World's top insurer ditches $2 billion tobacco investment

The Marlboro Man is still cool on Wall Street

The world’s largest insurer is ditching tobacco assets worth $ 2 billion, saying it can’t continue to invest in an industry that kills six million people per year.

AXA (AXAHY) said it would sell 224 million euros ($ 250 million) worth of stocks in tobacco companies immediately. The French insurer, the world’s largest by non-banking assets, will also stop buying bonds issued by tobacco companies and gradually wind down its existing bond holdings worth 1.6 billion euros.

Company news – CNNMoney.com

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