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Reducing Risk, Building Lasting Value

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Reducing Risk, Building Lasting Value Reducing risk, building lasting value Swiss Life Asset Managers’ approach to responsible investment Our core investment beliefs ment approach as key to reducing risk and building For over 160 years, Swiss Life Asset Managers has man- lasting value. aged the assets of the Swiss Life Group and its institu- tional and retail clients. We have always taken a long- Formalising our responsibilities term view to ensure life insurance policies and pension To cement our commitment to responsible investing, we solutions enable people to live with confi dence at every have formalised the way we integrate ESG factors into stage of their lives. As an owner and manager of assets, we our investment and risk management processes. As a understand our responsibility and fi duciary obligations. result, we follow a responsible investment framework, We make all investment decisions in line with regulatory which is aligned to the Principles for Responsible Invest- requirements, and we are committed to value-oriented ment (PRI). and holistic risk management. Swiss Life, as an asset owner, and Swiss Life Asset The value of environmental, social and Managers are both fully committed to the PRI. All sub- governance considerations entities, including Mayfair Capital, Swiss Life Asset The success of Swiss Life Asset Managers is rooted in Managers France and Fontavis, are also required to re- our long-term approach to investing, balanced against port to and endorse the PRI. insurance liabilities or third-party client requirements. We believe sustainability is shaping the businesses In this leafl et, we explain how the PRI approach is in- already now and especially in the future. By assessing tegrated across our entire organisation at Swiss Life Environmental, Social and Governance (ESG) criteria Asset Managers and, hence, applicable to all assets alongside fi nancial metrics and risk factors, we generate under management (AUM). Only some asset classes – more sustainable results and increase the quality of our approximately 10% of our AUM – remain out of scope investment portfolios. We are also able to anticipate for ESG implementation, such as mortgages, loans future market developments, which helps us mitigate and full-replicating equity strategies. These asset classes potential threats and seize investment opportunities. have characteristics that make it diffi cult to integrate ESG factors. Swiss Life Asset Managers has always adapted to mar- ket volatility and the challenges of market cycles. As ESG matters are material across industries, we see the systematic integration of sustainability into our invest- 046_304_Swisslife_AM_ESG_Approach_Leaflet21_210x297_EN 1 02.02.21 16:37 Our responsibility as an asset manager Sustainability is already having a signifi cant impact on We provide solutions designed to help clients reach their economic development and business progress. Therefore, goals and enact their choices by creating sustainable seizing sustainable opportunities and being guided by economic value. Our responsible investment approach is the PRI in our investment decisions and asset manage- deeply embedded in our core processes, notably in con- ment processes is essential for becoming future-proof. trolling risk, portfolio management, investment choices as well as all core supporting functions. Intergenerational responsibility Part of our aim is to give future generations the chance In 2014, The United Nations Conference on Trade and to live a self-determined life – an objective we call our Development (UNCTAD) estimated that $5 to $7 tril- intergenerational responsibility. In order to achieve this, lion investments per year would be needed to achieve we seek to make investment decisions that support the the UN Sustainable Development Goals (SDGs) 1. As a environment, economy, and health and well-being of responsible investor, we see it as our duty to marry the society to protect it for the future. best interests of our clients with our aim to transition towards a more sustainable future. Therefore, we always Active stewardship invest in the most appropriate opportunities for our Part of our ESG concept is to shape industries towards clients and, wherever possible, opportunities to narrow greater sustainability. For example, we can create value the fi nancing gap to the SDGs. in the energy, mobility, food and later living sectors, all of which foster a self-determined life for now and Three pillars to sustainability success future generations. As an asset owner, we work to help the companies and Fiduciary duty projects we invest in and the stakeholder we work with As ESG issues can impact risk as well as the return of to become more sustainable and compliant with global our assets, we view a responsible investment approach initiatives as the UN Global Compact. To this end, we as integral to our fi duciary duty towards our investors, also ask our external asset managers of funds to comply shareholders and clients. with the PRI. We provide solutions designed to Fiduciary help clients reach their goals Active duty and enact their choices by creating stewardship sustainable economic value. • Taking economic responsibility by • Shaping the environment and achieving risk-adjusted returns society in which we are embedded • Seizing the opportunities / as an active asset owner managing the risks of ESG for • We contribute to the prosperity our investments and well-being of society • Good governance, high transparency • We aim to foster self-determined in our investment decisions and life across society through open communication Intergenerational collaborations and partnerships responsibility • We serve the present needs for risk-adjusted returns while main- taining natural resources and the environment for future generations • Actively taking measures that reduce the risk of climate change 1 World Investment Report 2014. (2014). United Nations Conference on Trade and Development. 2 046_304_Swisslife_AM_ESG_Approach_Leaflet21_210x297_EN 2 02.02.21 16:37 Tackling climate change climate change. As such, Swiss Life Asset Managers has A key part of our approach is working towards a more adopted a thermal coal phase-out strategy. To manage environmentally sustainable future. Climate change the risk of stranded assets, we have decided not to un- is one of the greatest challenges faced globally. As such, dertake new bond investments in companies that derive it presents signifi cant risks to assets, as well as oppor- more than 10% of revenues from mining, extraction or tunities. We believe these risks and opportunities will selling of thermal coal. shape investment portfolios and the way assets are managed in the long term, which is why we fully sup- Ethical investment choices port the targets of the Paris Climate Agreement. Swiss Life works to give people confi dence to lead a self-determined life, and we take an ethical standpoint We are taking steps to minimise the impacts of climate on our investments. As such, we will not invest in change and contribute to the global transition to a companies that are signifi cantly involved in producing low-carbon economy. For example, we are seeking ways controversial weapons, including anti-personnel to build the resilience of our clients’ investments to cli- landmines, cluster munitions, chemical, biological mate change risks, in particular for real estate assets and and nuclear weapons. Our blacklist of excluded compa- bond investments. We are also identifying lower-carbon nies is based on external data providers and common and energy effi ciency-related investment opportunities. organisations – as for example SVVK-ASIR – and is going beyond regulatory duties. Minimising carbon emissions Tightening regulation around carbon emissions might lead to specifi c asset classes and sectors becoming stranded. Thermal coal is a notable example of an industry at risk. Burning thermal coal for power generation not only results in 27% of the global primary energy 1 but also in about 40% of the global energy-related carbon di- oxide emissions 2. It is one of the major contributors to 1 Data and Statistics. 2020. International Energy Agency (IEA). https://www.iea.org/data-and-statistics/charts/global-primary-energy-electricity-generation-fi nal-consumption-and-co2-emissions- by-fuel-2018 2 Coal 2019. (2019). IEA. https://www.iea.org/reports/coal-2019 3 046_304_Swisslife_AM_ESG_Approach_Leaflet21_210x297_EN 3 02.02.21 16:37 Each asset class has its own challenges, which is why we monitor the performance of all directly held assets to evaluate each of them individually when considering identify any risks relating to ESG, such as climate- ESG factors. On the following pages, we explain how we related risk or corruption. Using this data, our invest- approach each asset class in light of ESG principles. ment managers can decide, challenged by the risk committee, whether to hold, sell or buy the issuer. Securities Leading with insights ESG factors for fi xed income investments When it comes to risk management, we go beyond clear- Swiss Life Asset Managers has a strong track record cut exclusions to protect our assets. Swiss Life Asset in fi xed income investments. We see climate-related Managers uses a broad range of information to make risks as a key driver for an issuer’s credit default. investment decisions, considering both fi nancial and Hence, we promote green investments and issuers ESG factors. with good ESG performance in order to manage risks related to climate change. We are also currently We use externally sourced ESG research and ratings to investigating the opportunity to enhance our offer- underpin our company analysis and evaluation. The ing in ESG-dedicated products for our third-party insights enable us to keep track of 14,000 corporate and institutional clients. sovereign issuers across the globe, monitor controver- sial issues and uncover company risks. Our portfolio managers and analysts can access the research directly A tailored ESG approach for third-party clients in their systems, while quarterly trainings from our ded- ESG factors are a core part of our service for managing icated ESG specialists ensure investment professionals securities on behalf of third-party clients.
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