AXA’s investments in three Israeli banks and a weapons manufacturer have been linked to human rights abuses and contraventions of international law. The three Israeli banks: Hapoalim, Leumi, and Mizrahi Tefahot, reportedly provide special loans for construction and infrastructure projects in Israeli settlements throughout the Occupied Territories. AXA also maintains investments in Elbit Systems, which reportedly supplies drones and white phosphorus shells used by the Israeli army against civilians in Gaza.

70 French civil society organizations published a communiqué claiming that "by investing in these companies and banks AXA is complicit in perpetuating decades of Israeli violations of Palestinian human rights and international law, in direct contradiction with its own guidelines and international directives", and calling on the company "to divest from any involvement and activity that legitimizes the violations of international law perpetrated by the state of Israel".

Business & Human Rights Resource Centre invited AXA to respond to these allegations. AXA’s response is provided below.