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Axa life insurance sued

A life insurance division of Axa, Axa Equitable Life Insurance, has been sued following claims the company classified all juveniles as smokers and charged higher life insurance rates for the class.

The lawsuit was filed in the New York Federal Court and claims the insurer charged the higher premiums on juvenile policies even for non-smokers. An Alabama-based law firm is mounting a class action over the issue.

Earlier in the month, Axa released its first-quarter results in which revenue increased 12% on last year as rising equities boosted sales of products pegged to market performance and assets under management. Total revenue has climbed to €28 billion ($47.8 billion).