French insurance group AXA managed to turn in a solid performance during troubled times, with gross revenue almost level at $115 billion. As the pandemic raged, AXA pivoted the firm to more environmentally friendly footing—trimming its portfolio of €7.5 billion worth of high-emission businesses that work in coal, tobacco, oil sands, controversial weapons, and palm oil. AXA also streamlined its business to focus on health, protection, and commercial property and casualty insurance, selling off investment and pension businesses in the U.K., Central and Eastern Europe, Greece, India, and the Gulf region. In the process, AXA managed to cut its debt-to-equity ratio and increase its solvency ratio.
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