Delta Lloyd

Delta Lloyd Group is a Dutch financial institution that offers products and services in the areas of insurance, pensions, investing, and banking.[i] At the end of 2015, it had over € 70,012 million total assets under management.[ii]

Delta Lloyd’s responsible investment policy states: “Companies that are involved in the production of or trade in controversial weapons are excluded from the investment universe.”[iii] Delta Lloyd’s definition of controversial weapons was expanded in 2013 to include nuclear weapons.[iv]

Both internal and external asset managers of Delta Lloyd must comply with the exclusion policy. The policy is applied to all of Delta Lloyd’s banking activities.[v]

In the third quarter of 2016, the following companies were excluded for involvement with nuclear weapons: AECOM Technology Corp; Aerojet Rocketdyne (formerly GenCorp); Airbus Group; Areva; Babcock International Group; Boeing Corporation; BWX Technologies (formerly Babcock & Wilcox); CACI International; China Aerospace International Holdings; China National Nuclear Power Co.; China Shipbuilding Industry Co. Ltd; CNIM; CNNC International Ltd; Dassault Aviation; Ducommun Inc; Fengfan; Finmeccanica; Fluor Corporation; General Dynamics Corp.; Guandong Orient Zirconic Ind.; Harris Corporation; Honeywell Corporation; Huneed Technologies; Huntington Ingalls Industries Inc.; Jacobs Engineering; Kratos Defense & Security; Larsen & Toubro; L&T Finance Holdings Ltd.; Lockheed Martin; ManTech International; Northrop Grumman Corp; Oceaneering; Orbital ATK; Raytheon Co.; Rockwell Collins; Rolls Royce Holdings; Safran SA; Serco Group; Sufa Technology; Technofan SA; Thales, and; Walchandnagar Industries.[vi] The exclusion list is based on the findings of external research company Sustainalytics.[vii]

We commend Delta Lloyd for adopting a public policy on nuclear weapons. Below the threshold investments in nuclear weapon producers listed in this report hold Delta Lloyd back from entering the Hall of Fame. We recommend Delta Lloyd divest from the remaining nuclear weapons associated companies in its portfolio, so that it may be listed in the Hall of Fame in a future update of this report.


Delta Lloyd’s policy on nuclear weapons is leaky; send them a message and tell them to fix it!

To send Delta Lloyd a message, please go to this contact form:

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Congratulations Delta Lloyd. I saw on 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 invest in nuclear weapons producers. I am concerned about this, because Delta Lloyd 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 Delta Lloyd would divest from the remaining nuclear weapons associated companies in its portfolio.

With kind regards,

Or :

Tweet: Even @deltalloyd knows investing in #nuclear weapons should be restricted. Strengthen the policy & say #goodbyenukes!


Website: Twitter: Facebook: @deltalloyd


[i] Delta Lloyd, “Company profile”, website Delta Lloyd (, viewed 3 October 2016.

[ii] Delta Lloyd, “Annual Report 2015”, website Delta Lloyd (, viewed 13 June 2016.

[iii] Delta Lloyd, “Responsible Investment Policy Delta Lloyd Asset Management”, April 2012, p.2, available at (, viewed 13 June 2016.

[iv] Delta Lloyd, “Exclusions”, website Delta Lloyd (, viewed 13 June 2016.

[v] Delta Lloyd, correspondence with Profundo dated 23 May 2014.

[vi] Delta Lloyd, “Exclusion Controversial Weapons, Q3 2016”, 2016, available at, viewed 23 November 2016.

[vii] Delta Lloyd, written response to Profundo dated 23 May 2014.


Who divests?

Policy Research

The financial institutions presented all have publicly available policies – or summaries thereof – excluding investments in nuclear weapons producing companies. Since the banking group usually sets the investment policy and since the group directly or indirectly supervises its subsidiaries, we research the group policy only.

The Hall of Fame section highlights financial institutions that have comprehensive policies preventing investments in nuclear weapon producers. These policies meet all of the criteria.
The Runners-Up provides information on existing policies and makes recommendations for how to strengthen them.


Hall of Fame finanical institution policies policy must:

1. Exclude all nuclear weapon associated companies

The policy excludes:

  • whole companies not only nuclear weapons related projects
  • companies associated with nuclear weapons including through joint ventures
  • companies regardless of their country of origin
  • companies regardless their country of operation

2. Exclude all nuclear weapon associated activities

The policy excludes companies associated with:

  • development, testing, production, maintenance or trade of nuclear weapons related technology, parts, products or services, and;
  • delivery systems such as missiles, that are specifically developed for nuclear tasks. This includes technology that is designed for ‘dual use’ (military and civilian) but excludes technology that is not designed for, but can be used in nuclear warfare. It does not include delivery platforms such as bombers and submarines.

3. Apply to all the institution’s products and services

The institution applies the policy:

  • for the entire Group, including subsidiaries
  • in all markets
  • to all asset management classes – passive and active, internal and external.
  • to all existing and future investments.

The financial institutions in the Hall of Fame have not engaged in any financial relationships with any of the nuclear weapon associated companies listed in this report. The policies of over 80 financial institutions were analysed for this report.

Runners-Up are financial institutions whose nuclear weapons policy does not meet all of the above criteria .


To identify financial institutions with a policy on nuclear weapons, we research a variety of sources: NGO reports, screening-agency information, financial institution reports and websites, information from campaigners and other public sources. For practical reasons, the scope of this report is limited to those financial institutions that have an investment policy or a summary of that policy in English. The list of institutions in the Hall of Fame is not exhaustive. We welcome additions from those able to provide them.

For the purposes of this report, nuclear weapon producers are defined as companies that produce key components to test, develop, maintain, modernise and deploy nuclear weapons. There are countless companies involved in the broad nuclear weapons complex, and this report only details those most heavily involved in the production and maintenance of nuclear warheads and their delivery systems (such as missiles and launch tubes). The report does not include companies involved in the production of delivery platforms (such as nuclear capable bombers and submarines).

In advance of this report, all financial institutions not previously reported on were asked to fill in a standardised questionnaire with detailed questions on the scope and content of their policies. Financial institutions that did not respond are not included. Of the financial institutions listed in the Hall of Fame, several publish a list of companies that they exclude from their investment universe. The companies excluded are listed in the profiles of the financial institutions as a resource. Some financial institutions in the Hall of Fame work with an inclusion list rather than an exclusion list, while others do not make their lists public.

Each financial institution profile in the Hall of Fame includes a brief description of the institution, a summary of key policy elements, and the exclusion list if applicable. We researched investments in companies on our producers list for each of the financial institutions listed in the Hall of Fame. None of the financial institutions listed in the Hall of Fame invest in any of the 27 identified nuclear weapon producers.