Climate Change Data

Environmental Metrics

ESG Focus Areas

• Responsible investing
• Operational ecology
• Employee well-being
• Customer centricity
• Risk management and compliance
• Diversity and equal opportunities
• Human rights
• Political commitment
• Sustainable profitability
• Sustainable procurement
• Environmental and climate protection

Environmental Achievements

• Defined Group-wide goals for operational ecology, aiming to reduce greenhouse gas emissions by 10% by 2021, increase renewable energy use in buildings to 100% by 2021, and continuously reduce fossil fuel use.
• Switched to 100% renewable electricity in all French business premises.
• Zurich head office is practically CO2 neutral due to lake water cooling and heating.
• Reduced annual greenhouse gas emissions in Switzerland by over 1300 tonnes through renewable energy use.

Social Achievements

• Launched and implemented the "Actively shaping your career" initiative to support employee career development throughout all career phases.
• Employee engagement at 86%, above average and 14 percentage points over the external benchmark.
• Improved internal perception of customer centricity.
• Supported various charitable initiatives through foundations, donating around CHF 1.4 million in Switzerland and EUR 291,000 in France.

Governance Achievements

• Systematically integrated environmental, social, and governance (ESG) factors into investment decisions.
• Signed the Principles for Responsible Investment (PRI), joined the Institutional Investors Group on Climate Change (IIGCC), and the European Sustainable Investment Forum (EuroSIF).
• Revised the Group Competency Model, incorporating a consistent customer perspective into objectives-setting.

Climate Goals & Targets

Environmental Challenges

• Persistently low interest rates.
• Challenging economic environment.
• Excessive capital requirements for Swiss life insurers compared to foreign competitors.
• Growing scarcity of available building land.

Mitigation Strategies

• Developed its business model by enhancing third-party asset management, owned IFA channels, modern products, and new initiatives to increase fee business and reduce dependency on investment results.
• Implemented cost discipline measures.
• Advocated for appropriate capital requirements.
• Implemented strategies for increasing density in real estate holdings to address land scarcity.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Compliance with legal guidelines on working hours and working conditions.
• Fulfillment of legal regulations relating to salaries and compensation.
• Ensuring a discrimination-free work environment.
• Respect for employees’ rights of association and collective bargaining.
• Renunciation of child and forced labor.
• Compliance with applicable environmental and climate protection standards.

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: GRI

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Goal 3: Good Health and Well-being
• Goal 4: Quality Education
• Goal 7: Affordable and Clean Energy
• Goal 9: Industry, Innovation and Infrastructure
• Goal 11: Sustainable Cities and Communities

Initiatives contributing to these goals through employee well-being programs, foundation support for education, renewable energy investments, sustainable real estate development, and support for sustainable infrastructure projects.

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Responsible investing
• Responsible real estate management
• Risk management
• Data protection and information security
• People centricity
• Environmental and climate protection
• Corporate governance
• Combating corruption and fair competition
• Corporate citizenship
• Human rights
• Sustainable procurement
• Diversity, equal opportunity and non-discrimination
• Economic responsibility
• Self-determination in times of demographic change
• Digitalisation
• Employee development and retention

Environmental Achievements

• Increased the share of electricity used in buildings from renewable energy sources to 89% in 2020 (target of 100% by 2021)
• Reduced greenhouse gas emissions per FTE by 45% in 2020 due to reduced business travel and increased work from home.
• Sold all securities of coal companies that derive more than 10% of their revenue from coal for power stations.

Social Achievements

• 86% of employees see Swiss Life as a customer-oriented company (2019 survey).
• Improved Net Promoter Score (NPS) at key contact points.
• Implemented various measures to promote work-life balance, including paid parental leave exceeding legal minimums and flexible working models.
• Launched a three-year plan for employees with disabilities in France.

Governance Achievements

• Systematically integrated ESG criteria into investment and risk management for nearly 90% of assets under management.
• Published its first cross-asset-class Responsible Investment Report.
• No significant monetary penalties or fines incurred during the year, nor settlements in connection with corruption charges or anti-competitive conduct.
• Improved CDP rating to B from B–.

Climate Goals & Targets

Environmental Challenges

• Climate change and associated risks to investments.
• Maintaining positive interest margins in a low-interest-rate environment.
• Balancing operational requirements with employees' personal needs.
• Ensuring data protection and information security.

Mitigation Strategies

• Developed a Responsible Investment Framework aligned with the Principles for Responsible Investment (PRI).
• Geared investment strategy to ensure positive interest margins for over three decades.
• Implemented the “Actively shaping your career” program.
• Established Group-wide data protection and information security standards.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Compliance with legal regulations and Swiss Life principles.
• Preference for local and sustainable suppliers.
• Expectation of similar social, human rights, and environmental standards from suppliers.

Climate-Related Risks & Opportunities

Physical Risks

• Physical impacts of climate change on investments

Transition Risks

• Regulatory changes, market shifts related to climate change

Opportunities

• Development of energy-efficient products and services
• Investment in green bonds and renewable energy

Reporting Standards

Frameworks Used: GRI Standards: Core option, SASB Standards for the insurance industry, EU’s NFRD Directive, TCFD

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Goal 3: Good Health and Well-being
• Goal 4: Quality Education
• Goal 7: Affordable and Clean Energy
• Goal 9: Industry, Innovation and Infrastructure
• Goal 5: Gender Equality
• Goal 11: Sustainable Cities and Communities
• Goal 12: Responsible Consumption and Production
• Goal 13: Climate Action
• Goal 17: Partnerships for the Goals

Swiss Life's contributions to these goals are detailed in the report.

Sustainable Products & Innovation

• Sustainable investment solutions in France
• ESG solutions in emerging markets

Awards & Recognition

• Various awards for top employer and sustainability initiatives in different countries.

Environmental Metrics

ESG Focus Areas

• Climate Change Mitigation
• Responsible Investment
• Employee Well-being
• Diversity & Inclusion
• Operational Ecology

Environmental Achievements

• Reduced CO₂ emissions per full-time employee by 44% compared to 2019.
• Achieved net-zero operational emissions since 2022 through offsetting.
• Reduced carbon intensity for directly owned real estate portfolio below global benchmarks.

Social Achievements

• Improved Net Promoter Score (NPS) at key Consulting and Service Center contact points.
• Launched #ActForLife solidarity initiative for employees in France.
• Supported various social projects through seven foundations, totaling CHF 3.3 million in contributions.

Governance Achievements

• Implemented a comprehensive Code of Conduct and robust compliance processes.
• Strengthened anti-money laundering arrangements with a dedicated Financial Intelligence Unit.
• Maintained high ESG integration in investment strategies, covering around 90% of assets under management.

Climate Goals & Targets

Environmental Challenges

• Increasing transparency requirements regarding products and services.
• Growing demand for sustainable products.
• Potential impacts of climate change and transition to a low-carbon economy on investments.

Mitigation Strategies

• Integrating sustainability and climate aspects into risk management standards.
• Setting CO₂ reduction targets for operations and real estate.
• Expanding sustainable product offerings.
• Engaging with portfolio companies on sustainability challenges.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Fair treatment of suppliers.
• Clear communication.
• Preference for local and sustainable suppliers.
• Compliance with Swiss Life principles and legal regulations.
• Expectation of same social, human rights, and environmental standards from suppliers.

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Regulatory changes
• Market shifts

Opportunities

• Development of energy-efficient products

Reporting Standards

Frameworks Used: GRI Standards, SASB Standards, TCFD Recommendations

Certifications: ISO 27001/2 (Switzerland Division)

Third-party Assurance: PricewaterhouseCoopers AG

UN Sustainable Development Goals

• Goal 4 (Quality Education)
• Goal 5 (Gender Equality)
• Goal 7 (Affordable and Clean Energy)
• Goal 8 (Decent Work and Economic Growth)
• Goal 9 (Industry, Innovation, and Infrastructure)
• Goal 11 (Sustainable Cities and Communities)
• Goal 12 (Responsible Consumption and Production)
• Goal 13 (Climate Action)

Swiss Life's initiatives contribute to these goals through its business operations, investments, and social engagement.

Sustainable Products & Innovation

• Swiss Life Premium Expert Next (unit-linked solution)
• Swiss Life Premium Delegate Prime (asset management mandate)
• Investo pension insurance (Green option)

Awards & Recognition

• GRESB Green Star label for real estate portfolios.
• Various awards for employer branding and sustainability initiatives.