Allianz drives value creation through continued execution and progress of climate strategy

In Fiscal Year 2024, Allianz executed its sustainability agenda to drive business growth as well as its own resilience and that of its stakeholders. This progress is documented in the company’s audited and for the first time fully CSRD-compliant Annual Report, which sets a benchmark for the insurance industry in its transparency, comparability, and accountability in tracking sustainability targets and progress against its goals. 

Across all key areas outlined in the Allianz Net-Zero Transition Plan – insurance, proprietary investment portfolios, and own operations – the company achieved further reductions in greenhouse gas (GHG) emissions. Allianz also continued to expand its business with sustainable solutions and investments: In 2024, Allianz’s sustainable investments grew 2.7% to €171.9 billion, an increase of €4.5 billion. Additionally, revenue from sustainable solutions in the Property & Casualty (P&C) business reached €4.9 billion, reflecting an increase of €1.9 billion compared to the previous year.

Günther Thallinger, Member of the Board of Management of Allianz SE, Investment Management, Sustainability: “Our environment is marked by manifold challenges – value loss due to inflation, sluggish economic development, as well as sustainability agendas that are critically reviewed in some sectors and countries. At Allianz, we remain steadfast in our views and our ambitions. We have made concrete progress on our intermediate 2030 targets, contributed to Allianz’s P&C growth and investment performance, supported communities, and worked as a unifying force, bringing together diverse stakeholders to explore ways to turn today's challenges into opportunities. We are convinced that jointly, we will create a more resilient future for us all.”

Allianz made significant strides in advancing environmental responsibility and sustainable business practices. In 2024, Allianz reduced absolute carbon emissions in motor retail insurance by 6.8% and lowered GHG emissions in the commercial insurance portfolio by 11.7%, both measured against a 2022 baseline. Additionally, Allianz achieved a 50.7% reduction in absolute GHG emissions in its proprietary investments (listed corporates) against a 2019 baseline. Furthermore, Allianz achieved a 61.5% reduction in GHG emissions per employee in its own operations compared to the 2019 baseline. These achievements demonstrate Allianz’s strategic approach to environmental stewardship, enhancing both business resilience and long-term value creation.

Allianz offers an increasing number of products and services that contribute to one or more environmental, social, and/or governance objectives. With these sustainable offerings, the company helps its customers to transition to more sustainable business practices and lifestyles. For example, Allianz Trade, the trade credit insurance provider, launched Surety Green2Green, an innovative solution that reinforces sustainable project development. Customers receive surety bonds that secure the completion of their sustainable projects in areas such as renewable energy generation and green infrastructure. The premiums collected are allocated to green bonds, creating a circular model that continuously supports sustainable progress. These milestones further solidify Allianz's role in the transition to more sustainable economies. 

Beyond its environmental efforts, Allianz remains dedicated to supporting both its employees and the communities it operates through several key initiatives. Allianz has expanded learning opportunities for employees, leading to an increase in average learning hours per employee to 60.1 – an improvement of 10.1 hours compared to 2023. Additionally, Allianz contributed €33.3 million to corporate giving, supporting non-profit partners, disaster relief efforts, and other charitable causes, demonstrating its dedication to making a positive impact in the communities it serves.

Emilia Macarie, Chief Sustainability Officer, Allianz SE, says: “2024 has been a challenging year, with severe natural catastrophes making it the third most expensive year on record for insurers globally. Yet, less than 50% of these losses were insured, highlighting that the impact extends beyond us, insurers – it affects businesses, individuals, and society at large. Beyond physical risks, transition risks are also growing. Despite these challenges, at Allianz we have stayed the course on our sustainability commitments, integrating them into our business, and demonstrating resilience, as reflected in our results. Looking ahead, we remain focused on delivering on our strategy, driving credible progress, and protecting and growing our customers’ assets through innovative solutions and adaptation measures. At the same time, we continue to support our employees and create value for our shareholders.‘‘

Allianz is poised to continue its sustainability journey, with intermediate goals set for 2030 and beyond. The company will focus on expanding sustainable product offerings and deepening community partnerships, to enhance resilience and protect the assets of its customers, employees, partners and the society as a whole.