Allianz joins newly formed Net-Zero Insurance Alliance

Allianz Group has joined forces with seven other leading insurers to form the UN-convened Net-Zero Insurance Alliance (NZIA). The first of its kind net-zero network for the underwriting business was launched yesterday alongside the G20 summit, underlining the importance of cooperation between leading governments and companies to mitigate the risks of climate change. Cross-industry and international partnerships are seen as important levers for tackling global challenges.

Allianz builds on its long-standing climate expertise; it is also a signatory to the  UN Principles for Sustainable Insurance (PSI) and has a chairing role on the Net-Zero Asset Owner Alliance, an initiative targeting investments, which was formed under the auspices of the United Nations in 2019. 

"As a founding member of the Net-Zero Insurance Alliance, Allianz wants to accelerate the urgently-needed transformation to a 1.5° C economy. By integrating net-zero targets into both our insurance and investment business activities, we can comprehensively support our clients to adapt to low-carbon business models," says Oliver Bäte, Chair of the Board of Management of Allianz SE. "We are pleased to bring in our climate expertise and join forces to extend the net-zero ambition to the entire insurance market."

All eight members of the Alliance – AXA (Chair), Allianz, Aviva, Generali, Munich Re, SCOR, Swiss Re and Zurich Insurance Group – believe that the global insurance and reinsurance industry can play a key role in the transition to a resilient, climate-friendly economy, in line with the 1.5° C target of the Paris Climate Agreement. 

allianz UN net zero insurance alliance

All members will set themselves measurable and science-based climate targets, which will be updated every five years. The first target should be reached by 2027, and all members will report annually on their progress. Over the next 18 months, the group will develop the respective methodologies and define the first intermediate target in the NZIA target-setting protocol. 

Allianz supports the shift to a climate-friendly economy with an ambitious sustainability approach for its business segments as well as operations. Over the next five years, the company will also reduce climate gases from its operations by 30 percent (compared to 2019). Allianz already offers numerous customized products and solutions with environmental or social benefits, and is a leader in renewable energy financing.

The Allianz Group is one of the world's leading insurers and asset managers with 126 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 767 billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage nearly 1.9 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance  industry in the Dow Jones Sustainability Index. In 2021, over 155,000 employees achieved total revenues of 148.5 billion euros and an operating profit of 13.4 billion euros for the group.

These assessments are, as always, subject to the disclaimer provided below.

*Including non-consolidated entities with Allianz customers.

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Flavia Genillard
Allianz SE
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Further information

Allianz reinforces its commitment to net-zero strategy

Allianz Group is accelerating the deployment of its climate strategy and has announced new ambitious commitments in both its core business and operations. The company will limit the greenhouse gas emissions (GHG) deriving from Allianz’s sites and activities in over 70 markets to net-zero by 2030, instead of 2050 as originally planned.

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The dummy UN-Convened Net-Zero Asset Owner Alliance (AOA) released the second edition of its Target Setting Protocol (TSP) in January 2022. The TSP guides members in setting climate targets aligned with keeping global warming below 1.5°C. Allianz SE board member Günther Thallinger is Chair of the Asset Owner Alliance (AOA). 

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