Climate Change Data

Environmental Metrics

ESG Focus Areas

• Financial Resilience
• Responsible Governance
• Insurance products and services protecting against societal challenges
• Social responsible investments focusing on societal challenges
• Easy to understand, fair and transparent information to customers
• Health and well-being of our employees
• Personal and professional development of our employees
• Insurance products and services incentivising responsible behaviour
• Environmental footprint of our business operations
• Equal opportunities of our employees
• Employees and customers’ data protection
• Financial inclusion of customers (accessibility of protection)
• Local community engagement
• Public debate participation on societal challenges

Environmental Achievements

• Reduced CO2 emissions to 16,664 tons CO2e in 2020 (largely due to COVID-19 related factors), down from nearly 30,000 tons in 2019.
• Introduced a 'Green parts' program in Ageas UK, using recycled car parts, reducing environmental impact and speeding up repairs.
• Interparking achieved a 30% reduction in carbon footprint and a 20% reduction in energy consumption compared to 2014.

Social Achievements

• Launched AG Health Partner, a well-being program for employees, with positive feedback.
• Introduced Médis ‘vintage’ package in Portugal, tailored to senior citizens' needs.
• Offered various support packages to customers facing financial difficulties due to COVID-19.
• Improved employee engagement survey results across all measured areas.
• Launched several financial literacy initiatives for children and millennials.
• Implemented initiatives to support local economies during COVID-19 lockdowns (e.g., vouchers in Belgium, support for SMEs in Portugal).

Governance Achievements

• Implemented a robust governance model for sustainability, with oversight from the Board of Directors and management.
• Formally subscribed to the UN Global Compact (UN GC) and Principles for Sustainable Insurance – UNEP FI (PSI) frameworks.
• Published first UN PRI investment report.
• Joined Climate Action 100+.

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic impacting operations and stakeholder engagement.
• Supply chain disruptions affecting vehicle repairs.
• Need to further reduce carbon footprint and improve sustainability across all operations.

Mitigation Strategies

• Implemented flexible working arrangements and remote work options.
• Developed alternative sourcing strategies for vehicle parts.
• Introduced initiatives to reduce CO2 emissions (e.g., promoting hybrid and electric cars, revised travel policy).

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Due diligence on third-party acceptance, conflicts of interest, AML/CTF requirements, FATCA and CRS status.

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events impacting agriculture and operations.

Transition Risks

• Regulatory changes related to climate change.
• Market shifts towards sustainable investments.

Opportunities

• Development of sustainable products and services.
• Investment in renewable energy projects.

Reporting Standards

Frameworks Used: GRI Standards: Core option, UN Sustainable Development Goals (SDGs), UN Principles for Responsible Investment (UN PRI), UN Global Compact (UN GC), Principles for Sustainable Insurance – UNEP FI (PSI), TCFD recommendations

Certifications: Investors In People (AG Real Estate)

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• SDG 1
• SDG 3
• SDG 4
• SDG 8
• SDG 9
• SDG 10
• SDG 11
• SDG 13
• SDG 17

Ageas's initiatives contribute to these goals through various programs and investments.

Sustainable Products & Innovation

• AG Health Partner
• Médis vintage package
• Sustainable investment solutions
• Green parts program
• HEMSAKER home contents insurance

Awards & Recognition

• 'Claims Initiative of the Year' for Green Parts initiative (Ageas UK)

Environmental Metrics

ESG Focus Areas

• Climate Change
• Diversity & Inclusion
• Responsible Governance
• Health and Well-being
• Socially Responsible Investments

Environmental Achievements

• Achieved GHG neutrality in own operations (though specific quantified data is not provided)
• Invested over EUR 1 billion in sustainable investments, including renewable energy infrastructure and green buildings
• Reduced CO2 emissions to 17,912 tCO2e in 2021 (compared to 16,780 tCO2e in 2020, but note that this includes scope enlargement)

Social Achievements

• Launched various health and well-being initiatives for employees, including the Ageas Challenge
• Developed the Women in Insurance (WIN) program in the UK to support female colleagues' career development
• Invested EUR 3.1 million in philanthropic initiatives, including Covid-19 relief efforts

Governance Achievements

• Implemented a robust compliance framework to prevent corruption and fraud
• Conducted a human rights risk assessment across the group
• Established a clear Diversity and Inclusion Policy with ambitious targets

Climate Goals & Targets

Environmental Challenges

• Low interest rate environment impacting Life insurance business
• Devastating floods in Belgium and the UK leading to high claims costs
• Covid-19 pandemic creating challenges for employees and operations

Mitigation Strategies

• Geographical diversification and diversified portfolio in Life, Non-Life and Reinsurance
• Quick alignment of asset management with interest rate evolution
• Strong support for customers affected by floods
• Initiatives to support employee well-being and adapt to remote working

Supply Chain Management

Responsible Procurement

• ESG criteria integrated into supplier assessment process (e.g., AG Insurance)

Climate-Related Risks & Opportunities

Physical Risks

• Flooding

Reporting Standards

Frameworks Used: GRI Standards: Core, UN Global Compact, Principles for Sustainable Insurance (PSI), TCFD

UN Sustainable Development Goals

• SDG 1
• SDG 3
• SDG 4
• SDG 8
• SDG 9
• SDG 10
• SDG 11
• SDG 13
• SDG 17

Various initiatives aligned with these goals are described throughout the report.

Sustainable Products & Innovation

• Uppie (Belgium)
• YOLO! (Portugal)
• Dash Pet (Singapore)
• Troo Flex (Philippines)

Awards & Recognition

• Ageas UK named Personal Lines Insurer of the Year

Environmental Metrics

ESG Focus Areas

• People
• Products
• Society
• Planet

Environmental Achievements

• Reduced carbon emissions of own operations by more than 20% compared to 2019 (considering updated emission factors, just below 30%)
• Invested EUR 13.2 billion in assets making a positive contribution to the transition towards a more sustainable world (surpassing the original ambition set for 2024)
• Achieved a 28% share of gross written premiums from products that stimulate the transition to a more sustainable world (exceeding the 25% target)

Social Achievements

• Improved ESG ratings from five out of six rating agencies
• Increased the number of entities assessing competitive Net Promoter Score (NPS) to ten
• Launched numerous initiatives to improve customer experience, expand distribution reach, and increase efficiency through new technologies and partnerships
• Achieved a Glass Ceiling Index score of 65% (up from 57% in 2022) and a Gender Diversity Index score of 0.87 (up from 0.75 in 2022)
• Re-certified as a “Top Employer” in key markets (Belgium, UK) and received similar recognitions in Asia, India, and Türkiye

Governance Achievements

• Implemented IFRS 17 & 9 accounting standards
• Established a dedicated Steering Committee chaired by the Group CEO to oversee sustainability ambitions
• Enlarged the Executive Committee with a new Managing Director Business Development function (as of April 2024), encompassing sustainability
• Integrated ESG considerations into 100% of new investment decisions
• Joined the UN-convened Net Zero Asset Owner Alliance (NZAOA)

Climate Goals & Targets

Environmental Challenges

• Impact of inflation on Non-Life business in several markets
• Slowdown in Asian economies and challenging low interest rates in China
• Geopolitical volatility affecting financial markets
• Data limitations for EU Taxonomy reporting

Mitigation Strategies

• Responded with smart solutions adapted to local contexts
• Implemented strengthening measures in China to improve solvency
• Developed alternative sourcing strategies (implied)
• Continued efforts to improve data collection and reporting for EU Taxonomy

Supply Chain Management

Supplier Audits: ESG questionnaire for all key suppliers

Responsible Procurement

• Procurement and Outsourcing policies requiring suppliers to respect human rights and ESG standards

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather (implied)

Transition Risks

• Regulatory changes, market shifts

Opportunities

• Development of energy-efficient products and services

Reporting Standards

Frameworks Used: GRI Universal Standards 2021, EU Taxonomy Regulation, TCFD

Certifications: ISO 27001 (AG Insurance, Ageas Regional Office Hong Kong, AFLIC)

Sustainable Products & Innovation

• Microinsurance and credit life protection products in India; sustainable investment options in Asia; multimodal mobility solutions; energy-efficient home insurance products

Awards & Recognition

• Top Employer certifications
• Best Companies to Work for in Asia award