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Un Principles for Sustainable Insurance Suncorp Group UN PRINCIPLES FOR SUSTAINABLE INSURANCE SUNCORP GROUP FY20 DISCLOSURE Introduction 2019-20 has been an extraordinary year for communities in Australia and New Zealand, with the impacts of the COVID-19 pandemic and summer of natural hazard events continuing to shape our society and economies. We know that a commitment to long-term, sustainable growth for our customers and shareholders requires consideration and management of the environmental, social and governance (ESG) risks and opportunities faced by our business and communities now and into the future – considerations that are inherently linked to Suncorp’s purpose to build futures and protect what matters. ESG topics addressed by the Board and the Suncorp business this year included remuneration practices, conduct and culture, responsible investment, underwriting and supply chain, climate change and natural hazard resilience, financial inclusion and support for customers experiencing vulnerability, and inclusion and diversity. In response to the COVID-19 pandemic, Suncorp closely oversaw measures to protect the health, safety and wellbeing of our people and customers and ensured ongoing investment in the community. This document summarises how Suncorp is integrating ESG considerations throughout our insurance business in alignment with the UN PSI, referencing relevant pages from Suncorp’s FY20 Responsible Business Report. NOVEMBER 2020 UN PRINCIPLES FOR SUSTAINABLE INSURANCE – SUNCORP GROUP FY20 DISCLOSURE PAGE I OF IV About Suncorp Group Suncorp is an ASX-listed company and financial services provider, comprising three core businesses – Insurance (Australia), Banking & Wealth and Suncorp New Zealand. Insurance (Australia) delivers home and contents, motor, caravan, compulsory third party, workers’ compensation, commercial and health insurance under our portfolio of Principle 1: We will embed in our decision-making environmental, brands. Suncorp’s banking business is focused on lending, social and governance issues relevant to our insurance deposit gathering, and transaction account services to business. personal, small and medium size enterprise (SME), commercial and agribusiness customers. The wealth portfolio Principle 2: We will work together with our clients and business develops, administers and distributes superannuation partners to raise awareness of environmental, social products. Suncorp’s New Zealand business distributes and governance issues, manage risk and develop solutions. consumer, commercial and life insurance products through intermediaries and corporate partners as well as insurance Principle 3: We will work together with governments, regulators and personal loans directly to customers via partnerships with and other key stakeholders to promote widespread the New Zealand Automobile Association. action across society on environmental, social and governance issues. For more information about our approach to corporate Principle 4: We will demonstrate accountability and transparency responsibility and ESG integration, visit: in regularly disclosing publicly our progress in https://www.suncorpgroup.com.au/corporate-responsibility implementing the principles. NOVEMBER 2020 UN PRINCIPLES FOR SUSTAINABLE INSURANCE – SUNCORP GROUP FY20 DISCLOSURE PAGE II OF IV Suncorp’s progress against UN PSI Principles Reference: Suncorp Responsible Business Report 2019-20 PAGE RESPONSIBLE BUSINESS UN PSI COMMENTARY REPORT SECTION PRINCIPLE ii Contents 4 Lists Suncorp’s disclosures, including Corporate Governance, Task Force on Climate-related Financial Disclosures (TCFD), Tax Transparency, Proxy Voting Summary, Financial Inclusion Action Plan, Climate Change Action Plan, Reconciliation Action Plan, and Environmental Performance Plan. 1 Suncorp at a glance N/A Company profile page. 2-3 Highlights; 2020 Performance 1, 4 Includes key ESG metrics, targets and performance demonstrating how Suncorp is embedding and tracking ESG considerations in decision against Targets making. 4 Message from our Chairman 1, 3, 4 Chairman’s note features Suncorp’s commitment to continue to improve business practices and work with stakeholders to build resilience. 5-10 Our Stakeholders: 1, 2, 3, 4 Articulates how Suncorp collaborates with a broad range of stakeholders to identify and manage business risks and opportunities, to advocate Engagement and Materiality for positive outcomes and to ultimately create long-term value. Outlines the stakeholder groups Suncorp engaged with on ESG topics in 2019-20, our materiality assessment approach, and materiality assessment results. Tables on pages 9-10 define Suncorp’s ten most material topics and summarises Suncorp’s approach to each, including where the impact occurs – customers, investees, suppliers, employees, and community. 11-14 Our Responsibility: Corporate 1, 3, 4 Features Suncorp’s Corporate Responsibility Principles and maps each principle to eight UN Sustainable Development Goals. A governance Responsibility Principles, section outlines how Suncorp’s Board provides governance structure for effective and responsible decision making within the organisation. The Governance, Commitments commitments and frameworks section outlines External ESG Ratings and Benchmarks that Suncorp participates in, as well as ESG-related and Frameworks Memberships and Organisations Suncorp is a signatory to (including UN PSI). 15-20 CR Principle: Trust and 1, 2, 3, 4 This section details how Suncorp builds trust and is open and transparent in engagement with stakeholders. It includes detailed information on Transparency how Suncorp is strengthening conduct and culture, remunerating fairly and transparently, engaging with government and industry to advocate for positive customer and community outcomes, and managing and protecting consumer data. It lists foundation policies and documents (Corporate Governance Statement, Code of Conduct, Whistleblower Policy, Political Engagement Position Statement, and Suncorp Group Privacy Policy). Suncorp’s performance including metrics and targets is detailed on page 20. NOVEMBER 2020 UN PRINCIPLES FOR SUSTAINABLE INSURANCE – SUNCORP GROUP FY20 DISCLOSURE PAGE III OF IV PAGE RESPONSIBLE BUSINESS UN PSI COMMENTARY REPORT SECTION PRINCIPLE 21-25 CR Principle: Responsible 1, 2, 3, 4 This section details how Suncorp is being responsive and is providing suitable, fair and affordable products and services that meet the needs of Financial Services our customers and helps to build their financial resilience. It includes detailed information on how Suncorp is providing customers with access to affordable financial services that meet their needs, including how we’re improving our business practices, and supporting customers through the COVID-19 pandemic and other vulnerabilities. Lists foundation policies and documents (Suncorp’s Office of the Consumer Advocate, Responsible Banking and Insurance Policy, Financial Inclusion Action Plan, and Natural Disaster Customer Response Plan), and Suncorp’s performance, metrics and targets on page 25. 26-29 CR Principle: Sustainable 1, 2, 3, 4 This section details how Suncorp manages its impacts to ensure the sustainable growth of both Suncorp’s business and the communities in Growth which it operates. It includes detailed information on Suncorp’s progress in responding to climate change, including climate change scenario analysis and disclosures, reducing operational environmental impacts, and how Suncorp is working with stakeholders to build natural hazard resilience in communities. Suncorp’s responsible underwriting, investment and supply chain initiatives are detailed, including modern slavery, impact investing and fossil fuel phase-out commitments. It lists foundation policies and documents (Climate Change Action Plan, Responsible Investment Policy, Responsible Banking and Insurance Policy, Sensitive Sector Guidelines, and Supplier Code of Practice). Suncorp’s performance including metrics and targets is detailed on page 29. 30-34 CR Principle: Resilient People 1, 2, 3, 4 This section details how Suncorp is working to build the financial, social and natural hazard resilience of employees and communities, foster an and Communities inclusive culture and diverse workforce, and support employees in the causes they care about and actively promote their involvement in the community. It includes detailed information on how Suncorp is investing in the community and measuring social impact, respecting human rights, fostering flexibility, inclusion and diversity, and building a purpose-driven culture. It lists foundation policies and documents (Safety & Wellbeing Policy, Equal Employment Opportunity and Diversity Policy, and Community Investment Strategy). Suncorp’s performance including metrics and targets is detailed on page 34. 35-41 Performance: Detailed 1, 4 This section provides detailed non-financial metrics and targets. It includes metrics and progress under the following sections: Customer Metrics, Targets satisfaction and advocacy; Customer complaints and dispute resolution; Financial inclusion and resilience; Accessibility; Employee safety and wellbeing; Employee diversity and inclusion; Employee learning and development; Community investment and volunteering; Operational environmental sustainability and greenhouse gas emissions; Responsible supply chain; Responsible investment. NOVEMBER 2020 UN PRINCIPLES FOR SUSTAINABLE INSURANCE – SUNCORP GROUP FY20 DISCLOSURE PAGE IV OF IV Responsible Business Report 2019–20 Building futures and protecting what matters Suncorp Group Limited ABN 66 145 290 124
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