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SRI Roadshow, April 2015 plainpicture/fStop/Ralf Hiemisch plainpicture/fStop/Ralf Corporate responsibility in (re)insurance business SRI Roadshow, April 2015 Corporate responsibility in (re)insurance business, April 2015 1 Corporate responsibility at Munich Re – Overview Munich Re’s international cooperation – A strong commitment towards corporate responsibility Examples UNEP FI Munich Re has signed the climate declaration of the UNEP FI and is a member of the UNEP FI Climate Change Working Group. since 1999 Principles for Responsible Investment (PRI) Munich Re has actively developed and signed the UN Principles for Responsible Investment (PRI) as first German company in April 2006. since 2006 UN Global Compact Munich Re is member of the UN Global Compact since August 2007. The ten principles of Global Compact are a guidance for action in our business and set the since 2007 basis for our Corporate Responsibility activities. Principles for Sustainable Insurance (PSI) Involvement since 2007, first holding the chair in the UNEP FI – PSI Team, now active as member of the PSI Board, as well as founding signatory since June 2012. since 2012 Aim: to anchor ESG criteria into core business along the value chain. Corporate responsibility in (re)insurance business, April 2015 2 Corporate responsibility at Munich Re – Overview Corporate responsibility is an essential component of our Group strategy Corporate responsibility in (re)insurance business, April 2015 3 Corporate responsibility at Munich Re – Overview The core principles of Munich Re include our responsible approach and are detailed in our CR Strategy Corporate responsibility (CR) Core principles and goals Core principles CR is an integral part of our corporate strategy and relevant for all business areas and operations: . We actively incorporate ecological, social and ethical aspects in our insurance business and asset management. We pursue active environmental management at our locations and aim to Core achieve climate neutrality. principles . Munich Re fulfils its responsibility as a member of society (corporate citizen) through involvement in issues closely related to its core business and, at its locations, in social and cultural areas. Goals Goals We contribute to ... … an increase in reputation and attractiveness for all stakeholders; … potential early identification of business risks and opportunities; … educated decisions on global risks and problems; … a strengthening of Munich Re’s share price. Overall KPI: Action fields Inclusion in major sustainability indices and scoring among the top 50% Controlling Corporate responsibility in (re)insurance business, April 2015 4 Corporate responsibility at Munich Re – Overview Five action fields in one Group-wide CR programme Enabling Enabling Framework Core activities Framework 1 2 3 4 5 Strategy & Corporate Environmental Corporate Reporting & Governance Responsibility in Management Citizenship Communication Business System . Corporate . Integration of . Group-wide CO2 . Active . Group-wide responsibility corporate neutrality governance of corporate responsibility objectives and responsibility . Global social web fields of action issues into (re) Environmental responsibility . Compliance insurance Management and community . Group-wide 2 with UN Global business (PSI ) Strategy involvement corporate Compact1 . Integration of responsibility Principles corporate reporting responsibility . Position in issues into major SRI asset ratings management (PRI3) 1 UNGC = United Nations Global Compact (adopted by Munich Re in 2007). 2 PSI = UN Principles for Sustainable Insurance (signed by Munich Re in 2012). Corporate responsibility in (re)insurance business, April 2015 5 3 PRI = UN Principles for Responsible Investment (signed by Munich Re in 2006). Corporate responsibility at Munich Re – Overview The Corporate Responsibility department is a central function at Munich Re Structure CEO Group Communications Group Audit Group Development Group Compliance Group Top Corporate Economic Corporate Group Corporate Executives & Strategy Research Responsibility HR Office Compensation "Guideline competency" Business units implement strategy at local level with CR departments/coordinators, environmental managers, etc. CR is a central function located in CR triggers, monitors, controls, enables and Group Development which directly manages Group-wide CR-related tasks reports to the CEO New Group Corporate Responsibility Committee (GCRC) as panel to monitor CR strategy and as Group Task Force for sensitive business issues Corporate responsibility in (re)insurance business, April 2015 6 Corporate responsibility at Munich Re – Overview Sustainable development as special focal point in the variable remuneration based on multi-year performance Structure of the remuneration system for the Board of Management % 70 Multi-year performance 70 Variable remuneration 30 Annual performance Basic remuneration 30 (plus remuneration in kind / fringe benefits) Starting 2015: Basic and thereof Corporate Responsibility will be assessed as part of the three variable year “overall performance evaluation” of the Board Members. remuneration It is the only criterion which is fixed in advance. Source: Annual Report 2014, pages 49 ff. Corporate responsibility in (re)insurance business, April 2015 7 Corporate responsibility at Munich Re – Overview Corporate responsibility is part of the three-year performance of all Board Members Three-year CR criteria for Board Members (as part of “overall performance evaluation”) Group environmental management Group Corporate Responsibility in business objectives 2015–2017 objectives 2015–2017 . CO2 emission reduction of 10% per . Inclusion in major SRI ratings employee by 2015 . Development and implementation of . Environmental management system covering integration of ESG1 aspects in core business at least 75% of all employees by 2015 . Fulfillment of the CR commitments (UN Global Compact, PRI, PSI) . Sustainable Supply Chain Management The spefications are broken down into: Munich Re business fields and central divisions 1 ESG = Environmental social and governance. Corporate responsibility in (re)insurance business, April 2015 8 Corporate responsibility in business Principles for Sustainable Insurance (PSI) – A voluntary and aspirational global framework for the insurance industry Principles for Sustainable Insurance 1. Embed ESG in decision-making along the value chain Principle 4 2. Work together with clients and business Reporting partners to raise awareness, reduce risk and develop solutions Principle 3 Society 3. Engage with governments, regulators and other key stakeholders Principle 2 Insurance industry value 4. Demonstrate accountability and transparency chain Principle 1 Business principles, strategies and operations Corporate responsibility in (re)insurance business, April 2015 9 Corporate responsibility in business Growth in PSI membership (June 2012 to April 2015) Gross premiums written Gross premiums written Jun-12 Mar-14Apr-15 About USD 500 billion or About USD 660 billion or 10% of 2011 world 15% of 2012 world 79 premium volume premium volume Total assets Total assets under management under management About USD 5 trillion About USD 8 trillion 45 34 34 27 7 PSI signatory companies PSI supporting institutions PSI membership (signatories + supporters) Corporate responsibility in (re)insurance business, April 2015 10 Corporate responsibility in business PSI signatory companies (country of domicile) Signatories after PSI Founding signatories launch in June 2012 1. Achmea (Netherlands) 17. Sanlam (South Africa) 1. Allianz (Germany) 2. AEGON (Netherlands) 18. Santam (South Africa) 2. AmGeneral Insurance (Malaysia) 3. Aviva (United Kingdom) 19. SCOR (France) 3. ASR Nederland (NL) 4. AXA (France) 20. Sompo Japan Insurance (Japan) 4. Atlanticlux (Luxembourg) 5. Bradesco Seguros (Brazil) 21. Storebrand (Norway) 5. Banco Santander (Spain) 6. Delta Lloyd (Netherlands) 22. SulAmerica (Brazil) 6. Continental Re (Nigeria) 7. ING (Netherlands) 23. Swiss Re (Switzerland) 7. Custodian & Allied (Nigeria) 8. Insurance Australia Group 24. The Co-operators Group 8. FATUM Schadeverzekering (Australia) (Canada) (Suriname) 9. Interamerican Hellenic Insurance 25. Tokio Marine & Nichido Fire 9. Generali Group (Italy) Group (Greece) Insurance (Japan) 10. Grupo Segurador Banco do Brasil 10. Itau Seguros (Brazil) 26. Zwitserleven (Netherlands) e MAPFRE (Brazil) 11. La Banque Postale (France) 11. HSBC Insurance (UK) 12. MAPFRE (Spain) 12. Peak Re (China) 13. Mitsui Sumitomo Insurance 13. Porto Seguro (Brazil) (Japan) 14. Risk Management Solutions 14. Mongeral AEGON (Brazil) (United States) 15. Munich Re (Germany) 15. Samsung Fire and Morene 16. RSA Insurance Group (United Insurance (Republic of Korea) Kingdom) 16. Seguradora Lider (Brazil) 17. TAL (Australia) 18. Terra Brasis Resseguros (Brazil) 19. TD Insurance (Canada) Status: April 2015 Corporate responsibility in (re)insurance business, April 2015 11 Corporate responsibility in business PSI supporting institutions (country of domicile) Founding supporters 1. Brazilian Insurance Confederation (CNseg) (Brazil) 5. International Cooperative & Mutual Insurance Federation 2. Insurance Association of the Caribbean (Barbados) (United Kingdom) 3. Insurance Council of Australia (Australia) 6. International Insurance Society (United States) 4. Insurance Council of New Zealand (New Zealand) 7. South African Insurance Association (South Africa) Supporters after the PSI launch in June 2012 1. Association of Insurers & Reinsurers of Developing
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