Our 20th Sustainability Report covers the period 01 January 2020 to 31 December 2020.
Collaborating for a sustainable future
We're passionate about the environment and we're shaping change for what's ahead by working with others to find solutions for a sustainable future.
With over 100 million customers, we’re one of the largest financial services providers in the world. Our purpose, ‘We secure your future’, expresses why we exist. By the very nature of what we do – we protect people, assets and businesses against risk – we make a positive contribution to society.
Our ambition is to move from being a responsible company in our own right to leading in the financial services industry and beyond.
2020 Sustainability highlights
Climate action
€6,331mn
divested or in run-off from coal-based business models since 2015.
Business activites
232
sustainable solutions.
Societal impact
€50mn
corporate giving in 2020, including through our 12 foundations.
Inclusive workplace
€442
training expenses per employee.
“After 131 years in business, we never tire of working with others to find solutions to complex sustainability problems – and we will remain unsatisfied until we have found effective, institutionalised long-term solutions that make the world a better place.”
Oliver Bäte, Allianz CEO
Sustainability strategy and governance
Sustainability is increasingly important for Allianz, and for all of our stakeholders. Today, it greatly influences how we run our business. In 2020, the impacts of COVID-19 and high profile climate discussions further escalated the importance of sustainability. Our clear sustainability strategy and approach enables us to understand the risks and opportunities and mobilise our organisation and global businesses in response.
In 2020, we continued to strengthen our global sustainability approach and evolved our strategy in light of our group-wide purpose ‘We secure your future’.
To aid delivery of our strategy, we established a central Global Sustainability team with responsibility for integration of sustainability and aligning the sustainability activities of our Allianz companies. We also announced that we will establish a Sustainability Committee under the Supervisory Board in 2021, reflecting the core importance of sustainability at Allianz.
Sustainability in our core business activities
As a global insurer and a responsible investor and asset manager, we embed sustainability in our core business processes to manage risks and capture opportunities. Sustainable innovation is a significant business opportunity and we collaborate with others to develop sustainable products and services for a more sustainable society.
In 2020, 430 insurance transactions were assessed for ESG risks, a slight decrease compared to 2019 (474 transactions). This decline from 2019 is in line with our public commitments on coal-based business models and a more stringent approach to our risk appetite, resulting in a lower number of transactions in these business areas, which had previously been referred.
In 2020, 430 insurance transactions were assessed for ESG risks, a slight decrease compared to 2019 (474 transactions). This decline from 2019 is in line with our public commitments on coal-based business models and a more stringent approach to our risk appetite, resulting in a lower number of transactions in these business areas, which had previously been referred.
Sustainability in our operations
We believe that collaborating for a sustainable future must start from within, with nearly 138,974 people as part of our diverse and global workforce. We strive to embed sustainability in all areas of our organisation – from creating a diverse workplace and listening to our customers to reducing our environmental impacts and supporting next generations.
Ensuring we reduce the impact of our business operations is a key part of our sustainability strategy. We have achieved a 62% reduction of greenhouse gas emissions per employee since 2010 and have ambitions to further reduce that by an additional 30% by 2025. We're planning to reduce our business travel, the amount of paper we use, as well as the water, waste and energy our offices consume. We will also use 100% renewable electricity by 2023. Find out more about what we plan to achieve in the report.
Climate-related financial disclosure
As part of our commitment to transparency on climate change, we apply the recommendations of the G20 Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD). We strive to continuously enhance our reporting and business practices to drive best practice and collaborate with and support others to do the same.
In 2019, Allianz helped to set up the U.N.-convened Net-Zero AOA, together with the UNEP FI, the PRI, WWF and the Mission 2020 campaign. Allianz chairs the AOA and leads several working groups. At the end of 2020, it consisted of 33 asset owners managing assets of more than five trillion U.S. dollars.
In 2020, we set targets for decarbonisation of both our operations as well as our investment portfolio. These targets are derived from climate science, the investment-related ones are additionally in line with the approach of the AOA.
