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

We want our stakeholders to know that Allianz is a financially solid, trustworthy company that embraces sustainable business as good business. A company whose heart beats for its customers, and its employees. To achieve it, we are adapting our business strategy to deliver the Renewal Agenda. It drives us forward by setting out what we want to achieve and how we will work together to deliver our goals across five key areas. In 2018, we continued to develop and implement our strategic approach, building on the five pillars of success – integrity, financial strength, technical competence, operational excellence and talent base.

Read more about the Renewal Agenda here.

 
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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 2018, 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 here.

 

Corporate Responsibility Strategy

We have used the outcomes of this assessment to guide our reporting of issues and performance for 2018 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. Divestment from coal: Our latest achievement is the commitment to set ourselves long-term emissions reduction targets for our proprietary investment portfolio in line with the Paris Climate Agreement’s target as part of the Science Based Target initiative (SBTi). Furthermore, we decided to stop offering P&C insurance for single-site coal-fired power plants and coal mines, be they operated or planned, and strengthened our coal exclusion approach in investments. 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. 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.

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.