Datasets:

rikipuk
/

testforclim

@@ -1,1765 +0,0 @@
-Testo estratto dal PDF:1nSustainability Reporting – short version
-On a
-   joint
-path
-Content
-PAGE 3- 4
-1. Message from the CEO
-PAGE 5- 6
-2. Our sustainability journey
-PAGE 7
-3. Integrating sustainability to achieve our goals
-PAGE 8-12
-4. Creating social impact
-4.1 Making a difference with Corporate Citizenship
-4.2 Taking care of our employees
-4.3 Our commitment to human rights
-PAGE 13-21
-5. Climate Change: The road to net-zero
-5.1 Climate-related risks
-5.2 Actions and progress across the value chain
-5.2.1 Decarbonizing P&C insurance
-5.2.2 Contribute to a decarbonizing economy with our proprietary investments
-5.2.3 Decarbonizing our own operations
-5.3. Partnerships: Together we can make it happen
-PAGE 22
-6. Governance: The structure supporting our efforts
-PAGE 23-25
-Appendix
-2
-Allianz SE  Sustainability Reporting – short version
-We believe
-   in the power
-of partnerships
-Oliver Bäte
-Chairman of the Board of
-Management of Allianz SE (CEO)
-1. Message from
-the CEO
-Dear Reader,
-As Allianz‘s business model is built on long-term time horizons, sustainability is at
-the core of our enterprise and rooted in our purpose.
-This year we publish the 23rd edition of our Group Annual Sustainability Report,
-but  our  sustainability  story  has  begun  much  earlier.  Allianz  was  founded  134
-years ago  to manage risk for customers, employees and society, ultimately rein-
-forcing their resilience.
-That is why, as a global insurer, investor and employer, Allianz invests to posi-
-tively influence not only the present but also the future living conditions in the
-communities  in  which  we  operate.  For  example,  we  promote  employability
-through  our  educational  programs,  with  a  special  focus  on  underprivileged
-populations,  to  help  them  access  decent  work  and  thrive  in  today‘s  rapidly
-changing environment. These efforts, along with our aspiration to protect what
-is most valuable to our customers, help stabilize society by reducing inequality
-and supporting financial security.
-3
-Allianz SE  Sustainability Reporting – short version3. INTEGRATING SUSTAINABILITY TO ACHIEVE OUR GOALS1.MESSAGE FROM THE CEO
-Stabilizing  society,  however,  also  requires  that  we  focus  on  addressing  clima-
-te change. Its impact on individuals and businesses is profound: climate chan-
-ge  threatens  people‘s  incomes,  homes,  and  health,  just  as  it  puts  companies‘
-physical assets and business continuity at risk. This holds also true for Allianz.
-It  is  therefore  paramount  that  we  address  climate  change.  Allianz  has  had  a
-climate change strategy in place since 2005. In 2021, we set our first intermedi-
-ate targets for 2025 covering our own operations and parts of our proprietary
-investment  portfolio.  With  the  publication  of  our  first  comprehensive  Net-Zero
-Transition Plan in 2023, we further detailed our commitment to achieve net-zero
-emissions by 2050, covering proprietary investments and, for the first time, our
-P&C insurance business. Delivering a Net-Zero Transition Plan, based on science
-and in line with the Paris Agreement to limit global warming to 1.5°C, holds us
-accountable and serves as a blueprint to help other companies on their decar-
-bonization journeys. I invite you to read the full published plan here.
-We focus on addressing climate
-change. Its impact on individuals
-and businesses is profound.
-Today’s  challenges,  however,  are  too  big  for  a  single  organization  to  solve  by
-itself. At Allianz, we believe in the power of partnerships to multiply our sustain-
-ability impact. To build a united, decarbonized, and resilient society, we need to
-overcome polarization and conflict. Our role in helping to form the UN-conve-
-ned Net-Zero Asset Owner Alliance is an example of bridging the gap between
-policy  concept  and  private  sector  implementation.  Members  represent  asset
-owners from across the world, each with their own sustainability mandates but
-united towards a common objective of addressing climate change.
-We are in this together.
-Today more than ever before.
-The work detailed in the following pages strengthens my confidence in the abili-
-ty of determined individuals to collaborate and find solutions to even the world’s
-most challenging problems. Please enjoy reading this short version of Allianz's
-Sustainability Reporting. We are in this together. Today more than ever before.
-UN’s Climate
-Ambition Summit 2023
-View Video
-4
-Allianz SE  Sustainability Reporting – short version2. OUR SUSTAINABILIT Y JOURNE Y
-2. Our sustainability
-journey
-We have been in the insurance and risk management business for over 134 years.
-Our purpose is to secure your future and with that build resilience in society.
-We believe a sustainable society is one where people have
-all their needs met without compromising the ability of fu-
-ture generations to meet theirs – or in other words, achieving
-a  social  minimum  for  all.  This  means  transforming  econo-
-mies to benefit as many people as possible without harming
-the  planet  (see  graphic  1).  To  secure  the  social  minimum,
-especially for young people and those with disabilities, our
-social  pillar  focuses  both  on  a  corporate  citizenship  ap-
-proach, with the MoveNow initiative as a global program, as
-well as on engaging with our employees (see chapter 4.2).
-Climate change endangers the social minimum and as such
-is our common challenge. Climate change worsens existing
-problems such as inequality, a cause of climate change itself,
-migration and political instability. Allianz has had a strategy
-in place since 2005 to address climate change and guide our
-actions in response to impacts, risks and opportunities.
-Our  ambition  is  to  help  protect  future  generations  and  al-
-low  them  to  prosper,  just  as  we’ve  been  doing  since  1890.
-Our  role  in  this  transformation  is  guided  by  our  purpose:
-‘We  secure  your  future’.  To  focus  our  efforts,  we  have  pri-
-oritized  three  of  the  United  Nations’  17  Sustainable  De-
-velopment  Goals  (SDGs)1.  These  align  with  our  insurance
-and financial expertise as well as with our social priorities.
-They are:
-•  SDG 8 – Decent work and economic growth
-•  SDG 13 – Climate action
-•   SDG 17 – Partnerships – because we know that
-we cannot work towards a sustainable society alone.
-1  17 Goals to Transform Our World | United Nations
-Stakeholders demand change towards a sustainable economy & society within planetary boundaries
-t
-o
-o
-h
-s
-r
-e
-v
-O
-y
-r
-e
-v
-i
-l
-e
-D
--
-r
-e
-d
-n
-U
-Ecological Barriers
-Overuse of natural resources, possibly leading to tipping points
-• Climate change
-• Freshwater change: green water
-• Stratospheric ozone depletion
-• Atmospheric aerosol loading
-• Ocean acidification
-• Biogeochemical cycle
-• Novel entities*
-• Land system use
-• Biosphere integrity
-Sustainable economy & society
-Social Minimum
-Resources that a person needs in order to lead a minimally decent life in their society;
-examples showcasing a broad scale
-• Health
-• Energy
-• Water
-• Food
-• Education
-• Gender Equality
-• Social equity
-The model does not reflect Allianz.
-Source: Planetary boundaries – Stockholm Resilience Centre, Doughnut | Kate Raworth, Home | Sustainable Development (un.org).
-*  The novel entities boundary in the planetary boundaries framework refers to entities that are novel in a geological sense and that could
-have large-scale impacts that threaten the integrity of Earth system processes.
-Source: Outside the Safe Operating Space of the Planetary Boundary for Novel Entities | Environmental Science & Technology (acs.org).
-Graphic 1: Stakeholders demand change towards a sustainable economy & society within planetary boundaries
-Customers
-Employees
-Shareholders
-Governments
-5
-Allianz SE  Sustainability Reporting – short version
-2. OUR SUSTAINABILIT Y JOURNE Y
-Here are some examples of how
-we contributed to society in 2023:
-•   Continuing  to  provide  insurance,  investment  and  asset  management
-solutions to around 125 million private and corporate customers in over
-70 countries.
-•  Paying € 48.2 billion for claims in our P&C business
-•   Providing  affordable  insurance  solutions  to  more  than  85.5  million
-emerging consumers to increase access to financial services and part-
-nering with digital technology companies.
-•   With a total tax contribution of € 20.0 billion, including taxes borne and
-collected, we contribute to the economic and social development of the
-countries  we  operate  in.  For  further  info  refer  to  chapter  4.5.3  of  the
-Sustainability Report 2023, Our total tax contribution, p. 114.
-•   Publishing  our  Inaugural  Net-Zero  Transition  Plan,  a  comprehensive
-action  plan  outlining  the  transformation  of  our  business  model,  with
-the goal of achieving net-zero emissions in the year 2050, and announ-
-cing our 2030 intermediate targets for decarbonization (in Operations,
-proprietary Investments and P&C underwriting in our commercial and
-motor retail businesses).
-•   Actively pursuing investment opportunities that support solutions to en-
-vironmental and societal challenges, aligned with the UN SDGs. Allianz
-systematically  investigates  a  large  spectrum  of  potential  proprietary
-investments2 to finance the low-carbon transition and achieve positive
-impact. This covers nearly all asset classes, markets, technologies and
-strategies. Our sustainable investments grew by 27% year-on-year from
-€ 131.5 billion (2022) to € 167.4 billion (2023).
-•   Employing over 154.000 people worldwide, paying € 14.7 billion of wa-
-ges, and supporting them with more than 50 hours of training on aver-
-age while providing a healthy and inclusive workplace.
-•   Funding 18 social projects that contribute to the SDGs in local commu-
-nities through our Social Impact Fund.
-To  ensure  our  sustainability  efforts  are  fully  embedded  in  the  organi-
-zation, we report and reflect our progress against sustainability and busi-
-ness  targets  and  results,  in  top  management  remuneration  schemes.
-Specifically,  sustainability  targets  form  part  of  the  Individual  Contribu-
-tion Factor of the remuneration of the Allianz SE Board of Management.
-This approach is also cascaded down throughout the organization where
-appropriate. For more details, see Appendix II.
-2  Proprietary investments in simple terms are for example the investments of capital
-from the insurance business.
-€ 48.2 bn
-in P&C claims payments
-€ 20.0 bn
-total tax contribution,
-including taxes borne
-and collected
-€ 14.7 bn
-paid in wages by Allianz
-50 hrs
-of average training hours
-per employee contributed
-by Allianz
-18
-social projects funded
-through the Social
-Impact Fund
-6
-Allianz SE  Sustainability Reporting – short version3. Integrating sustainability
-to achieve our goals
-Integrating sustainability into our business decisions and processes
-is key to managing risks and acting on opportunities to support
-sustainable development.
-We strive to embed sustainability information in our deci-
-sion-making. While we are still working towards full imple-
-mentation, we have outlined our sustainability approach in
-the Sustainability Integration Framework3. This framework
-aims to incorporate sustainability practices throughout our
-entire organization starting with the management targets
-all through to business operations, focusing on areas such
-as climate change, social impact, responsible investment,
-and governance.
-The  approach  involves  assessing  risks  and  opportunities,
-setting targets, measuring and reporting on progress, en-
-gaging stakeholders, and integrating sustainability consi-
-derations into our products and services.
-We also have energy-related guidelines in place that pro-
-mote the transition from fossil fuel to cleaner energy tech-
-nologies.  These  guidelines4  help  manage  sustainability
-risks from our involvement in fossil fuel-related businesses
-and by supporting renewable and low-carbon energy pro-
-jects. We report on any exemptions granted, such as com-
-panies  working  towards  decarbonization  in  line  with  the
-1.5°C threshold.
-We continuously strengthen our sustainability risk manage-
-ment  framework  evaluating  environmental  and  human
-rights risks. We have rules and processes in place to miti-
-gate potential negative impacts for Allianz and our custo-
-mers. These processes facilitate collaboration among diffe-
-rent parts of the business that may be affected.
-3
- Allianz Sustainability Integration Framework, version 5.0
-4  Allianz Energy Guidelines
-7
-Allianz SE  Sustainability Reporting – short version3. INTEGRATING SUSTAINABILITY TO ACHIEVE OUR GOALS4. CREATING SOCIAL IMPACT
-4. Creating
-social impact
-Since 1890, our insurance and risk management business has
-focused on building resilience and strengthening societies.
-Our business exists to mitigate risk, so we understand the importance of resilience for society.
-By providing insurance cover, we help businesses and people thrive, benefiting society as a
-whole. Our purpose – ‘We secure your future’ – guides our social and business strategies. Our
-efforts under SDG 8’s ‘Decent work and economic growth’ framework are summarized here.
-Preparing the next
-generation to move
-Allianz has developed an inclusive training
-series with workout videos by Paralympic
-athletes as part of their MoveNow program.
-Watch ‘Behind The Scenes – Day 1 Done’
-8
-Allianz SE  Sustainability Reporting – short version4. CREATING SOCIAL IMPACT
-4.1 Making a difference
-with corporate citizenship
-We want to build on the very nature of our insurance
-business and provide direct support for the communities
-we operate in.
-Corporate  citizenship  refers  to  our  responsibility  towards
-society. With our corporate citizenship program, we aim to
-support and upskill young people and people with disabi-
-lities, helping them with their education and employability.
-Corporate citizenship activities include philanthropic initia-
-tives, employee volunteering and partnerships, all of which
-have an impact in the communities where we operate.
-A key part of this program is our global initiative MoveNow,
-which  is  based  on  the  lessons  learned  from  our  partners-
-hips  with  the  International  Olympic  Committee  (IOC)  and
-the  International  Paralympic  Committee  (IPC).  MoveNow
-aims  to  improve  the  health,  well-being  and  employability
-of  the  younger  generation  and  people  with  disabilities.  It
-encourages  them  to  move  their  body,  mind  and  soul.  The
-younger generation are the decision-makers of tomorrow,
-and we believe that access to education and physical ac-
-tivity  will  enable  them  to  develop  the  skills  and  resilience
-needed to secure decent work and financial stability. Sports
-play an important role in developing social and employabi-
-lity skills such as leadership, teamwork, responsibility and
-fairness.
-Allianz has operating entities, in simple terms subsidiaries,
-in more than 70 countries, and each one can run their own
-MoveNow project, with total financial support of € 500,000
-per year offered via our Social Impact Fund (SIF). The fund
-supports strategic opportunities that deliver impact in com-
-munities beyond charitable donations. The entities coope-
-rate in intersectoral partnerships, and projects that the SIF
-supported in 2023 – closely aligned with the MoveNow pro-
-gram – focused on financial literacy, training and mentor-
-ship activities.
-As MoveNow takes a global and holistic approach that is
-delivered  in  partnership  with  stakeholders,  our  corporate
-citizenship projects achieve wider resonance. The bringing
-together  of  MoveNow  and  the  SIF  has  boosted  efforts  to
-support  education  and  employability  for  our  main  target
-groups. In 2023, the SIF supported 18 corporate citizenship
-projects at different operating entities.
-Social Impact Fund – Funding
-18 projects
-in local communities
-Entities in more than
-70 countries
-can run their own
-MoveNow project
-Our strategic focus on financial and insurance literacy has
-concentrated our efforts globally on the SDG 8 outcomes
-of decent work and economic growth. Our reason for doing
-this is our belief that financial literacy is a great lever to give
-people equal opportunities in society, especially vulnerable
-groups. This is why we pursued several approaches in 2023.
-For example, we included financial and insurance literacy
-as  part  of  the  MoveNow  Future  Workout  –  a  digital  lear-
-ning  journey.  This  three-week  training  plan  is  designed  to
-teach financial and insurance literacy and empower young
-people to manage their finances with confidence.
-Our Malaysian entity was one of the entities inspired by the
-initiative. In Malaysia, poor financial literacy has led to debt
-and financial instability in rural communities. In 2023, the
-SIF supported a project to improve the financial literacy of
-80 children, which includes financial management, invest-
-ment and employment skills. The project seeks to empower
-them to succeed in the future by building communication,
-teamwork  and  problem-solving  abilities.  Allianz  Malaysia
-employees are working with a local NGO, Incredible Hearts,
-to design and deliver the program.
-In 2023, we also launched an online financial literacy hub5.
-This  provides  easy-to-understand  information,  interactive
-budgeting  tools  and  access  to  free  coaching  from  Allianz
-experts.
-5  Financial literacy hub (allianz.com)
-9
-Allianz SE  Sustainability Reporting – short version4. CREATING SOCIAL IMPACT
-4.2 Taking care of
-our employees
-‘We  secure  your  future’  is  our  corporate  purpose  –  and
-living up to it starts with our more than 154,000 employees.
-Our People and Culture strategy aims to fulfil this purpose,
-in line with our employer value proposition: ‘We care for to-
-morrow’. This is what drives our decisions and actions and
-we do it in line with our people attributes, which are: Entre-
-preneurship, Customer & Market Excellence, Trust, and Col-
-laborative Leadership. Our ambition is to be the top emplo-
-yer  in  the  financial  services  industry  globally.  We  work  to
-attract top talent, accompany our people on their growth
-and development journey, and deliver strong business and
-social impact where we operate. To achieve this ambition,
-we  have  based  our  People  and  Culture  strategy  on  three
-pillars:
-People and Culture strategy
-based on three pillars:
-FIRST
-Employees and Candidates
-SECOND
-Business
-THIRD
-Brand and Society
-The 1st Strategic Pillar, Employees and Candidates,
-includes the following topics:
-•  Engaging with own workforce
-•   Learning and development and
-performance management
-•  Fair remuneration, benefits and social protection
-•  Health and safety
-•  Work-life balance
-•  Collective bargaining and social dialogue
-Here are examples of our practice in this field:
- Listening to and engaging with our employees are the cor-
-nerstones of our People and Culture strategy. One way we
-do this is through the Allianz Engagement Survey (AES). The
-AES is our well-established employee platform for gather-
-ing employee feedback globally and has been in place sin-
-ce  2010.  Our  two  key  indicators  recorded  with  the  survey
-are  the  Inclusive  Meritocracy  Index  (IMIX)  and  the  Work
-Well Index+ (WWI+).
-10
-Allianz SE  Sustainability Reporting – short version
-4. CREATING SOCIAL IMPACT
-•   The  IMIX  measures  our  progress  in  building  a  culture
-where  both  people  and  performance  matter,  meaning
-that we enable employees to unlock their full potential.
-The IMIX score is derived from a survey of ten questions.
-In 2023, the IMIX increased by +2pp to 81% (2022: 79%).
-Improvements  in  our  IMIX  scores  demonstrate  that  we
-are  making  progress  in  the  areas  of  leadership,  perfor-
-mance, and corporate culture.
-•   The  WWi+  measures  employee  well-being.  A  higher  in-
-dex score is associated with higher employee well-being.
-The WWI+ score rose by +5pp to 76% (2022: 71%).
-•   Learning  and  development  is  a  key  differentiator  in  the
-financial  services  industry  where  customer  needs  are
-constantly changing in response to a rapidly evolving ex-
-ternal context. Our ambition is for employees to develop
-skills for today and for the future to ensure Allianz is pre-
-pared for emerging trends and opportunities and able to
-attract the best talent.
-•   At Allianz, we are committed to equity and fairness as de-
-fined in our Group Code of Conduct6. This includes ensu-
-ring operating entities enforce equal pay for equal work
-in the same or comparable roles for all genders. We re-
-gularly conduct equal pay reviews to identify equal pay
-gaps which can be mitigated with appropriate action.
-•   In addition to equal pay, there is also a gender pay gap
-to be considered. This consists of the difference in aver-
-age  remuneration  between  men  and  women  across  a
-whole organization, irrespective of role or seniority. If one
-gender is more represented in higher-paid, senior roles in
-one organization, for example, there will be a gender pay
-gap. Allianz takes several actions to foster gender equity
-in representation and thus close the gender pay gap. One
-important  action  is  the  ambition  to  have  higher  female
-representation in senior positions.
-•   The health, safety, physical and mental well-being of our
-employees is a top priority. We aim to sustain and impro-
-ve  employee  health  and  well-being  across  our  global
-workforce. Two key levers to achieve this ambition are our
-Minimum Health Requirements and our local Occupatio-
-nal Health and Safety (OHS) Management system. Find
-more info here.
-+2pp  81%
-Inclusive Meritocracy Index
-(IMIX)
-+5pp  76%
-Work Well Index+
-(WWi+)
-The  2nd  Strategic  Pillar,  Business,  outlines  two  strategic
-sub-sections: Diversity, Equity and Inclusion (DEI), focusing
-on Gender and Age distribution, and Persons with disabili-
-ties.  This  is a  description of the Strategic  Workforce Plan-
-ning topic:
-•   Diversity is a core element of our culture. Our customers
-are  diverse,  and  in  order  to  best  understand  and  serve
-them, our workforce needs to be diverse, too. We belie-
-ve that diverse teams create better results, show higher
-resilience,  and  are  more  innovative  and  more  producti-
-ve, provided they can act in an environment where each
-and every one can be themselves, and unique views are
-appreciated. Being both diverse and inclusive has a posi-
-tive impact on our business. We are committed to streng-
-thening inclusion in our workplace by ensuring equal op-
-portunities for all and shaping a diverse workforce along
-five Diversity, Equity & Inclusion dimensions: gender, peo-
-ple with disabilities, nationalities/ethnicities, generations
-and LGBTQ+.
-•   To  ensure  processes  and  workplaces  are  accessible  for
-persons with disabilities, we promote equity through in-
-itiatives like the Valuable 500 and through our employee
-network,  Allianz  Beyond.  We  are  working  to  increase
-transparency  and  representation  of  people  with  disabi-
-lities in our workforce through recruitment and self-iden-
-tification.
-•   Strategic Workforce Planning aims to understand work-
-force development in response to global megatrends and
-how we can equip our workforce with the skills they need
-for today and for the future.
-The 3rd Strategic Pillar, Brand and Society, is the way we
-run our People and Culture operations. It generates social
-im pact,  which  is  acknowledged  by  external  certifications
-and  global  rankings  from  bodies  such  as  Great  Place  to
-Work®  (GPTW),  EDGE  (Economic  Dividends  for  Gender
-Equality)7 and Refinitiv8.
-6  Allianz Group Code of Conduct
-7
- Allianz’ entities globally EDGE Certified |
-EDGE Certified Foundation (edge-cert.org)
-8  FTSE Diversity and Inclusion Index (lseg.com)
-11
-Allianz SE  Sustainability Reporting – short version4. CREATING SOCIAL IMPACT
-4.3 Our commitment to
-human rights
-At Allianz, we regard the respect for human rights as a
-minimum standard for responsible business.
-The  safety  and  well-being  of  our  employees  is  of  utmost
-importance to us, which is why we make sure that we mi-
-nimize  risks  to  employee  rights,  such  as  equal  treatment,
-occupational health and safety, or workers’ representation,
-where applicable. Our Group Code of Conduct9 spells out
-the expectation that our employees respect human rights
-in their work at Allianz.
-9  Allianz Group Code of Conduct (allianz.com)
-According to our own analysis, most of our suppliers ope-
-rate  in  sectors  that  have  relatively  low  human  rights  risk,
-such  as  consultancy  or  IT  services.  Nevertheless,  we  have
-extensive measures to assess and minimize risks to human
-rights  in  our  global  supply  chains.  These  measures  are  in
-line with the requirements of the German Supply Chain Act,
-as  is  our  due  diligence  in  our  own  operations.  We  expect
-our suppliers to minimize their own human rights risks, as
-spelled out in our Vendor Code of Conduct10, which Allianz
-suppliers must accept.
-Our Group Human Rights Officer monitors our human rights
-risk management in own operations and supply chains.
-As a corporate insurer and proprietary investor, our human
-rights  due  diligence  process  forms  part  of  our  sustainabi-
-lity  approach,  which  is  integrated  into  our  broader  risk
-management system. We use a combination of sector and
-country-specific approaches to identify human rights risks.
-Human  rights-related  due  diligence  has  been  integrated
-into 13 sensitive business areas, where relevant, to ensure
-that  human  rights  are  part  of  the  overall  risk  assessment
-for insurance and proprietary investments in non-listed as-
-set  classes.  For  business  transactions  in  certain  countries,
-where  systematic  human  rights  violations  occur,  we  carry
-out  explicit  due  diligence  in  accordance  with  our  Human
-Rights Guideline. For further details, see the Sustainability
-Integration Framework11.
-We report annually on policies, results and measures on a
-dedicated human rights page on our corporate website.
-10 Vendor Code of Conduct
-11 Allianz Sustainability Integration Framework (allianz.com)
-12
-Allianz SE  Sustainability Reporting – short version5. CLIMATE CHANGE: THE ROAD TO NET-ZERO
-5. Climate Change:
-The road to net-zero
-We want to help create sustainable societies and economies by working
-towards a social minimum for all without harming the planet. Climate change is
-among the biggest challenges we face today – not only for our business, but for
-the entire society12.
-12 Intergovernmental Panel on Climate Change – Synthesis Report
-This is why we are focusing our environmental efforts on cli-
-mate change. According to the Intergovernmental Panel on
-Climate Change (IPCC)13, emissions need to be almost hal-
-ved every decade to restrict global warming and reach net-
-zero emissions by the middle of the century and to maintain
-a reasonable chance to achieve this goal.
-Climate change poses many risks and raises fundamental
-questions  about  how  we  operate.  We  support  efforts  to
-adapt  to  the  changing  climate.  As  with  any  large-scale
-transformation, the way towards a net-zero world involves
-not only risks but also opportunities.
-13  Sixth Assessment Report – IPCC
-13
-Allianz SE  Sustainability Reporting – short version
-5. CLIMATE CHANGE: THE ROAD TO NET-ZERO
-Our Net-Zero Transition Plan
-As a financial institution we have an impact on climate change through
-the emissions we generate directly – from heating our offices to air travel
-– and indirectly – through the companies we insure and invest in.
-At Allianz, we have had a strategy to address climate change since 2005. It
-guides our actions in response to impacts, risks and opportunities spanning
-our operations and our insurance and proprietary investment businesses.
-This strategy supports the objectives of SDG 13 – Climate action. Since
-2018, our Climate Change Strategy further commits us to contributing to
-efforts that limit global warming to 1.5°C by the end of the century. To an-
-ticipate and enable this transition, we committed to net-zero greenhouse
-gases (GHG) for our proprietary investment and Property & Casualty (P&C)
-underwriting portfolios.
-The pace and breadth of our actions reached another milestone in 2023
-with the publication of our Group’s Inaugural Net-Zero Transition Plan. It
-sets out our intermediate targets and commitments for 2030, including:
-•   Increasing Climate Solutions investments by at least € 20 billion from
-current level (€ 37 billion as of 31.12.2023), subject to market environ-
-ment and constraints.14
-•   Showing progress in P&C insurance portfolios: reduce CO2 emissions by
-30% absolute in the retail motor segment and 45% with regards to the
-GHG intensity in the commercial insurance segment15.
-•   Increasing  our  ambition  in  proprietary  investment  portfolios:  having
-already  overachieved  our  2025  GHG  emission  target,  we  now  aim  to
-reduce emissions by 50% for our corporate portfolio. For more details,
-refer to 5.2.2.
-•   Encouraging the net-zero transition: reinforcing our goal to drive decar-
-bonization with our customers, partners and policymakers through ad-
-vocacy and partnerships.
-14  Climate Solutions are defined as economic activities contributing to climate change mitigation
-(including transition enabling) and adaptation, in alignment with existing climate-related sustain-
-ability taxonomies: EU taxonomy on sustainable finance climate category as well as SFDR Article
-9 and beyond.
-15   Target covers P&C corporate portfolio with reported emissions managed by AGCS.
-Base year for both is 2022.
-Allianz raises its
-climate ambitions
-further
-Günther Thallinger, the Allianz
-Member of the Board of Management
-responsible for investment management
-and sustainability, explains the plan.
-14
-Allianz SE  Sustainability Reporting – short version5. CLIMATE CHANGE: THE ROAD TO NET-ZERO
-5.1 Climate-related risks
-Climate change is a major threat to the resilience of so-
-cieties and natural ecosystems, whereas it is an existenti-
-al business risk for us. This is why we work on mitigation
-and adaptation.
-We  monitor  the  evolving  risk  landscape  as  risks  can  take
-many forms. Climate change impacts our business through
-physical  risks  such  as  damage  from  extreme  weather
-events like floods, hail or cyclones. We are also impacted by
-transition risks that result from the transition to a low-car-
-bon economy. These risks are driven by the evolution of cli-
-mate policy, technological progress, changes in consumer
-sentiment, or impacts from climate change litigation.
-Another  way  to  look  at  it  is  that  climate  change  impacts
-us  as  an  insurer  providing  insurance  policies  covering,  for
-example,  health  impacts,  property  damage  or  litigati-
-on  claims.  Second,  as  a  large-scale  institutional  investor
-with significant interests in various economies, companies,
-infrastructure and real estate that might be affected by the
-physical impact of climate change and the transition to a
-low-carbon economy.
-We expect climate change will have significant impact on
-global  economies  and  our  business.  The  risks  and  oppor-
-tunities  associated  with  climate  change  we  see  emerging
-today will transform and increase over the mid to long term.
-Climate change considerations are an integral part of our
-insurance  and  investment  strategy.  In  order  to  foster  risk
-awareness,  build  expertise  in  the  assessment  of  financial
-risks  from  climate  change,  test  our  business  strategy  resi-
-lience, and inform risk management and business decision-
-making,  we  apply  climate  stress-testing  and  scenario
-analysis.
-For further details, see our Group Annual Report 2023,
-p.71f.
-15
-Allianz SE  Sustainability Reporting – short version5. CLIMATE CHANGE: THE ROAD TO NET-ZERO
-5.2 Actions and progress
-across the value chain
-At Allianz, we have been focused on climate actions for
-several years16. We have, for example, been strategical-
-ly investing in and insuring low-carbon assets for over a
-decade, and our Sustainable Solutions framework provi-
-des products and services that contribute to environmen-
-tal and social objectives.
-Our  initial  focus  was  on  decarbonizing  proprietary  invest-
-ments and our own operations, and we are now also tur-
-ning our attention to our P&C insurance. This chapter sum-
-marizes  our  policies  and  progress  against  the  Net-Zero
-Transition Plan across three different areas of our business.
-16  We have started working on harmonizing terminology and underlying eligible
-technologies related to the targets for Climate Solutions (currently used for
-proprietary investments) and Transition Solutions (currently used for P&C
-insurance). We expect to conclude this work and report along it in FY2024.
-16
-Allianz SE  Sustainability Reporting – short version
-5. CLIMATE CHANGE: THE ROAD TO NET-ZERO
-5.2.1 Decarbonizing
-P&C insurance
-For our P&C insurance portfolio, we have committed to
-reducing GHG emissions to net-zero by 2050.
-Our inaugural 2030 targets focus on two core portfolios:
-Another key lever will be providing incentives for reducing
-emissions  via  mileage-based  product  offerings,  as  part
-of  our  existing  sustainable  solutions  offering,  which  is  ex-
-plained  in  detail  in  chapter  3.1,  Environmental  matters,
-Sustainability Report 2023, p.51ff.
-1.   Motor retail insurance – insurance for the
-protection of cars.
-2.   P&C commercial insurance – insurance coverage
-that is designed to protect businesses from financial
-loss due to property damage, liability claims, and
-other risks.
-Motor retail insurance
-P&C commercial insurance
-For  P&C  commercial  insurance,  we  have  set  a  target  to
-decrease  GHG  emission  intensity  by  45%  by  2030  gene-
-rated by some of the large companies that we insure as
-part of the Allianz Global Corporate & Specialty corpora-
-te portfolio, compared to the 2022 baseline.
-For motor retail insurance, our target is to reduce abso-
-lute  carbon  emissions17  within  our  portfolio  by  30%  by
-2030,  compared  to  the  2022  baseline  which  aligns  with
-the goal of limiting global warming to 1.5°C.
-The  targets  are  set  for  those  companies  for  which  green-
-house gas emissions data is available. These targets repre-
-sent roughly 13% of the Commercial segment premiums for
-which  emission  accounting  methodologies  are  currently
-available.18
-We are focusing our efforts on the most relevant markets,
-where reliable data is also available. The emission reduc-
-tion target applies to nine key European markets: Austria,
-Belgium, France, Italy, Germany, Netherlands, Spain, Swit-
-zerland and the UK. These targets cover roughly half of the
-premium and roughly 40% of insurance-associated emissi-
-ons of our overall motor retail segment.
-The biggest levers for achieving the targets will be increa-
-sing  our  share  of  electric  vehicles  as  well  as  incentivizing
-customers  to  drive  less.  Therefore,  we  have  set  two  addi-
-tional sub-targets:
-•   By 2030, we want to engage with 20 million current and
-potential customers to support their transition to electric
-mobility.
-•   We are committing to offering comprehensive insurance
-products for battery electric vehicles and the related eco-
-system, to support our customers in their transition to this
-new technology. Therefore, the share of battery electric
-vehicles (based on the number of passenger vehicles) in
-our motor portfolio will exceed the share of battery elec-
-tric vehicles in the respective markets.
-17  Absolute insurance-associated emissions are the share of an insured’s absolute
-emissions that is associated with the insurer‘s underwriting portfolio and are
-expressed in tCO2 with respect to our Motor Retail target.
-We are committed to driving decarbonization across all in-
-dustry sectors by promoting transparency and supporting
-customers on their net-zero journey. Our actions include:
-•   Engaging  clients  who  are  not  reporting  GHG  emissions,
-particularly  the  top  100  by  premium  size  and  industry
-sector emission intensity, to develop emissions reporting
-and disclosure approaches.
-•   Engaging with aviation and marine sector customers to
-exchange best practice on decarbonization strategy and
-to close the GHG reporting gap.
-•   Dedicated  engagement  of  high-emitting  companies  to
-help  them  develop  science-based  net-zero  strategies
-with the support of our experts.
-What’s  more,  as  part  of  our  Net-Zero  Transition  Plan,  in
-2023  we  set  growth  targets  for  low-carbon  technologies.
-We are aiming for 150% profitable business growth of tran-
-sition  solutions  in  our  commercial  insurance  business  by
-2030,  with  respect  to  commercial  property  damage  and
-business interruption coverages, against a 2022 baseline.
-18  In line with Lines of Business currently covered by the PCAF Standard. Scope
-coverage is unchanged compared to the Inaugural Net-Zero Transition Plan.
-Share of premiums related to GHG reduction target follows IFRS definition
-of gross written premiums and deviates from PCAF, which excludes external
-acquisition costs; following PCAF definition of insurance premiums, scope
-coverage represents roughly 16% of the eligible premiums in the commercial
-segment. More details can be found in the explanatory notes of the NFS.
-17
-Allianz SE  Sustainability Reporting – short version
-5. CLIMATE CHANGE: THE ROAD TO NET-ZERO
-5.2.2 Contribute to a
-decarbonizing economy with
-our proprietary investments
-Our  first  2030  target  for  our  proprietary  investments  is
-a  50%  reduction  in  absolute  GHG  emissions  by  2030  for
-listed  corporates  (corporate  bonds  and  public  equity)
-against a 2019 baseline. Our second target is a 50% emis-
-sion intensity reduction by 2030 for all listed and unlisted
-corporate exposure.
-Our  investment  targets  follow  the  rule  of  thumb  that  we
-need to halve emissions every ten years and are in line with
-the best available science. They are quite detailed and de-
-pend on the asset class we invest in and cover most invest-
-ments into corporations and real estate.
-We use the target-setting framework of the UN-convened
-Net-Zero  Asset  Owner  Alliance  (NZAOA)  Target  Setting
-Protocol19 to embed best practice in setting climate targets
-for  our  proprietary  investment  portfolios.  Our  targets  are
-set with two objectives: maximize our potential contribution
-towards a reduction of emissions and increase the resilience
-of our investment portfolio against negative effects stem-
-ming from climate change.
-19 https://www.unepfi.org/industries/target-setting-protocol-third-edition/
-50% by 2030
-reduction in absolute GHG emissions
-for listed corporates (corporate bonds
-and public equity) against a 2019
-baseline
-50% by 2030
-emission intensity reduction for
-all listed and unlisted corporate
-exposure
-As we overachieved our first 2025 emission reduction decar-
-bonization targets for corporate bonds and listed equities
-in  2023,  we  have  updated  our  targets  and  ambitions  for
-2030 considering potential developments in key industries
-and learnings from previous years.
-Our actions for reaching our targets in investments happen
-in the following areas:
-Firstly, we are reallocating our portfolio with measures
-including
-•   Allocating more capital towards climate leaders and over
-time reducing our exposure to laggards.
-•   Targets and frameworks for our asset managers to drive
-changes across asset classes, investees and sectors. This
-includes breaking global targets down to individual asset
-manager mandates and monitoring constantly decarbo-
-nization performance.
-•   Exclusion  of  certain  companies  based  on  global  guide-
-lines for fossil fuels.
-•   Financing  the  transition  of  companies  which  share  our
-1.5°C  ambition  in  the  hard-to-abate  cement  and  steel
-sectors.
-Second, we are decarbonizing our portfolio by engaging
-with investee companies through measures including
-•    Targeting GHG emissions reductions in investee compa-
-nies  and  real  estate  investments,  with  specific  approa-
-ches based on the ownership structure. For example, for
-fully-owned real estate assets, we directly influence emis-
-sions through deep refurbishments and we impact emis-
-sions for minority ownership assets through engagement
-or voting in shareholder meetings.
-•   Engaging with top emitters in our portfolio and participa-
-ting in several multilateral engagement initiatives.
-•   Systematically evaluating all our asset managers on cli-
-mate topics and engaging with laggards.
-•   Participating in sector engagements, especially in the oil
-and gas and steel sectors, to support our sector targets
-for 2030.
-18
-Allianz SE  Sustainability Reporting – short version
-5. CLIMATE CHANGE: THE ROAD TO NET-ZERO
-Third, we want to increase Climate Solutions investments
-by  at  least  € 20  billion  from  current  level  (€ 37  billion  as
-of  31.12.2023),  subject  to  market  environment  and  cons-
-traints.  20  These  investments  may  take  many  forms  inclu-
-ding  infrastructure  projects  such  as  renewables,  sustain-
-able green buildings, investments into sustainable forestry,
-and hydrogen.
-We  strive  to  invest  in  companies  with  a  high  share  of  EU
-taxonomy-aligned revenues via our listed corporate port-
-folio.
-Fourth,  decarbonization  of  high-emitting  sectors  is  critical
-to  limiting  global  temperature  increase  to  1.5°C;  therefore,
-Allianz  sets  sector  targets  for  investee  companies  in  the  oil
-and gas, electric utilities, steel, and automobiles sector. These
-sector  targets  are  in  line  with  sector  decarbonization  path-
-ways  from  the  Net  Zero  Emissions  by  2050  Scenario  of  the
-International  Energy  Agency  (IEA)21.  In  addition,  the  Allianz
-Statement on oil and gas business models22 and the Allianz
-Statement on coal-based business models23 are reflected in
-the targets.
-20  Climate Solutions are defined as economic activities contributing to climate
-change mitigation (including transition enabling) and adaptation, in alignment
-with existing climate-related sustainability taxonomies: EU taxonomy on
-sustainable finance climate category as well as SFDR Article 9 and beyond.
-21  Net-Zero Emissions by 2050 Scenario (NZE)
-– Global Energy and Climate Model – Analysis – IEA
-22 Allianz Statement on oil and gas business models
-23 Allianz Statement on coal-based business models
-Allianz invested in 960MW
-offshore wind farm He Dreiht
-in the German North Sea
-View Video
-Allianz SE  Sustainability Reporting – short version
-19
-5. CLIMATE CHANGE: THE ROAD TO NET-ZERO
-5.2.3 Decarbonizing our
-own operations
-For our own operations, we have set an intermediate tar-
-get24 to reduce GHG emissions by 70% as of year-end 2030
-(65% as of year-end 2029) against a 2019 baseline.
-Our main levers for reducing GHG emissions for our own
-operations are the following:
-•   Our  aim  is  to  source  100%  renewable  electricity  for  our
-worldwide office buildings and data centers through our
-participation  in  the  RE100  initiative,  a  global  initiative
-bringing together the world’s most influential businesses
-committed to 100% renewable electricity.
-•   We  are  aiming  to  reduce  our  GHG  emissions  from  busi-
-ness travel by 40% by 2025 against a 2019 baseline. We
-are regularly reviewing our travel regulations to encom-
-pass climate-related topics and we promote digital mee-
-tings. In addition, we are aiming to electrify our corporate
-fleet by 2030 as part of EV100, a global initiative accele-
-rating the transition to electric vehicles (EVs).
-•   We aim to reduce the energy consumption per employee
-in  office  buildings  by  20%  against  a  2019  baseline.  We
-are targeting energy efficiency and energy reduction in
-our office buildings by applying environmental manage-
-ment systems and energy efficiency processes based on
-ISO25 14001 and 50001 standards. In addition, we have
-developed a Buildings Standards Catalogue to establish
-a harmonized approach to sustainability in buildings and
-promote best practices across our operating entities.
-•    We are asking all global framework vendors to publicly
-commit  to  net-zero  GHG  emissions  in  line  with  a  1.5°C
-trajectory  by  2025.  Furthermore,  we  have  updated  our
-procurement policy and processes and included sustain-
-ability criteria in RFIs (Request for Information)/RFPs (Re-
-quest for Proposal) and tenders for our IT partners.
-24  As the specific definition of net-zero is still evolving for financial institutions and
-we anticipate Corporate Sustainability Reporting Directive (CSRD) require-
-ments, we are no longer referring to the 2030 target for our own operations
-as a net-zero commitment. We will instead refer to those as 2030 intermediate
-targets. The rest of the decarbonization and removal targets for own opera-
-tions remain as communicated in the Inaugural Net-Zero Transition Plan. For
-a detailed view on our GHG emissions and corresponding targets, please refer
-to the chapter ‘Own Operations and further value chain’ in our Sustainability
-Report.
-25 ISO = International Organization for Standardization
-20
-Allianz SE  Sustainability Reporting – short version5. CLIMATE CHANGE: THE ROAD TO NET-ZERO
-5.3 Partnerships: Together
-we can make it happen
-We have tackled many challenges since our foundation 134 years ago.
-We know that climate change is too big a challenge for single entities
-to manage alone.
-In this respect, at Allianz we help create networks and al-
-liances.  We  also  partner  with  organizations  spanning  pu-
-blic, private and voluntary sectors. As an example, Allianz
-co-leads the development of a parametric flood insurance
-solution for Ghana designed to benefit poor and vulnerable
-households and enhance the country’s climate and financi-
-al resilience.26
-Another important example of our commitment to creating
-change  is  the  formation  of  the  UN-convened  NZAOA27,
-which  Allianz  helped  to  establish  in  2019.  This  is  a  mem-
-ber-led  initiative  of  institutional  investors  (87  members  as
-of  December  2023  with  USD  9.5  trillion  assets  under  ma-
-nagement28)  committed  to  transitioning  their  investment
-portfolios  to  net-zero  GHG  by  2050.  The  NZAOA  requires
-members to take into account the best available scientific
-knowledge including the findings of the IPCC, and regularly
-reporting on progress, including establishing intermediate
-targets every five years in line with the Paris Agreement Ar-
-ticle 4.9.29 The NZAOA members are the first in the finance
-industry to set intermediate targets, which include emission
-reduction  ranges  for  2025  and  for  2030.  Several  other  al-
-liances have since been established, creating a movement
-of net-zero initiatives in the financial industry and beyond.
-With such a framework in place, we prove that not only do
-we set targets, but our progress reports show that we can
-reach them. By doing this, we demonstrate that the targets
-are achievable and, as such, we help to create trust. For Al-
-lianz, this is another way to transform risks into opportuni-
-ties and drive change.
-26  In the context of the Ghana project, the ‘poor and vulnerable’ target group
-has been defined based on the InsuResilience Global Partnership (IGP) / MCII
-definition: Vulnerable is defined as “people living on 3.1 to 15 USD PPP / day
-who are particularly exposed to climate risks and at high risk of slipping (back)
-into poverty due to climate change-related extreme events.”
-27  UN-convened Net-Zero Asset Owner Alliance – United Nations Environment –
-Finance Initiative (unepfi.org)
-28 Members – United Nations Environment – Finance Initiative (unepfi.org)
-29 AOA-COMMITMENT-DOC-2022.pdf (unepfi.org)
-21
-Allianz SE  Sustainability Reporting – short version6. Governance: The structure
-supporting our efforts
-We engage across the organization to create sustainable societies.
-We act with integrity.
-At  Allianz,  our  success  is  built  on  the  trust  that  our  custo-
-mers, investors, employees and the public have in our per-
-formance and integrity. Allianz fosters a corporate culture
-of  individual  and  collective  responsibility  for  ethical  con-
-duct and adherence to the rules. We act with integrity and
-are  committed  to  complying  with  laws,  regulations  and
-other external rules that govern our operations.
-Sustainability  is  governed  by  the  Board  of  Management
-and  supervised  by  the  Supervisory  Board  of  Allianz  SE,
-with support from the Group Sustainability Committee and
-Group Sustainability Board.
-The  Group  Sustainability  Board,  supported  by  the  Chief
-Sustainability  Officer,  im plements  the  strategy  and  enga-
-ges colleagues across the business. Further, local responsi-
-bilities for sustainability integration are allocated at Board
-level  and  supported  by  at  least  one  Sustainability  Lead.
-We  appropriately  integrate  sustainability  into  our  remun-
-eration systems, encouraging board members to consider
-environmental,  social,  and  governance  factors  in  decision
-making  process.  Our  approach  combines  accountability
-and  governance  to  drive  a  consistent  strategic  approach.
-For more detailed information see Non Financial Statement
-and Sustainability Report.
-Supervisory Board (including Sustainability Committee)
-Board of Management
-Group Sustainability Board
-Six BoM members +
-Three Group Center heads
-•  Regular reporting to Allianz SE Board of Management
-•
-•
- Advising and aligning on all relevant Group sustainability matters
- Further elevate sustainability topics in governance and
-decision-making processes of the Group
-Regular exchange
-and alignment with
-committees and
-Heads of Group
-functions on sustain-
-ability matters
-Global Sustainability
-•  Full-time support to Sustainability Board
-•  Sustainability integration into organization and business
-Regular exchange and
-alignment with represen-
-tatives from operating
-entities on sustainability
-matters
-Graphic 2: Governance
-22
-Allianz SE  Sustainability Reporting – short version3. INTEGRATING SUSTAINABILITY TO ACHIEVE OUR GOALSAppendix
-Appendix
-I) Navigating the evolving reporting landscape
-Material topics and aspects
-At Allianz, we value the trust shown by our stakeholder
-groups, which includes customers, shareholders and em-
-ployees, and we report on our activities.
-We  align  our  management  approach  and  reporting  with
-international standards such as the Global Reporting Initi-
-ative (GRI) and recognized sustainability indices. We keep
-abreast  of  developments  in  reporting  standards  and  re-
-gulations, including initiatives by the European Commissi-
-on  (EC),  the  International  Sustainability  Standards  Board
-(ISSB), and the World Economic Forum (WEF).
-Allianz will be required to comply with the Corporate Sus-
-tainability Reporting Directive (CSRD) by the financial year
-2024. To achieve this, a dedicated implementation project
-has  been  set  up.  As  such,  we  chose  to  already  converge
-towards  the  CSRD  with  our  financial  year  2023  reporting
-for  ‘Climate change’ and ‘Own workforce’, in terms of anti-
-cipating its structural and many of its content requirements.
-For all material matters, disclosures in accordance with the
-CSRD will be fully covered as of financial year 2024 repor-
-ting.
-Our reporting ecosystem
-Allianz has two main sustainability reporting products: the
-Non-Financial Statement (NFS), which is part of the Group
-Annual  Report,  and  the  Sustainability  Report.  Additional
-reporting  products  include  the  People  Factbook,  Allianz
-Group  Tax  Strategy,  Analyst  Presentation,  this  shortened
-version of sustainability reporting, and our Explanatory No-
-tes, which sets out our methodology.
-To  assess  the  quality  and  reliability  of  our  reporting,
-PricewaterhouseCoopers  GmbH  Wirtschaftsprüfungsge-
-sellschaft  (PwC)  has  conducted  assurance  reviews  since
-the 2016 reporting year, and this year did so with reason-
-able assurance for the NFS.
-Additionally, an increasing number of Allianz operating en-
-tities now publish their own sustainability reports to comply
-with local regulation requirements and to serve local stake-
-holders. These are available for download on local Allianz
-websites.
-Key topics included in the Sustainability Report were sha-
-ped by our 2021 materiality analysis, which satisfies the GRI
-Principles  for  defining  report  content  (accuracy,  balance,
-clarity, comparability, completeness, sustainability context,
-timeliness and verifiability).
-In 2023, we carried out a robust and comprehensive dou-
-ble  materiality  assessment  process,  in  accordance  with
-the  CSRD  and  accompanying  European  Sustainability
-Reporting  Standards  (ESRS),  accounting  for  the  evolving
-methodology  to  cover  financial  materiality  (risks  and  op-
-portunities from a business perspective) and impact mate-
-riality (impacts on people and planet). This has allowed us
-to deepen our understanding of matters previously identi-
-fied as being material to our key stakeholders.
-It also enabled us to extend our assessment to those sus-
-tainability  matters  that  have  not  been  focus  areas  so  far,
-but are now moving more into focus, as data, methodolo-
-gies and overall research and regulatory guidance evolve.
-The process, methodology and outcome of the double ma-
-teriality  assessment  were  reviewed  and  endorsed  by  our
-Group Sustainability Board. In addition, Board of Manage-
-ment  approval  has  been  granted  via  the  Allianz  Group
-Annual Report signoff process.
-The topics ‘Climate change’ and ‘Own workforce’ are stra-
-tegic  sustainability  focus  areas  at  the  Allianz  Group,  sup-
-ported by the GRI materiality assessment and confirmed by
-the CSRD double materiality assessment.
-For further details about our CSRD convergence strategy,
-please  see  our  Non-Financial  Statement  in  our Group
-Annual Report.
-The  governance  process  for  non-financial  reporting  is
-aligned  with  financial  reporting.  This  year  is  our  23rd  an-
-nual publication of the Allianz Group Sustainability Report.
-23
-Allianz SE  Sustainability Reporting – short versionAppendix
-II)  Overview of the rules and processes in place
-Sustainability
-integration processes
-Business areas
-Details
-P&C Ins.
-
-Check
-
-Check
-
-Check
-
-Check
-Proprietary
-Investments
-(listed)
-Proprietary
-Investments
-(non-listed)
-
-Check
-Systematic integration of sustainability
-risks by conducting case-by-case due
-diligence of critical transactions.
-Systematic integration of sustainability
-factors through sustainability scoring
-approach.
-
-Check
-Exclusion of investment and insurance
-transactions in critical business areas.
-Systematic engagement with investee
-companies and clients on sustainability-
-related matters
-
-Check
-Inclusion of sustainability-related
-criteria in the selection, appointment
-and monitoring of business partners.
-
-Check
-
-Check
-
-Check
-
-Check
-Sustainability referral
-and assessment process
-(including sensitive business
-areas, sensitive countries)
-Sustainability scoring process
-(including carbon emissions, toxic
-emissions and waste, labor
-management, business ethics, etc.)
-Sustainability exclusions process
-(including coal, oil sands,
-controversial weapons,
-human rights)
-Sustainability engagement
-and risk dialogues
-(on sustainability, climate,
-and human rights topics)
-Sustainability in business
-partner selection
-(including asset managers,
-reinsurers, etc.)
-Graphic 3: Rules and processes
-24
-Allianz SE  Sustainability Reporting – short versionAPPENDIX
-III)   Sustainability-related targets linked to the remuneration of the Board of Management of Allianz SE
-In  2023  and  for  2024,  the  targets  for  the  Board  of  Management  have  been  further  developed  to  reflect  sustainability
-priorities. The table below describes the targets in more detail. Minor wording changes were applied compared to the
-publications last year to create consistency with the Allianz SE Board Member target letters. The underlying targets remain
-unchanged compared to last year.
-Our Targets
-Board Targets 2023
-Achievement 2023
-Board Targets 2024
-More details in NFS
-Overarching
-Achieve strong
-sustainability position
-(top performance in
-DJSI, MSCI)
-DJSI / S&P Global CSA1: 3rd
-MSCI2: AA
-Environmental
-Decarbonization
-Ensure sustainable solutions in
-proprietary investments and
-products
-Sustainable Investments scope grew
-with the addition of sub-sovereigns,
-active increase, market value growth
-and further scope expansion;
-framework for sustainable Life
-savings products established and
-growth plan for Sustainable
-Insurance Solutions in Property-
-Casualty developed
-Define positioning on Social in line
-with Allianz purpose focusing on
-Sustainable Development Goal 8
-(SDG 8)
-Social positioning defined with focus
-on societal resilience, (financial-)
-education and employability,
-including Lifelong Learning
-50% reduction of GHG (greenhouse
-gas) emissions per employee from
-Operations by 2023 (vs 2019) and
-100% renewable electricity
-consumption in 2023
-Follow through on net-zero ambi-
-tion, in particular in line with our
-Net-Zero Alliances commitments
-GHG emissions from Operations
-reduced (-62%) and renewable
-electricity share increased to 100%3
-GHG emissions from Proprietary
-Investments reduced ahead of
- target (exceeding 40%);
-Additionally, Allianz Net-Zero Tran-
-sition Plan published, including 2030
-targets for Proprietary investments,
-Property-Casualty and Operations
-Social
-Customer
-Loyalty
-Digital Net Promoter Score (dNPS)
-development against previous year
-and overall ambition level
-Achieved 59% Loyalty Leaders
-across all business segments4
-Employee
-Engagement
-Inclusive Meritocracy Index (IMIX)
-and Work Well Index + (WWI +)
-development against previous
-year and overall ambition level
-IMIX: 81% (2022: 79%)
-WWI +: 76% (2022: 71%)
-Employability
-& Lifelong
-Learning
-n.a.
-Achieve strong
-sustainability position
-(top performance in
-DJSI, MSCI)
-Ensure sustainable
-solutions in proprietary
-investments and products
-For further insights,
-please refer to section
-Corporate sustain-
-ability governance
-and strategy
-For further insights,
-please refer to section
-Environmental matters
-and EU Taxonomy
-Regulations
-For further insights,
-please refer to section
-Social matters
-For further insights,
-please refer to section
-Environmental matters
-For further insights,
-please refer to section
-Environmental matters
-Follow through on the
-transition plan to reach
-the net-zero commitments
-from our business and
-operations
-Digital Net Promoter
-Score (dNPS) develop-
-ment against previous
-year and overall
-ambition level
-For further insights,
-please refer to section
-Responsible consu-
-mers / sales.
-Inclusive Meritocracy
-Index (IMIX) and Work
-Well Index+ (WWI+)
-developement against
-previous year and overall
-ambition level
-For further insights,
-please refer to section
-Employee matters
-Ensure Lifelong
-Learning
-For further insights,
-please refer to section
-Employee matters
-Governance
-Leadership Contribution with
-particular focus on Allianz
-People Attributes (Customer
-& Market Excellence, Collaborative
-Leadership, Entrepreneurship and
-Trust)
-All board members fully meet lea-
-dership standards and requirements
-based on the evaluation of extensive
-360 degree feedback (incl. peers,
-reporting lines and other personnel)
-Leadership Contribution
-with particular focus on
-Allianz People Attributes
-(Customer & Market Ex-
-cellence, Collaborative
-Leadership, Entrepre-
-neurship and Trust)
-For further insights,
-please refer to section
-Employee matters
-1  Top 5 of assessed companies, which are DJSI eligible at industry level; 3rd highest score among the insurance industry with 82/100 – score date 31 December 2023.
-2    The use by Allianz of any MSCI ESG research LLC or its affiliates („MSCI“) data, and the use of MSCI logos, trademarks, service marks or index names herein, does not
-consitute a sponsorship, endorsement, recommendation, or promotion of Allianz by MSCI. MSCI services and data are the property of MSCI or its information providers,
-and are provided as-is and without warranty. MSCI names and logos are trademarks or service marks of MSCI.
-3  For more details about the sources of the renewable electricity, please refer to section Energy consumption & mix in the NFS 2023 of Allianz Group.
-4    Loyalty Leadership is a category within dNPS describing the performance of Allianz versus the rest of market at a local level. Loyalty Leadership is the best of four
-categories in the rating systematic (Below Market/ At Market / Above Market / Loyalty Leader).
-Graphic 4: Sustainability-related targets linked to the remuneration of the Board of Management of Allianz SE
-25
-Allianz SE
-Königinstraße 28
-80802 Munich
-Germany
-www.allianz.com/sustainability