Sustainability at Allianz:
why we do it

We strive to do sustainable business and offer sustainable products and services. Dialogues with our stakeholders help us to find solutions to global and local challenges. We protect natural resources, the environment and contribute to a low-carbon economy.

As a global insurer and long-term investor, sustainability is part of our DNA. We think in long-term outcomes and how we can make the world a more resilient place. We help our customers to cope with challenges such as climate change and natural catastrophes, personal safety and data security risks and momentous changes sweeping society.

Our approach

Allianz Group seeks to position itself as one of the world’s most trusted financial services providers and a global sustainability leader. That means creating sustainable economic value through long-term commitment to strong corporate governance, social responsibility and environmental stewardship.

We want our stakeholders to know Allianz as a financially stable, responsible and trustworthy company that embraces sustainable business as good business. Allianz’s purpose ‘We secure your future’ guides our work and actions and expresses why we exist in the world. It underscores the impact Allianz has on society by taking uncertainty out of the equation and driving change in the right direction. To live up to its purpose, Allianz pursues the strategic objectives to Outperform, Transform and Rebalance.

The strategy is implemented through our change initiatives of the Renewal Agenda. The Renewal Agenda 1.0, was further developed in 2019 to become ‘Simplicity wins – RenewalAgenda 2.0’.

Read more about the Allianz Purpose and Strategy

 

What matters most

Our most material issues are those that are perceived as vital for business success and sustainability by our stakeholders and by Allianz. We engage with key stakeholder groups to identify what they see as materially important for sustainable development at Allianz.

In 2019, we conducted a materiality assessment to identify the issues perceived as being of highest importance by our stakeholders to our sustainability approach. This allows us to ensure that our Corporate Responsibility Strategy and our reporting continue to focus on the most important matters.

Read more about our materiality process in section 02.5 of the Sustainability Report 2019.

 

Corporate Responsibility Strategy

We have used the outcomes of this assessment to guide our reporting of issues and performance for 2019 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.

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 our Climate Change Strategy was launched in 2005, the global response to climate change has been growing. Our own response includes committing to the Science Based Target initiative (SBTi) and thus to setting ourselves emission reduction targets for our proprietary investment portfolio and for our business operations, further strengthening our approach to exiting coal-based business models, implementing the recommendations developed by the G20 Financial Stability Board's Task Force on Climate-related Financial Disclosures (TCFD), and enhancing our systematic approach to investee engagement. Our strategy is regularly updated and will be aligned with the TCFD recommendations. Our Climate Integration 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. We also work to reduce our direct carbon footprint as a company and have been carbon-neutral since 2012. In 2018, we joined the RE100 initiative and committed to use 100% renewable electricity by 2023.

ESG Strategy: As an insurer and investor, we also carefully manage ESG risks (environmental, social, and governance risks) in underwriting, incorporate ESG factors into our proprietary investment processes, and offer responsible investment solutions to our asset management clients. 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.

Read more about our Corporate Responsibility Strategy and our strategic pillars here.