Sustainability strategy and ESG integration
We engage carefully with those framework conditions that we consider conducive to ensuring a better life. To do this, we enter into dialogue with stakeholders, experts and the public, share our own approaches and play an active role. Sustainability is therefore a key part of how we act. Thanks to our clear position on this matter, we can encourage understanding and support from all our stakeholders, namely employees, customers, investors and the public.
Our sustainability strategy is set up in an holistic way. It ties our economic ambitions to a clear environmental and social commitment to protecting the environment and social responsibility.
UNIQA’s success is built on the fact that we understand how the world is changing and how we need to be able to respond to this. We therefore conducted a new materiality analysis in the summer of 2021, which we used to identify ESG topics that are perceived by our stakeholders and our business to be the most important. We also conducted a new stakeholder identification process, including the associated weighting. We defined four stakeholder groups in total who are directly affected by our business activities, namely customers, employees, investors and the public.
The materiality analysis forms the basis for our sustainability approach, sustainability strategy and our reporting. The four most important material topics from a stakeholder perspective in 2021 were cyberrisk, digital service and customer focus, advice and prevention for natural disasters as well as training and education of employees.
The four most important topics from UNIQA’s perspective were employee health and safety, engagement for climate change, engagement for the environment as well as diversity and equal opportunity.
More in-depth information on the process and the results from the materiality analysis can be found in the 2021 Sustainability Report.
Our sustainability strategy was approved in October 2020 and is based on five pillars:
- An investment policy aligned with ESG criteria
- A product policy that deals with the concept of ESG and, in doing so, creates additional benefits
- Exemplary own operational management
- Transparent reporting
- Recognition and joint pursuit of social targets in stakeholder management
Our fundamental objective in 2021 was to put this sustainability strategy into operation and embed it within the company by using milestone schedules. Our operational focus is on pillars 1 to 3, supported by transparent disclosure (pillar 4) and engagement of our stakeholders (pillar 5).
ESG integration within UNIQA
Our key body for sustainability agendas is the Group ESG Committee, which was formed in 2021. It consists of members of the Management Board of UNIQA Insurance Group AG and heads of key departments, meets on a quarterly basis and provides the Management Board with recommendations to help them make decisions on ESG topics. The Committee is responsible for integrating and enhancing ESG aspects in insurance, investment and asset management activities, along with the strategic definition and continuous development of ESG-related ambitions for the entire UNIQA Group. Its tasks also include drafting and introducing appropriate guidelines.
Other responsibilities include supervising the implementation of the Group-wide climate strategy and environmental management, as well as supporting implementation of the strategic measures and projects in the subsidiaries.
The Group ESG Office at UNIQA is part of the Sustainability, Ethics and Public Affairs division, which was newly created in early 2020. It is responsible for operationally managing the integration of environment, social and governance aspects (ESG) into the core business segments of the UNIQA Group. Proposals regarding ESG integration within the company are drawn up and discussed within ESG working groups, which bring together ESG specialists and/or representatives of various operational units and departments.