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Allianz Group
Sustainability
Factbook 2012




                 facts
                 connected



                         people on
                         low incomes
Contents
1.	Introduction

2.	   Interview with our CEO

4.	   Access to finance

10.	 Climate change

16.	 Demographic change

22.	 How we are doing

23.	 External recognition

24.	References
1




Increasingly connected, today and tomorrow
As a global financial services provider, serving around 70 markets, the
success of our business is heavily affected by a variety of global, long-
term issues. To ensure our sustainable and profitable growth, we place
a high priority on monitoring, analyzing and responding to the
challenges and opportunities these issues present, today and tomorrow.

In this Sustainability Factbook, we highlight our activities relating to the
three global issues that we feel are most relevant to our business: access
to finance, climate change and demographic change.



                                                                                 Access to finance
                                                                                 With a third of the world’s population
                                                                                 living on between 1.25 and 4 U.S.
                                                                                 Dollars a day, we focus on providing
                                                                                 low-income people with access to
                                                                                 finance. From life and health to crop
                                                                                 insurance, our growing microinsurance
                                                                                 portfolio is helping more than 17
         Climate change                                                          million people in developing countries
                                                                                 to protect themselves against and
         Global warming threatens to radically change                            better manage the risks in life to build
         our climate. This poses a major risk to the global                      a more secure future.
         economy, and for a global financial services
         company like Allianz, climate change could have
         a severe impact on our business. We have been
         implementing a Group-wide strategy covering
         climate-related risks and opportunities for our
         business and our clients. We finance and insure
         low-carbon energy projects, such as wind and
         solar; offer customers green products and services
         and provide them with advice on weather-related
         risk reduction, preparation and prevention;
         incorporate sustainability factors into our asset
         management; and reduce and neutralize our
         own carbon emissions.



                                                                       Demographic change
                                                                       In an increasingly connected world, demographic
                                                                       change is creating opportunities and challenges
                                                                       for financial services providers. While the urban
                                                                       populations of Asia and Africa are expanding and
                                                                       their middle classes grow, Western populations are
                                                                       aging and their workforces shrinking. With more over
                                                                       60s than ever before, declining birth rates and the
                                                                       sovereign-debt crisis, social security systems in the
                                                                       West are under pressure and the need for additional
                                                                       pension provisions is increasing. In developing
                                                                       countries, the need for formal social security systems
                                                                       is growing due to the weakening of traditional family
                                                                       ties and support networks. We are responding to
                                                                       these trends through integrated asset management
                                                                       and insurance solutions.
2



Interview with our CEO

Michael Diekmann,       Mr Diekmann, the financial world has gone through yet
                        another year of crisis management. Does it make any sense
Chairman of the Board   at the moment to think about the future and sustainability?

of Management           The financial and debt crisis can do more than any Sunday
                        sermon to reinforce awareness of the value of doing
                        business sustainably. We won’t be able to live beyond
                        our means forever.

                        How can that be done simultaneously – crisis management
                        and doing business sustainably?
                        The crisis is an opportunity if, as citizens and consumers,
                        we recognize the need for action and also give governments
                        our backing for courageous, long-term policy choices.
                        That goes as much for the EU and global trade as it does
                        for climate protection and demographic change.

                        What role can the EU play in the future?
                        The EU is the entry ticket for all its member states if
                        they want to be global players. China and India each
                        have more than twice the population of all 27 EU countries
                        combined. By 2040, Africa will have more than four times
                        the population of the EU – half of them under the age
                        of 24. Those are the basic figures for the competition ahead
                        of us – in which we can be successful only if we join forces
                        and focus on our strengths: research and knowledge,
                        unity and peace, efficient use of resources and
                        sustainability. I think that’s a formula with which the EU
                        can offer a promising future for 500 million people and
                        their trading partners.

                        Don’t we need to get the financial crisis under control
                        before we turn back to rescuing the climate?
                        The climate won’t wait for us to finish our homework.
                        Global warming is continuing, and storms like Hurricane
                        Sandy show how ill prepared we are for the consequences.
                        It’s not just a matter of preserving an intact environment
                        worth living in – it’s also a matter of sustainable economic
                        development. The earlier and more systematically we
                        reduce our emissions and improve our energy efficiency,
                        the lower the price we’ll have to pay. And whoever is the
                        first to recognize that and establish reliable conditions
                        to work in will be rewarded with investment, growth
                        and jobs. As an insurer and investor, we’re willing and able
                        to make a significant, reliable contribution towards risk
                        management and funding. At the same time, we use the
                        income from those investments to strengthen our clients’
                        retirement provisions.
3




Given low interest rates and rising life expectancies, is it   What contribution did Allianz make toward sustainability in
justifiable to be concerned about retirement plans?            2012, and what’s ahead for 2013?
Low interest rates will leave their mark on retirement         In 2012 and in the years to come, the main focus of our
plans. But an equally serious factor is that most people       attention has been and will be on four main issues that
start planning for retirement too late and underestimate       particularly affect our clients:
the financial needs that will be involved in retirement –      •	 We are supporting the stabilization of the capital
which these days lasts considerably longer than it used            markets and the EU by our business activities as
to. Getting started early, with an actively managed                an insurer and long-term investor and also with
investment portfolio, is the best strategy in a difficult          suggestions, based on our professional expertise,
environment like this.                                             regarding better equity capitalization rules in
                                                                   our industry.
In 2012, NGOs criticized banks, hedge funds and insurance      •	 We are addressing demographic change with a broad
companies for investing in agricultural commodities.               portfolio of retirement products and by expanding
Does Allianz view that criticism as an occasion to rethink         alternative investments. At the Berlin Demography
its investments?                                                   Forum we provide information for the public and
We did review those investments. We don’t invest in                meet with representatives of all generations, as well
agricultural commodities, but serve farmers and buyers             as government and academia, to discuss new paths
as a risk partner in the futures market (where only price          for a solution.
risks are traded). In return for a premium, we take on the     •	 We will also continue our work in climate protection.
risk posed by price volatility in the spot markets (where          Allianz has been a carbon-neutral company since 2012.
commodities are later traded). In that way, we ensure a            At 1.3 billion Euros, we are one of the leading investors
reliable income for farmers and reliable prices for buyers.        in renewable energy and we plan to expand that
In those operations we don’t need to “bet on high prices,”         contribution. More than 130 green product solutions
because we can earn our risk premium even if prices                support our clients in protecting the climate.
are low.                                                       •	 The people most severely affected by the consequences
                                                                   of climate change will be our clients in developing
We believe the criticism of Allianz on this topic is               countries. As the leading agricultural insurer and
unjustified. But I must also say that it has raised our            microinsurer, we are working with our partners on
awareness of the problem. In dialogue with experts                 the first satellite system to detect crop damage early,
and NGOs, we want to find solutions that will help                 making insurance coverage possible across broad areas.
us address undisputed causes of hunger.
                                                               We signaled our position by signing the United Nations
                                                               Principles for Responsible Investment (UN PRI). By doing
                                                               that we wanted to make clear to our clients, and also to
                                                               the corporations in which we primarily invest as our clients’
                                                               trustees, that we are paying attention to the sustainability
                                                               of our investments.
It’s not just a matter
of preserving an intact                                        We intend to better coordinate our activities as an insurer
                                                               and asset manager in the future. For that purpose, last
environment worth living in –                                  September we set up an ESG Board (Environmental,
                                                               Social, Governance) at the top management level. The
it’s also a matter of sustainable                              results from our latest Stakeholder Expectations Survey
economic development.                                          and our ongoing dialogue with leading NGOs will help
                                                               us in assessing these and other issues, and in developing
                                                               options for action.
4



Access to finance




     billion          Low incomes, high risk
                      Nearly a third of the world’s population
                      survives on incomes of between 1.25 and
                      4 U.S. Dollars a day.1 Most live without state

    people live       or private sector insurance in areas particularly
                      affected by natural catastrophes. With few

         on between   assets, these people are extremely vulnerable
                      to natural disasters, accidents and illness,



     $1.25
                      and are less able to cope with losses.




       and $4
            a day
5




    For us, microinsurance isn’t
    a charity or donation. It’s a
    viable business case. On the
    other hand, it’s a way for us
    to contribute to the financial
    security of lower-income people
    in this country.
    Joachim Wessling,
    CEO Allianz Life Indonesia




Over


                       million
 Allianz microinsurance
        customers in
   Asia, Africa and                   Microinsurance:

  Latin America                       protecting the vulnerable
                                      Microinsurance offers protection against risks
                                      in life for low-income people in developing
                                      countries. Affordable insurance premiums
                                      from 1 Euro a year can help them to better
                                      manage risks. Allianz already provides millions
                                      of people with microinsurance and we are
                                      expanding our business to meet growing needs.

                                                   Scan to see how
                                                   microinsurance
                                                   is making a difference
                                                   allianz.com/sustainability/
                                                   accesstofinance
6




We offer                   Our approach to microinsurance
                           We offer microinsurance in 11 countries, mostly in Asia but also
microinsurance             in Africa and Latin America. Our products range from life insurance
in 11 countries            and savings plans to crop insurance. This portfolio of products
                           is designed to address the risks our customers face, and so offers
from €1 a year.            genuine value.

                           In every market we ensure a consistent approach to microinsurance
                           that delivers against our four key values:
                           •	 Passion when serving the low-income market segment
                           •	 Quality products and processes
                           •	 Fairness in pricing and the way we treat customers
                 billion   •	 Transparency of our microinsurance approach,
                               both to policyholders and the general public.
The estimated market       Microinsurance products have tiny profit margins and so, in order to
potential (in premiums)    achieve adequate returns and ensure sustainable growth by reaching
for microinsurance         the right customers, we offer microinsurance where we have Allianz
                           entities and distribution partners, such as microfinance institutions,
                           commercial banks and mobile phone operators.

                           Delivering financial and social returns
                           While the market for microinsurance is immature, we anticipate it
                           will continue to grow in the coming years. With an estimated premium
                           potential of 40 billion U.S. Dollars,2 we anticipate the number of people
                           taking out Allianz microinsurance policies to increase.

                           Although profit expectations in microinsurance are admittedly
                           much lower than for conventional insurance products, we believe that
                           satisfied microinsurance customers will bring a mid- to long-term pay-
                           off. As they move up the economic ladder, microinsurance customers
                           will graduate towards conventional Allianz policies. The trend is
                           predicted: in our primary microinsurance markets, the global middle
                           class is estimated to grow from 1.8 billion in 2009 to around 5 billion
                           people by 2030.3

                           The double-bottom line of microinsurance also includes strong social
                           returns such as protecting the people most vulnerable to risk and
                           expanding financial inclusion. We generate these returns through
                           our focus on quality products that, based on focus group research,
                           are tailored to specific market needs.

                           Changing demographics and family situations in developing countries,
                           where people are also living longer but do not necessarily have the
                           support of a large family network, means there is a growing need for
                           individual long-term savings and pension planning.
7




The financial literacy challenge
One of the challenges for microinsurance is that developing countries,
which represent the largest market, also have high rates of illiteracy,
especially on financial matters. People of all generations require
education to understand better how insurance works. We use a variety
of approaches and communication channels to demonstrate the
benefits of insurance to financially illiterate people, including insurance   students reached by
simulation games, comic strips and short films.                               Allianz “My Finance Coaches”
                                                                              in Indonesia

Sustainability in practice
Finance coaching in schools
Financial education is an important issue in developed as well as
developing countries for a number of reasons: increasing responsibility
for private retirement planning due to the shift from the state and
corporate sector to the individual, and savings and investment products
becoming more complex in advanced financial markets.

Supporting the communities in which we operate is an integral part
of our sustainability efforts. We support the development of effective
solutions to critical social issues by drawing on the company’s core
competencies, namely sharing our financial know-how.

Our schools-based My Finance Coach initiative starts finance coaching
from a young age. Already well-established in Germany and Indonesia,
the successful initiative aims to improve 11 to 15-year olds’ knowledge
and skills around finance and business. Since its launch, Allianz
Indonesia employees have helped over 1,700 pupils with financial
coaching. In 2012, we launched My Finance Coach in Argentina,
Malaysia and Thailand.




              Scan to read
              more about MFC
              myfinancecoach.com
8




Over                          Innovative products protecting against global risks



1,500
                              Technology is helping our customers in agriculture maintain
                              productivity and insure against crop failure. Working with a consortium
                              of partners we have developed RIICE, an innovative index-insurance
                              product for smallholder farmers in seven Asian countries (see
                              infographic opposite). Satellite remote sensing is helping to monitor
                              the growth of rice so that farmers’ claims for crop failure, due to
                              drought or flooding, are automatically assessed and paid. The first
farmers reached by our crop   microinsurance products using the system will be available to Asian
insurance program in Mali     rice farmers in early 2013 and aim to reach five million smallholder
and Burkina Faso in 2012      farmers over the next five years.
                                  riice.org

                              Similarly, we have two index-based crop insurance programs operating
                              in Mali and Burkina Faso that use satellite imaging to measure whether
                              rainfall is sufficient to allow farmers to grow their crops and deliver
                              a decent harvest. If the rainfall index does not show enough moisture
                              for plant growth and drought starts hitting crops and livelihoods, the
                              satellite-based system automatically triggers an insurance payout.
                              Farmers do not even have to file a claim first. This is faster, more
                              transparent, less fraud-prone and generally cheaper than conventional
                              agricultural insurance.




                              Sustainability in practice
                              Microinsurance claims videos
                              In 2012, in collaboration with German development agency, GIZ,
                              we shot a series of interviews with customers sharing their experience
                              of microinsurance claims. From these videos we learned that
                              in terms of financial education we still have some way to go to further
                              build awareness and basic financial skills among low-income people
                              in developing countries. Even those who have already benefited from
                              microinsurance still have difficulties understanding the basic concept
                              of insurance and its benefits. As a result, in 2013, we will develop and
                              strengthen our financial education efforts. Watch the stories from
                              Indonesia, India and Colombia on our YouTube channel.
                                  youtube.com/allianz
RIICE partnership
 for food security                                                                                                 of the
 Small-scale rice farmers play an essential                                                                           world’s
 role in feeding our rapidly growing global
 population, but they are vulnerable to climate
 change and often cannot access insurance
 for their crops. Allianz’s involvement with the
                                                                                       rice is produced
                                                                                                consumed   and
 RIICE (Remote sensing-based Information and
 Insurance for Crops in Emerging economies)
                                                                                                                 in Asia
 partnership is helping to bring much needed
 security to smallholder rice farmers in South
 East Asia and food security for the region.


              Risks of

         flood,
               drought,
                                                                                                                   70%  of the world’s
 lack of irrigation,                                                                                                  lower income
  pests and disease                                                5 million                                           people live
                                                                   Asian rice                                                  in
                                                                                                                                    Asia
                                                     farmers



                                                    7                                        3-year
                                                 countries                                         pilot
          Asian
       governments                                                                                                Rural banks
                                                                    RIICE
          reduce poverty                                        partnership*                                     deliver insurance and
           through equal                                                                                          financial education
            supply of rice                                    protects smallholder
                                                               farmers from risk




         Information                                                                                                      Insurance
                                                                        RIICE
                                                          Satellite technology monitors rice
                                                            growth, triggering payouts to
*	Partners:                                             smallholder farmers for crop shortfalls,
  Allianz Re                                             and informing governments of low
  Deutsche Gesellschaft
                                                                     yield forecasts.
  für Internationale Zusammenarbeit
  International Rice Research Institute                              www.riice.org
  sarmap SA
  Swiss Agency for Development and Cooperation
10



Climate change




      Global
     investments
     need to reach



$210
                     by 2030 to
                         stabilize
               global   greenhouse
                      emissions      4




                                         Increasing losses from
                                         extreme weather
                                         Global warming is reported to be causing
                                         an increase in extreme weather events, such
                                         as heatwaves, droughts, floods and tropical
                                         storms, which affect the insurance industry
                                         through payments for loss and damage. Today
                                         the impacts of these events are greater than
                                         ever before: insured losses from weather-
                                         related events are now 15 times higher than
                                         30 years ago.5 Whilst this is partly due to the
                                         greater number of insured assets worldwide,
                                         it is also the result of growing economies,
                                         populations and insurance density in areas
                                         prone to natural disasters.
11




  Without a greater commitment
  on the part of the financial
  industry, it is difficult to imagine
  who will be able to fund
  the large-scale restructuring
  of energy at a time when
  governments are short of cash.
  Armin Sandhövel,
  CEO Allianz Climate Solutions,
  CIO Infrastructure Equity AllianzGI




                                         Direct implications for our business
                                         Climate change could well result in a range




€1.3bn
                                         of risks and opportunities that affect our
                                         entire business as an insurer and investor,
                                         with extreme weather events significantly
                                         driving up claims, for example through
                                         damage to property or our clients’ business
                                         operations being interrupted. It is therefore

invested by Allianz in                   in our interest to develop products to help
                                         our clients in managing and mitigating the

                   wind
                                         impacts of climate change, share our
                                         expertise to better manage climate risks,


      solar power
                                         identify investment opportunities relating
and                                      to solutions combating climate change
                                         and ultimately to support the development
                                         of a low-carbon economy.
 p
  roviding the energy to power around
     400,000 European homes
                                                      Scan to read more about
                                                      how we are addressing
                                                      climate change
                                                      allianz.com/sustainability/
                                                      climatechange
12




Human-induced global       Managing the risks and opportunities from
                           climate change
warming poses a            To ensure that we capitalize on the opportunities and minimize the
major risk to the global   risks for our business and our clients, Allianz’s Group-wide climate
                           change strategy supports the development of a low-carbon economy
economy and could          and addresses climate-related issues across all our activities.
have a severe impact       As a financial services provider: We offer a growing number
on our business.           of green products and services across all of our business segments,
                           including (re)insurance, assistance and asset management, that
                           reduce the negative physical or economic effects of climate change,
                           or take its environmental impact into account. They are an increasingly
                           important part of our product strategy and we are working to show
Over                       more clearly how they contribute to our overall financial performance.
                           Our commercial products include tailor-made insurance products
                           for large-scale renewable energy projects and green building insurance




130
                           for energy-efficient properties. On the retail side, we offer customers
                           discount insurance packages for fuel-efficient cars, property insurance
                           for roof-top solar panels, and the opportunity to invest in our clean-
                           tech EcoTrends fund, among others.

                           As an investor: As large institutional investors, insurance companies
green products offered     are important players in financing a low-carbon economy. Fortunately,
to help our customers      climate-related investments such as renewable energies are an
address climate change     attractive growth market, as they contribute to greater portfolio
                           diversification, which spreads risk. They also provide stable, long-term
                           returns. Because of these clear benefits, we are one of the world’s
                           largest investors in wind and solar energy projects. To meet our carbon
                           neutrality goal, we also invest directly in carbon projects that generate
                           carbon credits, which we can use to neutralize our emissions.



                           Climate change is one of most important challenges
                           of this century. If we manage to provide innovative and
                           sustainable solutions, like insurance and investments
                           for clean technology, it will help our customers, and
                           ultimately us, to generate sustainable growth.
                           Oliver Bäte, Allianz SE Board Member
13




                                                                             35.6
As a company: We are committed to continually reducing our carbon
footprint and being a carbon neutral business from 2012. Our target
is to reduce our carbon emissions per employee by 35 percent by 2015,
compared to 2006, and we are working to achieve this by avoiding
and reducing emissions, as well as substituting with lower-carbon
alternatives. Energy use, business travel and paper use account for          CO2 reduction per
99% of our carbon footprint so we are focusing our efforts in these areas.
                                                                             employee since 2006
Beyond our carbon reduction activities we neutralize our remaining
emissions, for example through direct investment in carbon projects
such as REDD (Reducing Emissions from Deforestation and Forest
Degradation). Projects to date include forest protection in Kenya and
energy efficiency in India.
    coderedd.org




Sustainability in practice
Smart Repair – applying resource efficiency to fixing cars
Allianz Smart Repair is one of our green motor products that
encourages vehicle repairs using recycled, second-hand parts rather
than replacement with new ones. The practice of reusing car parts
not only saves money but can also reduce emissions by up to 77%,
and repairing damage to plastic bodywork can also save around 72%
of the carbon emitted compared to using a new part. Smart Repair has
the potential to save 370,000 tons of carbon dioxide emissions per year.
It is currently available in Austria, with similar products offered in
France and the U.K.




             Scan to read our
             Green Products Factsheet
             allianz.com/sustainability/
             greenproducts
14




Economic risks,         Appreciating complexity to better prepare
                        Studying the complex causes and outcomes of a changing climate
business interruption   helps us to better manage the risks to our business, clients and wider
and natural             society. While globalization connects economies around the world
                        through increased mobility, technology and sophisticated international
catastrophes are        supply chains, it also introduces systemic risk. The very flexibility that
                        provides the supply chain with its cost advantages has also caused its
the big three risks     inherent vulnerability. Events that occur in one industry or country can
for companies.          now rapidly transmit to other industries around the globe. Companies
                        that source materials from multiple geographies and operate just-in-
                        time supply chain models, are vulnerable to disruption from extreme
                        weather events. In 2011, adverse weather disrupted 48% of businesses.6
                        Insurance coverage is certainly a powerful component of risk transfer,
                        ensuring that companies have sufficient liquidity to manage
                        any disruption.

                        While insurance is an important risk management tool for companies
                        with complex supply chains to provide for some of the losses caused by
                        business disruption, our research shows that dependence on insurance
                        alone is a risky strategy. Coverage for financial losses does not take
                        account of a loss of market share, decline in investor confidence, or
                        share price losses caused by the failure of a key supplier.

                        Insurers want and need to become more knowledgeable about supply
                        chain risks and are encouraging companies to provide improved
                        information about their critical suppliers and risk management
                        approaches. To cover all bases, companies must improve their risk
                        management strategies with robust business continuity plans and
                        enhanced supply chain resilience. We are working to help our clients
                        better understand and prepare for risks in their supply chains.




                                                                Scan to read Managing
                                                                Disruptions, Supply Chain Risk:
                                                                an insurer’s perspective
                                                                agcs.allianz.com/insights
15
Our role in creating a
low-carbon economy
Climate change poses a major threat to the
world economy and has a direct impact on
our business. We are working to reduce our
                                                                                   Delaying global
own carbon footprint, develop products to                                   emissions reductions
help solve our clients’ challenges and identify
                                                                                          until
new investment opportunities relating to
climate change risks and solutions.
                                                                                   cost           2020 will
                                                           Low-carbon
                                                           economy




                                                                                              trillion7




                         Carbon                                                                Carbon
                       reductions                                                            reductions




                                                        CO2



                                                                           REDD
     Energy            Homes        Vehicles                               and other           Solar          Wind
    facilities                                                          carbon projects




                                                   35.6%
                                                   CO2 reduction
                                                   per employee*




               green                                                                       billion
                   products                                                                        invested
                                                      Operations




                       Products                      Allianz
                         and                                                                Investments
                       services                   Climate change
                                                      strategy


* on a 2006 baseline
16



Demographic change




      2050 fifth
     By
                every

          person
            will beat

          60
                        least

            years old       An aging global population
                            The world’s population is projected to surpass
                            nine billion by 2050 with most of this growth
                            in developing countries. While the total
                            number of people is increasing, people are
                            also living longer. By 2050 there are likely to
                            be 3.2 million people aged 100 or older, up
                            from 343,000 worldwide today.8 This would
                            mean, for example, that half of all babies born
                            in Germany today will most probably live to the
                            age of 100.
17




Just like climate change, the issue
of demography must become a
permanent focus of international
and national political debate. We
need to act now. As with climate
change, waiting will only make
things more painful.
Michael Diekmann,
CEO Allianz SE




       In
 Germany
            we have


          635
  customers
        over 100
                       years old

                                      Scan to find out more
                                      about Allianz’s response
                                      to demographic change
                                      allianz.com/sustainability/
                                      demographicchange
18




Aging populations,             A complex demographic picture
                               Societies all over the world face challenges relating to demographic
shrinking workforces,          change – from aging and shrinking populations in Western,
burgeoning urban               industrialized countries caused by falling birth rates and increasing life
                               expectancy, to growing populations in large parts of Asia and Africa.
populations, social            Japan is already the world’s oldest society, followed by Germany and
                               Italy.9 All three have shrinking and aging populations, worsening the
security systems               ratio between people of working age and retired people.
under pressure:                Trends by region
demographic change             Demographic developments differ between regions of the world, with
is creating challenges         the pace of change defining regions’ coping mechanisms. In Western
                               industrialized countries, pay-as-you-go social security systems are
and opportunities              under pressure and there is a growing need for additional retirement
                               savings. While in developing countries, rapid economic growth and
for financial service          industrialization have increased the need for formal social security
providers.                     systems as traditional family ties and support networks have been
                               weakened. This has led to a decline in the agricultural sector, increasing
                               urbanization, decreasing fertility rates and rising longevity.

                               Meeting the needs of changing societies
                               The impact of these demographic trends on the financial services
                               sector is significant. There is growing global demand for private sector
                               pension schemes and healthcare solutions. And we are seeing an
                               increased need to skillfully manage the investment and longevity risks
                               of a population in which more people are living longer and have greater
                               individual responsibility for their financial planning.

Japan is already the world’s   In addition, the sovereign debt crisis, particularly in Europe, is having
                               a major impact as it limits the financial scope of governments.
oldest society, followed       With pressure on governments to cut their spending, the need for
by Germany and Italy, with     individuals to save is even greater. However, at the same time, low
every fifth person over 65     interest rates, which provide relief to overindebted countries, are
                               affecting returns of traditional savings and pension products. This
                               situation has repercussions on insurers who are earning less on their
                               investments, which negatively impacts the returns they can give
                               to their customers.
19




                                                                            52.1
Our integrated response
Allianz takes an integrated response to the changing demographic



                                                                             52.1
and economic environment, with a focus on providing products
and services that are long term – even in the current situation.



                                                                           33.9
We have the ability to manage customers’ financial needs throughout        of Allianz’s workforce
their lifetime. With our integrated provision of asset management          are women and
and insurance expertise, we are able to offer tailored pension and



                                                                            33.9
healthcare solutions for aging societies, as well as access to insurance
in developing countries.

We regularly develop new products with current trends in mind,
ranging from traditional life insurance to hybrid solutions that combine
asset management and insurance options. Current market conditions          of managers are women
in industrialized societies in particular have boosted demand for
guaranteed retirement savings which protect against market volatility
and inflation.

The changing profile of the workforce
A combination of factors is changing the profile of workforces around
the world. Aging societies and the increase in statutory retirement
ages, along with low birth rates and changes in education systems,
means the age structure of workforces is changing. Migration resulting
from destabilizing factors such as natural catastrophes, political
and economic instability, and resource scarcity is also adding to the
changing demographic make-up of countries, cities and workforces.
20




                                          Meeting future staff needs
                                          Our long-term success relies on aligning the availability and skills
                                          of employees with our long-term business needs. Our Strategic
                                          Workforce Planning (SWFP) program maps the size and skills profile
                                          of our workforce with our current and future business needs. By
                                          supplying up to 10-year forecasts on economic, demographic and
                                          socio-cultural trends, SWFP supports strategic Human Resources (HR)
                                          decision-making (see infographic opposite).

                                          Engaging the wider community
                                          To encourage change at a wider level, we regularly invite insights and
                                          feedback from experts in other organizations. Our SWFP unit brings
                                          together key organizations and experts on issues such as demographic
                                          management and long-term resource planning. We also host and
                                          engage in demography-related debates. In 2011, we founded the
                                          Berlin Demography Forum, assembling leading figures from politics,
                                          business, academia and civil society to discuss demographic issues
Sustainability in practice                and identify sustainable solutions to the challenges.
Annual Berlin
Demography Forum                          Research and Development
We established the Berlin Demography      Extensive research and trend studies influence strategic decisions
Forum in partnership with the             throughout the Allianz Group, driving product innovation and helping
German Ministry for Family, Senior        us to raise awareness of key demographic impacts on our business
Citizens, Women and Youth. The            and society. Globally and locally, our business lines and operating entities
annual Forum brings together leading      are building research capabilities to contribute to the development
politicians, scientists, economists       of products and services that will meet emerging customer needs.
and representatives of civil society to   We also use our research to assist business partners. One example
debate challenges and solutions for       is the Centre for Behavioral Finance in the U.S.A. which turns research
demographic change and sustainable        insights into tangible ideas and practical tools for financial advisors,
development.                              pension plan sponsors and investors.

                                          Raising awareness
                                          Our research and analysis is useful to both our business and society.
In 2013, we were joined by                We share our knowledge and insights on demographic change with
                                          a wider community through our Demographic Pulse newsletter, our


 290
                                          global Allianz Knowledge website and through Project M, our magazine
                                          on investment and retirement.




opinion leaders from over
16 countries to debate the
generational challenges of
learning and prosperity.
21
The changing profile
of the workforce                                                                              The aging of the
Our long-term success relies on
                                                                                              workforce is the single
having people with the right skills                                                           most significant issue
in the right positions at the right                                                           for Human Resource
time and the right cost. With 10-year                                                         managers over the
dynamic forecasts on economic,                                                                next century.
demographic and socio-cultural
trends, SWFP proactively supports             Our workforce                                   Peter Drucker
strategic HR decision-making.
                                               for the future




                                                       100 women
                                                       sponsorship
                 Go Flexible                           Preparing female                         Allianz senior
                  Program                              managers for top                            experts
             Flexibility for men and                      leadership                         Enabling a second career
            women to manage work                                                                 and skills transfer
                and family needs                                                              to younger generations
                                                                                                  after retirement




         Market
      and customer
      requirements                                  Allianz Strategic                                      Regulatory
                                                        Workforce                                            quotas
                                                    Planning (SWFP)
                                                 To forecast and plan for
                                                our future workforce and                                                  Increase
Financial                                                                                                               in statutory
  crisis                                        skills needed by aligning
                                                                                                                         retirement
                                                   our HR plans to our                                                       age
                                                    business strategy.




                                                                                  Business
                                             HR                                    goals
                                        strategy and
                                        management              Business
                                                                strategy




                                                                            Regions:
                                                                              Africa,
                                                                            Americas,
                                                                           Asia-Pacific,
                                                    Insurance                Europe,
                                                      Asset                Middle East
                                                   management
22



How we are doing
                                                                                      Over
The following facts are                                   € 20.4
a selection of our key                                           €
performance data for 2012.                          million
                                                   donated to local                        green products
For the full picture of how                                                                        and services
                                                         communities
we are doing, please go to                                     in
                                                                    2012
allianz.com/sustainability.
                                                                               Over

                                                                                      17
                                                                                              million

                                             2.42
                                                                                              people
                                                                                             protected by
                                                                                             our microinsurance
                                                                                             products
            reduction of our                   metric t
            CO2 footprint
             per employee                   CO2 emissions
              since 2006                        per
                                                 employee
     35.6%                                                                 1    4      4       0      9       4


                                                    €64.4bn                                     employees
                                                     in Sustainable
                                                    and Responsible
                                                    investments


        €1.3bn                                                                               33.9%
                                                                    $
      invested                                                $ 6.2
     in renewable
       energy projects
                                          78                            billion                        of
                                                                                                      management
                                                                      brand value                      positions
                                                                                                          held by women
                                               million
                                                customers

                                                                                                      reduction

       57.6%
                                                                                      8.3%           in energy
                                                                                                         use by
                                                                                                          employees
                                                                                                        since
                                 9.5bn                                                                       2010
                                operating
       of our                                              106.4bn
                                  profit
          CO2                                             total revenues
       emissions               Solvency                   5.2bn
     come from                  ratio
         energy                  197%
                                                           net income
          use
23



External recognition

Dow Jones Sustainability Index
Allianz is again included in the Dow Jones Sustainability Index 2012
and is recognized as one of the sustainability leaders globally.
We were awarded the RobecoSAM Silver Class.




Carbon Disclosure Project
Allianz is the leading insurance company globally and is included
in the global Carbon Disclosure and Performance Leadership
Indices in 2012.




FTSE4Good
Included since 2001, Allianz is one of the
long-standing members of the FTSE4Good
index series.




oekom
Allianz is again awarded Prime status ranking
among the world’s best companies.
24



References

Access to finance
1.	 UN Millennium Development Goals Report, 2011; Swiss Re, 2010,
    Sigma ‘Microinsurance – risk protection for 4 billion people’
2.	 Swiss Re, 2010, Sigma ‘Microinsurance – risk protection
    for 4 billion people’
3.	 OECD, 2010, Working Paper No. 285 ‘The emerging middle class in
    developing countries’

Climate change
4.	 UN Framework Convention on Climate Change, 2007, ‘Investment
    and financial flows to address climate change’
5.	 Allianz, own calculations
6.	 The Business Continuity Institute, 2012, ‘Supply Chain Resilience’
7.	 International institute for Applied System Analysis, 2013

Demographic change
8.	 UN, 2012 ‘Population Facts’
9.	 Statistisches Jahrbuch 2012, Statistisches Bundesamt Germany
Copyright © Allianz SE 2012       Project responsibility
Publisher                         Allianz SE – Allianz4Good
Allianz SE                        CSR consultancy
Allianz4Good                      and art direction
Königinstraße 28                  Salterbaxter
80802 Munich                      www.salterbaxter.com
Germany                           Images
www.allianz.com                   Allianz/GettyImages/
sustainability@allianz.com        Shutterstock
                                  Wolfgang Ischinger (pg20)
                                  photographed by Kai Mörk



This Factbook is printed on
Shiro Echo, an FSC paper
made from a minimum
of 50% post-recycled
waste and the remainder
with FSC virgin fibres.



We would like to thank all of our colleagues and partners
who have helped us to create this Factbook.

Further information on Sustainable Development at Allianz
can be found at www.allianz.com/sustainability


Cautionary note regarding forward-looking statements
The statements contained herein may include statements of
future expectations and other forward-looking statements that
are based on management’s current views and assumptions
and involve known and unknown risks and uncertainties that
could cause actual results, performance or events to differ
materially from those expressed or implied in such statements.
The company assumes no obligation to update any forward-
looking statement.
Closing date 25 February 2013
%     80             %

                             needed
                                      From


                                             Allianz
                                                   products




Scan to read more
allianz.com/sustainability

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Allianz Sustainability: 100 Facts connected

  • 1. Allianz Group Sustainability Factbook 2012 facts connected people on low incomes
  • 2. Contents 1. Introduction 2. Interview with our CEO 4. Access to finance 10. Climate change 16. Demographic change 22. How we are doing 23. External recognition 24. References
  • 3. 1 Increasingly connected, today and tomorrow As a global financial services provider, serving around 70 markets, the success of our business is heavily affected by a variety of global, long- term issues. To ensure our sustainable and profitable growth, we place a high priority on monitoring, analyzing and responding to the challenges and opportunities these issues present, today and tomorrow. In this Sustainability Factbook, we highlight our activities relating to the three global issues that we feel are most relevant to our business: access to finance, climate change and demographic change. Access to finance With a third of the world’s population living on between 1.25 and 4 U.S. Dollars a day, we focus on providing low-income people with access to finance. From life and health to crop insurance, our growing microinsurance portfolio is helping more than 17 Climate change million people in developing countries to protect themselves against and Global warming threatens to radically change better manage the risks in life to build our climate. This poses a major risk to the global a more secure future. economy, and for a global financial services company like Allianz, climate change could have a severe impact on our business. We have been implementing a Group-wide strategy covering climate-related risks and opportunities for our business and our clients. We finance and insure low-carbon energy projects, such as wind and solar; offer customers green products and services and provide them with advice on weather-related risk reduction, preparation and prevention; incorporate sustainability factors into our asset management; and reduce and neutralize our own carbon emissions. Demographic change In an increasingly connected world, demographic change is creating opportunities and challenges for financial services providers. While the urban populations of Asia and Africa are expanding and their middle classes grow, Western populations are aging and their workforces shrinking. With more over 60s than ever before, declining birth rates and the sovereign-debt crisis, social security systems in the West are under pressure and the need for additional pension provisions is increasing. In developing countries, the need for formal social security systems is growing due to the weakening of traditional family ties and support networks. We are responding to these trends through integrated asset management and insurance solutions.
  • 4. 2 Interview with our CEO Michael Diekmann, Mr Diekmann, the financial world has gone through yet another year of crisis management. Does it make any sense Chairman of the Board at the moment to think about the future and sustainability? of Management The financial and debt crisis can do more than any Sunday sermon to reinforce awareness of the value of doing business sustainably. We won’t be able to live beyond our means forever. How can that be done simultaneously – crisis management and doing business sustainably? The crisis is an opportunity if, as citizens and consumers, we recognize the need for action and also give governments our backing for courageous, long-term policy choices. That goes as much for the EU and global trade as it does for climate protection and demographic change. What role can the EU play in the future? The EU is the entry ticket for all its member states if they want to be global players. China and India each have more than twice the population of all 27 EU countries combined. By 2040, Africa will have more than four times the population of the EU – half of them under the age of 24. Those are the basic figures for the competition ahead of us – in which we can be successful only if we join forces and focus on our strengths: research and knowledge, unity and peace, efficient use of resources and sustainability. I think that’s a formula with which the EU can offer a promising future for 500 million people and their trading partners. Don’t we need to get the financial crisis under control before we turn back to rescuing the climate? The climate won’t wait for us to finish our homework. Global warming is continuing, and storms like Hurricane Sandy show how ill prepared we are for the consequences. It’s not just a matter of preserving an intact environment worth living in – it’s also a matter of sustainable economic development. The earlier and more systematically we reduce our emissions and improve our energy efficiency, the lower the price we’ll have to pay. And whoever is the first to recognize that and establish reliable conditions to work in will be rewarded with investment, growth and jobs. As an insurer and investor, we’re willing and able to make a significant, reliable contribution towards risk management and funding. At the same time, we use the income from those investments to strengthen our clients’ retirement provisions.
  • 5. 3 Given low interest rates and rising life expectancies, is it What contribution did Allianz make toward sustainability in justifiable to be concerned about retirement plans? 2012, and what’s ahead for 2013? Low interest rates will leave their mark on retirement In 2012 and in the years to come, the main focus of our plans. But an equally serious factor is that most people attention has been and will be on four main issues that start planning for retirement too late and underestimate particularly affect our clients: the financial needs that will be involved in retirement – • We are supporting the stabilization of the capital which these days lasts considerably longer than it used markets and the EU by our business activities as to. Getting started early, with an actively managed an insurer and long-term investor and also with investment portfolio, is the best strategy in a difficult suggestions, based on our professional expertise, environment like this. regarding better equity capitalization rules in our industry. In 2012, NGOs criticized banks, hedge funds and insurance • We are addressing demographic change with a broad companies for investing in agricultural commodities. portfolio of retirement products and by expanding Does Allianz view that criticism as an occasion to rethink alternative investments. At the Berlin Demography its investments? Forum we provide information for the public and We did review those investments. We don’t invest in meet with representatives of all generations, as well agricultural commodities, but serve farmers and buyers as government and academia, to discuss new paths as a risk partner in the futures market (where only price for a solution. risks are traded). In return for a premium, we take on the • We will also continue our work in climate protection. risk posed by price volatility in the spot markets (where Allianz has been a carbon-neutral company since 2012. commodities are later traded). In that way, we ensure a At 1.3 billion Euros, we are one of the leading investors reliable income for farmers and reliable prices for buyers. in renewable energy and we plan to expand that In those operations we don’t need to “bet on high prices,” contribution. More than 130 green product solutions because we can earn our risk premium even if prices support our clients in protecting the climate. are low. • The people most severely affected by the consequences of climate change will be our clients in developing We believe the criticism of Allianz on this topic is countries. As the leading agricultural insurer and unjustified. But I must also say that it has raised our microinsurer, we are working with our partners on awareness of the problem. In dialogue with experts the first satellite system to detect crop damage early, and NGOs, we want to find solutions that will help making insurance coverage possible across broad areas. us address undisputed causes of hunger. We signaled our position by signing the United Nations Principles for Responsible Investment (UN PRI). By doing that we wanted to make clear to our clients, and also to the corporations in which we primarily invest as our clients’ trustees, that we are paying attention to the sustainability of our investments. It’s not just a matter of preserving an intact We intend to better coordinate our activities as an insurer and asset manager in the future. For that purpose, last environment worth living in – September we set up an ESG Board (Environmental, Social, Governance) at the top management level. The it’s also a matter of sustainable results from our latest Stakeholder Expectations Survey economic development. and our ongoing dialogue with leading NGOs will help us in assessing these and other issues, and in developing options for action.
  • 6. 4 Access to finance billion Low incomes, high risk Nearly a third of the world’s population survives on incomes of between 1.25 and 4 U.S. Dollars a day.1 Most live without state people live or private sector insurance in areas particularly affected by natural catastrophes. With few on between assets, these people are extremely vulnerable to natural disasters, accidents and illness, $1.25 and are less able to cope with losses. and $4 a day
  • 7. 5 For us, microinsurance isn’t a charity or donation. It’s a viable business case. On the other hand, it’s a way for us to contribute to the financial security of lower-income people in this country. Joachim Wessling, CEO Allianz Life Indonesia Over million Allianz microinsurance customers in Asia, Africa and Microinsurance: Latin America protecting the vulnerable Microinsurance offers protection against risks in life for low-income people in developing countries. Affordable insurance premiums from 1 Euro a year can help them to better manage risks. Allianz already provides millions of people with microinsurance and we are expanding our business to meet growing needs. Scan to see how microinsurance is making a difference allianz.com/sustainability/ accesstofinance
  • 8. 6 We offer Our approach to microinsurance We offer microinsurance in 11 countries, mostly in Asia but also microinsurance in Africa and Latin America. Our products range from life insurance in 11 countries and savings plans to crop insurance. This portfolio of products is designed to address the risks our customers face, and so offers from €1 a year. genuine value. In every market we ensure a consistent approach to microinsurance that delivers against our four key values: • Passion when serving the low-income market segment • Quality products and processes • Fairness in pricing and the way we treat customers billion • Transparency of our microinsurance approach, both to policyholders and the general public. The estimated market Microinsurance products have tiny profit margins and so, in order to potential (in premiums) achieve adequate returns and ensure sustainable growth by reaching for microinsurance the right customers, we offer microinsurance where we have Allianz entities and distribution partners, such as microfinance institutions, commercial banks and mobile phone operators. Delivering financial and social returns While the market for microinsurance is immature, we anticipate it will continue to grow in the coming years. With an estimated premium potential of 40 billion U.S. Dollars,2 we anticipate the number of people taking out Allianz microinsurance policies to increase. Although profit expectations in microinsurance are admittedly much lower than for conventional insurance products, we believe that satisfied microinsurance customers will bring a mid- to long-term pay- off. As they move up the economic ladder, microinsurance customers will graduate towards conventional Allianz policies. The trend is predicted: in our primary microinsurance markets, the global middle class is estimated to grow from 1.8 billion in 2009 to around 5 billion people by 2030.3 The double-bottom line of microinsurance also includes strong social returns such as protecting the people most vulnerable to risk and expanding financial inclusion. We generate these returns through our focus on quality products that, based on focus group research, are tailored to specific market needs. Changing demographics and family situations in developing countries, where people are also living longer but do not necessarily have the support of a large family network, means there is a growing need for individual long-term savings and pension planning.
  • 9. 7 The financial literacy challenge One of the challenges for microinsurance is that developing countries, which represent the largest market, also have high rates of illiteracy, especially on financial matters. People of all generations require education to understand better how insurance works. We use a variety of approaches and communication channels to demonstrate the benefits of insurance to financially illiterate people, including insurance students reached by simulation games, comic strips and short films. Allianz “My Finance Coaches” in Indonesia Sustainability in practice Finance coaching in schools Financial education is an important issue in developed as well as developing countries for a number of reasons: increasing responsibility for private retirement planning due to the shift from the state and corporate sector to the individual, and savings and investment products becoming more complex in advanced financial markets. Supporting the communities in which we operate is an integral part of our sustainability efforts. We support the development of effective solutions to critical social issues by drawing on the company’s core competencies, namely sharing our financial know-how. Our schools-based My Finance Coach initiative starts finance coaching from a young age. Already well-established in Germany and Indonesia, the successful initiative aims to improve 11 to 15-year olds’ knowledge and skills around finance and business. Since its launch, Allianz Indonesia employees have helped over 1,700 pupils with financial coaching. In 2012, we launched My Finance Coach in Argentina, Malaysia and Thailand. Scan to read more about MFC myfinancecoach.com
  • 10. 8 Over Innovative products protecting against global risks 1,500 Technology is helping our customers in agriculture maintain productivity and insure against crop failure. Working with a consortium of partners we have developed RIICE, an innovative index-insurance product for smallholder farmers in seven Asian countries (see infographic opposite). Satellite remote sensing is helping to monitor the growth of rice so that farmers’ claims for crop failure, due to drought or flooding, are automatically assessed and paid. The first farmers reached by our crop microinsurance products using the system will be available to Asian insurance program in Mali rice farmers in early 2013 and aim to reach five million smallholder and Burkina Faso in 2012 farmers over the next five years. riice.org Similarly, we have two index-based crop insurance programs operating in Mali and Burkina Faso that use satellite imaging to measure whether rainfall is sufficient to allow farmers to grow their crops and deliver a decent harvest. If the rainfall index does not show enough moisture for plant growth and drought starts hitting crops and livelihoods, the satellite-based system automatically triggers an insurance payout. Farmers do not even have to file a claim first. This is faster, more transparent, less fraud-prone and generally cheaper than conventional agricultural insurance. Sustainability in practice Microinsurance claims videos In 2012, in collaboration with German development agency, GIZ, we shot a series of interviews with customers sharing their experience of microinsurance claims. From these videos we learned that in terms of financial education we still have some way to go to further build awareness and basic financial skills among low-income people in developing countries. Even those who have already benefited from microinsurance still have difficulties understanding the basic concept of insurance and its benefits. As a result, in 2013, we will develop and strengthen our financial education efforts. Watch the stories from Indonesia, India and Colombia on our YouTube channel. youtube.com/allianz
  • 11. RIICE partnership for food security of the Small-scale rice farmers play an essential world’s role in feeding our rapidly growing global population, but they are vulnerable to climate change and often cannot access insurance for their crops. Allianz’s involvement with the rice is produced consumed and RIICE (Remote sensing-based Information and Insurance for Crops in Emerging economies) in Asia partnership is helping to bring much needed security to smallholder rice farmers in South East Asia and food security for the region. Risks of flood, drought, 70% of the world’s lack of irrigation, lower income pests and disease 5 million people live Asian rice in Asia farmers 7 3-year countries pilot Asian governments Rural banks RIICE reduce poverty partnership* deliver insurance and through equal financial education supply of rice protects smallholder farmers from risk Information Insurance RIICE Satellite technology monitors rice growth, triggering payouts to * Partners: smallholder farmers for crop shortfalls, Allianz Re and informing governments of low Deutsche Gesellschaft yield forecasts. für Internationale Zusammenarbeit International Rice Research Institute www.riice.org sarmap SA Swiss Agency for Development and Cooperation
  • 12. 10 Climate change Global investments need to reach $210 by 2030 to stabilize global greenhouse emissions 4 Increasing losses from extreme weather Global warming is reported to be causing an increase in extreme weather events, such as heatwaves, droughts, floods and tropical storms, which affect the insurance industry through payments for loss and damage. Today the impacts of these events are greater than ever before: insured losses from weather- related events are now 15 times higher than 30 years ago.5 Whilst this is partly due to the greater number of insured assets worldwide, it is also the result of growing economies, populations and insurance density in areas prone to natural disasters.
  • 13. 11 Without a greater commitment on the part of the financial industry, it is difficult to imagine who will be able to fund the large-scale restructuring of energy at a time when governments are short of cash. Armin Sandhövel, CEO Allianz Climate Solutions, CIO Infrastructure Equity AllianzGI Direct implications for our business Climate change could well result in a range €1.3bn of risks and opportunities that affect our entire business as an insurer and investor, with extreme weather events significantly driving up claims, for example through damage to property or our clients’ business operations being interrupted. It is therefore invested by Allianz in in our interest to develop products to help our clients in managing and mitigating the wind impacts of climate change, share our expertise to better manage climate risks, solar power identify investment opportunities relating and to solutions combating climate change and ultimately to support the development of a low-carbon economy. p roviding the energy to power around 400,000 European homes Scan to read more about how we are addressing climate change allianz.com/sustainability/ climatechange
  • 14. 12 Human-induced global Managing the risks and opportunities from climate change warming poses a To ensure that we capitalize on the opportunities and minimize the major risk to the global risks for our business and our clients, Allianz’s Group-wide climate change strategy supports the development of a low-carbon economy economy and could and addresses climate-related issues across all our activities. have a severe impact As a financial services provider: We offer a growing number on our business. of green products and services across all of our business segments, including (re)insurance, assistance and asset management, that reduce the negative physical or economic effects of climate change, or take its environmental impact into account. They are an increasingly important part of our product strategy and we are working to show Over more clearly how they contribute to our overall financial performance. Our commercial products include tailor-made insurance products for large-scale renewable energy projects and green building insurance 130 for energy-efficient properties. On the retail side, we offer customers discount insurance packages for fuel-efficient cars, property insurance for roof-top solar panels, and the opportunity to invest in our clean- tech EcoTrends fund, among others. As an investor: As large institutional investors, insurance companies green products offered are important players in financing a low-carbon economy. Fortunately, to help our customers climate-related investments such as renewable energies are an address climate change attractive growth market, as they contribute to greater portfolio diversification, which spreads risk. They also provide stable, long-term returns. Because of these clear benefits, we are one of the world’s largest investors in wind and solar energy projects. To meet our carbon neutrality goal, we also invest directly in carbon projects that generate carbon credits, which we can use to neutralize our emissions. Climate change is one of most important challenges of this century. If we manage to provide innovative and sustainable solutions, like insurance and investments for clean technology, it will help our customers, and ultimately us, to generate sustainable growth. Oliver Bäte, Allianz SE Board Member
  • 15. 13 35.6 As a company: We are committed to continually reducing our carbon footprint and being a carbon neutral business from 2012. Our target is to reduce our carbon emissions per employee by 35 percent by 2015, compared to 2006, and we are working to achieve this by avoiding and reducing emissions, as well as substituting with lower-carbon alternatives. Energy use, business travel and paper use account for CO2 reduction per 99% of our carbon footprint so we are focusing our efforts in these areas. employee since 2006 Beyond our carbon reduction activities we neutralize our remaining emissions, for example through direct investment in carbon projects such as REDD (Reducing Emissions from Deforestation and Forest Degradation). Projects to date include forest protection in Kenya and energy efficiency in India. coderedd.org Sustainability in practice Smart Repair – applying resource efficiency to fixing cars Allianz Smart Repair is one of our green motor products that encourages vehicle repairs using recycled, second-hand parts rather than replacement with new ones. The practice of reusing car parts not only saves money but can also reduce emissions by up to 77%, and repairing damage to plastic bodywork can also save around 72% of the carbon emitted compared to using a new part. Smart Repair has the potential to save 370,000 tons of carbon dioxide emissions per year. It is currently available in Austria, with similar products offered in France and the U.K. Scan to read our Green Products Factsheet allianz.com/sustainability/ greenproducts
  • 16. 14 Economic risks, Appreciating complexity to better prepare Studying the complex causes and outcomes of a changing climate business interruption helps us to better manage the risks to our business, clients and wider and natural society. While globalization connects economies around the world through increased mobility, technology and sophisticated international catastrophes are supply chains, it also introduces systemic risk. The very flexibility that provides the supply chain with its cost advantages has also caused its the big three risks inherent vulnerability. Events that occur in one industry or country can for companies. now rapidly transmit to other industries around the globe. Companies that source materials from multiple geographies and operate just-in- time supply chain models, are vulnerable to disruption from extreme weather events. In 2011, adverse weather disrupted 48% of businesses.6 Insurance coverage is certainly a powerful component of risk transfer, ensuring that companies have sufficient liquidity to manage any disruption. While insurance is an important risk management tool for companies with complex supply chains to provide for some of the losses caused by business disruption, our research shows that dependence on insurance alone is a risky strategy. Coverage for financial losses does not take account of a loss of market share, decline in investor confidence, or share price losses caused by the failure of a key supplier. Insurers want and need to become more knowledgeable about supply chain risks and are encouraging companies to provide improved information about their critical suppliers and risk management approaches. To cover all bases, companies must improve their risk management strategies with robust business continuity plans and enhanced supply chain resilience. We are working to help our clients better understand and prepare for risks in their supply chains. Scan to read Managing Disruptions, Supply Chain Risk: an insurer’s perspective agcs.allianz.com/insights
  • 17. 15 Our role in creating a low-carbon economy Climate change poses a major threat to the world economy and has a direct impact on our business. We are working to reduce our Delaying global own carbon footprint, develop products to emissions reductions help solve our clients’ challenges and identify until new investment opportunities relating to climate change risks and solutions. cost 2020 will Low-carbon economy trillion7 Carbon Carbon reductions reductions CO2 REDD Energy Homes Vehicles and other Solar Wind facilities carbon projects 35.6% CO2 reduction per employee* green billion products invested Operations Products Allianz and Investments services Climate change strategy * on a 2006 baseline
  • 18. 16 Demographic change 2050 fifth By every person will beat 60 least years old An aging global population The world’s population is projected to surpass nine billion by 2050 with most of this growth in developing countries. While the total number of people is increasing, people are also living longer. By 2050 there are likely to be 3.2 million people aged 100 or older, up from 343,000 worldwide today.8 This would mean, for example, that half of all babies born in Germany today will most probably live to the age of 100.
  • 19. 17 Just like climate change, the issue of demography must become a permanent focus of international and national political debate. We need to act now. As with climate change, waiting will only make things more painful. Michael Diekmann, CEO Allianz SE In Germany we have 635 customers over 100 years old Scan to find out more about Allianz’s response to demographic change allianz.com/sustainability/ demographicchange
  • 20. 18 Aging populations, A complex demographic picture Societies all over the world face challenges relating to demographic shrinking workforces, change – from aging and shrinking populations in Western, burgeoning urban industrialized countries caused by falling birth rates and increasing life expectancy, to growing populations in large parts of Asia and Africa. populations, social Japan is already the world’s oldest society, followed by Germany and Italy.9 All three have shrinking and aging populations, worsening the security systems ratio between people of working age and retired people. under pressure: Trends by region demographic change Demographic developments differ between regions of the world, with is creating challenges the pace of change defining regions’ coping mechanisms. In Western industrialized countries, pay-as-you-go social security systems are and opportunities under pressure and there is a growing need for additional retirement savings. While in developing countries, rapid economic growth and for financial service industrialization have increased the need for formal social security providers. systems as traditional family ties and support networks have been weakened. This has led to a decline in the agricultural sector, increasing urbanization, decreasing fertility rates and rising longevity. Meeting the needs of changing societies The impact of these demographic trends on the financial services sector is significant. There is growing global demand for private sector pension schemes and healthcare solutions. And we are seeing an increased need to skillfully manage the investment and longevity risks of a population in which more people are living longer and have greater individual responsibility for their financial planning. Japan is already the world’s In addition, the sovereign debt crisis, particularly in Europe, is having a major impact as it limits the financial scope of governments. oldest society, followed With pressure on governments to cut their spending, the need for by Germany and Italy, with individuals to save is even greater. However, at the same time, low every fifth person over 65 interest rates, which provide relief to overindebted countries, are affecting returns of traditional savings and pension products. This situation has repercussions on insurers who are earning less on their investments, which negatively impacts the returns they can give to their customers.
  • 21. 19 52.1 Our integrated response Allianz takes an integrated response to the changing demographic 52.1 and economic environment, with a focus on providing products and services that are long term – even in the current situation. 33.9 We have the ability to manage customers’ financial needs throughout of Allianz’s workforce their lifetime. With our integrated provision of asset management are women and and insurance expertise, we are able to offer tailored pension and 33.9 healthcare solutions for aging societies, as well as access to insurance in developing countries. We regularly develop new products with current trends in mind, ranging from traditional life insurance to hybrid solutions that combine asset management and insurance options. Current market conditions of managers are women in industrialized societies in particular have boosted demand for guaranteed retirement savings which protect against market volatility and inflation. The changing profile of the workforce A combination of factors is changing the profile of workforces around the world. Aging societies and the increase in statutory retirement ages, along with low birth rates and changes in education systems, means the age structure of workforces is changing. Migration resulting from destabilizing factors such as natural catastrophes, political and economic instability, and resource scarcity is also adding to the changing demographic make-up of countries, cities and workforces.
  • 22. 20 Meeting future staff needs Our long-term success relies on aligning the availability and skills of employees with our long-term business needs. Our Strategic Workforce Planning (SWFP) program maps the size and skills profile of our workforce with our current and future business needs. By supplying up to 10-year forecasts on economic, demographic and socio-cultural trends, SWFP supports strategic Human Resources (HR) decision-making (see infographic opposite). Engaging the wider community To encourage change at a wider level, we regularly invite insights and feedback from experts in other organizations. Our SWFP unit brings together key organizations and experts on issues such as demographic management and long-term resource planning. We also host and engage in demography-related debates. In 2011, we founded the Berlin Demography Forum, assembling leading figures from politics, business, academia and civil society to discuss demographic issues Sustainability in practice and identify sustainable solutions to the challenges. Annual Berlin Demography Forum Research and Development We established the Berlin Demography Extensive research and trend studies influence strategic decisions Forum in partnership with the throughout the Allianz Group, driving product innovation and helping German Ministry for Family, Senior us to raise awareness of key demographic impacts on our business Citizens, Women and Youth. The and society. Globally and locally, our business lines and operating entities annual Forum brings together leading are building research capabilities to contribute to the development politicians, scientists, economists of products and services that will meet emerging customer needs. and representatives of civil society to We also use our research to assist business partners. One example debate challenges and solutions for is the Centre for Behavioral Finance in the U.S.A. which turns research demographic change and sustainable insights into tangible ideas and practical tools for financial advisors, development. pension plan sponsors and investors. Raising awareness Our research and analysis is useful to both our business and society. In 2013, we were joined by We share our knowledge and insights on demographic change with a wider community through our Demographic Pulse newsletter, our 290 global Allianz Knowledge website and through Project M, our magazine on investment and retirement. opinion leaders from over 16 countries to debate the generational challenges of learning and prosperity.
  • 23. 21 The changing profile of the workforce The aging of the Our long-term success relies on workforce is the single having people with the right skills most significant issue in the right positions at the right for Human Resource time and the right cost. With 10-year managers over the dynamic forecasts on economic, next century. demographic and socio-cultural trends, SWFP proactively supports Our workforce Peter Drucker strategic HR decision-making. for the future 100 women sponsorship Go Flexible Preparing female Allianz senior Program managers for top experts Flexibility for men and leadership Enabling a second career women to manage work and skills transfer and family needs to younger generations after retirement Market and customer requirements Allianz Strategic Regulatory Workforce quotas Planning (SWFP) To forecast and plan for our future workforce and Increase Financial in statutory crisis skills needed by aligning retirement our HR plans to our age business strategy. Business HR goals strategy and management Business strategy Regions: Africa, Americas, Asia-Pacific, Insurance Europe, Asset Middle East management
  • 24. 22 How we are doing Over The following facts are € 20.4 a selection of our key € performance data for 2012. million donated to local green products For the full picture of how and services communities we are doing, please go to in 2012 allianz.com/sustainability. Over 17 million 2.42 people protected by our microinsurance products reduction of our metric t CO2 footprint per employee CO2 emissions since 2006 per employee 35.6% 1 4 4 0 9 4 €64.4bn employees in Sustainable and Responsible investments €1.3bn 33.9% $ invested $ 6.2 in renewable energy projects 78 billion of management brand value positions held by women million customers reduction 57.6% 8.3% in energy use by employees since 9.5bn 2010 operating of our 106.4bn profit CO2 total revenues emissions Solvency 5.2bn come from ratio energy 197% net income use
  • 25. 23 External recognition Dow Jones Sustainability Index Allianz is again included in the Dow Jones Sustainability Index 2012 and is recognized as one of the sustainability leaders globally. We were awarded the RobecoSAM Silver Class. Carbon Disclosure Project Allianz is the leading insurance company globally and is included in the global Carbon Disclosure and Performance Leadership Indices in 2012. FTSE4Good Included since 2001, Allianz is one of the long-standing members of the FTSE4Good index series. oekom Allianz is again awarded Prime status ranking among the world’s best companies.
  • 26. 24 References Access to finance 1. UN Millennium Development Goals Report, 2011; Swiss Re, 2010, Sigma ‘Microinsurance – risk protection for 4 billion people’ 2. Swiss Re, 2010, Sigma ‘Microinsurance – risk protection for 4 billion people’ 3. OECD, 2010, Working Paper No. 285 ‘The emerging middle class in developing countries’ Climate change 4. UN Framework Convention on Climate Change, 2007, ‘Investment and financial flows to address climate change’ 5. Allianz, own calculations 6. The Business Continuity Institute, 2012, ‘Supply Chain Resilience’ 7. International institute for Applied System Analysis, 2013 Demographic change 8. UN, 2012 ‘Population Facts’ 9. Statistisches Jahrbuch 2012, Statistisches Bundesamt Germany
  • 27. Copyright © Allianz SE 2012 Project responsibility Publisher Allianz SE – Allianz4Good Allianz SE CSR consultancy Allianz4Good and art direction Königinstraße 28 Salterbaxter 80802 Munich www.salterbaxter.com Germany Images www.allianz.com Allianz/GettyImages/ sustainability@allianz.com Shutterstock Wolfgang Ischinger (pg20) photographed by Kai Mörk This Factbook is printed on Shiro Echo, an FSC paper made from a minimum of 50% post-recycled waste and the remainder with FSC virgin fibres. We would like to thank all of our colleagues and partners who have helped us to create this Factbook. Further information on Sustainable Development at Allianz can be found at www.allianz.com/sustainability Cautionary note regarding forward-looking statements The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. The company assumes no obligation to update any forward- looking statement. Closing date 25 February 2013
  • 28. % 80 % needed From Allianz products Scan to read more allianz.com/sustainability