AXA to pay descendants of victims of the Armenian genocide - report

11.18.07, 2:31 PM ET


PARIS (Thomson Financial) - Insurance company AXA will on Monday make
the first of a series of payments to descendants of victims of the
Armenian genocide, Le Parisien reported.

The company will pay 1 mln usd to three Franco-Armenian charity
organisations, the report said.

In total, around 14.5 mln usd will go to descendants of people who
took out life insurance policies in what is now Turkey, before 1915.
A further 3 mln usd will go to humanitarian and educational
organisations.

All the payments are due to be made by the end of 2008, the paper
reported.