May 17, 2018 / 12:10 PM / a year ago

Dutch insurer NN Group to quit tobacco holdings

AMSTERDAM (Reuters) - Dutch insurer NN Group (NN.AS) will no longer invest in the tobacco industry and said on Thursday it aims to divest all tobacco-related holdings on its own accounts and in the funds of its asset manager within a year.

NN’s step follows similar moves by BNP Paribas Asset Management and insurers AXA (AXAF.PA), Aviva (AV.L) and Scor (SCOR.PA), who all decided to sell out of the industry because of the health, social and environmental costs linked to tobacco.

“Tobacco no longer fits with our responsible investment approach”, NN Chief Investment Officer Jelle van der Giessen said. “It is not possible to use tobacco products responsibly.”

NN spokesman Maurice Piek said the company itself owns around 200 million euros (175 million pounds) in corporate bonds issued by tobacco manufacturers. He did not comment on the size of tobacco-related investments managed on behalf of clients.

Reporting by Bart Meijer; Editing by Alexander Smith

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