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!


Congratulations Achmea!

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Congratulations Achmea!

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 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,

Or :

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


Website: Twitter: Facebook: @achmea


[i] Achmea, “Achmea at a glance”, website Achmea (, viewed 30 September 2016.

[ii] Achmea, written response to Profundo dated 26 May 2014; Achmea, “Uitsluitingsbeleid”, website Achmea (, viewed 30 September 2015.

[iii] Achmea, written response to Profundo dated 26 May 2014; Achmea, “Uitsluitingsbeleid”, website Achmea (, 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 (

[vi] Achmea, “Lijst Van Voor Beleggingen Uitgesloten Landen En Ondernemingen”, website Achmea (, viewed 30 September 2016.


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.