Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Increased employees in ISO 14001 certified buildings to 41.82%
• Recycled 1,198 tonnes of paper
• Recycled 1,200 kg of x-ray materials
• Reduced water consumption by 22% compared to 2008

Social Achievements

• Approved a Code of Conduct and Ethics
• Established a Disabilities Taskforce
• Increased headcount by 1.8%
• Invested €8.8 million in employee training (1.1% of compensation)

Governance Achievements

• Implemented an incentive plan tied to company share price performance for senior officers

Climate Goals & Targets

Environmental Challenges

• Reducing energy usage per employee
• Managing waste from geographically dispersed operations
• Addressing employee turnover, particularly in Americas and RoW

Mitigation Strategies

• Implementing energy savings measures in office buildings
• Optimizing waste management with advanced reverse logistics systems and recycling initiatives
• Implementing job performance evaluation and career development schemes

Supply Chain Management

Supplier Audits: 894 audits in 2009, including 272 related to CSR topics

Responsible Procurement

• Objective technical, professional, and financial criteria; compliance with in-house selection and contracting rules; exclusion of suppliers in breach of law or basic principles of Code of Conduct and Ethics; no bribery or favors; environmental clauses and sustainability criteria in contracts

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Development of energy-efficient products and services

Reporting Standards

Frameworks Used: GRI G3

Certifications: ISO 14001, ISO 9001

Third-party Assurance: Ernst & Young

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• GAP policy for green cars; environmental civil liability policy; insurance cover for wind farms; insurance to cover financial losses from lack of sun radiation at PV facilities

Awards & Recognition

• Various prizes for MAPFRE entities in the Fraud Detection contest (ICEA); MAPFRE VIDA, prize for customer acquisition and retention networks (ICEA); José Manuel Inchausti, Managing Director of IT and Procedures, IT Executive Prize in the private sector (ComputerWorld magazine); Pick-and-mix health insurance policies awarded best insurance product (Mi Cartera de Inversión journal); MAPFRE FAMILIAR, prize for Best Health Insurer (Medical Economics journal); MAPFRE QUAVITAE and SABIA Bioingeniería Aragonesa, 2009 Tecnet Prize for most innovative product or service; MAPFRE, Most Trusted Insurer (Huete&Samhoud); MAPFRE, included in the Fortune 500; Juan José Almagro, Legislative Distinction for ongoing commitment to disseminating corporate social responsibility (Senate of Mendoza, Argentina); MAPFRE ABRAXAS, Motor Industry Company of the Year in 2009 (UK Institute of Transport Management); Antonio Cassio dos Santos, Best Insurance Executive (Valor Económico newspaper); MAPFRE URUGUAY, National Prize for Excellent Corporate Citizenship (Centro Latinoamericano de Desarrollo)

Environmental Metrics

ESG Focus Areas

• Good Governance
• Social Responsibility
• Environmental Responsibility

Environmental Achievements

• Reduced water consumption by more than 10% compared to 2010
• Increased recycled paper by 7.3% compared to 2010
• Achieved an energy saving of over 800 MWh compared to 2010
• Obtained ISO 14001 certification for all MULTISERVICAR workshops (except Tenerife, which was to be certified in January 2012)
• Obtained ISO 50001 energy certification for two key buildings

Social Achievements

• Launched an online corporate social responsibility course for group-wide implementation
• Increased employee training hours (71,655 in Spain, 80,565 in America, 9,229 in other countries)
• Implemented the MAPFRE Attitude Project, a training program focused on employee attitude
• 98.1% of the workforce had open-ended contracts
• Reduced employee turnover to 9.6%

Governance Achievements

• Strict compliance with legal requirements
• Transparency in management and reporting
• Ethical behavior
• Membership of the UN Global Compact and UNEP Protocol
• Annual CSR report in keeping with GRI criteria

Climate Goals & Targets

Environmental Challenges

• Minimising the environmental impact of its activities
• Managing environmental risks related to the increased frequency and intensity of natural disasters
• Ensuring compliance with environmental laws and regulations in various countries

Mitigation Strategies

• Implemented an Integrated Environmental and Energy Management System (SIGMAYE) conforming to ISO 14001 and ISO 50001 standards
• Developed products and services that promote sustainable behavior (e.g., Eco MAPFRE policy)
• Incorporated environmental performance criteria into supplier selection and contracts
• Implemented various waste management initiatives (recycling, reuse)
• Participated in environmental forums and initiatives (e.g., UN Global Compact, UNEP FI, Earth Hour)

Supply Chain Management

Supplier Audits: 274 special projects concerning different aspects linked to Social Responsibility

Responsible Procurement

• Objective technical, professional, and financial criteria in supplier selection
• Compliance with laws and MAPFRE’s Code of Conduct and Ethics
• Environmental clauses in contracts

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI G3.1

Certifications: ISO 14001, ISO 50001

Third-party Assurance: Ernst & Young

Sustainable Products & Innovation

• Eco MAPFRE policy
• GAP policy for ecological cars
• MAPFRE Multiple Environmental Risk Insurance policy

Awards & Recognition

• Dow Jones Sustainability World Index
• FTSE4Good Index
• Sustainability Yearbook 2011
• Best Direct Insurance Company in Latin America (Reactions magazine)
• One of the World’s Most Admired Companies (Fortune magazine)
• Among the 500 most valuable brands worldwide (Brand Finance)

Environmental Metrics

ESG Focus Areas

• Social Responsibility
• Governance
• Environment

Environmental Achievements

• Increased recycled paper by 8.2% of total consumed
• Reduced carbon footprint from paper consumption by 19%
• Recycled 69% of consumables
• Achieved over 300 MWh energy saving in workstations

Social Achievements

• Launched new fidelity scheme “We look after your business”, including tax advice
• Launched “MAPFRE on your Smartphone” with mobile applications for insurance
• Launched traffic-fine finding service and advice
• Improved health insurance policies with free telephone counselling services
• Implemented the commercial organizational model with a single Commercial Directorate General

Governance Achievements

• Continued presence on Dow Jones Sustainability and FTSE4Good indices
• Implemented the new Procurement Portal to monitor orders and improve efficiency
• Implemented the Financial and Accounting Whistleblower Channel and Ethical Whistleblower Channel
• Developed a Code of Ethics and Conduct and an Ethics Committee

Climate Goals & Targets

Environmental Challenges

• Adverse economic climate
• Sluggish economic climate in Spain resulting in shrinking business volume

Mitigation Strategies

• Business diversification and prudent management
• Increased levels of capitalization, liquidity and financial flexibility
• Paid an interim dividend of €0.04 per share

Supply Chain Management

Supplier Audits: 257 special audits in 2012

Responsible Procurement

• Objective technical, professional and financial criteria
• Compliance with laws and basic principles of Code of Conduct and Ethics
• No bribery or gifts
• Tenders assessing value for money, supplier infrastructure, market recognition, responsible business practices

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI G3.1, ICEA

Certifications: ISO 14001, ISO 50001

Third-party Assurance: Ernst & Young

UN Sustainable Development Goals

• Goal 1
• Goal 2
• Goal 3
• Goal 4
• Goal 5
• Goal 6
• Goal 7
• Goal 8

Detailed correlation between Global Compact Principles, GRI indicators, and Millennium Development Goals provided in the report.

Sustainable Products & Innovation

• Green Policy (pay-per-use insurance for electric vehicles)
• Environmental CL Insurance
• Policy covering shortfall in energy savings from LED installations

Awards & Recognition

• Dow Jones Sustainability Index 2012
• FTSE4Good index
• FORTUNE 500
• FORBES list of world’s largest companies
• FORTUNE list of world’s most admired insurance groups
• Best Direct Insurance Company in Latin America
• UN Progress Report (Advanced Level)

Environmental Metrics

ESG Focus Areas

• Good Governance
• Social Responsibility
• Contribution to Society
• Environmental Responsibility

Environmental Achievements

• Increased the number of employees working at environmentally certified centers
• Expanded the strategic environmental plan to new entities
• Reduced emissions from Scopes 1, 2, and 3
• Improved environmental and energy behavior of providers
• Incorporated health polyclinics and service centers under the centralized waste management model
• Increased reuse processes for office equipment

Social Achievements

• Maintained a stable and secure work environment for employees
• Developed a Global Disability Program
• Promoted equal opportunities for men and women
• Implemented mechanisms to prevent and address harassment
• Promoted professional development through training and internal mobility
• Offered a broad range of social welfare benefits
• Promoted work-life balance
• Maintained open communication channels with employees and representatives
• Encouraged corporate volunteer work

Governance Achievements

• Maintained corporate governance practices based on transparency and mutual trust
• Implemented a Code of Ethics and Conduct with an Ethics Committee and whistleblower channel
• Maintained its position in the Dow Jones Sustainability Index (Europe and World) and the FTSE4Good Index
• Supported the Carbon Disclosure Project (CDP)
• Implemented Corporate Purchasing Regulations

Climate Goals & Targets

Environmental Challenges

• Economic crisis impacting business operations
• Managing environmental, social, and governance (ESG) risks
• Maintaining high customer service standards while reducing operating costs
• Addressing claims and complaints effectively
• Ensuring data confidentiality and information security

Mitigation Strategies

• Implemented risk management system (RMS)
• Adhered to UN Global Compact and Principles for Sustainable Insurance
• Developed new products and services to meet client needs
• Established claims and complaints management procedures with client defense services
• Established Information Security Regulations based on ISO standards

Supply Chain Management

Responsible Procurement

• Corporate Purchasing Regulations
• Environmental criteria in supplier selection

Climate-Related Risks & Opportunities

Opportunities

• Development of energy-efficient products and services

Reporting Standards

Frameworks Used: GRI G3.1, Global Compact Principles, Principles for Sustainable Insurance

Certifications: ISO 14001 (Colombia, Puerto Rico), ISO 9001:2008 (various countries)

Third-party Assurance: Ernst & Young

Sustainable Products & Innovation

• Green Policy
• Products for sustainable projects
• Microinsurance products

Awards & Recognition

• Dow Jones Sustainability Index (Europe and World)
• FTSE4Good Index
• Numerous other awards

Environmental Metrics

ESG Focus Areas

• Quality of products and services
• Transparency and governance
• Employee health and well-being
• Diversity, equality, and non-discrimination
• Environmental responsibility
• Workplace safety and stability
• Human rights
• Employee training and development
• Environmentally friendly products and services
• Anti-corruption
• Supplier selection and evaluation
• Tax transparency and compliance
• Resource optimization
• Climate change action
• Regulatory compliance and client complaint mechanisms
• Environmental and social projects
• Biodiversity protection
• Contribution to social and economic development

Environmental Achievements

• Updated Environmental Policy with new sustainability commitments
• Approved Strategic Plan for Climate Change and Energy Efficiency up to 2020
• Reduced energy consumption through various eco-efficiency measures (e.g., freecooling, LED lighting)
• Reduced paper and toner consumption through externalization of printing and personal printing cards
• Improved waste management practices
• ISO 14001 certification for various buildings and entities in Brazil and Mexico

Social Achievements

• Created nearly 800 new jobs in 2014
• Implemented a new organizational structure to improve client service
• Launched Global Innovation Model to develop insurance value propositions
• Continued Global Disability Program in 22 countries
• Implemented equality plans in various countries
• Developed and implemented a Compliance Function policy to minimize compliance risks
• Established mechanisms to prevent and address workplace harassment

Governance Achievements

• Board of Directors approved new Regulation for the Board of Directors
• Implemented a Group Risk Management Policy and a Compliance Function Policy
• Established an Ethics Committee to ensure implementation of the Code of Ethics and Conduct
• Established whistleblower channels for financial and ethical complaints

Climate Goals & Targets

Environmental Challenges

• Managing ESG risks (environmental, social, and governance)
• Addressing emerging risks related to society's expectations
• Ensuring compliance with laws and regulations in various countries
• Maintaining high customer service standards

Mitigation Strategies

• Integrated ESG aspects into business management
• Developed and implemented risk management and compliance policies
• Established internal control systems
• Implemented preventive measures to combat fraud and corruption
• Provided training and information to employees on ethical conduct and compliance
• Established client complaint mechanisms and procedures

Supply Chain Management

Supplier Audits: 10,736 providers approved in 2014

Responsible Procurement

• Corporate Purchasing Regulations establishing criteria for provider selection, including ethical, social, and environmental considerations

Climate-Related Risks & Opportunities

Physical Risks

• Increase of extreme weather phenomena
• Impact on productive processes

Transition Risks

• Regulatory pressure to fulfill emission reduction goals
• Fluctuation of energy provider prices

Opportunities

• Development of energy-efficient products and services
• Development of new insurance products related to climate change mitigation and adaptation

Reporting Standards

Frameworks Used: GRI G4 Comprehensive

Certifications: ISO 14001, ISO 50001

Third-party Assurance: Ernst & Young

Sustainable Products & Innovation

• Environmental risk coverages
• Insurance for sustainable projects
• Products aimed at low-income groups in Latin America

Awards & Recognition

• Numerous awards and distinctions for business management, quality of service, social responsibility, and environmental initiatives (see page 115)

Environmental Metrics

ESG Focus Areas

• Good Governance
• Social Responsibility
• Environmental Responsibility
• Contribution to Society

Environmental Achievements

• Reduced CO2 emissions by 45% compared to the 2013 baseline (achieved three years ahead of schedule)
• 100% renewable energy consumption in Scope 2 emissions

Social Achievements

• Launched MAPFRE Gestión Patrimonial (MGP), a new business offering financial investment solutions
• Women accounted for 56% of new hires
• 2.1% of workforce comprised of people with disabilities (exceeding the 2% target)
• Over 6,700 employees participated in the Corporate Volunteering program
• More than 1,800 promotions and internal mobility processes

Governance Achievements

• Updated Code of Ethics and Conduct approved by the Board of Directors
• Implemented a Client Relationship Model
• Improved mechanization of service provider management processes by automating at least 60% of assignments
• Launched a Strategic Initiative for Predictive Models

Climate Goals & Targets

Environmental Challenges

• Exceptional convergence of natural disasters impacting results
• High loss experience in Auto line in the United States and Brazil
• Growth containment in compulsory Third Party Liability for Auto insurance in Turkey
• Low-interest rate environment impacting investment income

Mitigation Strategies

• Effective reinsurance protection to limit the effect of natural disasters
• Portfolio reduction in unprofitable lines (Autos and General P&C)
• Strict cost containment policies
• Initiatives to raise efficiency, boost automation, and reduce costs
• Investment in digitalizing operations

Supply Chain Management

Supplier Audits: 2,634 service providers completed ESG approval process in 2017

Responsible Procurement

• ESG approval questionnaires for providers
• MAPFRE’s Procurement Regulations (including clauses on data protection, environmental commitment, equality, and reputation)

Climate-Related Risks & Opportunities

Physical Risks

• Natural disasters

Transition Risks

• Regulatory pressure
• Changes in the low-carbon economy

Opportunities

• Development of insurance products for sustainable projects

Reporting Standards

Frameworks Used: GRI, IIRC

Certifications: ISO 14001, ISO 50001, ISO 14064, ISO 9001

Third-party Assurance: KPMG Asesores S.L.

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Green policy for electric vehicles
• Insurance for sustainable projects
• Environmental liability coverages

Awards & Recognition

• CDP Climate A-List
• Best Wellness and Benefits Program (MAPFRE Sigorta, Turkey)

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Annual General Meeting 2019: carbon neutral event for the offsetting of 107 TmCO2eq through a certified emission reduction project in Chile.
• Reduction of paper consumption by biometric electronic signature, avoiding the emission of 142.27 TmCO2eq in Spain and Portugal.
• 67.58 percent green-certified paper consumption.
• 68 percent savings in water consumption in car repair shops in Spain due to the implementation of best practices.
• Saving of 7,238 m3 in the consumption of the Headquarters Building in Mexico through the installation of water recovery equipment (57 percent of consumption of the installation).
• The MAPFRE Sin Plástico pledge, which meant that generation of 25.8 tons of plastic waste was avoided, along with the emission of 104 TmCO2eq into the atmosphere.
• Handling of 2,556 out-of-use vehicles, from which a total of 73,544 parts and components were recovered for reuse in Spain.

Social Achievements

• More than 125,000 people received the support and help of 10,300 MAPFRE professionals and their families worldwide, through their commitment to the Corporate Volunteering Program.
• Launched a fund to invest in companies that promote the inclusion of people with disabilities, the first of its kind to be launched globally.
• 48.3 percent of annual vacancies in managerial positions were filled by women in 2019.
• 2.9 percent of the workforce comprised of people with a disability.

Governance Achievements

• MAPFRE is named in the Dow Jones Sustainability World Index for a second consecutive year, and in the FTSE4Good for the 13th consecutive year.
• Approved the Sustainability Plan 2019-2021, a transversal roadmap for the entire Group that is allowing us to advance our commitments in environmental, social and governance matters.
• The Board of Directors of MAPFRE S.A. approved the Director Selection Policy on July 23, 2015. This policy establishes that during the director selection process, any kind of implicit risk that may involve discrimination and, in particular, biases that interfere with the selection of persons of other genders, must be avoided.

Climate Goals & Targets

Environmental Challenges

• Declining profitability of financial investments as a result of the medium-term maintenance of a low-interest-rate environment.
• Possible impact on the results of unusual concentrations of natural disaster losses.
• Occurrence or increase of cyberattacks, affecting the protection of confidentiality, integrity, availability and storage of information.

Mitigation Strategies

• Proper risk management and organizational flexibility
• Internal control processes and an effective risk management system that complies with local regulations and promotes actions for risk management, identification of emerging risks, training and dissemination of the risk culture in the organization.
• Reinsurance Unit is entrusted with various tasks related to exposure control and catastrophic risk management of the Group, as well as providing adequate reinsurance coverage to each company individually and the Group as a whole.

Supply Chain Management

Supplier Audits: 6,835 providers participated in the ESG approval process (2019)

Responsible Procurement

• Purchasing standard with economic, environmental, social and governance criteria

Climate-Related Risks & Opportunities

Physical Risks

• Natural disasters

Transition Risks

• Regulatory changes

Opportunities

• Development of energy-efficient products

Reporting Standards

Frameworks Used: GRI Standards, TCFD

Certifications: ISO 14001, ISO 50001, ISO 14064, ISO 22301

Third-party Assurance: KPMG Asesores S.L.

UN Sustainable Development Goals

• 1
• 2
• 3
• 4
• 5
• 6
• 7
• 8
• 9
• 11
• 12
• 13
• 14
• 15
• 16
• 17

MAPFRE's activities contribute to various SDGs through its environmental, social, and governance initiatives.

Sustainable Products & Innovation

• Green policy for electric vehicles
• Climate insurance

Awards & Recognition

• Best Workplace in several countries

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Climate Goals & Targets

Environmental Challenges

• ESG factors that may impact the business in the short, medium, and long term

Mitigation Strategies

• Analysis of ESG factors to determine their relationship to company risks and adoption of prevention and mitigation measures

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: UN PSI, PRI, UN Global Compact, TCFD

Environmental Metrics

ESG Focus Areas

• Climate change
• Circular economy
• Inclusion and talent
• Financial and insurance education
• Economics of ageing
• UN 2030 Agenda

Environmental Achievements

• MAPFRE's operations in Spain and Portugal became carbon neutral by the end of 2021.
• Removed all plastic containers and welcome packs from facilities (MAPFRE Plastics-Free Project).
• Energy consumption reduced by more than 23 million kWh compared to 2019.
• Water consumption reduced by more than 134,000 m3 compared to 2019.
• Managed more than 3,100 tons of waste, with 95% recovered, recycled, or used for energy.
• Group headquarters achieved Zero Waste Certification.

Social Achievements

• Implemented Women's Leadership Network in Spain, Brazil, the US, Mexico, Peru, and Turkey.
• Ageing project in Spain to promote senior talent, labor flexibility, health, and social protection.
• More than 50,000 people benefited from free care services offered through Savia, MAPFRE's digital health platform.
• More than 4,200 volunteers (employees and family) benefited more than 169,000 people.
• 56% of employees enjoyed flexible working schedules.
• More than 11,600 employees had an individual development plan or career plan.
• 85% of job positions of responsibility covered internally.
• More than 8 million euros invested in training.
• Automobile and homeowners lines approved with ESG criteria in Spain, the US, Brazil, Mexico, Colombia, and Peru.

Governance Achievements

• Development and implementation of the ESG risk measurement model in the global risk portfolio.
• Preparation and dissemination of human rights, anti-corruption, sustainability, and environment policies.
• Full compliance with commitments regarding energy transition.
• Design of methodology to determine the social impact of corporate volunteering and employment of people with disabilities.
• Launch of socially responsible investment products.
• Shareholder remuneration linked to company earnings, solvency, liquidity, and investment plans.

Climate Goals & Targets

Environmental Challenges

• Economic crisis caused by the COVID-19 pandemic.

Mitigation Strategies

• Strategy implemented since the start of the pandemic focused on protecting employees, collaborators, customers, and the company's solvency. This included a transitional normality plan and AENOR certification of COVID-19 protocols.

Supply Chain Management

Supplier Audits: 4,325 approved service providers since 2019, 100% participated in ESG criteria approval process

Responsible Procurement

• Occupational safety and health considerations for workers.
• Anti-corruption practices.
• Human Rights.
• Environmental practices.
• Inclusion, diversity and non-discrimination.
• Information security and data protection.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: UN Global Compact, UN 2030 Agenda

Certifications: AENOR (COVID-19 protocols), Zero Waste Certification (Group headquarters)

Environmental Metrics

ESG Focus Areas

• Climate Change
• Social
• Governance

Environmental Achievements

• Reduced carbon footprint by 26% compared to 2019 baseline.
• Offset carbon footprint in Spain and Portugal.
• Increased proportion of clean electricity purchased to 65% of global power consumption.

Social Achievements

• Launched pay gap reduction plan aiming for +/-1% by 2024.
• Promoted employment of people with disabilities, reaching 3.5% of workforce.
• Improved employee satisfaction index to 70%.

Governance Achievements

• Established Risk and Sustainability Committee.
• Implemented new Director Compensation Policy for 2022-2024.
• Maintained zero tolerance for corruption and bribery.

Climate Goals & Targets

Environmental Challenges

• High inflation impacting claims costs.
• Geopolitical uncertainty and war in Ukraine.
• Cybersecurity risks and ICT system failures.

Mitigation Strategies

• Implemented efficiency measures and price adjustments.
• Issued global directives restricting operations in Russia and Belarus.
• Advanced capabilities to increase operational resilience and implemented Cyber Resilience Plan.

Supply Chain Management

Supplier Audits: 4,502 service providers assessed, 96.5% approved.

Responsible Procurement

• Procurement standard with economic, environmental, social, and governance criteria.
• ESG approval methodology for providers.
• Training on human rights and 2030 Agenda for providers.

Climate-Related Risks & Opportunities

Physical Risks

• Increased catastrophic claims from extreme weather events.

Transition Risks

• Regulatory changes, market shifts towards low-carbon economy.

Opportunities

• Development of climate-related insurance products and services.

Reporting Standards

Frameworks Used: GRI Standards, IIRC recommendations

Certifications: ISO 14001, ISO 50001, ISO 27001, ISO 9001, ISO 22301, LEED, AENOR Compliance System Management

UN Sustainable Development Goals

• 1. No Poverty
• 3. Good Health and Well-being
• 4. Quality Education
• 8. Decent Work and Economic Growth
• 10. Reduced Inequalities
• 13. Climate Action
• 17. Partnerships for the Goals

MAPFRE's activities contribute to these SDGs through various initiatives, including insurance coverage, sustainable investments, employee well-being programs, and community engagement.

Sustainable Products & Innovation

• Sustainable investment funds
• Cybersecurity insurance for SMEs

Awards & Recognition

• Sustainability Yearbook 2022
• MERCO ranking

Environmental Metrics

ESG Focus Areas

• Climate Change
• Biodiversity

Environmental Achievements

• Reduced carbon footprint by 25% compared to 2019 baseline (exceeding the 7.5% target for 2023)
• 67% of the Group's global power consumption comes from renewable sources
• Reduced energy consumption by 22% compared to 2019 baseline (exceeding the 11% target for 2023)

Social Achievements

• Launched initiatives and identified opportunities related to sustainable investment products and services
• 3,357 employees took the course #LaParteQueNosToca on sustainability
• 13,025 employees attended the “MAPFRE and the environment” course

Governance Achievements

• Implemented ESG approval methodology for providers, deployed in several countries
• 15% of total C-suite and board-level monetary incentives linked to the management of climate change
• Established a strict environmental exclusion policy for investments in coal, gas, and oil companies

Climate Goals & Targets

Environmental Challenges

• Lack of comprehensive global databases for accurate emissions allocation to customers
• Absence of a standardized methodology for measuring the impact of the insurance portfolio on climate change
• Lack of standardized procedure for measuring portfolio impact on biodiversity

Mitigation Strategies

• Working to adopt the new Natural Capital Framework to analyze dependencies and impacts
• Exploring tools like ENCORE to assess nature-related impacts and dependencies
• Actively working to assess underwriting portfolio using PCAF methodology, with initial measurement to be reported within the next two years

Supply Chain Management

Supplier Audits: 10037 business suppliers and 776 support suppliers participated in ESG approval process in 2023

Responsible Procurement

• ESG approval methodology for providers

Climate-Related Risks & Opportunities

Physical Risks

• Tropical storms
• Floods
• Droughts
• Heat waves

Transition Risks

• Changes to international law and bilateral agreements
• Changes to national legislation
• Changes in customer behavior
• Write-offs, asset impairment, and early retirement of existing assets due to policy changes

Opportunities

• Expansion into new markets
• Use of renewable energy sources
• Development of sustainable insurance products and services

Reporting Standards

Frameworks Used: GRI, TCFD

Third-party Assurance: KPMG

Sustainable Products & Innovation

• Environmental insurance products
• Social insurance products
• Good governance insurance products