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Dutch insurer AEGON has decided to stop making further investments in companies based in Russia and Belarus, following Russia’s invasion of Ukraine.

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In line with the decision, the Dutch multinational life insurance, pensions and asset management company has updated its Responsible Investment Policy.

The firm said that the policy is applicable to all general account investments where it has full management control.

In a press statement, Aegon said: “Investment decisions for third-party investments and investments for account of policyholders, are not within Aegon’s control. However, Aegon encourages its business units to discuss Aegon’s policy positions with their respective clients.”

Aegon said its Responsible Investment Policy already excluded investments in Russian and Belarus government‑issued debt, including government bonds.

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Furthermore, the insurer will consider options to cut its exposure to current investment in Russia and Belarus.

The company, which does not have investments in Belarus, has general account investments of $29.3m (€27m) in Russia.

“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,” the firm noted.

Last year, Aegon pledged to transition its general account investment portfolio, worth €156bn, to net-zero greenhouse gas emissions by 2050.

Financial services group, Aegon is engaged in offering investment, protection, and retirement solutions.

It has strategic focus on three core markets – the US, the UK, and the Netherlands, three growth markets – Spain & Portugal, Brazil, and China, and one global asset manager.