Sustainability strategy

In our core business we systematically take account of sustainability opportunities and potential negative risks. In the insurance business, this means integrating sustainability aspects into product development, underwriting and claims handling. We continue to expand our range of sustainable insurance solutions. At the same time, we strive to minimize or completely avoid any potential indirect negative environmental, social and governance impacts of our business. Regarding measures aimed at mitigating climate change, we strive to reduce the indirect emissions from our insurance business to net-zero until 2050, with the adoption of our Fossil Fuel Policy being an important first step.

As an insurer, we have considerable leverage in investment and asset management. This enables us to contribute toward reducing climate risks and transforming the economy and society in the direction of greater sustainability. By committing to gradually bringing our investment portfolio into line with net zero emissions by 2050, we are meeting the requirements of the Paris Climate Agreement. We have been measuring the greenhouse gas emissions of our investment portfolio since 2023. The resulting greenhouse gas footprint forms the basis for the implementation of our climate strategy in investment and asset management. We consistently integrate sustainability aspects - including environmental, social and employee concerns, respect for human rights and the fight against corruption and bribery - into our investment processes. In doing so, we support the achievement both of climate goals and of other important sustainability goals called for by the United Nations ("Sustainable Development Goals"). At the same time, taking account of sustainability criteria in investment and asset management also forms part of our risk management.

We have set ourselves the goal of reducing emissions from our own business operations to net zero by 2040. In line with the goal of the Paris Climate Agreement, we are developing effective measures and reduction targets in our climate strategy based on best practice methods. We report on our progress and activities annually in our Sustainability Report and as part of transparency initiatives such as the Carbon Disclosure Project (CDP). CDP thereby is considered the "gold standard" for the rating of firms in the areas of greenhouse gas emissions and climate protection. With a CDP rating of "B" in 2023, we are in line with the average for European companies (B rating) and financial service providers (B rating), as well as above the global average (C rating). In the future, we would like to make measures and target achievement even more transparent and take account of the latest climate science findings.

To ensure that the sustainability strategy can be implemented in an integrated manner across all areas and countries, the Group Executive Board and Board of Directors have defined a Group-wide sustainability governance system. The Group Executive Board sets the strategic guidelines and monitors the implementation of the strategy. The Board of Directors is responsible for steering the implementation of the strategy and is supported by the Group Sustainability Committee as well as the Chief Sustainability Officer. On the basis of firmly anchored values, we also have a corporate culture which we are developing further through targeted measures as part of our sustainability strategy, including measures relating to employee matters. We offer an attractive, diverse, fair and inclusive working environment which motivates employees to contribute to the company’s strategy and success.