UNEP FI Principles for Sustainable Insurance (PSI): disclosure of progress

Principle 1

We will embed in our decision-making environmental, social and governance (ESG) issues relevant to our insurance business.

• As described in “Approach to sustainability”, we seek to address ESG issues through our re/insurance solutions, embed them in our risk management, and integrate ESG criteria in our asset management (see Implementation areas).
• We plan to achieve this by:

1. Implementing a Group Sustainability Strategy with the help of a dedicated governance framework
2. Developing innovative re/insurance solutions (eg index insurance products and cat bonds) and by working closely with partners both in the private and public sectors
3. Using tailor-made tools in our risk management to address sustainability risks
4. Pursuing a comprehensive Responsible Investing strategy in our asset management
5. Decarbonising our entire business to achieve net-zero emissions both in underwriting and asset management by 2050

• Key actions taken in 2020:

1. For our Group Sustainability Strategy and sustain, see summary of achievements described in Our topics, targets and achievements and for our Sustainability Governance, see achievements described in Sustainability Governance.
2. For re/insurance solutions, see achievements described in Creating solutions for sustainability.
3. For risk management, see achievements described in Extending our risk intelligence and Our Sustainable Business Risk Framework in particular
4. For asset management, see achievements described in Being a responsible investor.
5. For efforts to decarbonise our business, see Decarbonising our business model, Phasing out the most severe oil and gas transition risks and Being a responsible investor: Climate action.

Principle 2

We will work together with our clients and business partners to raise awareness of ESG issues, manage risk and develop solutions.

• As described in our “Approach to sustainability”, we engage in regular dialogue with our clients and other stakeholders, act asand apply ESG guidelines in our sourcing activities (see Implementation areas).
• We plan to achieve this by:

1. Interacting with clients and taking an active role in industry initiatives to advance sustainable business practices
2. Engaging as a responsible investor
3. Sharing and advancing our risk expertise with a special focus on our 2030 Sustainability Ambitions, supported by Swiss Re Institute
4. Applying an overarching sourcing standard and conducting ESG assessments in our supply chain

• Key actions taken in 2020:

1. For client and industry cooperation, see achievements described in Sustainable Business Risk Framework.
2. For our engagement as a responsible investor, see achievements described in How we engage
3. For general risk dialogue, see achievements described in Engaging in dialogue with our stakeholders.
4. For our sourcing standard and ESG assessments of suppliers, see achievements described in Sustainability in our supply chain.

Principle 3

We will work together with governments, regulators and other key stakeholders to promote widespread action across society on ESG issues.

• As described in our "Approach to sustainability", we engage in regular dialogue with all our stakeholders (see Implementation areas).
• We plan to achieve this by sharing and advancing our risk expertise with a special focus on our 2030 Sustainability Ambitions, supported by Swiss Re Institute.
• Key actions taken in 2020: See stakeholder dialogue achievements in Engaging in dialogue with our stakeholders and on swissre.com: Collaboration with (inter-)governmental and academic institutions

Principle 4

We will demonstrate accountability and transparency in regularly disclosing publicly our progress in implementing the Principles.

• Starting in 2012, we have been disclosing our progress in implementing the Principles on an annual basis, as an integrated part of our Sustainability Report (formerly Corporate Responsibility Report).