Sustainable investment policy

Responsible and sustainable investment

We invest responsibly, securely and sustainably without losing sight of investment income. All investments are checked against the ESG criteria based on the a.s.r. SRI (Socially Responsible Investment) policy. Countries and businesses that do not make the cut are excluded. It is thanks to this investment policy that we have made great strides since 2007. Businesses using child labour or investing in the arms and tobacco industries were struck off the list. Since then, we have confined our investments to businesses that contribute to a sustainable society. And our investments reduce carbon emissions. How about that for a positive return!

We invest for you as we invest for ourselves. We do what we do best: investing in fixed income securities including overlay/LDI, equities and property. In addition, we are specialised in illiquid assets, such as mortgages and private debt.

Ethical Considerations

As early as 2007, a.s.r. made the choice to stop investing in weapons, the tobacco industry and child labour. This policy was further tightened up in subsequent years and is reviewed annually, or as often as necessary. Our investment policy is aimed at sustainable and responsible investment and investing with impact. We always invest with a view to tomorrow and in a socially responsible manner. We discuss the dilemmas we encounter when making those choices with an ethicist who works in our company and who looks at a dilemma with us from different angles. Ultimately, we make a decision that suits our company.


In a recent commercial by a.s.r. examples of investments and exclusions within our investment policy are shown. One of the exclusions we show is the arms industry. The image may evoke mixed feelings. That is why we like to explain our weapons policy a bit more.

As an investor, it has proved impossible to ensure that investment products such as weapons are only used for positive purposes, such as protecting freedom and democracy. That is why we do not want weapons in our sustainable investment portfolio. This does not alter the fact that we understand that the Dutch government invests in weapons for defence. It fits in with the mandate and obligations that the Netherlands has as a NATO member. Because a weapon can be interpreted in different ways, we clearly show which companies we do not invest in.

Below you can download the most recent list of excluded companies.