French insurer AXA plans to stop investing in the tobacco industry, citing the impact of smoking on public health, and said it plans to sell its 1.8 billion euros ($2.02 billion) of assets in the sector. AXA said it would divest its 200 million euros of equity holdings in tobacco companies immediately. It also plans to stop all new investments in tobacco industry corporate bonds and run off its existing holdings worth about 1.6 billion euros.
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Insurer AXA to sell 1.8 billion euros of tobacco assets
