Sustainability at Allianz

On a joint path

Message from the CEO

Sustainability is at the core of our enterprise and rooted in our purpose.

Portrait of Oliver Bäte, the Allianz CEO.

Chairman of the Board
of Management Allianz SE (CEO)

Close up view of a square soccer ball in Allianz colors on a soccer field.
Close up view of a square soccer ball in Allianz colors on a soccer field.

Highlights

Being a catalyst
for sustainable
growth around
the world

Allianz is investing in a

960MW

offshore wind farm
in the German North Sea

It will provide energy to more than 1 million homes in Germany.

Highlights

Preparing the
younger generation
to move

MoveNow

The MoveNow Training Series encourages young people and people with disabilities into sports. It includes videos, a 21-day Training Plan, and Motivational Calendar Tips, to help drive accessibility in society.

People with disabilities doing sports between the 3D graphic letters writing 'Day 1'.
A tennis ball hovering in the air.
Close up view of a square soccer ball in Allianz colors on a soccer field.
Moving cloud

Highlights

Raising awareness for equality in sports

The Squared Ball campaign is an initiative that raises awareness of the financial barriers, pay gaps, and opportunity inequalities faced by female athletes.

Let's make the game equal and the ball round for all.

Our Progress in Numbers

How we contributed
to society in 2023

€ 0 bn

in P&C claims payments

€ 0 bn

total tax contribution,
including taxes borne and collected

€ 0 bn

paid in wages by Allianz

0 hrs

of average training hours
per employee contributed by Allianz

0

social projects funded
through the Social Impact Fund

Sustainable economy and society

Managing
the right balance
on the journey

Creating a sustainable future requires finding the right balance between ecological barriers and the social minimum.

We want to help create sustainable societies and economies by working towards a social minimum for all without harming the planet. Climate change is among the biggest challenges we face today – not only for our business, but for the entire society. This is why we are focusing our environmental efforts on climate change.

Our Approach

Climate change:
The road to net-zero

We have had a strategy to address climate change since 2005. Based on science and in line with the Paris Climate Agreement, since 2018 it further commits us to contributing to efforts that limit global warming to 1.5°C by the end of the century. To enable this transition, we committed to net-zero greenhouse gases for our proprietary investment and Property & Casualty (P&C) underwriting portfolios. In 2023 we published our Group's Inaugural Net-Zero Transition Plan which sets out our intermediate targets and commitments for 2030.

Our Net-Zero Transition Plan

Our intermediate targets and commitments for 2030 include different target types:

  • Emission reduction targets

    These follow leading climate scenarios and guide our work overall.

  • Sector targets

    These are further climate targets for our proprietary investments into high-emission sectors.

  • Engagement targets

    These refer to decarbonization dialogues with insurance clients, invested companies, and our supply chain.

  • Growth of low-carbon solutions

    This refers to growth targets for insuring and investing in low-carbon projects and companies.

We implemented them in our three different business areas.

Property & Casualty insurance

Decarbonizing P&C insurance

  • Emission reduction targets

    Commercial clients: -45 % GHG emission intensity reduction by 2030 vs. 2022.A

    Motor retail: -30 % absolute CO2 emission reduction by 2030 vs. 2022 in nine key European markets.B

  • Engagement targets

    With selected commercial clients we will engage on reporting of emissions (100 largest, emission-intensive clients per year) and on decarbonization strategies, with a major focus on the transportation sector.

    We aim to engage with 20 million current and potential customers by 2030 to support their transition to electric mobility.

  • Growth of low-carbon solutions

    Commercial: We aim to profitably grow revenues in coverages related to renewable energy, low-carbon and other transition technologies by 150 % by 2030 compared to 2022.C

    Motor retail: We aim by 2030 to insure a larger percentage of battery-electric vehicles (BEVs) in the Allianz portfolios compared to the share of BEVs in the respective in-scope.

Proprietary investment portfolio

Contribute to a decarbonizing economy with our proprietary investments

  • Emission reduction targets

    -50% absolute GHG emissions by 2030 vs. 2019 for listed corporates (corporate bonds and public equity).

    Further, -50% GHG emission intensity by 2030 vs. 2019 for listed and non-listed corporates.

  • Engagement targets

    Systematic and strong engagement approach across all types of engagements: bilateral, multilateral, and asset manager.

    2030 targets:

    Systematically analyze and engage with all external asset managers who are “below expectations”.

    Participate in 30 multilateral engagements.D

    Engage with 15 non-multilaterally engaged portfolio emitters among the top 100.

  • Sector targets

    Emission targets for four high-emission sectors: Oil & Gas, Utilities, Steel, Automobile. Further, we have targeted restrictions in place for fossil fuel business models.

  • Growth of low-carbon solutions

    Increase investments in climate solutions by at least € 20 bn by 2030 vs 2023, subject to market environment and constraints.

Own operations

Decarbonizing our own operations.

  • Emission reduction targets

    By 2025 we aim to reduce GHG emissions per employee by 50 % versus a 2019 baseline across Scope 1, Scope 2, and selected Scope 3 emissions. For year-end 2030, we target GHG emission reductions of 70 % and for year-end 2029,-65 % versus a 2019 baseline.

  • Engagement targets

    Our target is to ensure that 100 % of global framework vendors – i.e., vendors providing products and services for Allianz globally – have made a public commitment to net-zero GHG emissions in line with a 1.5°C path by 2025.

  • Growth of low-carbon solutions

    Renewable energy: Source 100% renewable electricity (RE) for our group-wide operations and data centers by 2023.

    Buildings: Reduce the energy consumption in our office buildings per employee by 20 % by year-end 2025 against a 2019 baseline.

    Fleet and business travel: Reduce our GHG emissions from business travel by 40 % by 2025 against a 2019 baseline. Further, we committed to fully electrify the company fleet by 2030 at the latest.

Our Journey

We have been providing insurance cover and by this we have been enabling businesses and activities to thrive for the 134 years of our existence, benefiting society as a whole.