(Bloomberg) -- Axa SA, France’s largest insurer, said it will stop investing in tobacco and divest all of its 1.8 billion euros ($2 billion) of assets in the industry.
The Paris-based company will sell 200 million euros of stock in tobacco companies and run off its bond holdings in the industry, valued at about 1.6 billion euros, the company said in a statement on its website Monday. It didn’t say which tobacco company stocks it holds.
“We strongly believe in the positive role insurance can play in society, and that insurers are part of the solution when it comes to health prevention to protect our clients,” Deputy Chief Executive Officer Thomas Buberl said in the statement. “Hence, it makes no sense for us to continue our investments within the tobacco industry.”
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