Achmea is the largest insurance company in The Netherlands, serving about half of all Dutch households. Achmea provides its almost 13 million customers with health, life and other types of insurance. Achmea has €102 billion assets under management.[i]
According to its exclusion policy, Achmea does not invest in companies involved in the development, testing, production, maintenance, sale and trade of nuclear weapons or delivery systems designed for nuclear weapons.[ii] The policy is applied to 98% of Achmea’s own investments. The remaining 2% of assets are invested in externally managed funds, to which the policy does not apply.[iii]
The policy applies to all pooled investments of Achmea’s subsidiary Syntrus Achmea Vermogensbeheer, as well as discretionary pension fund mandates. Syntrus Achmea Vermogensbeheer will notify its clients who invest in externally managed funds that there are funds available for investment which exclude controversial weapons. However, some pension funds choose to invest outside the policy.[iv]
The publicly available exclusion list includes the following 45 companies for involvement with nuclear weapons as of July 2016: AECOM; Aerojet Rocketdyne Holdings; Airbus Group SE; Areva SA; Aryt Industries Ltd; Babcock International Group PLC; BAE Systems PLC; Boeing Co/The; Booz Allen Hamilton Holding Corp; Brookfield Asset Management Inc; Brookfield Business Partners LP; BWX Technologies Inc; CACI International Inc; China Shipbuilding Industry Co., Ltd.; Cohort PLC; Constructions Industrielles de la Mediterranee SA; Engility Holdings Inc; Exelis Inc; Fluor Corp.; General Dynamics Corp.; GrafTech International Ltd; Harris Corp.; Honeywell International Inc.; Huntington Ingalls Industries; Jacobs Engineering Group Inc.; L-3 Communications Holdings Inc.; Larsen & Toubro Ltd.; Leidos Holdings Inc; Leonardo-Finmeccanica SpA[v]; Lockheed Martin Corp.; Moog Inc.; Northrop Grumman Corp.; Orbital ATK Inc.; Premier Explosives Ltd; Raytheon Co.; Rolls-Royce Group PLC; S&T Dynamics Co Ltd; S&T Holdings Co Ltd; Safran S.A.; Serco Group PLC; SGL Carbon SE; Thales S.A.; Ultra Electronics Holdings PLC; United Technologies Corp, and; Walchandnagar Industries Ltd.[vi]
We commend Achmea for adopting a public policy on nuclear weapons. We recommend Achmea apply its policy to all financial products and services, including all externally managed funds of its subsidiary Syntrus Achmea Vermogensbeheer. We look forward to engaging with Achmea, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.
Achmea's policy on nuclear weapons is leaky. Tell them to fix it!Read the petition
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I saw on www.dontbankonthebomb.com that you have a policy limiting investments in nuclear weapons. I think it’s really important that you share my concern about these weapons, and I appreciate that there is a public policy.
However, the policy does have some loopholes and the Don’t Bank on the Bomb report shows how you still might invest in nuclear weapons producers. I am concerned about this, because Achmea also invests my money and I don’t want to be associated in any way with the production of these inhumane weapons.
It would be great if Achmea made the following change to make the policy airtight:
• Apply the policy to all financial products and services, including all externally managed funds of your subsidiary Syntrus Achmea Vermogensbeheer.
With kind regards,
[i] Achmea, “Achmea at a glance”, website Achmea (https://www.achmea.nl/SiteCollectionDocuments/Achmea-at-a-glance-factsheet.pdf), viewed 30 September 2016.
[ii] Achmea, written response to Profundo dated 26 May 2014; Achmea, “Uitsluitingsbeleid”, website Achmea (https://www.achmea.nl/duurzaam-ondernemen/verantwoord-beleggen/uitsluitingsbeleid/Paginas/default.aspx), viewed 30 September 2015.
[iii] Achmea, written response to Profundo dated 26 May 2014; Achmea, “Uitsluitingsbeleid”, website Achmea (https://www.achmea.nl/duurzaam-ondernemen/verantwoord-beleggen/uitsluitingsbeleid/Paginas/default.aspx), viewed 30 September 2015.
[iv] Achmea, correspondence with PAX dated 23 June 2015.
[v] Finmeccanica changed its name to Leonardo-Finmeccanica. Finmeccanica, “Finmeccanica: Shareholders’ Meeting Approves the Change of the Company’s Name and the 2015 Financial Statements”, News Release Finmeccanica, 28 April 2016 (www.leonardocompany.com/en/-/cs-28042016).
[vi] Achmea, “Lijst Van Voor Beleggingen Uitgesloten Landen En Ondernemingen”, website Achmea (https://www.achmea.nl/SiteCollectionDocuments/uitsluitinglijst-beleggen.pdf), viewed 30 September 2016.