Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Numerous ecological initiatives prompted by the creation of the Eco-Committee, renewed training efforts, and implementation of asset management policies aligned with Government Pension Fund - Norway guidelines.

Social Achievements

• Expanded and more systematic social policies to meet stakeholder expectations; adherence to the UN Global Compact; improved reporting on equal opportunities policies; employee satisfaction surveys; initiatives with consumer associations through ANIA.

Governance Achievements

• Established a Sustainability Committee; strengthened accounting and reporting systems; adopted a Group Ethical Code; implemented an Organizational and Management Model pursuant to Legislative Decree no. 231/01 (Italy); introduced anti-corruption training for all employees; standardized control systems within the Group.

Climate Goals & Targets

Environmental Challenges

• Supply chain disruptions are not explicitly mentioned, but the report highlights challenges in harmonizing social and environmental policies across 40 countries and integrating newly acquired companies.
• Data limitations in various areas (e.g., complete carbon emissions data not available).

Mitigation Strategies

• Developed a central dedicated team and national work groups to improve sustainability reporting; implemented improved accounting and reporting systems; established a Sustainability Committee to define common strategies; addressed data limitations by implementing new data collection systems.

Supply Chain Management

Responsible Procurement

• Ethical Code for Relations with Suppliers (Italy); supplier selection criteria based on compliance, competitiveness, reliability, and geographic location; avoidance of dominant positions or economic dependence; monitoring of supplier compliance with regulations on health, safety, environment, and human rights.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI G3 and GRI Financial Services Supplement, AccountAbility1000 (AA1000)

Sustainable Products & Innovation

• Multi-risk policies; Dread Disease policies; Long Term Care policies; eco-friendly car insurance; products tailored to specific client needs.

Environmental Metrics

ESG Focus Areas

• Sustainability

Environmental Achievements

• Reached goals and environmental improvement targets (relating to energy, paper, greenhouse gas emissions) for the three years from 2009-2012.

Social Achievements

• Global Added Value (GAV) for the community increased by 7.9%.

Governance Achievements

• Approved the 2011 Sustainability Report
• Appointed Clemente Rebecchini and Claudio De Conto as new directors.

Climate Goals & Targets

Environmental Challenges

• Ongoing severe financial market volatility
• De-risking policy introduced to reduce cross-border exposure on government securities affected financial margins.

Mitigation Strategies

• Investment policy based on prudent asset allocation designed to consolidate current margins and reduce capital absorption
• De-risking policy to significantly reduce cross-border exposure in the euro zone by ensuring investments in bonds in any given country cover local liabilities.
• Partial divestment from cash and cash equivalents in favor of corporate bonds, especially in non-financials.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Implemented an Environmental Management System aimed at continual improvement and at reducing environmental risks. The 2012 greenhouse gas emissions were certified by RINA Services S.p.A.
• Set new objectives and targets for the 2013-2015 three-year period following verification of results attained in the first three years of environmental management.

Social Achievements

• Approved the Charter of Sustainability Commitments, outlining strategic objectives and social and environmental commitments.
• Developed a training program on the Code of Conduct, including sections dedicated to human rights.
• Increased importance to dialogue with stakeholders.

Governance Achievements

• Expanded and strengthened the Group Management Committee with the appointment of four new members.
• Completed the centralization of the Group's treasury function to strengthen financial analysis.
• Completed the process of centralizing the purchase of contractual reinsurance cover for all operating entities within the Parent Company.

Climate Goals & Targets

Environmental Challenges

• The economic activity in the Euro Area contracted in the first six months of 2013.
• The Italian economy continued to contract (-1.9% decline in GDP).
• Weak labor market conditions in Italy and the Eurozone.
• High level of competition in the insurance market.

Mitigation Strategies

• Implemented a turnaround strategy to improve shareholder returns and maximize profitability, focusing on discipline, simplicity, and core insurance business.
• Pursued growth strategy in emerging markets (Asia, Central and Eastern Europe, LatAm).
• Developed new distribution solutions alongside traditional channels.
• Optimized the operating model to reduce costs.
• Strengthened capital position and balance sheet management.

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Developed insurance products incentivizing environmentally sustainable behavior (e.g., discounted policies for green vehicles, coverage for renewable energy plants). Premiums for products with specific environmental value amounted to around €848 million.
• Involved clients in complying with environmental protection legislation and risk prevention.

Social Achievements

• Offered life/health insurance products with specific social value (€1.5 billion) addressing socio-demographic changes and reduced public services (e.g., Dread Disease, Long Term Care policies).
• Implemented microinsurance policies covering 2.8 million people in low-income groups in Colombia and India.
• Organized financial literacy workshops for disadvantaged women in India.

Governance Achievements

• Established a Corporate Governance, Environmental & Social Responsibility Committee.
• Implemented a Responsible Investment Guideline applied to €322 billion of direct investments, identifying and monitoring companies in controversial sectors.
• Developed a proprietary internal rating system to assess ESG risks of issuing companies.

Climate Goals & Targets

Environmental Challenges

• Demographic and social change
• Environmental challenges
• Increased regulatory constraints
• Uncertain financial and macroeconomic landscape
• New customer needs

Mitigation Strategies

• Reviewing underwriting policy to incorporate ESG criteria.
• Conducting research on aging populations and urbanization for risk assessment and product pricing.
• Identifying and quantifying long-term factors affecting business and value creation.
• Updating the Emerging Risk Register annually, including climate change, natural disasters, changing demographics, and technological advancements.

Supply Chain Management

Responsible Procurement

• Ethical Code for suppliers, addressing human and labor rights, anti-corruption, and environmental respect.
• Implementation of a Group portal for supplier selection, assessment, and qualification, including a questionnaire on ESG issues.

Climate-Related Risks & Opportunities

Physical Risks

• Natural disasters

Reporting Standards

Frameworks Used: GRI, UN Global Compact, Principles for Responsible Investment (PRI)

Certifications: ISO 14064 (GHG Inventory)

Sustainable Products & Innovation

• Life/health insurance products with social value
• Microinsurance policies
• Insurance products incentivizing environmentally sustainable behavior
• SRI investment products

Environmental Metrics

ESG Focus Areas

• environmental matters
• social matters
• employee matters
• respect for human rights
• anti-corruption and bribery matters

Environmental Achievements

• Reduced total emissions by 9.5% vs base year 2013 (t 112,782 CO2e); 74.6% of total acquired energy was from renewable sources in 2017
• Green investments increased by €3.5 billion by 2020 (mainly through green bonds and green infrastructures).

Social Achievements

• Launched The Human Safety Net (THSN), a global initiative focusing on equal opportunities for children, supporting refugee startups, and saving newborns from asphyxia.
• Net Promoter Program recognized as world's best by Medallia.

Governance Achievements

• Renewed Charter of Sustainability Commitments.
• Published the Consolidated Non-Financial Statement for the first time.

Climate Goals & Targets

Environmental Challenges

• Uncertain financial and macroeconomic landscape.
• Regulatory evolution (Solvency II, IFRS 9, IFRS 17, etc.).
• Technological evolution (cyber threats, data management).
• Changing customer needs (digitalization, economic uncertainty).
• Environmental challenges (climate change, natural disasters).

Mitigation Strategies

• Rigorous asset management consistent with liabilities.
• Geographical diversification.
• Investment in new competences.
• Implementation of cloud analytical platform for data management.
• Enhanced cyber security measures.
• Business continuity process.
• Customer-centric strategy.
• Innovative products to meet demand for catastrophe coverage.
• Responsible investment strategy (excluding coal-related activities).

Supply Chain Management

Responsible Procurement

• Ethical Code for suppliers

Climate-Related Risks & Opportunities

Physical Risks

• extreme weather events

Transition Risks

• regulatory changes
• market shifts

Opportunities

• increased demand for catastrophe coverage

Reporting Standards

Frameworks Used: GRI G4 Financial Services Sector Disclosures, International Framework (IIRC)

Third-party Assurance: EY S.p.A. (limited assurance)

Awards & Recognition

• Argus de l’Assurance digitale award for Mobile Hub product

Environmental Metrics

ESG Focus Areas

• Climate Change
• Ageing and new welfare
• Digital revolution and cybersecurity
• Geopolitical and financial instability
• Biodiversity degradation

Environmental Achievements

• Reduced total GHG emissions by 36.1% vs base year 2013 (77,456 tCO2e)
• Increased purchases of electricity from renewable sources to 99%
• Allocated €5,973 million to new green and sustainable investments (2018-2020)
• Increased premiums from environmental products by 14.5% (€1,557 million)

Social Achievements

• Launched an Extraordinary International Fund of €100 million to assist in the Covid-19 emergency
• Improved Relationship NPS by 9 points vs 1Q2019
• Increased number of customers by 7.3% (65.9 million)
• Increased number of agents by 5.5% (165 thousand)

Governance Achievements

• Adopted the 2020 Corporate Governance Code
• Improved Diversity and Inclusion Index by 25 points (106%)
• Implemented a share plan for Group employees (We SHARE)

Climate Goals & Targets

Environmental Challenges

• Covid-19 pandemic and its impact on the global economy and financial markets
• Geopolitical and financial instability
• Climate change and extreme weather events
• Digital revolution and cybersecurity threats
• Ageing population and changing welfare needs

Mitigation Strategies

• Implemented remote working for over 90% of administrative employees
• Developed alternative sourcing strategies
• Increased liquidity buffers
• Implemented a cyber security transformation program
• Developed flexible and modular pension and welfare solutions

Supply Chain Management

Responsible Procurement

• Ethical Code for Suppliers

Climate-Related Risks & Opportunities

Physical Risks

• Floods
• Droughts
• Heat waves
• Tropical cyclones
• Storms
• Rising sea levels

Transition Risks

• Changes in public policies
• Technological changes
• Changes in consumer preferences
• Stranded assets

Opportunities

• Increased demand for insurance solutions and risk management
• Growth in renewable energy sector
• Investment opportunities in green finance

Reporting Standards

Frameworks Used: International Integrated Reporting Framework (IIRC), GRI Standards

Third-party Assurance: EY S.p.A.

Sustainable Products & Innovation

• Environmental and social products
• Sustainable investment solutions

Awards & Recognition

• Corporate Knights’ 2020 Global 100 Most Sustainable Corporations
• 2020 Oscar di Bilancio

Environmental Metrics

ESG Focus Areas

• Climate change
• Ageing population
• Pandemics
• Extreme events
• Diversity & Inclusion
• Responsible Investment
• Responsible Insurance
• Responsible Employment
• Responsible Citizenship

Environmental Achievements

• Reduced carbon footprint of investment portfolio (EVIC) by 45.1% vs 2019 baseline.
• GHG emissions from Group operations (Scope 1 and 2) reduced by 21.6% vs 2019 baseline.
• € 5,727 million in new green and sustainable investments (2021-2022).
• Placement of third green bond.
• MSCI ESG rating upgraded to AAA.

Social Achievements

• Launched employee well-being programs and hybrid work models.
• Engagement rate increased to 84%.
• 30% women in strategic positions.
• 35% upskilled employees.
• € 3 million donated to support refugee programs.
• Opened the new home of The Human Safety Net in Venice.

Governance Achievements

• Board comprised of a majority of independent directors.
• Published first Tax Transparency Report.
• Improved corporate governance aligned with best international practices.

Climate Goals & Targets

Environmental Challenges

• Geopolitical and financial instability (war in Ukraine, inflation, energy crisis).
• Digital revolution and cybersecurity risks.
• Climate change (physical and transition risks).
• Ageing population and new welfare needs.
• Pandemics and extreme events.
• Increased competition in financial markets.

Mitigation Strategies

• Consistent asset allocation strategy, focusing on diversification and ESG factors.
• Implementation of a One-Security approach for cybersecurity.
• Risk monitoring and careful selection for insurance strategy, use of updated actuarial models, risk transfer mechanisms, and periodical analysis of investments.
• Development of flexible, modular pension and welfare solutions.
• Digital transformation to enhance service accessibility and efficiency.
• Strengthened technical monitoring processes to manage inflation's impact on claims costs.

Supply Chain Management

Responsible Procurement

• Ethical Code for Suppliers

Climate-Related Risks & Opportunities

Physical Risks

• Storms, floods, heat waves

Transition Risks

• Regulatory changes, market shifts, stranded assets

Opportunities

• Development of climate-resilient products and services, green investments.

Reporting Standards

Frameworks Used: International Framework, GRI Standards 2021, TCFD recommendations, EU Taxonomy Regulation

Certifications: ISO/IEC 27001:2013 (GOSP), ISAE 3402 Type 2 (GOSP)

UN Sustainable Development Goals

• SDG 7 (Affordable and Clean Energy)
• SDG 9 (Industry, Innovation and Infrastructure)
• SDG 13 (Climate Action)

Initiatives contribute to these goals through green investments, renewable energy support, and emissions reduction.

Sustainable Products & Innovation

• Insurance solutions with ESG components, green bonds, sustainable investments.

Awards & Recognition

• MSCI AAA ESG rating
• Assosef Green Globe Banking 2030 award
• Institutional Investor awards for Best CEO, Best CFO, and Best IR Team.

Environmental Metrics

ESG Focus Areas

• Climate Change
• Diversity & Inclusion
• Governance
• Social Inclusion
• Sustainable Business Practices for SMEs

Environmental Achievements

• Reduced GHG emissions from Group operations by 33.4% vs 2019 baseline (90,366 tCO2e)
• Reduced carbon footprint of investment portfolio (EVIC) by 46.2% vs 2019 baseline (98 tCO2e/€ mln)
• € 9,126 million in new green and sustainable investments (2021-2023)
• 87.1% of total electricity purchased from renewable sources

Social Achievements

• Launched the third edition of SME EnterPRIZE, involving over 7,600 companies
• The Human Safety Net reached 365,000 people since launch, operating in 26 countries
• Increased women in strategic positions by 5.4% to 34.8%
• Upskilled 68% of employees (+33 p.p.)
• Employee engagement rate of 83%

Governance Achievements

• Implemented a robust compliance program
• Integrated ESG criteria into investment and underwriting processes
• Linked executive compensation to ESG performance
• Published Green Bond Report and Sustainability Bond Report
• Published Tax Transparency Report

Climate Goals & Targets

Environmental Challenges

• Geopolitical and financial instability
• Digital revolution and cybersecurity risks
• Climate change (physical and transition risks)
• Ageing population and evolving welfare needs

Mitigation Strategies

• Sound and prudent investment management
• Robust cybersecurity measures and incident response plan
• Climate risk management framework, including scenario analysis and mitigation strategies
• Development of flexible pension and welfare solutions

Supply Chain Management

Responsible Procurement

• Ethical Code for Suppliers

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events (storms, floods, heat waves)

Transition Risks

• Regulatory changes, market shifts, stranded assets

Opportunities

• Development of climate-resilient products and services
• Investment opportunities in green finance

Reporting Standards

Frameworks Used: GRI Standards 2021, International Framework, TCFD recommendations, EU Taxonomy Regulation

UN Sustainable Development Goals

• Goal 7 (Affordable and Clean Energy)
• Goal 9 (Industry, Innovation and Infrastructure)
• Goal 13 (Climate Action)

Initiatives contribute to these goals through investments in renewable energy, sustainable infrastructure, and climate change mitigation and adaptation strategies.

Sustainable Products & Innovation

• Insurance solutions with ESG components

Awards & Recognition

• Corporate Social Responsibility Award (Philippe Donnet)
• ESG Investment Leader Awards (Best Asset Owner Net-Zero Strategy and Best Asset Owner Social Responsibility, Diversity, and Inclusion Strategy)