Six insurance groups active in the Netherlands invest a combined total of 3.6 billion euros in the world’s five largest weapons manufacturers.
In the last two years, these companies have supplied military equipment to Saudi Arabia. This is revealed by a new investigation by the Fair Insurance Guide, of which PAX is a member. Saudi Arabia is actively involved in the civil war in neighbouring Yemen.
For two years, Saudi Arabia has been involved in Yemen’s civil war, which has cost more than ten thousand people their lives. The United Nations and various human rights organizations have repeatedly sounded the alarm due to the use of cluster munitions (a type of weapon that has been forbidden by an international treaty), attacks on civilians and other human rights abuses conducted by the Saudi military. Notwithstanding these warnings, six insurance groups continue to invest millions, and in some cases even billions, of euros in companies which supply, among others, bombs and fighter jets to Saudi Arabia.
Which insurance groups invest in the five largest arms manufacturers which supply Saudi Arabia?
Alliancz (AllSecur) and Legal and General are the largest investors in the five largest arms manufacturers which supply Saudi Arabia. Legal and General invests € 1.5 billion and Allianz € 1.2 billion in these companies, in the form of shares and bonds.
APG (Loyalis) is also a major investor in the five arms manufacturers, with € 460 million in shares.
Aegon is also a major investor with € 406 million in four of the five arms manufacturers, in the form of shares and bonds.
NN Group (Nationale Nederlanden) has € 22 million invested in one of the five arms manufacturers, in the form of shares.
Generali invests € 2 million in one of the five arms manufacturers, in the form of shares.
ASR, Vivat, Achmea and Delta Lloyd have no investments in the world’s five largest arms manufacturers which supply arms to Saudi Arabia.
Humanitarian Disarmament, Middle East, The Netherlands