Axa stops investments in the tobacco industry

The French group Axa, one of the world's largest insurance companies, has announced that it will not put more money in the tobacco industry: it has decided to abandon all investments in the field of cigarettes and the like, resulting in the sale of assets and shares for approximately 1,8 billion euro. The intention, according to a note, is to "support the government's efforts" to reduce tobacco consumption.

The news, anticipated by the Financial Times, was confirmed by the same company today: "This decision has a cost, but our conviction is clear: the human cost associated with tobacco is dramatic, the economic cost is huge. Its cost, estimated at 2.100 billion euros a year, is comparable to those of war and terrorism combined. The toll on human health caused by tobacco are more costly to society than alcohol or obesity" Thomas Buberl, future CEO of the French group, wrote in the release. Speaking to the BBC, the manager added that "makes no sense" for the company to continue to maintain a position in the sector.