We have used the outcomes of this assessment to guide our reporting of issues and performance for 2017 and we will continue to use the insights to further develop our sustainability reporting, strategy and roles in the coming years.
Our Corporate Responsibility Strategy is organized around three pillars through which we respond to our material issues:
We are working to better align our Corporate Responsibility Strategy with our company strategy and integrating it further is a priority for the coming years.
Climate Change Strategy: Our Climate Change Strategy has been a key element of our Corporate Responsibility Strategy as it lies at the heart of our business model of protecting people and businesses from risk. Since the strategy’s launch in 2005, the global response to climate change has been growing – our latest achievement after the divestment from coal-intense business models, decided in November 2015, was the introduction of the Allianz ESG Scoring approach in December 2016. Our strategy is regularly updated and will be aligned with the recommendations developed by the G20 Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD). Our Climate Team within the Corporate Responsibility departments works on early identification and measurement of climate risks and opportunities as well as on integrating them into Allianz’s business both for the investment and the insurance side. Allianz Climate Solutions (ACS) supports the renewable energy industry with insurance and risk management solutions and, in parallel, works with both private and public sector partners towards improving societal resilience to climate change through dedicated insurance approaches. We also work to reduce our direct carbon footprint as a company and have been carbon-neutral since 2012.
ESG Strategy: As an insurer and investor, we also carefully manage so-called ESG risks (environmental, social, and governance risks) in underwriting, and incorporate ESG factors into our investment processes. This ESG integration is carried through multiple processes and corporate rules. The Allianz ESG Integration Framework describes our ESG approach and decision-making criteria, including details on the international standards, frameworks, and guidance documents on which Allianz bases its approach.
Summing up our engagement, Katharina Latif, Head of Corporate Responsibility at Allianz SE states: “We work on integrating sustainability into our core business and maximizing the transparency of our sustainability performance. We are constantly analyzing opportunities to improve Allianz’s sustainability performance.”
Read more about our Corporate Responsibility Strategy and our strategic pillars here.