We have used the outcomes of this assessment to guide our reporting of issues and performance for 2016 and we will continue to use the insights to further develop our sustainability reporting, strategy and roles in the coming years.
Our refocused 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 goes to the heart of our business model of protecting people and businesses from risk. Since its launch in 2005, the global response to climate change has been growing – our latest achievement after the divestment from coal-intense business models was the introduction of the Allianz ESG Scoring approach in December 2016. Our very own Center of Competence Allianz Climate Solutions (ACS) develops approaches to integrate risks and opportunities arising from climate change into Allianz’s business both for the investment and the insurance side. We also work to reduce our direct carbon footprint as a company.
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 out by a global ESG screening process. Proposed changes or additions to the ESG guidelines are regularly reviewed. In 2016, we took a major step to increase transparency on our ESG integration efforts by making its ESG guidelines public. 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 the Allianz approach is based.
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.