Aegon, Allianz and NN Group profiting from war

09 December 2020

The Netherlands Fair Insurance Guide reports that Aegon, Nationale Nederlanden and Allianz are still investing billions in controversial arms trade. The latest research into the investments of the nine largest insurers in the Netherlands found links to the 14 largest companies supplying weapons to 49 countries currently in armed conflict or seriously violating human rights. Supplying arms to such countries is at odds with an EU directive and a UN treaty, stating that no weapons must be supplied if there is a risk they will be used in war or for human rights violations. No investments in these companies were found at insurers ASR, CZ, Menzis and VGZ.

Insurers invest more than 5 billion euros in companies that supply weapons to warring parties in conflict areas such as Yemen, and to Saudi Arabia, which has conducted air raids on Yemen. The fighting in Yemen has killed more than 112,000 people since 2015, often in air raids. 

Read the case study report here

Read the FFI news report here