Achmea is the largest insurance company in The Netherlands and also has clients in Turkey, Greece, Slovakia, Ireland and Australia. Achmea provides its almost 13 million customers with health, life and other types of insurance. [1] According to its mid-term results, in June 2017 Achmea reported has €46,700 million assets invested.[2]
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 or other controversial weapons.[3]
The policy is applied to 98% of Achmea’s own investments. The remaining less than 2% of assets are invested in externally managed funds. Achmea urges external asset managers to comply with the policy, but is unable to guarantee their compliance. [4] In addition, the policy only applies to pension fund mandates, but only if a pension fund requests this. This means that some pension funds could still invest outside the Achmea policy.[5]
Achmea’s exclusion list is based on the findings of data provider Ethix SRI Advisors. The publicly available exclusion list includes the following companies for involvement with nuclear weapons as of December 2017: AECOM; Aerojet Rocketdyne Holdings; Airbus; Areva; Aryt Industries; Babcock International; BAE Systems; The Boeing Company; Booz Allen Hamilton Holding; Brookfield Asset Management; Brookfield Business Partners; BWX Technologies; CACI International; China Shipbuilding Industry; Cohort ; Constructions Industrielles de la Mediterranee; Engility Holdings; Fluor; Fortive; General Dynamics; GP Strategies; Harris; Honeywell International; Huntington Ingalls; Jacobs Engineering; L-3 Communications Holdings; Larsen & Toubro; Leidos Holdings; Leonardo- Finmeccanica; Lockheed Martin; Moog; Northrop Grumman; Orbital ATK; Premier Explosives; Raytheon; Rolls-Royce; S&T Dynamics; S&T Holdings; Safran; Serco; SGL Carbon; Thales; Toshiba; Ultra Electronics Holdings; United Technologies, and Walchandnagar Industries.[6]
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. 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.
[1] Achmea, “Achmea at a glance”, website Achmea (https://www.achmea.nl/SiteCollectionDocuments/Achmea-at-a-glance-factsheet.pdf), viewed 23 January 2018.
[2] Achmea, “Interim results Achmea 2017”, page 28, available at: http://news.achmea.nl/download/429299/perspresentatiehalfjaarcijfers2017-eng.pdf, viewed 23 January 2018.
[3] Achmea, “Uitsluitingsbeleid”, website Achmea (https://www.achmea.nl/duurzaam-ondernemen/verantwoord-beleggen/uitsluitingsbeleid/Paginas/default.aspx), viewed 23 January 2018.
[4] 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 23 January 2018.
[5] Achmea, correspondence with PAX dated 23 June 2015.
[6] Achmea, “Lijst Van Voor Beleggingen Uitgesloten Landen En Ondernemingen”, 13 December 2017, website Achmea (https://www.achmea.nl/SiteCollectionDocuments/uitsluitinglijst-beleggen.pdf), viewed 23 January 2018.
Last updated March 2018