In 2024, Allianz made significant strides in its sustainability efforts, boosting its green investments by €4.5 billion and achieving a 61.5% reduction in employee emissions. The company also set a new standard for transparency by publishing the insurance industry’s first fully CSRD-compliant Annual Report, a move that reinforces its commitment to accountability in environmental, social, and governance (ESG) practices.
Emissions Reductions Across Portfolios and Operations
Allianz reported substantial progress in reducing its carbon footprint across multiple sectors:
- Motor retail insurance emissions decreased by 6.8% since 2022.
- Commercial insurance portfolio emissions fell by 11.7% since 2022.
- Proprietary investment emissions were reduced by 50.7% compared to 2019 levels.
- Operational emissions per employee dropped by 61.5% from 2019.
These reductions reflect Allianz’s broader climate strategy, which aims to strengthen the company’s long-term resilience and value creation in the face of growing environmental challenges.
Driving Customer Transitions to Sustainable Practices
Allianz has significantly increased its sustainable offerings, supporting customers in their own transitions to sustainable practices. Key figures include:
- Sustainable investments grew by €4.5 billion to reach €171.9 billion.
- Property & Casualty (P&C) sustainable solutions revenue rose to €4.9 billion, an increase of €1.9 billion from the previous year.
- Allianz Trade launched Surety Green2Green, a new initiative that provides surety bonds for sustainable projects and reinvests premiums into green bonds to support ongoing sustainable development.
These initiatives align with Allianz’s strategy to lead the way in sustainable insurance and finance, while also providing innovative solutions for clients navigating the transition to greener practices.
Community and Employee Impact
In addition to its environmental progress, Allianz demonstrated its commitment to employee development and community engagement. The company increased its average learning hours per employee to 60.1 hours, up by 10.1 hours from 2023. Allianz also contributed €33.3 million to disaster relief efforts and nonprofit initiatives, further emphasizing its role in supporting communities.
Challenges and Resilience Amid Global Crises
Despite the challenges posed by severe natural disasters, which made 2024 the third most expensive year for insurers globally, Allianz maintained its focus on sustainability. According to Emilia Macarie, Chief Sustainability Officer at Allianz, “Less than 50% of these losses were insured, highlighting the broader societal impact of these events.” However, Allianz remains committed to integrating sustainability into its business strategy, aiming to protect and grow customers’ assets while addressing the growing physical and transition risks posed by climate change.
Looking Forward
Looking ahead, Allianz continues to prioritize sustainability and resilience. The company has set ambitious targets for 2030, with plans to expand its sustainable offerings and enhance value for stakeholders. By staying focused on its climate commitments and adapting to evolving market conditions, Allianz is positioning itself as a leader in both financial resilience and sustainable business practices.
Sources: Allianz Press Release
