Climate Change Data

Reinsurance Group of America, Incorporated

Climate Impact & Sustainability Data (2021, 2023)

Reporting Period: 2021

Environmental Metrics

Total Carbon Emissions:7,818.9 tCO2e (2019)
Scope 1 Emissions:656.3 tCO2e (2019)
Scope 2 Emissions:7,162.6 tCO2e (2019)
Scope 3 Emissions:18,464.5 tCO2e (2019)

ESG Focus Areas

  • Business Ethics and Responsible Practices
  • Responsible Investment
  • Sustainable Innovation for Social Impact
  • Culture of Care
  • Environmental Stewardship and Climate Preparedness

Environmental Achievements

  • Pledged to achieve net-zero GHG emissions throughout our global facilities by the end of 2026.
  • 55% of our on-site employees work in a LEED or WELL-certified building

Social Achievements

  • Expanded employee training on diversity and inclusion to include “selection without bias” and “inclusive leadership” courses.
  • 100% of our employees take business code of conduct classes.
  • Average female-to-male pay ratio was 99.4%
  • In 2021, RGA and RGA Foundation contributions exceeded $2.1M.

Governance Achievements

  • Established an ESG Steering Committee to develop, champion, and advise our overall ESG strategy, policies, and initiatives.
  • 92% of Board directors are independent, 38% are female, 23% are racially or ethnically diverse.
  • Established a Data and Analytics Ethics Framework to guide and oversee emerging issues.

Climate Goals & Targets

Medium-term Goals:
  • Achieve net-zero GHG emissions by the end of 2026.
Short-term Goals:
  • Reduce carbon intensity of public corporate bond portfolio by 20% by end of 2026.

Environmental Challenges

  • Climate change impacts on mortality, morbidity, and natural disasters.
  • COVID-19 pandemic and its impact on business operations and employee well-being.
Mitigation Strategies
  • Developed a Care Strategy to support employees during the pandemic.
  • Implemented a robust enterprise risk management (ERM) program to address climate-related risks.
  • Conducted carbon transition assessments (CTAs) to evaluate portfolio resilience under various climate scenarios.

Supply Chain Management

Responsible Procurement
  • Published terms and conditions for suppliers reflecting ethical business practices.

Climate-Related Risks & Opportunities

Physical Risks
  • Severe weather events (forest fires, hurricanes, tornadoes, floods, storm surges)
Transition Risks
  • Regulatory changes, market shifts
Opportunities
  • Investment in green bonds and sustainable projects

Reporting Standards

Frameworks Used: TCFD, UN SDGs

Certifications: LEED

UN Sustainable Development Goals

  • Goal 3
  • Goal 5
  • Goal 8
  • Goal 10
  • Goal 13

RGA's initiatives contribute to these goals through various programs and strategies.

Awards & Recognition

  • Ranked #1 global life & health reinsurer for 11th consecutive year (NMG Consulting)
  • Life Reinsurer of the Year (Asia Insurance Review)

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:8179 tCO2e/year (Scope 1 & 2 Market-Based)
Scope 1 Emissions:271 tCO2e/year
Scope 2 Emissions:7908 tCO2e/year (Market-Based)
Scope 3 Emissions:8554 tCO2e/year (Air Travel Only)
Waste Generated:4,825 pounds of electronics diverted from landfill
Carbon Intensity:380 mtCO2e/million USD revenue (2023)

ESG Focus Areas

  • Business Ethics and Responsible Practices
  • Responsible Investment
  • Sustainable Innovation
  • Culture of Care
  • Environmental Stewardship and Climate Preparedness

Environmental Achievements

  • Achieved a cumulative 20% reduction in the carbon intensity of the public corporate bond portfolio over the two-year period ending December 31, 2023
  • 53% of employees are located in buildings with LEED or WELL environmental certifications
  • Advanced greenhouse gas calculations to include market-based Scope 2 emissions
  • Offset 6,324 tons of CO2e through carbon offset projects

Social Achievements

  • Grew employee participation in employee resource groups to 14% of our employee population
  • Launched multiple initiatives to help global insurers better understand mental health as a strategic priority
  • Over 50% of employees participated in diversity, community support, or sustainability activities in 2023
  • Increased female representation in global leadership positions to 30%
  • Celebrated RGA's 50th anniversary by providing an extra $500,000 to over 50 charitable organizations around the world
  • Launched a “Dollars for Doers” program to expand the impact of employee volunteering

Governance Achievements

  • Continued to prioritize Board diversity: 42% of our directors identified as women and 42% as racially/ethnically diverse as of April, 2024
  • RGA Board of Directors Recognized With 2023 NACD DEI Award
  • Established Board’s Cyber and Technology Committee to further strengthen data security oversight
  • Received regulatory approval for U.K. Binding Corporate Rules on data protection requirements
  • Increased training across key internal stakeholders to advance knowledge of our ESG integration philosophy and process in investment decision-making

Climate Goals & Targets

Medium-term Goals:
  • 20% reduction in carbon intensity of public corporate bond portfolio by 2026
  • Increase green and social investments aligned with UN SDGs
Short-term Goals:
  • Net-zero Scope 1 and 2 emissions by 2026

Environmental Challenges

  • Climate change impacts on mortality and morbidity
  • Transition risks in investments
  • Data limitations in ESG reporting
Mitigation Strategies
  • Qualitative, enterprise-wide climate scenario analysis to assess climate risk and build resilience
  • ESG integration into investment due diligence and risk management
  • Development of internal database to improve carbon intensity data quality and coverage
  • Increased ESG-related issuer engagement
  • Expanded ESG-related investment training

Supply Chain Management

Responsible Procurement
  • Vendor Code of Conduct
  • Privacy Threshold Assessment Questionnaire
  • Data security protocols

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather events impacting mortality and morbidity
  • Physical risks to assets
Transition Risks
  • Changes in climate policy, technology, regulation
  • Carbon taxes, fiscal incentives
  • Consumer preferences, investor sentiment
Opportunities
  • Investments in climate transition leaders
  • Development of green insurance products

Reporting Standards

Frameworks Used: SASB Standards (Insurance and Asset Management), TCFD framework

Certifications: LEED and WELL certifications for some buildings

UN Sustainable Development Goals

  • Goal 1
  • Goal 3
  • Goal 4
  • Goal 5
  • Goal 7
  • Goal 8
  • Goal 10
  • Goal 11
  • Goal 13

RGA's initiatives contribute to these goals through responsible investment, sustainable innovation, community engagement, and employee wellbeing programs.

Sustainable Products & Innovation

  • Wellness-linked protection products
  • Sustainable investment options in insurance

Awards & Recognition

  • Fortune World’s Most Admired Companies
  • Future Bancassurance Award
  • InsuranceAsia News 2023 Award for Excellence
  • One of Greater Toronto’s Top Employers
  • 2023 DEI Award by National Association of Corporate Directors
  • Rated #1 by NMG Consulting Studies
  • 2023 Life Reinsurer of the Year
  • 14th Annual Italy Protection Forum Awards
  • Bloomberg Gender Equity Index Recognition
  • Three Key Industry Awards in APAC Region
  • Insurance Business’s 5-Star DEI Award