Financial Services



AXA SA 25 Avenue 
Matignon 75008 Paris, France



  • Standard & Poor’s 83/100 
  • Dow Jones Sustainability Index Percentile ranking: 97th 
  • Vigeo Eiris 69/100 
  • FTSE ESG 4.3/5 
  • Sustainalytics 86/100
  • UN PRI Strategy & Governance Rating A+




Thomas Hügli


  • Best Impact initiative for ESG in the 2019 Sustainable Investment Awards



Report created by Maribel Sabino


SECTIONS :  Sustainability    Evaluation  •  Progress  •  Watch  •  Overview

Company Activity

AXA SA is a French multinational insurance firm headquartered in Paris.

AXA operates as a holding company, engaging in the provision of insurance and asset management services.

AXA provides global insurance, investment management, and other financial services with the purpose of acting for human progress by protecting what matters. This allows them, as an insurance company, to enable customers to plan for the future with peace of mind. AXA was founded in 1985 and is headquartered in Paris, France.

The company operates through the following segments: France, Europe, Asia, AXA XL, the United States, International and Transversal & Central Holdings.

  • France segment: consists of Life & Savings and Property & Casualty activities, AXA Banque France and France holdings. 
  • Europe segment: consists of Life & Savings and Property & Casualty activities in Switzerland, Germany, Belgium, United Kingdom & Ireland, Spain and Italy. 
  • Asian segment: consists of Life & Savings activities in Japan, Hong Kong and Asia High Potentials as well as Property & Casualty activities in Hong Kong and Asia High Potentials. 
  • AXA XL segment: consists of Property & Casualty activities at XL Group, as well as AXA Corporate Solutions Assurance and AXA Art. 
  • United States segment: includes Life & Savings activities in the United States, as well as Asset Management services offered by AB. 
  • International segment: consists of Life & Savings and Property & Casualty activities in 14 countries within Europe, Middle East, and Africa & Latin America as well as in Singapore, in Malaysia and in India. 
  • Transversal & Central Holdings segment: includes transversal entities namely AXA Investment Managers, AXA Assistance, AXA Liabilities Managers, AXA Global Re, AXA Life Europe, as well as AXA SA and other Central Holdings. 

Company Sustainability Activity

AXA is committed to reducing its direct impact on the environment by actively managing its energy, CO2 emissions, and waste.

This is seen through their climate-related initiatives, which leverage every asset and expertise, including: green investments, divestments and underwriting restrictions, products with environmental added value, climate resilience and adaptation solutions, risk modeling, impact investing, shareholder engagement, direct environmental footprint reduction, academic research, outreach, thought leadership, partnerships and employee volunteering.

In November 2019, AXA launched four new developments in their climate journey, aligning their business with the Paris Agreement: 

  • AXA committed to achieving investment “climate neutrality” by 2050
  • AXA doubled their green investments target to €24 billion by 2023
  • AXA launched the “Transition Bond” asset class and announced a total exit from the coal industry via massively strengthened underwriting restrictions
  • AXA joined the Net-Zero Asset Owner Alliance (AOA) and the TCFD

Through its environmental policy and strategy, AXA, as an insurer, investor and global corporation, can play an important role in raising awareness about environmental protection amongst its stakeholders, contributing to improve the understanding of global and local environmental risks and committing to address climate change.

In addition, AXA has also set an environmental reporting and management system to measure, reduce and report on its environmental footprint. The process is based on an annual reporting system which enables us to optimize the management of their major environmental impacts, including paper, power and water consumption, as well as the production and recycling of waste through environmental targets.


  • Climate Impact Day 
  • “Warming Potential” of their investments capped under 1.5°C by 2050. AXA joined the Net-Zero Asset Owner Alliance to support this commitment in a collective setting and lead the methodology-related work within this Alliance
  • Green investment target doubled to €24 billion by 2023
  • Launch of the “Transition Bond” asset class, with a €100 million “Proof of Concept” issuance
  • 0% coal by 2040. Total exit from the coal industry and strengthened underwriting restrictions


AXA’s environmental targets, for the 2018-2025 period, are as follows:

25% reduction in AXA’s CO2 emissions broken down into the following CO2 emissions reduction sub-targets:

    • 20% from AXA’s vehicle fleet emissions 
    • 35% from AXA’s power consumption linked to building and data centers
    • 15% from AXA’s business travel emissions

Source 100% of AXA’s electricity consumed (office sites and AXA-owned data centers) from renewable energy sources by 2025, in line with their “RE100” commitment

Reduce waste by 15%.

Reduce water consumption by 15%

AXA’s previous target for the 2012-2020 period was to reduce CO2 emissions per Full-Time Employee (FTE) by 25%, broken-down into the following sub-targets: 

  • 35% power consumption (kwh/FTE)
  • 15% business travel: vehicle fleet (km/FTE)
  • 5% business travel: air and train (km/FTE)
  • 45% office paper (kg/FTE)
  • 50% marketing and distribution paper consumption (kg/ client)

The Group had also set two environmental targets that are unrelated to carbon emissions:

  • 15% water consumption
  • 95% of paper must originate from recycled or sustainable sources


2012-2018 Progress on targets:

  • In 2018, AXA met its global target of reducing 25% CO2 emission/FTE
  • AXA’s CO2 emissions per FTE related to energy, paper and business travel (air, rail and car fleet) decreased by 38% between 2012 and 2018 → 120% progress towards target realization

Power consumption

  • AXA’s power consumption decreased by 25% between 2012 and 2018 in absolute terms, and by 37% per FTE, a 103% target achievement
  • In 2018, 55% of the electricity consumed by AXA originated from renewable energy sources

Business Travel

  • Overall business travel per FTE has decreased by 9% between 2012 and 2018
  • AXA’s car fleet usage decreased by 29% (a 121% target achievement)

Vehicle fleet profile

  • AXA’s car fleet is gradually shifting towards lower fuel-consumption vehicles

Paper consumption

  • AXA’s use of paper concerns office (printing, measured per employee) and marketing & distribution (leaflets, etc., measured per customer). AXA’s office paper consumption per FTE decreased by 54% between 2012 and 2018, but their marketing and distribution paper consumption increased by 6% per customer. 
  • In 2018, AXA bought 58% of its office paper and 41% of its marketing and distribution paper from recycled sources

Water consumption 

  • AXA’s water consumption per FTE has decreased by 19% between 2012 and 2018, a 95% target achievement

Waste management

  • In 2018, AXA’s sorted paper for recycling decreased by 39% between 2012 and 2018. This decrease in the total recycling rate is due to the overall decrease in office paper consumption. 
  • Unsorted waste has decreased by 29% between 2012 and 2018, and the recycling rate of cartridges and toners has increased by 22%, while non-recycled cartridges and overall use of cartridges and toners has reduced by 62%.

Coal divestment 

  •  In 2017, AXA pioneered coal and oil sands restrictions in their insurance business


UN Sustainable Development Goals

UN SDGs Compliance


  • Source 100% of AXA’s electricity consumed (office sites and AXA-owned data centers) from renewable energy sources by 2025, in line with their “RE100” commitment (RE100 is a coalition of companies pledging to buy 100% of their electricity from renewable sources)

SDG 13

  • Climate Action 100+, a five-year investor initiative to engage with the world’s largest corporate greenhouse gas emitters to curb emissions, strengthen climate-related financial disclosures and improve governance on climate change

SDG 14 

  • AXA joined the world’s first insurance industry statement on sustainable marine insurance, banning so-called “illegal, unreported and unregulated (IUU) fishing”, and co-developed by the UN Principles for Sustainable Insurance and the Oceana NGO

SDG 15

  • Madecasse: this investment in sustainable agroforestry and cocoa production will protect the unique biodiversity of Madagascar by providing critical habitats that support lemurs and other endangered species. The expected impact from this investment include: 2,900 hectares under sustainable management for biodiversity and soil conservation; 528 hectares of Critical Habitat that supports lemurs; 4 lemur species on the International Union for Conservation of Nature endangered list; and create over 120 jobs

AXA SA is committed to incorporating sustainability within their business model. This is seen through their environmental policy and strategy.

In addition to receiving industry specific awards and listings, such as the Dow Jones Sustainability Index, FTSE ESG, and MSCI AAA, AXA holds several certificates and labels, including LEED, FSC, and BREEAM.

The company has clear targets and has made great progress in terms of reducing their environmental footprint. AXA complies with four of the seventeen UN Sustainable Development Goals.

AXA has been rated a B.

Analyst Outlook: Neutral

AXA has set an environmental reporting and management system to measure, reduce and report on its environmental footprint.

Key Points

  • AXA’s 2018-2025 CO2 emissions reduction targets are based on the approach promoted by the Science Based Targets initiative, which AXA joined in 2015. 
  • AXA committed to and achieved ambitious green investment targets. The company promoted a strong collective agenda with the Task Force on Climate-related Financial Disclosures (TCFD) and EU initiatives. 
  • AXA has created transition bonds to help fill the gap between “already green” projects that are eligible for green bond funding, and those that are not.
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