Dutch insurers still invest in weapons manufacturers

Six of the ten large Dutch insurers still invest in companies that supply arms and weapons systems to Saudi Arabia, according to peace organization Pax in its Fair Insurance Guide. According to the organization, by investing in these companies, the Dutch insurers are violating human rights in Yemen, NOS reports.

For the Fair Insurance Guide the peace organization took five companies known to deliver weapons, defense vehicles, helicopters and military systems to Saudi Arabia, and then looked at which Dutch life insurers have financial interests in these companies. The five companies are Boeing, Lockheed Martin, General Dynamics, BAE Systems and Raytheon. Pax thinks its reasonable to believe that Saudi Arabia uses these weapons in the war in Yemen.

Allianz and Legal & General came out worst in the test. Last year both had more than a billion euros worth of stocks and bonds in the above companies. Pax found that Aegon, Allianz, APG and Legal & General together invested 3.6 billion euros in companies that also deliver to Saudi Arabia. Generali and NN also invested in such companies, but in much smaller amounts.

Over the past two years Delta Lloyd got rid of its interests in arms manufacturers, which were not very large. Achmea, Vivat and ASR did not have any interests in such companies, just like in 2015.

In response Legal & General stated that the Fair Insurance Guide looked at the holding company Legal & General Group and not the Dutch establishment. A spokesperson told NOS that the Dutch establishment does not itself invest in any of the above five companies. "We have our own investment policy, which states that we will not do business with companies that make weapons. The premiums our Dutch customers pay therefore do not go to such 'contaminated' companies."

Allianz said that they adhere to all legal requirements in their investments. "In our investments we apply the exclusion of controversial arms trade", the insurer said in a written statement.