Dutch insurer ASR Nederland calls for clear regulations on defence investments

ASR Nederland NV

18/02/2026 13:54

By Mateusz Rabiega

Feb 18 (Reuters) - Dutch insurer ASR Nederland ASRNL.AS on Wednesday said it was assessing whether to invest more broadly in the European defense sector but said clear regulations were necessary in order for it to allocate policyholder funds to defence-related industries.

Previously, the company had only considered investing in defence in the Netherlands itself. However, the limitations of focusing solely on its domestic market became evident amid geopolitical shifts, including Europe's changing relationship with the United States.

"We've learned that limiting ourselves to the Netherlands, (lowers) the number of real investment opportunities, which are sizable enough for an investor like us," CEO Jos Baeten told Reuters. "We're now discussing whether we shouldn't extend that also to investing in Europe."

Baeten added that no final decision had been made on potential European investments, emphasising the need for clear rules around due diligence.

"If you want to invest policy holders' money, you need to be sure about the quality of the investment... And, in the defence industry, it's often not possible to get the full view", Baeten said.

The company, as part of the Dutch Association of Insurers,  is in talks with the Dutch government about whether it can help identify which firms are "safe" to invest in by ensuring they do not supply regimes insurers want to avoid.

"This is the biggest discussion we're having, because the geopolitical situation and the relationship with the U.S., long term, is definitely changing," he said.

($1 = 0.8447 euros)

 (Reporting by Mateusz Rabiega; Editing by Matt Scuffham)

 ((Mateusz.Rabiega@thomsonreuters.com; +48 58 769 67 57;))