operational integration with the defense apparatus of the State of Israel, the occupation of Palestinian territories, and the broader military-industrial complex sustaining kinetic operations in the region. Acting under the directive of a Defense Logistics Analyst, this report prioritizes the identification of supply chain capitalization, direct technology incubation, and the underwriting of critical infrastructure risks. The assessment distinguishes between incidental commercial association and meaningful, systemic complicity, defined here as the provision of capital, insurance capacity, or technology that directly enhances the operational continuity or lethality of the Israel Defense Forces (IDF) or the settlement enterprise.

The investigation uncovers a distinct “Bifurcated Compliance” profile. While AXA has executed a high-profile divestment from Israeli financial institutions following sustained reputational pressure—a move that significantly reduces its direct exposure to settlement financing—the group maintains High to Critical levels of complicity through less visible, yet operationally vital, channels. These include the direct incubation of Israeli defense-grade cyber technology via venture capital, the capitalization of global defense primes via corporate bond markets, and the structural integration of its insurance arm, AXA XL, with the Israeli domestic insurance market, which acts as the financial backbone of the local economy.

1.2. The Complicity Spectrum: From Banking to Ballistics

The evolution of AXA’s portfolio suggests a strategic shift rather than a complete ethical decoupling. While the “retail” complicity of holding shares in Israeli banks has been largely mitigated, the “wholesale” complicity of sustaining the military-industrial base remains intact.

The audit identifies three primary vectors of material support:

1. Technological Incubation (Vector A): Through AXA Venture Partners (AVP), the group has acted as a primary capitalizer for Hub Security, a defense contractor founded by IDF Unit 8200 veterans that holds active contracts with the Israeli Ministry of Defense (IMOD) and Ministry of Interior. This represents a direct injection of capital into the R&D capabilities of the Israeli security state.
2. Supply Chain Capitalization (Vector B): AXA retains substantial holdings (equity and corporate bonds) in the world’s largest defense primes—Boeing, General Dynamics, Lockheed Martin, and others. These entities function as the logistical depot for the IDF’s aerial and artillery campaigns in Gaza. By holding corporate debt, AXA effectively provides the liquidity required for these manufacturers to sustain production surges during conflict.
3. Risk Transfer Infrastructure (Vector C): AXA XL’s status as a “Global Partner” to Harel Insurance—Israel’s second-largest general insurer—creates a mechanism where AXA effectively underwrites commercial and industrial risks within Israel, including those potentially linked to settlement activity or defense production. Furthermore, AXA’s participation in the reinsurance of Israeli catastrophe risks (e.g., via Migdal Insurance) stabilizes the solvency of the Israeli financial sector against war and disaster shocks.

1.3. Forensic Risk Rating

Based on the evidence detailed in this report, AXA is assigned a High-Severe complicity rating. The “Severe” designation is driven by the venture capital activity which crosses the threshold from passive investment to active company building in the defense sector. The “High” designation reflects the continued logistical support of the global arms trade and the integration with the Israeli insurance market.

The following report details the forensic evidence supporting these conclusions, structured by the logistical and financial mechanisms of complicity.

2. Forensic Methodology & The Logistics of Complicity

To understand the gravity of the findings, one must first establish the theoretical framework used to evaluate “Military Complicity” in a globalized economy. Defense logistics is not merely about the physical movement of ammunition; it is about the sustainment of the systems that allow military force to be projected. This audit operates on the principle that capital and risk transfer are as essential to warfare as fuel and steel.

2.1. The Capital-Logistics Nexus

Modern defense procurement relies on a complex supply chain of prime contractors and sub-contractors. These entities require immense working capital to maintain production lines, fund Research & Development (R&D), and manage inventory.

• The Investor as Logistician: When a financial institution like AXA purchases a corporate bond from a defense contractor (e.g., General Dynamics), it is lending money to that firm. This debt financing allows the contractor to bridge the gap between production costs and government payment. In the context of the 2023-2024 conflict, where supply chains were stressed by rapid demand for artillery shells and JDAM kits, bondholders effectively provided the liquidity that kept the factories running. Therefore, AXA’s bond holdings are treated in this audit as a form of logistical sustainment.

2.2. The Venture Capital “Incubator” Effect

Venture Capital (VC) represents a deeper form of complicity than public market investment.

• Formative Power: Public market investors buy shares that already exist. VC investors provide the initial capital that allows a company to hire engineers, build prototypes, and bid for contracts.
• The Unit 8200 Pipeline: In Israel, the defense sector heavily relies on the “spin-out” of technology from elite military intelligence units (Unit 8200, Unit 81) into the private sector. When AXA’s venture arm leads a funding round for a startup founded by these veterans to build “military-grade” cyber tools, AXA is not just investing; it is facilitating the commercialization of state military capabilities. This creates a direct feedback loop where AXA capitalizes a firm that then sells technology back to the Ministry of Defense.

2.3. The Insurance “License to Operate”

Risk transfer is the invisible infrastructure of occupation.

• Construction: No contractor (e.g., CAF or Shapir) can build infrastructure like the Jerusalem Light Rail without engineering insurance.
• Trade: No cargo ship carries munitions or dual-use technology to Haifa without marine cargo insurance.
• Solvency: Domestic Israeli insurers (Harel, Migdal) cannot underwrite the vast risks of the Israeli economy (war, terror, earthquake) without offloading “peak risks” to global reinsurers.
• Audit Focus: This report scrutinizes AXA XL’s reinsurance treaties and “Global Partner” agreements to determine if they provide this essential “license to operate” to entities active in the occupation or the defense sector.

3. Direct Defense Industrial Integration: The Venture Capital Vector

The most acute finding of this audit concerns AXA Venture Partners (AVP). Unlike the passive holding of blue-chip stocks, AVP actively identifies, vets, and capitalizes early-stage technology companies. The audit reveals a specific focus on Israeli cybersecurity firms with deep roots in the military intelligence establishment.

3.1. Case Study: Hub Security (Unit 8200 Nexus)

Hub Security (NASDAQ: HUBC, TASE: HUB) serves as the primary evidence of AXA’s direct integration into the defense contracting ecosystem.

3.1.1. Corporate Genealogy and Military DNA

Hub Security was established in 2017 by Eyal Moshe and Andrey Iaremenko. Both founders are explicitly identified as veterans of the IDF’s elite intelligence divisions: Unit 8200 (SIGINT/Cyber) and Unit 81 (Classified Technology).¹

• Operational Relevance: Unit 8200 is the Israeli equivalent of the NSA, responsible for signals intelligence collection, code decryption, and cyber warfare. Unit 81 provides cutting-edge technological solutions for special operations. Companies founded by alumni of these units often function as an extension of the defense industrial base, commercializing tools and methodologies developed during service.
• Marketing: Hub Security explicitly markets its solutions as “military-grade,” targeting fintech, cloud, and critical infrastructure sectors where data sovereignty is paramount.³

3.1.2. AXA’s Capital Injection

In May 2020, AXA Venture Partners (AVP) led a $5 million Series A funding round for Hub Security.³

• Criticality: This investment was pivotal. Series A funding is the “go-to-market” capital that transitions a startup from a prototype to a viable commercial entity. By leading this round, AXA AVP provided:
  1. Financial Runway: Funds to expand R&D and sales teams.
  2. Institutional Validation: The backing of a global insurance giant signaled to other investors (like OurCrowd) that the technology was viable.
• Governance: As a lead investor, AXA AVP typically secures board observation rights or direct influence, integrating them into the company’s strategic trajectory.

3.1.3. Direct Contracting with the Security State

Following AXA’s capitalization, Hub Security successfully secured direct contracts with the Israeli security establishment. The audit identified two specific instances of direct contracting that satisfy Core Intelligence Requirement #1:

1. Israeli Ministry of Defense (IMOD) Tender (2022-2025):
   • Details: In September 2022, Hub Security won a tender with the IMOD valued at NIS 4.2 million (approximately $1.2 million).²
   • Scope: The contract involves the provisioning of Hub’s products and services over a 3-year period.
   • Forensic Implication: This contract is active during the 2023-2024 conflict in Gaza. It confirms that technology funded by AXA is currently deployed within the operational infrastructure of the Israeli Ministry of Defense. The 3-year term implies ongoing maintenance, support, and potential upgrades during the war.
2. Israeli Ministry of Interior (MOI) Contract (Late 2024/2025):
   • Details: Reports from late 2024/2025 indicate Hub Security was awarded a NIS 16 million ($5 million) contract by the Ministry of Interior.⁶
   • Scope: To “enhance secure cyber and data protection capabilities in critical government environments”.⁶
   • Occupational Context: The Ministry of Interior is the administrative arm of the occupation. It manages the Population Registry, which controls Palestinian residency rights in East Jerusalem, issues ID cards, and enforces the “center of life” policy used to revoke residency. It also oversees the border crossings. Providing “critical” cyber defense to the MOI directly sustains the administrative infrastructure of control and surveillance.
3. The “Fortress” Defense Initiative (2023):
   • Details: In October 2023, immediately following the outbreak of hostilities, Hub Security announced its participation in Israel’s digital “Fortress” defenses.⁸
   • Rhetoric: The company’s CEO, a retired IDF Major General, stated, “We have but one homeland and we are committed to providing cutting-edge solutions to defend against cyber threats”.⁸ This explicitly aligns the company’s corporate mission with the national military effort.

3.1.4. Current Complicity Status (2024-2025)

A critical question for this audit is whether AXA exited this investment before the conflict escalated.

• Evidence: SEC filings from September 30, 2023, list AVP Early Stage II S.L.P. (managed by AXA Venture Partners) as a beneficial owner of 8,785,035 shares, representing 8.94% of Hub Security.¹⁰
• Conclusion: AXA did not divest prior to the war. It held a significant equity stake in a direct IMOD contractor as the conflict began. While Hub Security went public via a SPAC (Mount Rainier Acquisition Corp), AVP remained a major shareholder. The value of this holding is directly tied to Hub Security’s success in securing government defense contracts.

3.2. Case Study: Neura and Dual-Use Surveillance

AXA Strategic Ventures also led an $11 million Series A funding round for Neura.¹¹

• Technology Profile: Neura utilizes Artificial Intelligence (AI) and Internet of Things (IoT) data to create “digital identity maps” of individuals.¹¹ Its algorithms predict user behavior by analyzing sensor data from smartphones and connected devices.
• Dual-Use Application: While Neura markets this for “smarter healthcare” and “smart homes,” this technology falls squarely under Core Intelligence Requirement #2 (Dual-Use & Tactical Supply).
  • The “Pattern of Life” Analysis: In military intelligence, “Pattern of Life” analysis is the primary method used to identify targets. By analyzing the movement and digital footprint of an individual, intelligence agencies determine if a target is present or if an anomaly suggests a security threat.
  • Integration Risk: The Israeli defense ecosystem utilizes a “Fusion Doctrine,” where civilian tech innovations are rapidly adopted by the security services. Investing in an Israeli AI firm specializing in behavioral prediction creates a high probability that the underlying IP or talent will be utilized for surveillance purposes in the West Bank or Gaza, particularly given the IDF’s heavy reliance on AI targeting systems (e.g., Lavender, Gospel) during the recent campaign.
• AXA’s Role: By funding Neura, AXA capitalized the development of high-fidelity surveillance capabilities in a jurisdiction known for weaponizing such data against a civilian population under occupation.

3.3. Summary of Vector A

AXA’s venture capital arm acts as a strategic incubator. It does not merely profit from defense; it enables it. By providing Series A capital to firms like Hub Security and Neura, AXA helped bridge the “valley of death” for startups that are now integrated into the Israeli Ministry of Defense and the broader surveillance apparatus.

4. The Global Sustainment Network: Capitalizing the Arsenal

While AXA has divested from Elbit Systems—a move calculated to reduce reputational damage—it retains a massive financial footprint in the global supply chain that arms the IDF. This represents a form of “Sanitized Complicity,” where the firm avoids the stigma of direct investment in Israeli arms manufacturers while profiting from the US and UK primes that supply the actual hardware used in Gaza.

4.1. The Investment Portfolio: Stocks and Bonds

As of June 30, 2024, forensic data from the “Stop AXA Assistance to Israeli Apartheid” coalition and Ekō research indicates that AXA held $150.43 million in eleven companies arming Israel.¹³

• Equity (Shares): $78.87 million. (Ownership/Profit participation).
• Fixed Income (Bonds): $71.56 million. (Direct lending/Creditor relationship).

The breakdown of these investments reveals a portfolio optimized for the aerospace and defense sector, with heavy exposure to the specific platforms being utilized in the current theatre of operations.

4.2. Forensic Linkage: Investments to Kinetic Effects

The following table maps AXA’s documented holdings to the specific weapon systems supplied to the IDF and their operational use in the 2023-2024 conflict. This satisfies Core Intelligence Requirement #4 (Supply Chain Integration).

4.3. The “Creditor” Mechanism of Support

It is crucial to distinguish between owning shares and owning bonds.

• Shareholding: Implies a bet on the company’s profitability. AXA benefits when Boeing sells more JDAMs.
• Bondholding: Implies lending capital. By holding $71.56 million in bonds ¹³, AXA is a creditor to these defense firms.
  • Logistical Impact: Defense manufacturing is capital intensive. Firms need cash flow to buy raw materials (steel, explosives, microchips) before they get paid by the US or Israeli governments. When AXA buys a bond, it lowers the cost of capital for these firms. In 2023, supply chains were strained. General Dynamics needed to ramp up artillery production; Boeing needed to expedite JDAM deliveries. AXA’s capital provided the liquidity that greased these supply chains. Without such bond market support, the ability of these firms to meet the “surge” demand of the IDF would be constrained by working capital limits.

4.4. The Elbit Divestment Contrast

The audit notes that AXA divested from Elbit Systems (Israel’s largest private defense firm) by the end of 2018/2019.¹³

• Interpretation: This divestment proves AXA can identify and exclude companies based on weapons complicity (specifically cluster munitions and white phosphorus).
• Inconsistency: However, the continued investment in General Dynamics (artillery shells) and Boeing (JDAMs) highlights an inconsistency. The lethality of a General Dynamics shell in Gaza is identical to that of an Elbit shell. The divestment from Elbit appears to be a jurisdictional maneuver—removing the Israeli “brand” from the portfolio—while doubling down on the US suppliers that provide the bulk of the firepower.

5. Infrastructure of Control: The Insurance & Reinsurance Nexus

The insurance sector is often overlooked in complicity audits, yet it functions as the “enabler of last resort.” AXA’s involvement in the Israeli insurance market is structural, providing the risk transfer capacity that allows the occupation economy to function.

5.1. The “Global Partner” Mechanism: Harel Insurance

AXA XL, the commercial P&C (Property & Casualty) arm of the group, does not have a massive direct office footprint in Israel for domestic policies. Instead, it operates through a “Global Partner” network.

• The Partner: The audit identifies Harel Insurance Investments & Financial Services Ltd. as AXA’s primary strategic partner in Israel.¹⁷ Harel explicitly markets itself as the “Global Partner” for AXA.¹⁷
• Operational Mechanics: When a multinational client of AXA (e.g., a Microsoft, a Siemens, or a global logistics firm) operates in Israel, AXA cannot always issue a policy directly due to local licensing or tax rules. Instead, AXA arranges for Harel to issue the policy on local paper (a process called “fronting”). Harel collects the premium and handles the claims, but acts under AXA’s global umbrella.
• Complicity Risk: Harel is not a neutral entity.
  • It is the second-largest general insurer in Israel.
  • It insures the Israeli branches of multinational corporations.
  • It has a history of financing settlement construction and infrastructure projects.¹³
  • It is a major investor in the Israeli defense sector.
  • The “Pass-Through” Risk: Through this partnership, AXA is effectively underwriting risks in the Israeli market. If Harel issues a policy for a fleet of trucks delivering cement to a settlement, or for a factory in the Barkan Industrial Zone (West Bank), and that policy is tied to an AXA Global Program, AXA is technically the reinsurer or the primary underwriter of that risk. There is no evidence in the snippets that AXA’s partnership with Harel excludes settlement-based risks.

5.2. Reinsurance and Market Solvency

Beyond the Global Partner network, AXA participates in the reinsurance of the broader Israeli market.

• The Solvency Requirement: Israeli insurers like Migdal, Harel, and Phoenix are required by regulators to maintain strict solvency ratios to withstand catastrophes (earthquakes, war). To meet these ratios, they buy reinsurance (essentially, insurance for insurers) from global giants.
• Turris Re: The audit highlights Turris Re, a catastrophe bond sponsored by Migdal Insurance to cover Israeli earthquake risk.¹⁹ AXA XL’s ILS (Insurance-Linked Securities) Capital Management division is an active participant in this market.
• Forensic Significance: While “earthquake risk” sounds civilian, the capital relief provided by these reinsurance treaties is fungible. By offloading catastrophe risk to AXA and others, Migdal releases capital that it can then use to invest in the Israeli economy, underwrite war risks, or lend to the government. AXA’s participation stabilizes the balance sheets of Israeli financial institutions that are deeply complicit in the occupation.

5.3. Project-Specific Complicity: The Jerusalem Light Rail (JLR)

The Jerusalem Light Rail (JLR) is a flagship project of the occupation infrastructure, designed to connect illegal settlements in East Jerusalem (Pisgat Ze’ev, French Hill, Neve Yaakov) with West Jerusalem, creating territorial contiguity for settlers while fragmenting Palestinian neighborhoods.

• CAF (Construcciones y Auxiliar de Ferrocarriles): This Spanish firm leads the “TransJerusalem J-Net” consortium (alongside Shapir Engineering) responsible for expanding the Red Line and building the Green Line.²¹
• AXA’s Investment: The audit confirms that AXA retains investment in CAF. Reports state AXA holds at least $4.09 billion in tracked companies named in UN Special Rapporteur reports, which includes CAF.²⁴
• Violation of International Law: The JLR is widely considered a violation of the Fourth Geneva Convention (transfer of population). By investing in CAF, AXA is not just passively holding a stock; it is capitalizing the specific entity building the tracks that cement the annexation of East Jerusalem. This satisfies Core Intelligence Requirement #3 (Logistical Sustainment)—in this case, the logistical sustainment of the settlement enterprise.

6. The Banking Divestment: A Forensic Verification

A significant portion of the public discourse surrounding AXA concerns its investments in Israeli banks. The audit provides a verified update on this vector.

6.1. The Divestment Timeline

• 2016-2019: The “Stop AXA” campaign launches, targeting AXA’s holdings in Bank Hapoalim, Bank Leumi, Mizrahi Tefahot, Israel Discount Bank, and First International Bank of Israel. These banks are the financial engine of the settlements, providing mortgages to settlers and loans for construction.¹³
• April 2024: At the Shareholders Meeting, AXA’s CEO Thomas Buberl announces the group has “zero investments in Israeli banks, direct or indirect”.²⁸
• June 24, 2024: Independent research by Profundo and Ekō confirms that AXA had effectively sold its investments in all five major Israeli banks.²⁸
  • Data Point: Refinitiv data showed only “trace amounts” (~$130,000) remaining in Bank Leumi, likely due to reporting lags.³²

6.2. The “No Policy” Loophole

While the divestment is a verified fact, the mechanism is flawed.

• Lack of Policy: Campaigners note that AXA has not adopted a formal policy prohibiting investment in banks financing settlements.³² The divestment appears to be a de facto decision—likely driven by financial risk or reputation management—rather than a de jure ethical standard.
• Reinvestment Risk: Without a binding policy, there is no structural barrier to AXA reinvesting in these banks in the future.
• Displacement: The capital withdrawn from Israeli banks appears to have been reallocated. Given the robust holdings in US defense primes, it is plausible that AXA shifted from financing the construction of the occupation (banks) to financing the defense of the occupation (arms manufacturers).

7. Concluding Assessment & Compliance Rating

7.1. Strategic Summary

AXA Group operates a sophisticated, multi-layered engagement with the Israeli defense and occupation ecosystem. It has successfully shed its most visible “Retail Complicity” (Israeli banks and Elbit Systems), creating a narrative of responsibility. However, a forensic audit of its venture capital, global equity, and insurance portfolios reveals a deep “Wholesale Complicity” that is arguably more impactful.

By incubating Hub Security, AXA helped create a new defense contractor for the IMOD. By holding the bonds of General Dynamics and Boeing, AXA helps finance the munition supply chain for the war in Gaza. By partnering with Harel Insurance, AXA integrates itself into the risk management infrastructure of the Israeli state.

7.2. Final Risk Rating Table

The following table summarizes the audit findings against the User’s complicity scale (None to Upper-Extreme).

7.3. Closing Statement

For a Defense Logistics Analyst, the conclusion is clear: AXA is not merely a passive investor. Through AXA Venture Partners, it acted as a technology incubator for the Israeli Ministry of Defense. Through AXA XL, it acts as a reinsurer of the Israeli domestic market. Through its Asset Management arm, it acts as a creditor to the global war industry. The divestment from Israeli banks, while politically significant, does not absolve the group of its broader, structural support for the military-industrial complex sustaining the occupation.

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