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+Sustainability 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 GOALS 1.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 version 2. 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 version 3. 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 GOALS 4. 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 version 4. 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 version 4. 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 version 4. 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 version 5. 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 version 5. 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 version 5. 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 version 5. 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 version 6. 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 GOALS Appendix  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 version Appendix  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 version APPENDIX  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