Nippon Life bans investments in nuclear arms firms, tobacco companies

The company's ESG investment list already excludes cluster munitions and landmine manufacturers and coal power programs

Nippon Life bans investments in nuclear arms firms, tobacco companies

Life & Health

By Kenneth Araullo

Nippon Life, Japan’s largest life insurer, will not invest in nuclear weapons manufacturers as part of its new environmental, social, and governance (ESG) policy.

In addition to nuclear arms, tobacco-related companies – a first for a major insurer in the country – and palm-oil related businesses are also off its investment list. Nippon Life’s exclusion list already includes manufacturers of inhumane weapons like cluster munitions and landmines, in addition to coal-fired power generation programs.

With this change, Nippon Life is affirming its commitment to nuclear disarmament and abolition, an idea that is beginning to see huge strides ever since the G7 leaders’ “Hiroshima Vision on Nuclear Disarmament.” According to The Mainichi, Nippon Life decided that it should “clarify a corporate policy of not investing in or financing nuclear weapons manufacturers, based on the mission of the life insurance business and its public nature.”

In addition to Nippon Life, Dai-ichi Life already bans investments or loans to nuclear arms firms; this makes two of the largest insurers in the country now following the same ESG policy regarding such weapons.

Elsewhere, the Japan Fair Trade Commission (JFTC) has started its probe into four nonlife insurers which were alleged to have taken part in price fixing activities.

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