Aegon latest to shun Russian investments amid ‘exceptional’ circumstances in Ukraine
Dutch insurance group Aegon has joined a rundown of companies that are cutting investments and pulling out of Russia in response to the invasion of Ukraine.
Aegon has vowed to not make any future investments in Russia or Belarus-based companies, as well as look to reduce its existing investment exposure in the country given the current “exceptional” circumstances.
Aegon has €27 million of general account investments in Russia, based on the book value as per March 3, 2022. It does not have any investments in Belarus, according to the company.
The insurer has updated its Responsible Investment Policy that applies to all general account investments where Aegon has full management control. The policy excludes investments in any form of Russian and Belarus government-issued debt, such as government bonds.
The company, however, clarified that “investment decisions for third-party investments and investments for account of policyholders, are not within Aegon's control. Aegon encourages its business units to discuss Aegon’s policy positions with their respective clients.”
“ Aegon will look at options to reduce its existing investment exposure in a thoughtful way, while taking into account the interests of all stakeholders,” the insurer said in a statement.
These decisions are in line with the response of the international business community and the international sanctions imposed on Russia following the invasion of Ukraine, Aegon concluded.
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