Länsförsäkringar is a Swedish bank and insurance group owned by 23 regional insurance companies. Länsförsäkringar AB serves about 3.7 million clients.[1] In the third quarter of 2017, Länsförsäkringar held SEK 465 million (€47 million) in assets.[2]
Länsförsäkringar excludes companies involved in the production of controversial weapons, which are defined as weapons that cause unnecessary suffering, excessive damage or that cannot discriminate between military and civilians. The policy is based on international conventions.[3] It states that “[n]o direct investments are made in companies that conduct operations in controversial weapons, such as biological and chemical weapons, cluster munitions, landmines and nuclear weapons.”[4]
For loans and for a large part of internally managed investments for own account and on behalf of third parties, the arms sector is not part of Länsförsäkringar’s investment universe. The policy applies to all internally managed investments where the arms sector is part of the investment universe. For externally managed assets, the policy applies to all institutional portfolios. For other externally managed assets, Länsförsäkringar has a process in place to actively encourage managers to exclude producers and suppliers of key components and services to nuclear weapons and other controversial weapons. [5]
To implement its policy, Länsförsäkringar makes use of the advice of service provider Global Engagement Services (GES). As of January 2018, the exclusion list contains the following companies for involvement in nuclear weapons: Aecom Technology; Aerojet Rocketdyne; Airbus; BWX Technologies; BAE Systems; Bharat Electronics; Boeing; CNIM; Dassault Aviaton; Finmeccanica; Fluor; General Dynamics; Honeywell International; Huntington Ingalls Industries; Jacobs Engineering; Larsen & Toubro; Lockheed Martin; Northrop Grumman; Orbital ATK; Raytheon Company; Safran; Serco and Walchandnagar Industries.[6]
We commend Länsförsäkringar for adopting a policy on nuclear weapons. We recommend Länsförsäkringar to extend the policy to cover all types of investments, including all assets managed externally. We look forward to engaging with Länsförsäkringar, so a strong and comprehensively applied policy may be listed in the Hall of Fame in a future update of this report.
[1] Länsförsäkringar, “About Länsförsäkringar”, website Länsförsäkringar (https://www.lansforsakringar.se/stockholm/om-oss/in-english/), viewed 5 February 2018.
[2] Länsförsäkringar, “Interim Report January-September 2017”, page 7, 10 November 2017, available at http://feed.ne.cision.com/wpyfs/00/00/00/00/00/42/DE/0F/wkr0006.pdf, viewed 23 January 2018.
[3] Länsförsäkringar, “Kontroversiella vapen”, Länsförsäkringar website (https://www.lansforsakringar.se/stockholm/om-oss/hallbarhet/ansvarsfulla-investeringar/vara-stallningstaganden2/kontroversiella-vapen/), viewed 23 January 2018.
[4] Länsförsäkringar, “Länsförsäkringar AB Annual Report 2016”,page 37, Länsförsäkringar website (http://feed.ne.cision.com/wpyfs/00/00/00/00/00/3D/32/8E/wkr0006.pdf), viewed 23 January 2018.
[5] Länsförsäkringar, “Ägarpolicy”, June 2017, page 5, Länsförsäkringar website (http://www.lansforsakringar.se/globalassets/aa-global/dokument/ovrigt/aa-om-oss/00000-agarpolicy-lansforsakringar.pdf), viewed 23 January 2018; Länsförsäkringar, written response to PAX, 1 February 2016.
[6] Länsförsäkringar, “Uteslutna bolag”, 1 January 2018, Länsförsäkringar website (http://www.lansforsakringar.se/globalassets/aa-global/dokument/ovrigt/aa-om-oss/lf-fondforvaltning/lf-fondforvaltning-exkluderingslista.pdf), viewed 23 January 2018.
Last updated March 2018