Exclusion Policy

Achmea does not invest in:

  • companies that focus, directly or through majority-owned subsidiaries or joint ventures they control, on developing, testing, manufacturing, selling, trading or maintaining nuclear weapons or weapons regarded as controversial by the Dutch government, such as cluster munitions, anti-personnel mines, biological or chemical weapons.
  • companies that produce tobacco, directly or through majority-owned subsidiaries or joint ventures they controlcompanies deriving more than 5% of their revenues from:
    -    coal mining or extracting oil from tar sands, arctic oil and gas and shale oil and gas
    -    the use of coal or oil from tar sands, arctic oil and gas and shale oil and gas to generate electricity
  • companies that structurally or to a major extent breach the principles of the United Nations’ Global Compact (principles on human and employment rights, environment and anti-corruption). Achmea’s investment portfolio is examined each year by independent parties to check that the investments meet the principles of the Global Compact.
  • sovereign bonds of countries covered by the Dutch government’s sanction regulations under the Sanctions Act 1977 (Sanctiewet 1977). From 1 January 2020, Achmea has extended its policy and countries are assessed against human rights, working standards and corruption criteria. Countries rated poorly against these criteria are excluded from investment.
  • state-owned companies affiliated with countries that are excluded from investment. A company is considered a state-owned company if the state owns more than 50% of the shares.

    The current exclusion list, which is updated twice a year, can be downloaded here. Changes since the previous list are shown here.

    Companies on the exclusion list and unlisted companies which by the nature of their activities would be on the exclusion list, are not eligible to be tenants in properties that Achmea invests in as part of its real estate portfolio.


    The Achmea Exclusion Policy cannot be applied one-for-one to a few specialised funds, managed by external asset managers, in which other investors also participate. These represent less than 2% of Achmea’s assets invested for its own account and risk. Where possible alternatives are found or discussions are held with the managers so that Achmea’s wishes are met as far as possible. The Exclusion Policy of course applies in full to the remaining, vast majority of Achmea’s invested assets.