Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

French insurance major AXA has announced that it is pulling back its Russian operations amid Moscow’s continued aggression towards Ukraine.

In doing so, AXA joins its peers in the Russian exodus after the West imposed unprecedented financial sanctions to isolate Moscow.

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

“We have stopped underwriting new reinsurance (and stopped all reinsurance renewals) of Russian insurers.”

The insurer has also halted all new investments in Russian assets.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Notably, AXA owns a stake in the Russian insurance firm Reso Garantia, which was founded in 1991 and commands a key position in the Russian insurance space.

According to Reso’s website, it is the top auto insurer in the country and holds the fourth position in the general insurance market.

“AXA has no operational or management control over this company [Reso Garantia] and has decided to remove its directors from the board,” the insurer said.

AXA has owned a 37% stake in Reso since 2008.

Additionally, the French insurer has taken steps to help war-torn Ukraine, which includes a donation of €6m, to support civil populations and refugees and local projects by AXA Hearts in Action.