Arms companies worldwide still export weapons to countries where there is the risk of those weapons being used in violation of human rights and/or international humanitarian law. This report examines which of the largest European institutional investors are investing in the largest arms companies involved in controversial arms trade. It also analyses the policies of these investors to avoid such financial exposure.
This study shows that the five largest European pension funds and three of the five largest European insurers continue to invest in arms producers that supply weapons to states where there is a high risk of the weapons being used against civilians. These countries are defined by a set of criteria that are detailed in the report.
Through influencing investors to improve their policies, PAX ultimately aims to influence arms companies to halt the trade in weapons to controversial destinations.
Note:
The investment data as shown in the report is based on research that was carried out in April 2025. The data might not reflect the current (April 2026) holdings. In their reply to PAX, Norwegian pension fund GPFG indicates that it has divested from General Dynamics and L3 Harris. Dutch pension fund PFZW indicates that per 30 September 2025 it only holds a position in Rolls-Royce, and no longer in CSSC, Rheinmetall and Saab.
