Sustainability Report 2021 published – Talanx Group has stepped up its ESG goals and expanded its sustainability strategy
Sustainability Report 2021 published - Talanx Group has stepped up its ESG goals and expanded its sustainability strategy
- Sustainability goals expanded substantially in 2021 to include net zero emissions in asset management, underwriting and operations
- Volume of sustainable investments reaches
EUR 7.2 billion - New
Board of Management remuneration system includes individual ESG contributions - Greater transparency thanks to publication of
EU Taxonomy KPIs - Exclusion of Arctic further tightens investment and underwriting strategy
"We are feeling climate change in our business activities around the world - both in primary insurance and in reinsurance. Natural disasters have never impacted us more than in financial year 2021, when net losses in this area amounted to
Responsible exit from fossil fuels
In the underwriting area, Talanx's focus is on achieving net zero in its insurance portfolios by 2050 - a goal that will be used in time as a core performance indicator. However, the methodology needed to capture the relevant data in the insurance industry is currently still under development.
Talanx's underwriting policy in the area of fossil fuels is subject to constant review and is being adjusted in line with the risks involved: from 2038 onwards, the Group will no longer insure business models that are based on coal or oil sands. A medium- to long-term time frame has been adopted for exiting fossil fuels, to permit this to be achieved responsibly. The Group's underwriting strategy and activities are strongly influenced by its membership of the
Sustainable investments reach
In the asset management area, an intermediate milestone has been introduced on the way to achieving net zero by 2050: the
One milestone reached during the reporting period was the issuance of the Group's first green bond, which is aimed at financing and refinancing sustainable projects with a particular focus on renewable energy generation and low-energy residential and commercial real estate. The subordinated bond, which has a volume of
Operations and corporate governance round off activities
Talanx achieved a further reduction in its carbon emissions from operations, which decline by 18 percent year-on-year during the reporting period. In addition, the Group has already reached one core goal of its sustainability activities.
In addition, Talanx has expanded fundamental sustainability criteria to its supplier management, where they are being systematically implemented through data capture, measurement and monitoring. ESG factors also play a key role in corporate management and underscore how seriously Talanx takes its activities. A new remuneration system at
Outlook for 2022: further enhancements to the sustainability strategy
What is more, additional initiatives will play a key role in the Group's sustainability activities in the current year: For example, cover will no longer be provided on an individual risk basis for greenfield Arctic drilling. In asset management, issuers participating in such drilling projects are also being excluded from investment activities throughout the Group. In addition, the focus in
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This news release contains forward-looking statements which are based on certain assumptions, expectations and opinions of the
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